DOCUMENT INTENDED EXCLUSIVELY FOR PROFESSIONAL CLIENTS (IN ACCORDANCE WITH MIFID)

Benefit from active management of Eurozone sovereign bonds

Fund Highlights

• Invests exclusively in supranational and government bonds issued or guaranteed by Eurozone countries

• Seeks to add value through security selection, yield curve positioning, active management of modified duration and diversification with inflation-linked bonds

• Implements a qualitative and opportunistic approach to investing in Eurozone sovereign debt, but also relies on in-house quantitative analysis

• Relies on the Sovereign Debt Selection sector team’s analysis of each Eurozone country and maturity segment to multiply the sources of performance

Why choose this fund?Ostrum Souverains Euro seeks to take advantage of all alpha drivers present in the Eurozone government bond market through an active, conviction-based, cautious and opportunistic investment approach.

Opportunities within the Eurozone sovereign debt universe Eurozone government bonds generally have a lower risk profile than that of corporate debt issued in the same area and each country within the area has a different profile, with varying levels of indebtedness, growth and inflation. These differences translate into different borrowing rates from country to country. Moreover, the differences in yield and risk among Eurozone government bonds represent sources of performance for bond funds.

Experienced investment management team The Fund is managed by a highly-experienced team of portfolio managers averaging 20 years of experience focused on generating alpha across all segments of the government bond, interest rate and inflation markets.

Active management focused on exploiting different sources of added value • Country selection and allocation on the yield curve: Based on their expectations for fluctuating borrowing rates, the management team selects securities while paying particular attention to the choice of country issuers as well as to its maturity date, which determines yield. This choice is all the more critical as the number of issuer countries is limited.

• Duration: depending on its expectations on interest rate trends, the investment team defines a modified duration target range of between 3 and 9.

• Diversification: The Fund may also invest in inflation-linked bonds issued by Eurozone countries as a source of diversification.

FUND FACTS

Investment objectiveTo outperform the JP Morgan EMU Global index over an investment period of at least three years.

Recommended investment horizonThree years

Investment universeBonds and debt securities denominated in euro

Reference indexJP Morgan EMU Global

Fund inception19 January 1994

Currencies available1

EUR

Share classes & types availableInstitutional – IRetail – RAccumulation – Distribution

ISINI/C (EUR) – FR0010655456R/C (EUR) – FR0000003196

Minimum initial subscriptionI – €100,000R – one ten-thousandth

Maximum sales chargesI – None; R –3%

Ongoing charges2

I – 0.43% ; R – 0.66%

Management companyOstrum Asset Management

Legal structureFrench SICAV

UCITS/AIFUCITS

Natixis Souverains Euro

Source: JP Morgan10: Average number of issuer countries in which Natixis Souverains Euro invests

Eurozone country(index constituent)Eurozone country (off benchmark)

RISKS: The Fund invests primarily in Eurozone fixed income securities. Fixed income investments are typically sensitive to changes in interest rates, and the Fund could lose value when interest rates of Eurozone countries rise. The Fund is subject to specific risks, including credit risk and investment management technics-related impact risk, including futures. An investor’s capital will be at risk; you may get back less than you invested. Please refer to the full prospectus for additional details on risks.

Investment process A robust investment process combining top-down and bottom-up approaches, through a three-stage investment process:1. Idea generation The investment management team relies on Ostrum Asset Management’s macro-economic scenario as well as on the outcomes from the various Specialist Committees (inflation, interest rates) and Sector Team in order to establish a directional view on the market trends and seek to select the best securities within the Euro sovereign debt universe.2. Model portfolio committee The investment management team constructs a model portfolio by optimizing the risk allocation and translating views into strategies. 3. Final portfolio The Portfolio Manager has individual pre-defined leeway for each strategy.

