SAMPLE

SAMPLE

SAMPLE

Investment proposal for: TEST

November 4, 2011 Active S&P 500 Strategy

AIA_AIA This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 1

SAMPLE

SAMPLE

SAMPLE

About Active Investment Advisors

Active Investment Advisors
A division of Natixis Asset Management Advisors, L.P., Active Investment Advisors (Active) constructs index-based solutions that combine the transparency and low tracking error of indexing with the tax control and flexibility of separate accounts. The end result is a line-up of highly customizable investment portfolios designed to help institutions, intermediaries and individuals address a variety of long-range wealth planning objectives such as:
Customized index-based portfolios constructed to complement current holdings Portfolio transition management Tax-efficient strategies for unwinding concentrated positions

Its no wonder that leading firms are turning to Actives unique services to help expand high-net-worth offerings, enhance planning capabilities and deliver a truly personalized planning solution.
ACTIVE INDEXING

The control of a managed account

Individualized Tax-managed

Active investment solution

Diversified Style purity

The wisdom of indexing

This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
2

SAMPLE

SAMPLE

SAMPLE

Active investment team

Dr. Burton Malkiel* Chairman of Investment Committee Curt Overway, CFA President

Chemical Bank Chairmans Professor of Economics,

Princeton University Author of A Random Walk Down Wall Street

Began investment career in 1995 MBA, University of California, Berkeley BS, University of Michigan

Kevin Maeda Chief Investment Officer

Began investment career in 1994 MBA, University of California, Los Angeles BS, University of California, Berkeley Launch portfolio manager for first 17
Barclays ETFs

Dan Price, CFA Senior Vice President, Portfolio Manager

Began investment career in 1997 BA, Middlebury College Member, CFA Society of San Francisco

Serena Stone, CFA Assistant Vice President, Portfolio Manager

Peter Klos, CFA Assistant Vice President, Portfolio Manager

Began investment career in 1999 BS, University of California, Los Angeles Member, CFA Society of San Francisco

Began investment career in 2000 BA, Villanova University Member, CFA Society of San Francisco

*Dr. Malkiel serves as a consultant to Active Investment Advisors and is not employed by the firm. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
3

Active Investment Advisors investment objective and process

Portfolio objective
Active portfolios seek to replicate index performance on a pre-tax basis and outperform it on an aftertax basis through systematic active tax-loss harvesting. With the Active approach, any losses realized may be used to offset possible gains in other parts of the portfolio. In addition, Active strategies may be used to transition portfolios out of existing positions. All Active strategies are completely customizable for each individual investor. Active investment process overview
Universe: Index constituents Stratification Sampling Weighting Portfolio:
Approx. 50 stocks

SAMPLE

SAMPLE

SAMPLE

Active utilizes a proprietary stratification methodology to group securities within each sector. Index construction is replicated with a sampling of stocks used to represent specific sectors. Active weights each position to maximize correlation with the benchmark index. Final portfolio is made up of a subset of stocks from the index, and is designed to closely track it on a pretax basis.

Loss harvest Risk management Deletion from index On a regular basis, Active rebalances all accounts to maximize benchmark correlation while seeking to minimize risk. For taxable accounts, managers actively harvest losses to enhance after-tax returns.
This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
4

Sell criteria:

SAMPLE

SAMPLE

SAMPLE

Portfolio proposal as of November 4, 2011

Due to the high level of customization options, Active Investment Advisors always assumes full discretion to buy or sell any security in their entirety at any time. If there are any transitions you want done over time, want to limit the amount of capital gains that can be realized, have any securities restricted from selling or buying, or any other special instructions, you MUST include those instructions on your Natixis paperwork, regardless of what this proposal indicates. Neither Active Investment Advisors nor Natixis will assume responsibility for investment actions or any restricted securities being bought or sold if contrary to the client's wishes unless those desires are specifically noted in the new account paperwork.

PROPOSAL SUMMARY Strategy: Index: Objective: Active S&P 500 Strategy S&P 500 The primary goal of the Active S&P 500 Strategy is to gain broad market exposure to the large capitalization segment of the U.S. equity market while maximizing after-tax returns and controlling risk relative to the S&P 500 Index. The S&P 500 Index provides a broad, core measure of the performance of the U.S. large-cap equity market. It includes a representative sample of the leading companies in all major sectors of the U.S. economy.
Restrictions None Sell Limit for Individual Stocks None

About the Index:

Proposal Settings Tax Status: This portfolio will be actively tax managed.

