Ossiam investment solution citywire italy

This material is provided for information only to Professional or Qualified

Investors. It must not be distributed to Retail Investors.

OSSIAM MINIMUM VARIANCE ETFS :

A COST EFFICIENT SOLUTION TO THE

CURRENT ASSET ALLOCATION

DILEMMA?

www.ossiam.com – tel +33178405690

2 FOR PROFESSIONAL CLIENTS USE ONLY

INTRODUCING OSSIAM

Ossiam is a boutique asset management firm specialising in value-added smart beta strategies

Founded in 2009 by Bruno Poulin and Antoine Moreau

Bringing together a team of investment professionals with years of experience

Developing and managing smart beta strategies

Operating under the supervision of the French Autorité des Marchés Financiers (AMF)

Ossiam’s investment approach is research-driven, systematic and transparent

Ossiam is part of the €560.2bn* ($ 710.9 billion) Natixis Global Asset Management group, since October 2010

“Ossiam aims to provide smart and innovative beta strategies across a broad range of asset classes. We offer clients long-

term investment solutions as well as products tailored to their specific needs”

Bruno Poulin, CEO

* As of end of June 2012


We believe traditional market cap weighted indices are inefficient

Academic research proved invalidity of the CAPM

Empirical features of market cap portfolios are overconcentration on large caps, and a trend following bias

WHY DO WE SPECIALISE IN SMART BETA ?

Cumulative weight in the S&P 500® Index

(as of 28/09/2012)

Source: Standard & Poor’s - Calculation by Ossiam

Weight of Apple in the S&P 500® Index

(January 2001 – September 2012)

Source: Datastream - Calculation by Ossiam

Source: Standard & Poor’s - Calculation by Ossiam

Technology sector weight evolution in the S&P 500® Index

(September 1989 – September 2012)

Smart beta strategies attempt to mitigate these weaknesses and offer the potential for a better long-term risk-return

trade-off and enhanced diversification

50 largest stocks 51% of the weight

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1 50 100 150 200 250 300 350 400 450

50 largest stocks 51% of the weight

0%

1%

2%

3%

4%

5%

6%

Gains for Apple share price

contributed approximately

30% of the rise in the S&P

500® Index in 2012.

September 2012

4.86%

January 2009

0.97%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

200

400

600

800

1000

1200

1400

1600

1800

2000

S&P 500® Technology sector weight


SMART BETA SOLUTIONS

Smart beta strategies use systematic investment processes to mitigate the biases and limitations of traditional indices

and achieve more efficient portfolios

Do not use explicit risk/return

forecasts, set up diversification

objectives based on weight distribution

Equal Weight, Intech Diversity Index,

Maximum Diversification

Use risk forecasts rather than return

forecasts to build efficient portfolios

Minimum Variance, Risk

Budgeting

Use fundamentals to assess “fair

value” and set up diversification

objectives based on these fundamentals

Fundamental Indices, GDP-Weighted

Indices

Diversification

based

Fundamentals

based

Risk

based


LOW VOLATILITY INVESTING

Empirical research has shown that contrary to the theory of the CAPM, riskier stocks do not offer higher returns - the

“Low Volatility Anomaly”

Academic research has suggested several behavioural biases in investors that may lie behind this anomaly and result in

higher volatility stocks becoming overpriced. These include:

Overconfidence – which has the biggest impact on volatile shares

Representativeness – investors can be seduced by stories of success in speculative stocks

Lottery effects – willingness of investors to overpay for a small chance of large gains

Minimum variance strategy is one of the most established types of smart beta, it allows not only to reduce

consistently the risk of the portfolio but also profits from the Low Volatility Anomaly

Source: Baker, Bradley and Wurgler “Benchmarks as limits to arbitrage:

Understanding the Low-Volatility Anomaly”, Financial Analysts Journal, 2012

Market portfolio

Top 100 US stocks (1968 – 2008)

