Absolute asia am_citywire final presentation

Absolute Asia AM Overview Presentation

This material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.

Natixis International Funds (Lux) I

Citywire Fund Forum, ViennaApril 13th 2010

Bill Sung, Chief Investment OfficerAbsolute Asia Asset Management Limited

2

Natixis Global Asset Management Overview

1 As of 31 December 2009. 2 Source: Cerulli Associates, Global Markets 2009 – June 2009, based on total assets under management as of 31 December 2008. 3 Source: IPE Survey, Listing of asset managers active in the European marketplace - June 2009, based on total assets under management as of 31 December 2008. 4 Divisions of Natixis Asset Management Advisors. 5 Prior to 9 March 2009, Aurora Investment Management L.L.C. was known as Harris Alternatives L.L.C. 6 Divisions of Reich & Tang Asset Management. 7 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 client’s assets independently

USD 728 billion (EUR 505 billion) under management1

19th largest asset management company worldwide2

13th largest asset management company in Europe3

Diversified product line and client base

2,729 employees worldwide

Local representation in key markets

U.S.

Europe and Asia

Westpeak Global Advisors

Natixis Caspian Private Equity7

Hansberger Global

Investments

Aurora Investment

Management5

Vaughan Nelson Investment

Management

Managed Portfolio

Advisors4

Gateway Investment Advisers

AlphaSimplexGroup

Snyder Capital Management

Loomis, Sayles & Company

Capital Growth Management

AEW Capital Management

Reich & Tang Funds6

Harris Associates

Caspian Capital Management

Active Investment Advisors4

Natixis Multimanager

Natixis Asset ManagementAEW Europe

Absolute Asia Asset

Management

Asset management affiliates by domicile

Global, affiliate-based organization

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Absolute Asia Asset Management LimitedFirm Overview

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Absolute Asia Asset Management LimitedOur Credentials

Absolute Asia AM (AAAM) is wholly owned by NATIXIS Global Asset Management (NGAM).

NGAM is one of the largest asset managers globally with US$728 billion (€505 billion)1

Founded in 1998, we specialize in Asia ex Japan equities with an established investment approach and award winning funds.

As at end- December 2009, our asset under management was US$1,090m.

Bill Sung, our CIO is rated by consultants.

Global clienteles and prospects, including public and private pension companies, insurance companies, wholesale wealth management banks, fund of funds managers and family offices.

1 As of end December 2009

Our Expertise is Absolutely in Asia5


Note: Asia refers to Asia ex JapanSource: Absolute Asia AM

Absolute Asia Asset Management OverviewOur Investment Strategies

NoNoYesRisk Budget

0% to 100%0% to 5%0% to 5%Cash

0 – 20 stocks30 – 40 stocks40 – 70 stocksConcentration*

Absolute Return

Absolute Return strategy

Absolute Return

Total Return strategy

Relative Return

Core strategy

Absolute Asia Asset Management Limited

Investment Objective

Investment Strategy

* Subject to changes and dependent on the AUM size



Absolute Asia Asset Management OverviewOur Expertise – Asia Pacific ex Japan Equities

Data source: Lipper – Reuters, Bloomberg, Absolute Asia AM as of end- February 2010. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that investments, when redeemed, will be worth more or less than their original cost.* annualized^ MSCI Asia Pacific ex Japan is shown for comparative purposes only and is not intended to parallel the risk or investment style of the Composite. Please refer to the Global Investment Performance Standards (GIPS®) disclosures in the Appendix for important performance information.

Illustrations of our Existing Capabilities

Performance of Composites (gross of fees), as of end- February 2010 (%, USD)

+86.42

+78.35

+69.11

+103.66

+85.98

+92.13

+88.91

+57.10

+92.63

92.15

1Y

+8.43+0.52+11.66-3.79Emerging Asia Equity Composite – Core strategy

+10.94+3.39+9.62-1.65MSCI Emerging Markets Asia

+9.16+1.55+11.43-1.75MSCI Pacific free ex Japan Index

+14.38+5.12+10.66-4.86Developed Asia Equity Composite – Core Strategy (Flagship)

n.a.+6.24+13.95-4.32Greater China Equity Composite –Total Return Strategy (Small & Mid Cap)

n.a.+3.47+8.20-3.95MSCI Golden Dragon Index

+11.64+3.14+12.00-4.18Asia ex Japan + 10% Australia Equity Composite - Core strategy

+10.17+2.96+9.88-1.51MSCI all country Asia ex Japan Index + 10% MSCI Australia Index

+10.37

+7.99

6M

-1.69

-8.98

3M

n.a.

n.a.

5Y*3Y*

n.a.Asia Pacific ex Japan Equity Composite - Absolute Return strategy

n.a.MSCI Asia Pacific ex Japan Index ^

Performance of Composites (gross of fees), as of end- February 2010 (%, USD)

+86.42

+78.35

+69.11

+103.66

+85.98

+92.13

+88.91

+57.10

+92.63

92.15

1Y

+8.43+0.52+11.66-3.79Emerging Asia Equity Composite – Core strategy

+10.94+3.39+9.62-1.65MSCI Emerging Markets Asia

+9.16+1.55+11.43-1.75MSCI Pacific free ex Japan Index

+14.38+5.12+10.66-4.86Developed Asia Equity Composite – Core Strategy (Flagship)

n.a.+6.24+13.95-4.32Greater China Equity Composite –Total Return Strategy (Small & Mid Cap)

n.a.+3.47+8.20-3.95MSCI Golden Dragon Index

+11.64+3.14+12.00-4.18Asia ex Japan + 10% Australia Equity Composite - Core strategy

+10.17+2.96+9.88-1.51MSCI all country Asia ex Japan Index + 10% MSCI Australia Index

+10.37

+7.99

6M

-1.69

-8.98

3M

n.a.

n.a.

5Y*3Y*

n.a.Asia Pacific ex Japan Equity Composite - Absolute Return strategy

n.a.MSCI Asia Pacific ex Japan Index ^



Absolute Asia Asset Management OverviewOur Chief Investment Officer

Bill Sung Chun PiuChief Investment Officer

Bill Sung has more than 20 years of outstanding success managinginstitutional assets invested in Asia, especially in China and Hong Kong.

