Jens Peers, CFA - Equity and Fixed Income CIO of Mirova Document intended for professional clients only in accordance with MIFID

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1 A Thematic Approach to Investing in Resources as a Responsible Investor Jens Peers, CFA - Equity and Fixed Income CIO of Mirova Document intended for professional clients only in accordance with MIFID

2 Is Investing in resources responsible? Exploration and investment in natural resources can have negative consequences: Soil Contamination Greenhouse Gas Emissions Increase in Food Prices No Respect for Human Rights But the increase of resources consumption is a long term trend: Population Growth Growing Middle Class in Emerging Markets Urbanisation Changing Consumption Patterns 2

3 A positive approach Invest in solutions Alternatives Efficiency Limiting the negative externalities Engagement 3

4 Resources : 3 connected themes Water Management Energy Agri/ Food Production Cycle 4

5 Water scarcity : there is no substitute for water 1. Limited Supply 2. Increasing Demand 3. Under-Investment in Infrastructure 4. Impact of Regulation Attractive growth outlook: water is a $500bn market with an estimated 6-7% CAGR forecasted by Source United Nations 2. Source Merrill Lynch BoA Nov. 2012

6 Numerous business opportunities The global water industry: a wide array of investment opportunities Water treatment End-use consumers 1 Agriculture (70%) Waste water treatment Transport Water Treatment Water testing Industry (20%) Transport Water Treatment Water testing Residential (10%) 6 Water intake Oceans Ground water Lakes Rivers Water return 1 Source UN Water Development in Goldman Sachs Essentials of Investing in the water sector, 2008

7 Agribusiness Investment Case The food challenge 1. Limited Availability of New Arable Land 2. Increasing Food Demand 3. Supply Chain Issues 4. Growing Concerns about Food Safety and Labelling Issues Supply/demand imbalance: food production will have to increase by 60% over the next 40 years in order to meet soaring demand 7

8 Agribusiness: a number of opportunities along the whole value chain Agricultural inputs Production Services Seeds and crop science Fertilizers Equipment Irrigation Farming Fisheries Storage Transportation Labelling, Safety 8

9 Financing energy transition: a major challenge for investors 1. A Growing Demand for Energy 2. Limit Global Warming to 2 C 3. New Regulations in View of Cop21 in Paris in Proven & Mature Technologies To limit global warming to 2 C, investment in low carbon energy and energy efficiency should respectively increase by 147Mds$ and 336 Mds$ 1 per year 9 1 Source: GIEC

10 10 Source: Carbon Tracker 2013 Conventional energy sources : not sustainable

11 Energy Transition sub-themes Low carbon energy Renewable Energy Solar/Wind Hydro Power Biomass, Biofuels, Geothermal Transition technology Natural gas Energy efficiency Energy efficiency Building Transport Industry Enabling technologies Enabling technologies Electric Vehicles Smart Grid 11

12 400% 350% 300% 250% 200% What roles can these themes play in the portfolio? Cumulative returns 10 years period as of 28/02/2014 Total return performance of Water and Agri equity indices compared to the MSCI World (respectively S-Network Global Water and Dax Global Agriculture) (12/31/04 to 12/31/14) 313% 269% 204% 150% 100% 92% 50% 0% -50% Feb 04 Jul 05 Nov 06 Apr 08 Aug 09 Jan 11 May 12 Sep 13 MSCI Daily TR Net World USD S-Network Global Water Index TR USD DAX Global Agriculture Index TR USD 50% S-Network Global Water Index TR USD + 50% DAX Global Agriculture Index TR USD 12 The figures given refer to previous years. Past performance is a not a reliable indicator of future performance. Source : Mirova analysis based on Bloomberg data

13 What roles can these themes play in the portfolio? 10 Years ended 31 December 2014 MSCI Daily TR Net World USD 90% MSCI World + 5% Water + 5% Agri Cumulative return 79.55% 89.06% 10 Years return p.a. 6.03% 6.58% 10 Years Volatility p.a % 17.21% Beta Tracking Error NA 0.84% Information Ratio 0.65 Source : Mirova analysis based on Bloomberg data The figures given (performance and volatility) refer to previous years. Past performance is a not a reliable indicator of future performance. 13

14 Conclusion Invest or Speculate? Responsibility to Future Generations => Efficiency and Alternatives LT Performance Oriented Most valuable resources should be the cornerstone of every portfolio Water managem ent Energy Agri/ food productio n cycle 14

15 Additional notes 1/ 2 MIROVA Société anonyme au capital de ,50 euros RCS Paris n Agrément AMF n GP quai d'austerlitz Paris Mirova est une filiale de Natixis Asset Management. NATIXIS ASSET MANAGEMENT Société de gestion de portefeuille - Société Anonyme au capital de ,76 euros Agrément AMF n GP RCS Paris , quai d Austerlitz Paris Informations légales Ce document d'information à caractère non contractuel est destiné à des clients professionnels au sens de la Directive MIF. Il ne peut pas être utilisé dans un but autre que celui pour lequel il a été conçu et ne peut pas être reproduit, distribué ou publié, en totalité ou en partie, sans autorisation préalable et écrite de Mirova. Aucune information contenue dans ce document ne saurait être interprétée comme possédant une quelconque valeur contractuelle. Ce document est produit à titre purement indicatif. Il constitue une présentation conçue et réalisée par Mirova à partir de sources qu elle estime fiables. Mirova se réserve la possibilité de modifier les informations présentées dans ce document à tout moment et sans préavis et notamment en ce qui concerne la description des processus de gestion qui ne constitue en aucun cas un engagement de la part de Mirova. Mirova et Natixis Asset Management ne sauraient être tenues responsables de toute décision prise ou non sur la base d une information contenue dans ce document, ni de l utilisation qui pourrait en être faite par un tiers. Les chiffres cités ont trait aux années écoulées. Les performances passées ne sont pas un indicateur fiable des performances futures. Les références à un classement, un prix ou à une notation d un fonds ne préjugent pas des résultats futurs de ce dernier. Le compartiment mentionné dans le document a été agréé par la CSSF et est autorisé à la commercialisation en France et éventuellement dans d autres pays où la loi l autorise. Préalablement à tout investissement, il convient de vérifier si l investisseur est légalement autorisé à souscrire dans le fonds. Les caractéristiques, les frais et le profil de risque et de rendement relatifs à l investissement dans un fonds sont décrits dans le Document d Informations Clés pour l Investisseur (DICI) de ce dernier. Le DICI et les documents périodiques sont disponibles sur demande auprès de Mirova. Vous devez prendre connaissance du DICI, qui doit vous être remis, préalablement à la souscription. Dans le cadre de sa politique de responsabilité sociétale et conformément aux conventions signées par la France, Mirova exclut des fonds qu elle gère directement, toute entreprise impliquée dans la fabrication, le commerce et le stockage de mines anti-personnel et de bombes à sous munitions. Document non contractuel. 15

16 Additional Notes 2/2 In Switzerland This material is provided for information purposes only to Qualified Investors by NGAM, Switzerland Sàrl. Registered office: Rue du Vieux Collège 10, 1204 Geneva, Switzerland. The above referenced entity is a business development unit 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. 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. 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. 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. 16