High volatility Low volatility

Source: Bloomberg - Calculation by Ossiam


OUR MINIMUM VARIANCE STRATEGY : COST EFFICIENT SOLUTION TO

THE CURRENT ASSET ALLOCATION DILEMMA

Ossiam’s minimum variance strategies are designed to provide investors with a transparent and practical means to take

advantage of the Low Volatility Anomaly

A robust and consistent approach, for which the objective is to enhance portfolio efficiency while reducing volatility

A systematic approach, for which the investment process is embedded in an index calculated and published by independent index

providers (S&P, STOXX Ltd, FTSE)

A transparent approach, we publish daily information on our website and on Bloomberg

• index constituents

• historical data

We offer minimum variance strategies on

European equities

Emerging market equities

Country-specific equities such as US


OVERVIEW OF OUR MINIMUM VARIANCE INVESTMENT PROCESS

Index calculation performed by independent index

providers - historical data are published on Bloomberg

Portfolio replication by Ossiam

Investment universe

Comprises all stocks in the relevant market-cap weighted index

Capacity/liquidity filter

We filter the reference universe to select the most liquid/largest stocks

Portfolio computation

Portfolio composition adjustment based on historical volatilities and correlations

Periodic rebalancing

Risk management constraints

100% equity, long only

maximum weight per stock, sector and country

diversification target based on the Herfindahl index (HHI)

1

2

3

4

R

E

B

A

L

A

N

C

I

N

G


OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (I)

Ossiam’s research shows that minimum variance indices have provided returns at least as high as their market capitalisation

weighted equivalent for the US, European and Emerging markets with 30% lower volatility

Simulated performance from 02/01/2002 to 28/09/2012 (basis 100):

Ossiam US Minimum Variance Index NR vs S&P 500® Index NR


Simulated 1-year volatility from 02/01/2003 to 28/09/2012:



Past performance and past volatility shown above represent that of the indices. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects

calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved

by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be

expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance.

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1y vol Ossiam US Minimum Variance Index NR 1y vol S&P500® Index NR

50

70

90

110

130

150

170

190

210

Ossiam US Minimum Variance Index NR S&P500® Index NR


OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (II)

Performance shown reflects that of indexes, and not those of the OSSIAM ETF US MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,

composed for instance of management fees and other account expenses) and transaction costs. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index

NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but

are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.

Simulated 5-year rolling performance

from 02/01/2007 to 28/09/2012:



50%

70%

90%

110%

130%

150%

170%

190%

210%

230%

Ossiam US Minimum Variance Index NR S&P 500® Index NR


OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO THE US

Our strategies add significant value when compared to traditional market cap indexes

Performance since inception (07/06/2011 – 28/09/2012) basis 100:

OSSIAM ETF US MINIMUM VARIANCE NR (USD) vs S&P 500® Index NR

Source: Bloomberg / Ossiam - Calculation by Ossiam


Performance Difference

OSSIAM ETF US MINIMUM VARIANCE NR (USD) 18.43% +4.01%

S&P 500 Index NR 14.42%

Performance since inception: 07/06/2011 – 28/09/2012

Volatility Difference

OSSIAM ETF US MINIMUM VARIANCE NR (USD) 14.53% -7.03%

S&P 500® Index NR 21.56%

Volatility since inception: 07/06/2011 – 28/09/2012


Past performance is not a reliable indicator of future performance.

85

90

95

100

105

110

115

120

OSSIAM ETF US MINIMUM VARIANCE NR (USD)

S&P500® Index NR


SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002

Simulated quarterly returns from March 2002 to September 2012

Source: Bloomberg – Calculation by Ossiam


*Upside participation of the Ossiam US Minimum Variance Index

NR compared to the S&P 500® Index NR

= 4.87%/6.98%

= 70%

From March 2002 to

September 2012

Ossiam US

Minimum

Variance Index

NR

S&P 500® Index

NR

Up quarters:

average return 4.87% 6.96%

Upside

participation* 70%

Down quarters:

average return -3.64% -7.90%

Downside participation 46%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Ossiam US Minimum Variance Index NR S&P 500® Index NR

Upside participation of the

Ossiam US Minimum Variance Index NR

70%

Downside participation

Ossiam US Minimum Variance Index NR

46%

Performance shown reflects that of indexes, and not those of the OSSIAM ETF US MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,

composed for instance of management fees and other account expenses) and transaction costs. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index

NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but

are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.