Prior to joining Absolute Asia Asset Management Limited, Bill was with Morgan Grenfell for 12 years, where he managed the AA-rated The China Fund and the AAA-rated Batavia Fund. Both funds were rated by Fund Research Limited.

At Absolute Asia AM, he managed the Absolute Asia AM Hong Kong Renaissance Fund which was 1st in the category for Hong Kong Equity over 1 year, awarded by Asian Investors Achievement Awards (HongKong) in 2003. He also managed the Absolute Asia AM Pacific Rim Equities Fund which was ranked first out of 82 funds by Standards & Poor’s Germany Awards 2001. From 2004 to 2008, he won Sauren Gold medal awards for two of the funds he managed.*

Bill Sung was named 5th in Top 100 European Fund Managers by Citywirein 2008 & rated AAA.*

*Mention of the awards historically won by Bill Sung is solely presented to provide supplemental information on the his professional biography and not intended to be an indicator or guarantee for future performance results that he or Absolute Asia Asset Management may achieve in managing current or future portfolios. See the awards disclosure at the end of this material for further information about the awards mentioned and their methodologies.



We invest in businesses that are consistent with our investment criteria and when we agree with the management’s strategy and outlook.

Our themes are consistent with the pivotal micro and macro trends, identified as market drivers, whichis a unique approach that we have adopted to derive our alpha.

We run a concentrated portfolio, with a thematic approach and high conviction on the stocks we like.

Our process is qualitative and we focus on research on the fundamentals of the companies.

We are not style biased; provides flexibility to seek outstanding opportunities.

We look for businesses that are proxies

to our identified themes

Absolute Asia Asset Management OverviewOur Investment Philosophy

Absolute Asia Asset Management LimitedInvestment Process


Absolute Asia Asset Management Overview Our Investment Process

2. Top Down

5. Portfolio Construction

4. Constraints1. Research

Country Allocation

The top-down process is only applicable for Core Strategy products

GuidelinesBenchmarkRisk Management

Parameters Macro-economicsIndustry AssessmentMarket ValuationPolitics

Stock Selection

3. Bottom Up

Trend IdentificationTheme IdentificationSector Identification


Absolute Asia Asset Management OverviewOur Investment Process

Trend Theme Sector Stock

Rising Affluence ConsumerDiscretionary

Lifestyle

Illustrations:

Idea G

en

era

tio

n

Focu

s R

ese

arc

h

See Additional notes for important information

Change in Govt Policies

Benefits Tourism

Singapore Hotels

Hotel Properties

ChangingLifestyle



FUNDAMENTALSCompetitive positionProfitabilityFinancial strengthBusiness development strategyImpact of deregulationExtent of broker coverageManagement qualityAnticipated new flowTransparency

VALUATIONGrowth/ valueProfitability/ valuePrice/ book

CORPORATE FINANCERestructuring potentialMerger & acquisition potential

Parameters for Fundamental Analysis

Stock Selection



Reasons for Selling a Stock

Sell Discipline

We maintain a strong “Sell Discipline” policy.

Worsening financial position

Loss of management focus

Relative to historical levelsWeakening market position

Stable number of holdingsRelative to peersMore intense competition

New stocks identifiedRelative to growth potentialLess promising industry outlook

Better Investment Alternatives

Over-ValuationExpected Deterioration in Fundamentals



Risk IndicatorsMarginal Contribution to Risk: Tracking Error (applicable only for Core Strategy)

Risk ManagementWe employ the Barra Aegis Portfolio Manager System to monitor different types of risk parameters.

In-house Analysis

Third Party Risk Management System

Sources of RiskEx-ante tracking error

Other Risk Parameters

Marginal Contribution

to Risk

Excesses Inappropriate Risk Exposure Undesirable Trend


Product Range at Absolute Asia AMIllustrations of our Existing Capabilities


Flagship ProductAbsolute Asia AM Pacific Rim Equities Fund

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Product Summary

Investment Objective

Long term growth of capital by investing in the Pacific Rim region

Fund Highlights

Invests primarily in Pacific Rim companies which are in the region referenced by the MSCI Pacific Free ex Japan Index, including Australia, Hong Kong, New Zealand, and Singapore

Disciplined, top-down country allocation process coupled with trend identification to drive bottom-up stock selection

Market-oriented, opportunistic approach without style and market capitalisation biases

Trend identification highlights themes, sectors and individual stocks for investment

Reference Index

MSCI Pacific Free ex Japan Index

Key Guidelines

Invests at least two-thirds of its total assets in equity securities of companies with their registered office or principal activities in any of the countries referenced in the Index

Absolute Asia AM Pacific Rim Equities Fund

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Absolute Asia AM Pacific Rim Equities Fund I/A (USD)

574.69

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Peer Group AnalysisAnnual Performance vs Peers as of end February 2010

Peers: The “Universe” and “Peers” refer to the “Asia Pacific Ex Japan Equity” Morningstar Europe OE category.Period: Performance since inception uses a modified inception date; it reflects returns since the last day of the month concurrent with the Fund’s commencement of operations. Data at end- January.Currency: All figures are expressed in USD.

Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For periods when certain share classes were unsubscribed or not yet created (the "inactive share classes"), performance is imputed using the actual performance of the fund's active share class which has been determined by the management company as having the closest characteristics to such inactive share class and adjusting it based on the difference in TERs and, where applicable, converting the net asset value of the active share class into the currency of quotation of the inactive share class. The quoted performance for such inactive share class is the result of an indicative calculation. MSCI Pacific Free Ex-Japan Index measures the performance of stocks in the markets of Australia, Hong Kong, Singapore, and New Zealand and is particularly affected by economical and political developments in Australia, which represents approximately 2/3 of the benchmark weight. This Index is shown for comparative purposes only. Index Source: MSCI. Please see Additional Notes for important information. Data Source: Morningstar

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Attribution AnalysisAttribution for 3 years as of end February 2010

Policy benchmark is MSCI Pacific XJP Comp Net Dividend.Source: Absolute Asia AM Data source: © 2009 Mellon Analytical Solutions, LLC. All Rights Reserved.

Attribution analysis is holdings-based. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that investments, when redeemed, will be worth more or less than their original cost. See Additional Notes and Disclosures for important information.