Portfolio management team

This material has been provided for information purposes only to investment service providers or other Professional Clients or Qualified Investors and, when required by local regulation, only at their written request. This material must not be used with Retail Investors. If the fund is registered in your jurisdiction, these documents may also be obtained free of charge from the Ostrum Asset Management offices (www.ostrum.com) and the payer agents/representatives mentioned herebelow. Please read the prospectus and Key Investor Information carre-fully before investing. Germany: CACEIS Bank Deutschland GmbH, Lilienthalallee 34 - 36, D-80939 München, Germany. UK: SOCIÉTÉ GÉNÉRALE LONDON BRANCH, SOCIÉTÉ GÉNÉRALE SECURITIES SERVICES CUSTODY LONDON, 9th Floor Exchange House 12 Primrose Street, EC2A 2EG London. Belgium: CACEIS Belgium SA, Avenue du Port 86 C b320 B-1000 Brussels. France: CACEIS Bank France, 1-3, Place Valhubert 75013 Paris. Italy: STATE STREET Bank S.P.A., Via Ferrante Aporti, 10 20125 Milan ALL FUNDS Bank S.A, Via Santa Margherita 7, 20121 Milano. Luxembourg: CACEIS BANK Luxembourg, 5, allée Scheffer L-2520 Luxembourg. Netherlands: CACEIS Netherlands N.V., De Ruyterkade 6-i 1013 AA Amsterdam. Singapour: Ostrum Asset Management Asia Limited, One Marina Boulevard #28-00 Singapore 018989 ; Principal place of busi-ness: 1 Robinson Road #20-02 AIA Tower Singapore 048542. Republic of Austria: RAIFFEISEN BANK INTERNATIONAL AG, Am Stadtpark 9, A-1030 Vienna, Republic of Austria. Switzerland: RBC Investor Services Bank S.A., Esch-surAlzette, Zurich Branch, Bleicherweg 7 8027 ZurichIn the E.U. (outside of the UK): Provided by Natixis Investment Managers S.A. or one of its branch offices listed below. Natixis Investment Managers S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incor-porated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Investment Managers S.A.: 2, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg. France: Natixis Investment Managers Distribution (n.509 471 173 RCS Paris). Registered office: 43, avenue Pierre Mendès-France, 75013 Paris. Italy: Natixis Investment Managers S.A., Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via Larga, 2 - 20122, Milan, Italy. Germany: Natixis Investment Managers S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany. Netherlands: Natixis Investment Managers, Nederlands (Registration number 50774670). Registered office: World Trade Center Amsterdam, Strawinskylaan 1259, D-Tower, Floor 12, 1077 XX Amsterdam, the Netherlands. Sweden: Natixis Investment Managers, Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Kungsgatan 48 5tr, Stockholm 111 35, Sweden. Spain: Natixis Investment Managers, Sucursal en España. Paseo de Recoletos 7-9, Planta 7, 28004, Madrid, Spain. • In Switzerland: Provided for information purposes only by Natixis Investment Managers, Switzerland Sàrl, Rue du Vieux Collège 10, 1204 Geneva, Switzerland or its representative office in Zurich, Schweizergasse 6, 8001 Zürich. • In the U.K.: Provided by Natixis Investment Managers UK Limited which is authorised and regulated by the UK Financial Conduct Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000 (FSMA 2000); or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accor-dance with the FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “Intended Recipients”). The fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Office: Natixis Investment Managers UK Limited, One Carter Lane, London, EC4V 5ER. • In the DIFC: Provided in and from the DIFC financial district by Natixis Investment Managers Middle East (DIFC Branch) which is regulated by the DFSA. Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the DFSA. Registered office: Office 603 - Level 6, Currency House Tower 2, PO Box 118257, DIFC, Dubai, United Arab Emirates.· • In Singapore: Provided by Natixis Investment Managers Singapore (name registration no. 53102724D) to distributors and institutional investors only. Natixis Investment Managers Singapore is a division of Ostrum Asset Management Asia Limited (company registration no. 199801044D). • In Hong Kong: Provided by Natixis Investment Managers Hong Kong Limited to institutional/ corporate professional investors only. • In Australia: Provided by Natixis Investment Managers Australia Pty Limited (ABN 60 088 786 289) (AFSL No. 246830) and is intended for the general information of financial advisers and wholesale clients only . • In New Zealand: This document is intended for the general information of New Zealand wholesale inves-tors only and does not constitute financial advice. This is not a regulated offer for the purposes of the Financial Markets Conduct Act 2013 (FMCA) and is only available to New Zealand investors who have certified that they meet the requirements in the FMCA for wholesale investors. Natixis Investment Managers Australia Pty Limited is not a registered financial service provider in New Zealand.The above referenced entities are business development units of Natixis Investment Managers, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide. The investment management subsidiaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. It is the responsibility of each investment service provider to ensure that the offering or sale of fund shares or third party investment services to its clients complies with the relevant national law.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 any regulated financial activity. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. The analyses, opinions, and certain of the invest-ment 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. Past performance information presented is not indicative of future performance. Although Natixis Investment Managers believes the information provided in this material to be reliable, including that from third party sources, it does not guarantee the accuracy, adequacy, or completeness of such information. This material may not be distributed, published, or repro-duced, in whole or in part.All amounts shown are expressed in USD unless otherwise indicated.Non contractual document, written on 01/03/2018, and all data as of 31/12/2017 unless otherwise stated.

NATIXIS INVESTMENT MANAGERSRCS Paris 453 952 681 Share Capital: €178 251 690 43, avenue Pierre Mendès-France, 75013 Paris www.im.natixis.com

OSTRUM ASSET MANAGEMENTA subsidiary of Natixis Investment ManagersLimited liability company Share capital €50,434,604.76 Regulated by the Autorité des Marchés Financiers (AMF) under no. GP 90-009 RCS Paris n°329 450 738 43, avenue Pierre Mendès-France, 75013 Paris www.ostrum.com

Olivier de Larouziere

Began investment career in 1994

Sophie Potard Began investment career in 1993

T-OSE55-1217

To learn more:Visit: im.natixis.com

Ostrum Asset Management has been committed to helping clients to provide for their future for more than 30 years. Ostrum Asset Management is a leading asset manager in Europe that provides a full range of high-performance fixed income, equity and insurance investment management strategies, with an active and fundamental approach.

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Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of 26 specialized investment managers globally, we apply Active ThinkingSM to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis ranks among the world’s largest asset management firms3 ($997.8 billion AUM4).

Natixis Investment Managers includes all of the investment management and distribution entities affiliated with Natixis Distribution, L.P. and Natixis Investment Managers S.A. Services/products are not available to all investors in all jurisdictions.

1. Reference currency in bold.2. The ongoing charges are based on figures for

the preceding financial year ended 30 March 2016. This percentage may vary from one financial year to another. They do not include: performance fees and transaction charges except in the case of subscription and/or redemption charges paid by the UCITS when it buys or sells units in another investment vehicle.

3. Cerulli Quantitative Update: Global Markets 2017 ranked Natixis Investment Managers (formerly Natixis Global Asset Management) as the 15th largest asset manager in the world based on assets under management as of December 31, 2016.

4. Net asset value as of 31/12/2017

Specialist CommitteesViews on asset classes

Interest rates Inflation

Model portfolio committee

Views on interest rates directionYield curves

Idea generation

Step 1

Strategy selection & calibrationRisk budgeting

Step 2

Portfolio manager

Portfolio manager's leeway

Final portfolio

Step 3

Euro sovereign

debt Covered bonds

Agencies/ supra. Country allocation by

maturity range

Diversification (inflation-linked bonds,

covered bonds)

Portfolio constraints

Risk management

controlSector teamsSecurity selection (rating)