OSSIAM ETF US MINIMUM VARIANCE NR

From 02/01/2002 to 28/09/2012 Ossiam US Minimum Variance Index NR S&P 500® Index NR

YTD performance 12.83% 15.87%

1 year performance 21.43% 27.13%



Annualized performance 6.16% 3.50%

Volatility (annualized) 15.17% 21.43%

Max Drawdown -39.51% -55.71%

Sharpe Ratio 0.28 0.08

Correlation vs Benchmark 94.02% N/A

Beta 0.67 N/A

Annual Alpha 3.20% N/A

Performance shown reflects that of indexes, and not those of the OSSIAM ETF US MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER, composed for

instance of management fees and other account expenses) and transaction costs. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects calculations

performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the

retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.

The Fund's objective is to replicate, before the Fund’s fees and expenses, the

performance of the Ossiam US Minimum Variance Index NR at closing level.

Annual TER : 65 bps

ISIN: LU0599612685 (EUR)

ISIN: LU0599612412 (USD)

Parity: 1/1

Liquidity filter: 250 most liquid stocks of S&P 500® Index

Rebalancing : monthly

Index provider: S&P

Index codes: Bloomberg OUMVNR / RIC Reuters: .OUMVNR

The Ossiam US Minimum Variance Index NR is a total return index (net

dividends reinvested) expressed in USD, which has the same investment

universe as the S&P 500® Index NR.

ETF characteristics

Investment objective Index characteristics



SIMULATED SECTOR BREAKDOWN OF THE OSSIAM US MINIMUM VARIANCE

INDEX NR FROM MAY 2002 TO SEPTEMBER 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Utilities

Telecommunication Services

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Data based on a backtest. The sector breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter

Source: Standard & Poor’s/ Ossiam – Calculation by Ossiam


OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EUROPE




OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR 12.36% +8.83%

STOXX® Europe 600 Index NR 3.53%





Volatility Difference

OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR 12.65% -8.93%

STOXX® Europe 600 Index NR 21.58%


OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR vs STOXX® Europe 600 Index NR

80

85

90

95

100

105

110

115

OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR

STOXX® Europe 600 Index NR






Performance shown reflects that of indexes, and not those of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,

composed for instance of management fees and other account expenses) and transaction costs. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NR

reflects calculations performed by Ossiam based on ‘backtest’ data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by

means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.

*Upside participation of the iSTOXX™ Europe Minimum

Variance Index NR compared to the STOXX® Europe 600 NR

=5.55%/7.00%

= 79%

From March 2002 to

September 2012

iSTOXX™ Europe

Minimum

Variance Index

NR

STOXX® Europe

600 Index NR

Up quarters:


Upside

participation* 79%

Down quarters:



-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR

Downside participation of the

iSTOXX™ Europe Minimum Variance Index NR

49%


iSTOXX™ Europe Minimum Variance Index NR

79%


OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR

From 02/01/2002 to 28/09/2012 iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR




5 year performance 5.34% -16.89%



Max Drawdown -39.71% -58.69%

Sharpe Ratio 0.40 -0.01


Beta 0.54 N/A


Performance shown reflects that of indexes, and not those of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,

composed for instance of management fees and other account expenses) and transaction costs. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NR

reflects calculations performed by Ossiam based on ‘backtest’ data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by

means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.


performance of the iSTOXX™ Europe Minimum Variance Index NR at

closing level.

Annual TER : 65 bps

ISIN: LU0599612842

Parity: 1/1

Liquidity filter: 300 most liquid stocks of the STOXX® Europe 600 Index

Rebalancing : monthly

Index provider : STOXX Ltd

Index codes: Bloomberg ISEMVT / Reuters RIC: .ISEMVT

The iSTOXX™ Europe Minimum Variance Index NR is a total return

index (expressed in EUR) which has the same investment universe as the

STOXX® Europe 600 Index NR.