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Portfolio Characteristics (1/2)Absolute Asia AM Pacific Rim Equities Fund

Portfolio characteristics as of 28 February 2010

Fund Index# of Holdings 59 148% Asset in Top 10 Holdings 45.2 40.9

Value Measures Fund IndexPrice/Earnings 15.7 15.3Price/Book 1.5 1.7Price/Sales 1.8 1.7Price/Cash Flow 14.3 8.5Dividend Yield % 3.0 4.9

Growth Measures Fund IndexLong-Term Earnings 10.8 10.0Historical Earnings -6.4 -1.9Book Value -18.9 -5.3Sales 1.0 0.7Cash Flow -22.6 -16.4

Market Capitalization Allocation as of 28 February 2010, %

Market Capitalization Fund IndexGiant 44.5 51.9Large 39.0 39.4Mid 14.9 8.6Small 0.9 0.0Micro 0.8 0.1

Top 10 Holdings by absolute weight as of 28 February 2010, %

Security Fund, %BHP BILLITON LTD /AUD/ 9.7RIO TINTO LIMITED /AUD/ 7.1SUN HUNG KAI PROPERTIES /HKD/ 4.8WESTPAC BANKING CORP /AUD/ 4.0WOOLWORTH LTD /AUD/ 3.5HONG KONG EXCH & CLEAR /HKD/ 3.5WEICHAI POWER CO LTD /HKD/ 3.3AUSTRALIA & NEW ZEALND BKG AUD 3.2WHARF HOLDINGS LTD /HKD/ 3.1LIFESTYLE INTL HLDGS TLD/HKD/ 3.0

Reference Index: MSCI Pacific Free ex-Japan Index TRData source: Morningstar, BBH

Please see the Reference Information page for important information.

22

Portfolio Characteristics (2/2)Absolute Asia AM Pacific Rim Equities Fund

Sector Allocation as of 28 February 2010, %

Sector GICS Classif ication Fund IndexEnergy 8.3 4.6Materials 25.6 18.0Industrials 9.7 8.1Consumer Discretionary 5.0 4.7Consumer Staples 6.5 7.6HealthCare 1.0 2.2Financials 42.0 48.1Information Technology 0.9 0.7Telecom Services 0.8 2.8Utilities 0.1 3.4

Country Allocation as of 28 February 2010, %

Fund IndexAustralasia 52.5 68.9

Australia 52.4 68.1New Zealand 0.1 0.8

Asia Developed 36.5 30.7Hong Kong 25.2 18.9Singapore 11.3 11.9

Asia Emerging 10.9 0.4China 10.9 0.4

Other Countries - -

Region / Country

Reference Index: MSCI Pacific Free ex-Japan Index TRData source: Morningstar


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Total Return ProductAbsolute Asia AM Golden Dragon Renaissance Fund

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Product Summary

Objective

Long term growth of capital by investing in the Greater China region (China, including Hong Kong and Taiwan)

Fund Highlights

Invests primarily in companies located in the Greater China region

Bottom-up, opportunistic stock selection approach.

Investment style is long-only, seeking opportunities in both value and growth stocks. Identifying key trends leads to investable themes and specific sectors which benefit from those themes

This leads to idea generation for focused research on stocks identified

Concentrated portfolio designed to profit from the investment team’s conviction

Reference Index

MSCI AC Golden Dragon Index

Key Guidelines

Invests at least two-thirds of total assets in equity securities of companies with their registered office or principle activities in the Greater China region

Absolute Asia AM Golden Dragon Renaissance Fund

25

Absolute Asia AM Golden Dragon Renaissance Fund I/A (USD)

73.20

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Portfolio Characteristics (1/2)Absolute Asia AM Golden Dragon Renaissance Fund

Portfolio characteristics as of 28 February 2010

Fund Index# of Holdings 47 276% Asset in Top 10 Holdings 53.2 30.0

Value Measures Fund IndexPrice/Earnings 16.1 13.4Price/Book 1.2 1.9Price/Sales 0.6 1.6Price/Cash Flow 5.5 5.6Dividend Yield % 1.0 6.2

Growth Measures Fund IndexLong-Term Earnings 17.8 15.2Historical Earnings -2.1 -6.9Book Value -13.8 -6.1Sales -1.9 -19.4Cash Flow 1.4 -32.8

Market Capitalization Allocation as of 28 February 2010, %

Market Capitalization Fund IndexGiant 1.1 54.3Large 26.3 36.0Mid 51.8 8.0Small 7.2 0.0Micro 13.5 1.7

Top 10 Holdings by absolute weight as of 28 February 2010, %

Security Fund, %WEICHAI POWER CO LTD /HKD/ 7.5DIGITAL CHINA HLDGS LTD /HKD/ 6.8SHANGHAI FRIENDSHIP /CNY/-B 6.0COMBA TELECOM SYSTEMS HOLDINGS LTD 5.6TAIWAN FERTILIZER CO LTD /TWD/ 5.4CHINA RESOURCES LAND LTD /HKD/ 5.1ORIENTAL WATCH HOLDINGS /HKD/ 4.6LIANHUA SUPERMARKET HLDGS /HKD 4.3HONTEX INTERNATIONAL HOLDING 4.0QINGLING MOTOR H SHARES /HKD/ 3.9

Reference Index: MSCI Golden Dragon Index NRData source: Morningstar, BBH


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Portfolio Characteristics (2/2)Absolute Asia AM Golden Dragon Renaissance Fund

Sector Allocation as of 28 February 2010, %

Sector GICS Classif ication Fund IndexEnergy 0.1 9.1Materials 6.8 6.8Industrials 13.3 7.4Consumer Discretionary 34.7 5.8Consumer Staples 14.6 2.7HealthCare 0.4 0.1Financials 15.4 35.0Information Technology 14.7 21.2Telecom Services - 8.0Utilities - 4.0

Country Allocation as of 28 February 2010, %

Fund IndexAsia Emerging 63.4 49.6

China 63.4 49.6Asia Developed 36.6 50.4

Hong Kong 23.9 20.5Taiwan 12.7 30.0

Other Countries - -

Region / Country

Reference Index: MSCI Golden Dragon Index NRData source: Morningstar, BBH




Economic OutlookAsian Investment Strategy



Economic OutlookGlobal uncertainties persist but Economic Conditions improving

Liquidity stabilised global financial system and economies in 2009.Modest liquidity withdrawals expected for 2010, but unlikely to de-rail a gradual recovery scenario.Asia should lead the way, supported by external demand and boosted by an increasingly important domestic needs. Asia’s massive surplus savings and improved government fiscal positions offer ample room for most Asian governments to stimulate domestic demand.