ETF characteristics




SIMULATED SECTOR BREAKDOWN OF THE iSTOXX™ EUROPE MINIMUM

VARIANCE INDEX NR FROM MAY 2002 TO SEPTEMBER 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Utilities

Telecommunications

Technology

Oil - Gas

Industrials

Health Care

Financials

Consumer Services

Consumer Goods

Basic Materials


Source: STOXX Ltd/ Ossiam – Calculation by Ossiam


SIMULATED COUNTRY BREAKDOWN OF THE iSTOXX™ EUROPE MINIMUM

VARIANCE INDEX NR FROM MAY 2002 TO SEPTEMBER 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Austria

Belgium

Denmark

Finland

France

Germany

Greece

Iceland

Ireland

Italy

Netherlands

Norway

Portugal

Spain

Sweden

Switzerland

United Kingdom

Data based on a backtest. The country breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter

Source: STOXX Ltd/ Ossiam – Calculation by Ossiam


OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EMERGING MARKETS


OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) vs S&P/IFCI® Index

NR




OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) 7.50% +9.32%

S&P/IFCI® Index NR -1.82%






OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) 11.49% -5.18%

S&P/IFCI® Index NR 16.67% 85

90

95

100

105

110

OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD)

S&P/IFCI® Index NR






Performance shown reflects that of indexes, and not those of the OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio (TER,

composed for instance of management fees and other account expenses) and transaction costs. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum Variance

Index NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are

achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.

*Upside participation of the Ossiam Emerging Markets Minimum

Variance Index NR compared to the S&P/IFCI® Index NR

= 10.57%/11.25%

= 94%

From March 2002 to

September 2012

Ossiam Emerging

Markets Minimum

Variance Index

NR

S&P/IFCI®

Index NR

Up quarters:


Upside

participation* 94%

Down quarters:



-30%

-20%

-10%

0%

10%

20%

30%

40%

Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR


Ossiam Emerging Markets Minimum Variance Index NR

94%

Downside participation

Ossiam Emerging Markets Minimum Variance Index NR

53%


OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR

From 02/01/2002 to 28/09/2012 Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR




5 year performance 48.97% -5.55%



Max Drawdown -49.85% -65.14%

Sharpe Ratio 1.32 0.60


Beta 0.62 N/A


Performance shown reflects that of indexes, and not those of the OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR, vehicle replicating the performance of the index reduced by the total expense ratio

(TER, composed for instance of management fees and other account expenses) and transaction costs. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum

Variance Index NR reflects calculations performed by Ossiam based on ‘backtest’ data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client

assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Past performance is not a reliable indicator of future performance.


performance of the Ossiam Emerging Markets Minimum Variance Index NR at

closing level.

Annual TER : 75 bps

ISIN: LU0705291903 (EUR)

ISIN: LU0705291812 (USD)

Parity: 1/1

Liquidity filter: 400 largest and most liquid stocks of the S&P/IFCI® Index

Rebalancing : semi-annually

Index provider : S&P

Index codes: Bloomberg OEMMVNR / Reuters RIC: .OEMMVNR

The Ossiam Emerging Markets Minimum Variance Index NR is a total

return index (expressed in USD) which has the same investment universe

as the S&P/IFCI® Index NR.

ETF characteristics




SIMULATED SECTOR BREAKDOWN OF THE OSSIAM EMERGING MARKETS

MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO SEPTEMBER 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Utilities

Telecommunication Services

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary




SIMULATED COUNTRY BREAKDOWN OF THE OSSIAM EMERGING MARKETS

MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO SEPTEMBER 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Argentina

Bermuda

Brasil

Cayman Islands

Chile

Chine

Colombia

Czech Republic

Egypt

Hong-Kong

Hungary

India

Indonesia

Israel

Malaysia

Marocco

Mexico

Peru

Philippines

Poland

Russia

South Africa

South Korea

Tailand

Taiwan

Turkey

Venezuela

Data based on a backtest. The country breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter



OSSIAM ETF PRODUCT RANGE ON BORSA ITALIANA

Income

Treatment Reuters Bloomberg Reuters Bloomberg

RIC Ticker RIC Ticker

OSSIAM ETF EURO

STOXX 50® EQUAL

WEIGHT NR

LU0599613063 0.30% Reinvested .SX5EWT SX5EWT index S5EW.MI S5EW IM EUR 19.15m€

OSSIAM ETF STOXX®

EUROPE 600 EQUAL

WEIGHT NR

LU0599613147 0.35% Reinvested .SXXEWR SXXEWR index S6EW.MI S6EW IM EUR 25.18m€

OSSIAM ETF iSTOXX™

EUROPE MINIMUM

VARIANCE NR

LU0599612842 0.65% Reinvested .ISEMVT ISEMVT index EUMV.MI EUMV IM EUR EUR 137.26m

OSSIAM ETF US

MINIMUM VARIANCE NR

(EUR)

LU0599612685 0.65% Reinvested .OUMVNR OUMVNR index SPMV.MI SPMV IM EUR USD 264.20m

OSSIAM ETF EMERGING

MARKETS MINIMUM

VARIANCE NR (EUR)

LU0705291903 0.75% Reinvested .OEMMVNR OEMMVNR index EMMV.MI EMMV IM EUR USD 64.26m

AUM (as of

28/09/2012) ISIN TER

Indices ETF

Currency


WHY OSSIAM?

We are specialists in value-added smart beta strategies

We combine deep research with practical market experience to deliver state-of-the-art strategies

Our investment process is research-driven, systematic and transparent

We offer the focus of a boutique asset manager, with the stability and robustness of the €560.2bn* Natixis Global Asset

Management group

* As of end of June 2012


DISCLAIMER

This document is of a commercial and not of a regulatory nature.

Ossiam Lux (the SICAV) is organized as an investment company with variable capital under the laws of the Grand-Duchy of Luxembourg and was approved by the Luxembourg market

authority CSSF on 22/04/2011 under the Visa 2011/74085-7020-0-PC.

NGAM S.A. is the management company of the Funds. NGAM S.A. is a Luxembourg management company that is incorporated under Luxembourg laws. The management company has

appointed Ossiam as investment manager of the Funds, and designated State Street Luxembourg as Administrative Agent, Paying Agent, Domiciliary and Corporate Agent, Registrar

and Transfer Agent of the SICAV.

Ossiam, a subsidiary of Natixis Global Asset Management, is a French asset manager authorized by the Autorité des Marchés Financiers (Agreement No. GP-10000016). Although

information contained herein is from sources believed to be reliable, Ossiam makes no representation or warranty regarding the accuracy of any information of which it is not the

source. The information presented in this document is based on market data at a given moment and may change from time to time.

The risks associated with the Fund and the Index are detailed in the « General Risk Considerations » section of the Prospectus, available in English on www.ossiam.com. Investments

decision should only be made on the basis of the Prospectus. Investors should also be well informed about the main characteristics of the Index (number of stocks, sector and or country

breakdown, past evolution…) in order to have an overview of the risks and opportunities related to an exposure to the Index.

In order to minimize any potential for conflicts caused by the fact that Ossiam determines the weight of the index components at each rebalancing date (for the Ossiam US Minimum

Variance, iSTOXX Europe Minimum Variance and Ossiam Emerging Markets Minimum Variance indices) and acts as asset manager, Ossiam has retained unaffiliated third parties to

calculate and publish index, namely S&P and STOXX.

Access to the products and services featured on this presentation may be subject to restrictions for certain persons or countries, either under a general prohibition or under marketing

rules. Accordingly, no product or service presented on this document shall be provided by Ossiam to any person who is not legally authorized. The same applies for countries for which

Ossiam has not applied for marketing authorization.

Ossiam Emerging Markets Minimum Variance Index NR (the “Index”) is the exclusive property of Ossiam, which has contracted with Standard & Poor’s Financial Services LLC

(“S&P”) to maintain and calculate the Index. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC “Calculated by S&P Custom

Indices” and its related stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam. S&P and its affiliates shall have no

liability for any errors or omissions in calculating the Index .”

OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR is not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party licensors and neither S&P, its

affiliates nor their its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR


DISCLAIMER

“Ossiam US Minimum Variance Index Net Return USD and Ossiam Emerging Markets Minimum Variance (the “Indices”) are the exclusive property of Ossiam, which has contracted with

Standard & Poor’s Financial Services LLC (“S&P”) to maintain and calculate the Indices. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial

Services LLC “Calculated by S&P Custom Indices” and its related stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam.

S&P and its affiliates shall have no liability for any errors or omissions in calculating the Index .”

OSSIAM ETF US MINIMUM VARIANCE NR and OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE are not sponsored, endorsed, sold or promoted by S&P, its affiliates or their

third party licensors and neither S&P, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF US MINIMUM VARIANCE

NR and OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE.

“The STOXX® Indices and the data composed therein (the “Index Data”) are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”)

and/or its licensors (the “STOXX Licensors”). The use of the Index Data requires a license from STOXX. STOXX and the STOXX Licensors do not make any warranties or representations,

express or implied with respect to the timeliness, sequency, accuracy, completness, currentness, merchantability, quality or fitness for any particular purpose of the Index Data. In particular, the

inclusion of a company in a STOXX® Index does not in any way reflect an opinion of STOXX or the STOXX Licensors on the merits of that company. STOXX and the STOXX Licensors are not

providing investment, tax or other professional advice through the publication of the STOXX® Indices or in connection therewith.” STOXX and its licensors have no relationship to Ossiam,

other than the licensing of the iSTOXX ® Europe Minimum Variance index and the related trademarks for use in connection with OSSIAM ETF indexed to the index (hereafter the Product).

STOXX and its Licensors do not:

- Sponsor, endorse, sell or promote the Product,

- Recommend that any person invest in the Product or any other securities.

- Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Product.

- Have any responsibility or liability for the administration, management or marketing of the Product.

Consider the needs of the Product or the owners of the Product in determining, composing or calculating the above mentioned indices or have any obligation to do so.

STOXX and its Licensors will not have any liability in connection with the Product. Specifically, STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all

warranty about:

- The results to be obtained by the Product, the owner of the Product or any other person in connection with the use of the above mentioned indices and the data included in the above mentioned

indices;

- The accuracy or completeness of the above mentioned indices and its data;

- The merchantability and the fitness for a particular purpose or use of the above mentioned indices and its data;

- STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the above mentioned indices or its data;

- Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that

they might occur.

The licensing agreement between Ossiam and STOXX is solely for their benefit and not for the benefit of the owners of the Product or any other third parties.


ADDITIONAL NOTES

This material has been provided for information purposes only to investment service providers or other Professional Clients, Qualified or Institutional Investors and, when required by

local regulation, only at their written request.

In the E.U. (outside of the UK) This material is provided by NGAM S.A. or one of its branch offices listed below. NGAM 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. Registered office of NGAM S.A.: 51, avenue

J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. France: NGAM Distribution (n.509 471 173 RCS Paris). Registered office: 21 quai d'Austerlitz, 75013 Paris. Italy:

NGAM S.A., Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan, Italy. Germany:

NGAM S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322,

Germany. Netherlands: NGAM, Nederlands filiaal (Registration number 50774670). Registered office: World Trade Center Amsterdam, Strawinskylaan 1259, D-Tower, Floor 12, 1077

XX Amsterdam, the Netherlands. Sweden: NGAM, Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Kungsgatan 48 5tr,

Stockholm 111 35, Sweden. Spain: NGAM, Sucursal en España. Registered office: Torre Colon II - Plaza Colon, 2 - 28046 Madrid, Spain.

In Switzerland This material is provided to Qualified Investors by NGAM, Switzerland Sàrl. Registered office: Rue du Vieux Collège 10, 1204 Geneva, Switzerland.

In the U.K. This material is provided by NGAM 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 (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 accordance with the FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order

2001 (the "Intended Recipients"). To the extent that this material is issued by NGAM 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. Registered Office: NGAM UK Limited, Cannon Bridge House, 25 Dowgate Hill, London,

EC4R 2YA.

The above referenced entities are business development units of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and

distribution entities worldwide. The investment management 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. 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 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.

Although Natixis Global Asset Management believes the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such

information. This material may not be distributed, published, or reproduced, in whole or in part.

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