Please see additional notes and Disclosures for important information

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Balance Sheets

Accumulation of Foreign Reserves Supports Domestic Demand

Source: BIS, CEIC, IFS, BNP Paribas Peregrine, as of end- 2008. Source: Moody’s Investor Services, Mirae Asset Research, from “Not just another decoupling story” presentation dated March 2010



Economic OutlookExports – Restocking and investing to provide momentum

Aggressive destocking magnified Asian exports collapse in 1Q09.The OCED restocking cycle is still ahead of us, not behind us.

Source: OECD, Mirae Asset Research, from “ Not just another decoupling story” presentation dated March 2010

OECD: Production vs Sales US non-fin corporate FCF, % of GDP

Source: Credit Suisse, as of end- March 2010

Corporates are cautious, still under-invested: FCF as % of GDP is at all time high. The capex cycle has yet to start.




Economic OutlookWide savings and investment gap drives further growth

Asian 8: Hong Kong, Korea, Taiwan, Singapore, Malaysia, Thailand, Indonesia, Philippines. Chart source: CEIC, ABN Amro as of end 2008.

Asian 8 Savings and investment gap

The narrowing of the wide savings-investment gap between 1985 and 1995 caused a phenomenal growth of domestic demand.

Asia (ex-Japan) has been recording an exceptionally wide savings-investment gap, which should close over the medium term. The current infrastructure spending in Asia has been lagging behind its economic growth.

Positive longer term prospects for Asian economies should accelerate inflow of savings and investments to Asia.

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87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08

Savings Investment

(% of GDP)




Total population of Asia is more than 3 billion people (U.S. ~ 307m*), which is more than half of the world’s total population.

When Asia spends, economies move.

Asia ex-Japan has been emerging as an increasingly important consumer market.* estimates as of end 2009

Economic OutlookRising domestic consumption: huge population makes a difference

Asian 8 private consumption ratio

India 1,140 million

Malaysia 27 millionIndonesia 228 million

Australia 21 million

Korea 49 millionChina 1,326 millionTaiwan 23 million

Philippines 90 million

Thailand 67 million

Asian 8: Hong Kong, Korea, Taiwan, Singapore, Malaysia, Thailand, Indonesia, Philippines. Chart source: CEIC, ABN Amro as of end 2008.

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(% of GDP)


Data as of end 2008



Economic OutlookTwo different spending patterns in Asia

Rising spending power as incomes rise due to economic growthEmergence of a middle class will propel spendingIncreasing consumerism

High dependence on consumer confidence Lots of liquidity in the banks which, when unleashed, will drive economies to greater heights.

vs

Singapore, Hong Kong, Korea & Taiwan

“Economically Successful”Nations

“Economically Up & Coming”Nations

China, India, Thailand & Indonesia




Economic OutlookWhat happens when Asia grows its economy at twice the speed and have 10 times the population size as the U.S.?

Source: Macquerie, asof end Dec 2009Note: Figures for China and Korea is not available for Dec 2009. For China, Dec 2008 figure is used and for Korea, Nov 2009 has been used.

Annual Consumption as a % of GDP Asia Consumption relative to the US

Note: Asia ex-Japan private consumption has risen from 25% of US private consumption in 2001 to an estimated 40% in 2009. Source: CEIC Data, CLSA Asia-Pacific Markets, from “Global & Asia investment strategy” presentation dated March 2010


Asian 8: Hong Kong, Korea, Taiwan, Singapore, Malaysia, Thailand, Indonesia, Philippines.

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Japan

Korea

Mala

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Philip

pines

Singa

pore

Taiw

anTh

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Dec‐99 Dec‐09



Economic OutlookThis time is no different: A return to the Early 1990s

Note: The MSCI Asia ex-Japan index and the MSCI USA index are now trading at 12.4x and 13.5x forward earnings.Source: I/B/E/S, Datastream, , from “Global & Asia investment strategy” presentation dated March 2010




Absolute Asia AM Pacific Rim Equities Fund A Region to Invest In (Politically Stable, Global Cities and Natural Resources)

Developed Asia can offer growth with many attractive investment opportunities.

Countries in developed Asia (Australia, Singapore, Hong Kong & NZ) are politically stable.

Australia provides exposure to resources (gold, copper and iron ore), soft commodities (grain such as wheat and agricultural related services), and energy (oil, gas & uranium) sectors.

Hong Kong listed stocks provide access to Hong Kong’s robust property market and consumption related stocks, which benefit from Hong Kong’s emerging role as an offshore RMB financial centre.

Singapore is an economy transforming into a world class global city, a business center for private banking, a hub for sports, education and medical tourism.



Absolute Asia AM Pacific Rim Equities Fund Investment Strategies – Demand & Supply

Demand Supply

China

Sustainable strong growth of domestic consumption.China becomes a consumer market.

Australia

Rich ground for resources/ energy. World’s largest exporter of commodities, such as coal, iron ore, etc.

Data source: Absolute Asia AM, as of end- March 2009



Economic OutlookChina – Key Driver for Asia



Economic OutlookLonger term structural planning is what is being ignored by market obsessed with liquidity withdrawals

China’s response to the global financial crisis starting in 2008 can be classified as a two stage plan:

Longer term in nature, primarily addressing the imbalance of theeconomy, i.e. diverting from its excess reliance on investment and foreign demand by boosting domestic consumption.

To boost economic growth in response to the massive deterioration in the external environment.

Stage 2

Stage 1

China is moving into Stage 2.The U.S. is still stuck in Stage 1.



Economic OutlookChina: Rising income leads to rising spending

Household Income 2004 versus 2009 Where is the Incremental Growth?

Autos: Which is Now the Largest Market?

33,956

9,5736,4984,708

3,2172,2651,500

15,095

10,0956,373

4,2592,247

0

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Bottom 20% 20-40% 40-60% 60-80% 80-90% Top 10%0

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(%)

2004 2009 % change

Household Income (Rmb per month)

Source: China Consumer Survey & China Market Strategy presentation prepared by Credit Suisse, January 2010

LCD TVs: How Long will it take for China to become #1?

Source: CEIC Data, CLSA Asia-Pacific Markets, from “Ten in ‘ten – Economic Themes for the New year” presentation dated March 2010






Economic OutlookChina: What separates the wheat from the chaff?

Objective in the 2nd stage is to address the imbalance of the economy with the focus in supporting domestic consumption. This is a sign of confidence the Chinese government is already comfortable about its focus on long-term issues.

Allocation of more funding to social spending such as healthcare, education and income support, has started a few years ago.

This not only supports public consumption directly, but may also stimulate private consumption.

In the long term, this should address the economic imbalance, resulting in higher domestic consumption, a sustainable driver of the Chinese economy.

Please see additional notes and Disclosures for important information.

Note: 1Private enterprises, HK/Macao/Taiwan & other foreign funded enterprises and individual businessesSource: CEIC, CLSA Asia-Pacific Markets, from “Ten in ‘ten – Econmic Themes for the New year” presentation dated March 2010

Focus on the Changing Mix of FAI driven by Private Enterprises – increasingly market oriented



Economic OutlookChina: Focus on growth stimulus programme

Expenditure on Education

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Expenditure on Social Security

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Expenditure on Medical & Health Care

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Expenditure on Rural Areas

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2000 2001 2002 2003 2004 2005 2006 2007 2008

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Source: CEIC, Credit Suisse estimates, as of Oct. 2009Please see additional notes and Disclosures for important information.

Government continues to focus on building up a safety net for the people.



Economic OutlookChina: Pre-emptive tightening already underway. Boosting longer-term structural competitiveness

Liquidity in absence of real economic needs, finds its way into financial assets.

Monetary Policy not as Loose as Elsewhere – Interest Rates Less Effective in Withdrawing Liquidity Watch the Gap in Deposit and Loan Growth

Source: CEIC, CLSA Asia-Pacific Markets, from “Ten in ‘ten – Economic Themes for the New year”presentation dated March 2010

New renminbi bank lending totaled Rmb9.6tn in 2009 and Rmb1.39tn in Jan-10. Bank loans rose by 29.3%YoY in January while corporate deposits rose by 37.7%YoY in December. CLSA’s new renminbi lending forecast for 2010 is Rmb7-8tn, implying annualised loan growth of 17-20%. Source: CEIC Data, PBOC, CLSA Asia-Pacific Markets, from “Ten in ‘ten – Economic Themes for the New year” presentation dated March 2010




Economic OutlookChina: Can a sharp appreciation of the RMB address the US trade imbalance?

Currently, there is increasing pressure internationally, especially from the US, to push China to appreciate the Yuan against the USD. So will a sharp appreciation of the RMB address the US trade balance?


1. What is the fair value of the RMB?The question is how to determine the fair value of RMB against the USD. Estimates for the undervaluation of the RMB range from 20% to 100%, depending on the model that is used.

2. Will the appreciation of RMB help to address the US trade imbalance?We believe that an appreciation of the RMB would not have much impact on the US trade imbalance, as it is mainly caused by the US overconsumption and the US’ shrinking manufacturing base especially for the lower value added products.

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US Trade Deficit with China (US$b) Cumulative CNY appreciation versus USD (Base = Year 2000)

US$b

Source: Bloomberg, Absolute Asia AM

3. What is the benefit of the relatively stable RMB rate against the USD?We believe that it is not China’s intent to gain some trade advantage by keeping the RMB stable, rather China seems to be trying to gain economic benefit from a stable exchange rate and probably a more stable monetary policy. The ultimate solution would be to make RMB convertible and allow capital and trade flows to adjust through private

markets.



Economic OutlookChina: Can a sharp appreciation of the RMB address the US trade imbalance?


4. How to make the RMB freely convertible?China is starting the test for the internationalization of the RMB represents the start of the whole testing process and it is being undertaken in Hong Kong. Hopefully, Hong Kong’s experience in financial markets will help to accelerate the pace of the whole testing process and the time when the RMB can become freely convertible.

5. What is the chance of RMB appreciation in the near term?A small RMB appreciation of even 2-3% is very unlikely. Even if it were to occur, the US would not be satisfied. Instead, it would attract more hot money inflow, which would worsen the potential asset bubble problem. Also, an appreciation of the RMB now will be seen as bowing to foreign pressure. It would be political suicide for any Chinese leader to agree to appreciate the RMB at this juncture.

6. China does not agree that its huge trade surplus is due to the undervaluation of the RMB.China believes that its huge trade surplus is mainly due to the Chinese citizens saving too much and spending too little.For example, national expenditure on health care lags behind spending in developed countries and also provides a large amount of room to boost domestic consumption. Spending in these areas not only supports public consumption directly, it also stimulates private consumption as well by relieving households of the need to save to finance retirement or self-insure against mishaps. In the future, China’s growth will be driven more by absorbing domestic resources into the provision of social services. This will generate income, support human capital formation and contribute to productivity gains. That means China’s consumer market is entering into a stage of sustainable growth, which can be tapped in the years ahead.



Economic Outlook

MSCI China: Forward PE Chart MSCI Asia ex Japan: Forward PE Chart

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Economic OutlookAustralia: One of the world’s most resilient economies

Australia’s consistently well managed economy has grown for 18 consecutive years and was the only OECD country to avoid dipping into recession during the recent financial crisis.

The banking system remained resilient throughout the crisis, and even strengthened, as many foreign players withdrew to deal with their own domestic problems.

The Reserve Bank of Australia was the first central bank to raise interest rates following the crisis and has raised them four times since the tightening began because of the dynamism of the economy which is marked by strong consumer sentiment, falling unemployment, solid retail sales and a more positive outlook from the corporate sector.



Economic OutlookAustralia: China’s insatiable demand for its exceptional raw materials base

Australia, as one of the world’s major exporters of raw materials, has benefited greatly from Chinese demand.

Demand for bulk commodities, particularly iron ore and coking coal, which are used in steel production have remained exceptionally strong in 2009 and early 2010, in response to explosive Chinese demand for construction, consumer appliances and motor vehicles.

Australia is also a key supplier of oil, gas, and LNG to meet Asia’s growing need for power and will remain a major supplier of uranium to supply the rapid increase in nuclear power capacity which will be coming on stream in China, India and the rest of the world.

Foreign investors, particularly the Chinese, are very active in Australia, and more M&A activity is likely and another driver of the market.



Economic Outlook

MSCI Australia: Forward PE Chart MSCI Asia ex Japan: Forward PE Chart

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Background:

Chinese government intends to make Shanghai an international financial & shipping center by 2020 which would mean making RMB a fully convertible international trade currency.

Steps Taken:

a) Currency swap agreements with 6 countries, for importers of Chinese goods to borrow RMB from their central banks;

b) Allows settlement of trades in RMB by companies in Hong Kong, Macau and ASEAN countries on a trial basis.

Implications:

a) Hong Kong is the frontrunner to become an offshore RMB settlement centre, which the local banks will benefit;

b) Ability to settle foreign trades in RMB will reduce currency risk for enterprises and encourage trade settlement in HK;

c) Issuance of RMB bonds will facilitate debt capital market developments;

d) Speculation of setup of a commodities exchange to support China’s burgeoning demand for natural resources;

e) Anticipations of more liquidity, now invested aboard, to flow back into Hong Kong

Economic OutlookHong Kong: Internationalization of RMB to Benefit Hong Kong



Economic Outlook

MSCI Hong Kong: Forward PE Chart MSCI Asia ex Japan: Forward PE Chart

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Economic OutlookSingapore: An all-round service provider. Aiming to be the leading service hub

Tourism – new attractions like Formula one race and two new casinos.

Singapore as a financial hub – strategic location within Asia and pro-business environment.

Medical tourism – foreign patient volumes have grown at a CAGR of 20% since 2000, reaching

approximately 450,000 in 2006. Aims to attract 1m foreign patients by 2012.

Education hub status targeting to attract 150,000 foreign students by 2015 from 80,000 in 2006,

boosting the education sector’s GDP contribution from 1.9% to 5%.

Open immigration policy geared towards attracting foreign human capital.



Economic Outlook

MSCI Singapore: Forward PE Chart MSCI Asia ex Japan: Forward PE Chart

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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10



Investment StrategyTaiwan: Continued Improvement of Cross Strait Relations

Cross straits improvement has become a certainty.

Immediate progress already seen, but implementation also likely to be gradual.

What has taken place?

a. Formalized mainland tourism into Taiwan

b. Direct transport links

c. Relaxation of investment restrictions cross border, including rules on acquisitions

Key re-rating story for Taiwan

a. The ECFA, which lowers the trade barriers between China and Taiwan, will remove the

uncompetitive position Taiwan faces in trade dealings with China and regional and global trading

partners.

b. The potential mainland capital inflow into Taiwan

See Additional Notes for important information



Economic OutlookTaiwan: The significance of Mainland Chinese tourists

China Visitors to Macau, Hong Kong & ThailandTotal Tourist Arrivals & Composition of Overseas Chinese

Source: Credit Suisse, as of end-Dec 2009 Source: Credit Suisse, as of end-Dec 2009

Hong Kong & Macau have seen significant increase in mainland Chinese tourists. The potential for Taiwan is undisputed; it’s a question of the magnitude of relaxation to achieve the potential.




Economic OutlookTaiwan: Vulnerable on external trade front, but look beyond to domestic recovery

-10

-5

0

5

10

15

20

1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007-10-8-6-4-20246810GDP growth (% yoy)

Domestic demand (% yoy contribution to GDP)Net trade (% yoy contribution to GDP)

Taiwan, in contrast, has become more trade dependent given its position as a leading outsourcing center for MNCs.Domestic demand has been below trend growth, where domestic demand is not over-extended. All we need is confidence to return

Composition of GDP Growth, based on Contribution from Domestic Demand & Net Trade

Source: Credit Suisse, as of end-Dec 2007




Economic OutlookTaiwan

MSCI Taiwan: Forward PE Chart


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Appendix


Absolute Asia Asset Management OverviewOur Expertise – Asia Pacific ex Japan Equities

Awards & Ratings

Morningstar overall rating2: I/A(USD), R/A(USD), for the category of Asia Pacific ex Japan Equity, as of 31 Dec. 2009

Lipper leader: Consistent Return, Total Return, for the category of Equity Asia Pacific Ex Japan, as of 31 Dec. 2009

Absolute Asia AM Pacific Rim Equities Fund’s ratings1

(From 14 Jan. 2009 to 13 Jan. 2010)For the peer group of South East Asiaequities1

FUND MANAGEMENT RATING

Any reference to a rating, ranking, or an award provides no guarantee for future performance results and may not be constant over time.1 An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision as the fund rating is for information purposes only and not tailored to a specific investor. Copyright (c) 2010 Standard & Poor's, a division of The McGraw-Hill Companies, Inc.2 Morningstar Ratings: © 2009 Morningstar, Inc. All Rights Reserved. The information on the Morningstar Ratings contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Please contact Morningstar for the most recent description of their rating methodology. Ratings are subject to change every month.


Absolute Asia Asset Management OverviewOur Resources – The Investment Team

0

1 0

2 0

3 0

4 0

Year

s of

Res

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Fun

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Expe

rienc

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B i l l S u n g S c o t tD a vid s o n

G a ry L im ,C F A

J o y c eT o h , C F A

Z y S e w ,H o , C F A

E vo n T a n E rw inH a r iy a n t o

F u n d M a n a g e r s / A n a l y s ts

We have a highly experienced investment team:

The key team members have an average investment experience of nearly 20 years.

Of these, 3 have worked together for the past 8 years.

Their research responsibility is organized by markets.

As at December 2009Source: Absolute Asia AM


Absolute Asia Asset Management OverviewOur Resources – Investment Team

Zy Sew, CFA

EvonJoyce, CFA

Bill Scott Gary, CFA

Erwin

Quantitative Analysis

Risk Management

Macro Economics

Vietnam

Thailand

Taiwan

Singapore

Philippines

Pakistan

New Zealand

Malaysia

Korea

Indonesia

India

Hong Kong

China

Australia

Country Responsibilities of Investment Team

Secondary

Primary

Responsibilities

Secondary

Primary

Responsibilities


Absolute Asia Asset Management OverviewOur resources – Portfolio Managers

Responsibilities:

He manages the Absolute Asia AM Emerging Asia Fund and covers the Korean, Pakistan and Taiwanese markets. He also covers China, Hong Kong and India.

Experience:

Prior to joining Absolute Asia Asset Management, he spent four and a half years at Nomura Asset Management where he managed largely institutional money, both from American and European pensions, including a US listed closed-end country fund - the Korea Equity Fund. The fund outperformed the KOSPI since he took over in 2001. Before Nomura Asset Management, he was with OCBC Asset Management for five and a half years. Starting off as an analyst covering Singapore and the Philippines, he progressed to become a fund manager with market responsibilities for North Asia. His previous experience includes working a year at Sun Hung Kai as an investment analyst covering Singaporean and Malaysian companies and two years with Neptune Orient Lines as a Corporate Planning Executive.

Gary Lim, CFA Senior Portfolio Manager

Joyce Toh, CFA Fund Manager

Responsibilities:

She covers Singapore and Vietnam. She also covers China, Hong Kong, Korea, Malaysia, and Thailand.

Experience:

Prior to joining Absolute Asia Asset Management, Ms. Toh handled equity sales for Indosuez WI Carr, specializing in Southeast Asian markets. Her previous experience included serving as an Operations Analyst with Chase Manhattan Bank, focusing on FX and derivatives, and as a Senior Officer in Global Treasury with OCBC Bank, where she oversaw the reporting and systems requirement of the Treasury Department and its overseas branches. Early in her career, she had assignments with Nomura Securities and J.M. Sassoon.


Absolute Asia Asset Management OverviewOur resources – Investment Analysts

Responsibilities: He oversees macroeconomic research and analysis and also covers Australia, New Zealand, Pakistan and India.

Experience: Prior to joining Absolute Asia Asset Management, Mr. Davidson had nearly 20 years of experience conducting economic and business analysis for a variety of multinational firms, consulting organizations, trade associations, and government agencies, including the Presidential Commission on US-Japan Economic Relations, where he served as Acting Executive Director and International Economist.

Scott Davidson Research Director

Responsibilities: She covers India, Indonesia and Malaysia.

Experience: Prior to joining Absolute Asia Asset Management, she was with DBS Vickers Securities for almost 2 years, as a research analyst covering the Singapore property sector and also worked as an investor relations officer in United Overseas Bank.

Ho Zy Sew, CFA Analyst

Evon Tan Analyst

Erwin Hariyanto Portfolio Management Assistant

Responsibilities: Ms Tan is responsible for portfolio risk management and covers Philippines and Thailand. She also assists with macroeconomic research & analysis and covers Singapore & Taiwan.

Experience: Prior to joining Absolute Asia Asset Management, she was an audit associate with professional services firm KPMG.

Responsibilities: Mr Hariyanto is responsible for analysis of portfolio performance and portfolio risk management.

Experience: He graduated from University of Melbourne and holds a Bachelor of Commerce (Finance) and Postgraduate Diploma (Financial Management) in 2006 and 2007 respectively


Why we are located in Singapore?

Strategically located in the center of Asia Pacific, allowing the managers/ analysts convenience to travel to their countries of coverage.

Highly regarded financial centre. Ranked 3rd, behind London and New York, in The Global Financial Centres Index (GFCI), as of March 2009 - making Singapore the top Asian centre, ahead of Hong Kong.

Busy schedule of investment-related activities conducted in Singapore (e.g. investment conventions, fund raising, etc). Singapore

Australia

India

China

New Zealand

Absolute Asia Asset Management OverviewOur Office Location – Singapore


Reference Information

S&P FMR: Standard & Poor’s Fund Management Rating. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision as the fund rating is for information purposes only and not tailored to a specific investor. Copyright (c) 2010 Standard & Poor's, a division of The McGraw-Hill Companies, Inc.Absolute Asia Asset Management Limited, a subsidiary of Natixis Global Asset Management, is authorized by the Monetary Authority of Singapore (Company registration No.199801044D) and holds a Capital Markets Services License to provide investment management services in Singapore. The company conducts all investment management services in and from Singapore.* The Fund is available for investment in Chile only to institutional investors, excluding local banks, in Peru to institutional investors regulated by the Peruvian Banking Law or entities qualified as such by the Securities Exchange Commission, and Singapore to certain investors. The prospectus together with the “Important Information for Singapore Investors” must at all times accompany this document for offers in Singapore under Sections 304 and 305 of the Securities and Futures Act, Chapter 289 of Singapore.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 +44 203 216 9766. If the Fund is registered in your jurisdiction, these documents are also available free of charge from the Natixis Global Associates offices (www.intl.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, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066.Risks International investing involves certain risks, such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. Investment in fewer issuers or concentrating investments by region or sector involves more risk than a fund that invests more broadly. These and other risks of the Fund are described in greater detail in the Prospectus.

Bill SungPortfolio manager

I/A(USD) - LU0103015219, CDCPREC LXISIN, Bloomberg code

Austria, Chile*, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Peru*, Singapore*, Spain, Sweden, Switzerland, Taiwan, U.K.

Registrations

Absolute Asia Asset Management LimitedInvestment managerNatixis Global Associates S.A.Management companyPricewaterhouseCoopers S.à.r.l. – LuxembourgAuditorBrown Brothers Harriman (Luxembourg) S.C.A.Administrator/Custodian

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

Legal structure and domicile4 October 1999Fund inceptionMSCI Pacific Free ex Japan Index TRReference indexAA February 2010 S&P FMR

Reference information

NoneNone2.40RE - Retail E4.004.004.00

Max sales charge, %

NoneUSD/EUR/GBP 100,000

USD/EUR/GBP 15 million

Minimum initial investment

1.70R - Retail1.20I - Institutional1.00S - Super institutional

TER, %Share class

Share class information

AARE - Retail EA

A, H-AA

EUR

A, DA, DA, DGBP

A, DR - RetailA, DI - InstitutionalA, DS - Super institutionalUSDShare class

Share class availability by currency of quotationA = Accumulating, D = Distributing, H- = Hedged

D, 13h30 Luxembourg timeCutoff timeDailyDealing frequency

Absolute Asia AM Pacific Rim Equities Fund


Reference Information

Absolute Asia Asset Management Limited, a subsidiary of Natixis Global Asset Management, is authorized by the Monetary Authority of Singapore (Company registration No.199801044D) and holds a Capital Markets Services License to provide investment management services in Singapore. The company conducts all investment management services in and from Singapore.* In addition to its management fee comprised in the total expense ratio, the Management Company is entitled to receive out of the assets of the Fund a performance fee equal to 20% per annum of the Fund’s return in excess of the performance of the MSCI Golden Dragon Index Net Dividend Reinvested. The total expense ratio does not include such performance fee.The Fund is available for investment in Chile only to institutional investors, excluding local banks, in Peru to institutional investors regulated by the Peruvian Banking Law or entities qualified as such by the Securities Exchange Commission, and Singapore to certain investors. The prospectus together with the “Important Information for Singapore Investors” must at all times accompany this document for offers in Singapore under Sections 304 and 305 of the Securities and Futures Act, Chapter 289 of Singapore.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 +44 203 216 9766. If the Fund is registered in your jurisdiction, these documents are also available free of charge from the Natixis Global Associates offices (www.intl.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, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066.Risks International investing involves certain risks, such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. Additional risks may be associated with emerging market securities, including illiquidity and volatility. Investment in small and/or midsize companies’ increases the risk of greater price fluctuations and illiquidity. Investment in fewer issuers or concentrating investments by region or sector involves more risk than a fund that invests more broadly. These and other risks of the Fund are described in greater detail in the Prospectus.

Bill SungPortfolio manager

I/A(USD) - LU0105841919, CDCHOKO LXISIN, Bloomberg code

Austria, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, U.K.

Registrations

Absolute Asia Asset Management LimitedInvestment managerNatixis Global Associates S.A.Management companyPricewaterhouseCoopers S.à.r.l. – LuxembourgAuditorBrown Brothers Harriman (Luxembourg) S.C.A.Administrator/Custodian

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

Legal structure and domicile15 December 1999Fund inceptionMSCI Golden Dragon Index NRReference index

Reference information

NoneNone2.50*RE - Retail E4.004.00

Max sales charge, %

NoneUSD/EUR/GBP 100,000

Minimum initial investment

2.00*R - Retail1.50*I - Institutional

TER, %Share class

Share class information

AARE - Retail EA

A, H-AEUR

A, DA, DGBP

A, DR - RetailA, DI - InstitutionalUSDShare class

Share class availability by currency of quotationA = Accumulating, D = Distributing, H- = Hedged

D-5, 13h30 Luxembourg timeCutoff timeDailyDealing frequency

Absolute Asia AM Golden Dragon Renaissance Fund


Disclaimers

68

This material has been provided for information purposes only to investment service providers or other Professional Clients or Qualified Investors. 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.In the E.U. (outside of Austria, Germany, Italy, and the U.K.) 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. In the case of a separate account, Natixis Global Associates S.A. enters into an investment management agreement directly with the client and may delegate some or all of the portfolio management responsibility for those agreements to one of the Natixis Global Asset Management investment management subsidiaries. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. Registered office ofNatixis Global Associates International (n.509 471 173 RCS Paris): 21 quai d’Austerlitz, 75013 Paris.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 San Clemente, 1 - 20122, Milan, Italy.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. Address: PO Box. 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates. 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 approved and 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. Address: Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.In Germany and Austria: This material is intended to be communicated to and/or directed at persons in Germany and Austria by Natixis Global Associates Germany GmbH, a tied agent of Natixis Global Associates UK Limited. In the case the fund(s) referenced within this material is/are not registered in Germany or Austria, this material is intended to be communicated to and/or directed at persons who are (a) lawfully authorized to receive this material under the provisions of § 2 (11) paragraph of the German Investment Act or (b) 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, 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.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.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.

Additional Notes – Authorized Countries – Professional Investors (ex Japan)

Additional Notes

69

Awards Disclosurses

S&P Ratings: Analytic services provided by Standard & Poor’s Ratings Services (“Ratings Services”) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. Credit ratings issued by Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of credit ratings issued by Ratings Services should not rely on any such ratings or other opinion issued by Ratings Services in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor’s may have information that is not available to Ratings Services. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor’s reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our fee policy is available at www.standardandpoors.com/usratingsfees.

Sauren Research Golden Awards: Annually an independent jury of Sauren Research AG conducts a qualitative and quantitative assessment of over 300 fund managers and assigns each manager a rating of 1, 2, or 3 gold medals for the manager’s philosophy and process and his/her success in implementing it. Managers assigned a rating of 2 gold medals are deemed by the jury to have a very high quality core philosophy and process accompanied by a history of performance successes and are believed to have a high probability of administering funds on a long-term basis with above average performance. http://www.sauren.de/downloads/misc/SaurenGoldenAwards2008-Broschuere.pdfv

Citywire Europe Top 100 Fund Managers: Source: Citywire Fund Selector, April 21, 2008. "Europe's Top 100 Fund Managers 2008" Methodology: Based on Citywire’s analysis of active fund managers within the 34 main Lipper Global mutual fund sectors. The key result was each manager’s Citywire Manager Ratio, which is based on risk-adjusted performance across all the funds they managed over the three-year period to 31 December 2007. To qualify, managers needed at least 30 months’ performance against a benchmark in at least one of the 34 eligible sectors and to have still been managing funds at the end of the three-year period under analysis (31/12/04 to 31/12/07). Citywire’sanalysis focuses exclusively on active managers of retail funds and dos not include tracker, institutional or charity funds. The results list the 100 eligible managers with the highest risk-adjusted performance in descending order. Manager Ratio: based on the industry-standard information ratio, which reflects a fund’s risk-adjusted performance relative to an appropriate benchmark index (with the benchmark assigned by Citywire to each fund, based on the fund’s objective and investment style, or using a ‘default’ sector benchmark where no specific benchmark has been assigned to the fund). The ratio reflects how much ‘added value’ in terms of outperformance of the benchmark for each unit of risk assumed, where risk is defined as not mirroring the benchmark’s returns. The manager ratio modifies the standard information ratio to account for the fact that individual fund managers may change jobs and enjoy a spell ‘of gardening leave’ when they are not active managers of any funds, but may also run more than one fund at any point in time or indeed different funds over time. A positive ratio is good (and a negative ratio not good) while ratios above 0.5 are impressive and above 1 extremely impressive. All funds run within a single Lipper Global classification will be considered in a single currency with the benchmark returns taken in the same currency (for example, all Swiss equity funds will be compared against a Swiss equity benchmark in Swiss Franc terms).

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