AIA_AIA This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.

SAMPLE

SAMPLE

SAMPLE

Portfolio weightings and characteristics

SECTOR WEIGHTINGS (excluding cash or ETFs) Current Proposed

PORTFOLIO CHARACTERISTICS VS. INDEX

Current Cash Stock Total Portfolio Value Number of Holdings P/E Ratio P/B Ratio Dividend Yield $100,000 $665,626 $765,626 150 17.6 4.4 2.0% 500 16.3 3.7 2.1% Index Proposed $7,726 $757,900 $765,626 75 17.0 4.5 2.0%

Definitions: Price/earnings ratio is the price of a stock divided by its earnings per share. Price/book ratio is the ratio of a stock's price to its book value per share. Dividend yield is the annual percentage of dividends return earned on common or preferred stock. Please see the Disclosures page for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.

AIA_AIA

SAMPLE

SAMPLE

SAMPLE

Portfolio transition comparison

Transition Assuming TOTAL LIQUIDATION These tables compare the estimated realized capital gains and losses from two options: 1) the liquidation of existing holdings or 2) using Active Investment Advisors to transition the existing holdings. Transitioning with the Active process would result in a $340,135 realized capital gains advantage. Breakdown of Securities Securities retained in kind Securities sold Loss harvest Sell overweights Sell non-index Total securities Anticipated Realized Gains/Losses Short term gains Short term losses Net ST gains (losses) Long term gains Long term losses Net LT gains (losses) $0 $0 $0 $665,626 $0 $665,626 $0 $0 $0 $325,491 $0 $325,491 0 150 0 $0 $665,626 $0 $665,626 0.0% 100.0% 0.0% 100.0% 0 18 65 $0 $76,501 $248,990 $665,626 0.0% 11.5% 37.4% 100.0% Transition with ACTIVE PROCESS

Net capital gains (losses) $665,626 # Positions 0 $ Value $0 % Value 0.0%

Net capital gains (losses) $325,491 # Positions 67 $ Value $340,135 % Value 51.1%

This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 7

SAMPLE

SAMPLE

SAMPLE

Proposed holdings
Information Technology APPLE INC* INTL BUSINESS MACHINES CORP* GOOGLE INC* ORACLE CORP* ACCENTURE PLC* QUALCOMM INC* MASTERCARD INC* BROADCOM CORP* NETAPP INC* TERADATA CORP* XILINX INC Financials BERKSHIRE HATHAWAY WELLS FARGO & CO* JPMORGAN CHASE & CO* GOLDMAN SACHS GROUP INC* METLIFE INC* PRUDENTIAL FINANCIAL INC* ACE LTD* AON CORP* BLACKROCK INC* INVESCO LTD* TRAVELERS COS INC* Energy EXXON MOBIL CORP* CHEVRON CORP* SCHLUMBERGER LTD* 19.5% 4.1% 2.8% 2.1% 1.8% 1.7% 1.7% 1.2% 1.0% 1.0% 1.0% 1.0% 13.6% 2.0% 2.0% 1.9% 1.2% 1.1% 1.0% 1.0% 0.9% 0.9% 0.8% 0.8% 12.1% 3.9% 2.4% 1.4% Consumer Staples PROCTER & GAMBLE CO PHILIP MORRIS INTERNATIONAL* PEPSICO INC* GENERAL MILLS INC* REYNOLDS AMERICAN INC* LAUDER (ESTEE) COS INC -CL A* Consumer Discretionary MCDONALD'S CORP* AMAZON.COM INC* HOME DEPOT INC* 11.1% 2.7% 2.3% 2.1% 1.4% 1.3% 1.3% 10.6% 1.6% 1.4% 1.2% Utilities SOUTHERN CO PG&E CORP* PUBLIC SERVICE ENTRP GRP INC* WISCONSIN ENERGY CORP Materials DU PONT (E I) DE NEMOURS FREEPORT-MCMORAN COP&GOLD* PPG INDUSTRIES INC* 3.7% 1.1% 0.9% 0.9% 0.8% 3.5% 0.9% 0.8% 0.7% AIA_AIA Health Care JOHNSON & JOHNSON* ABBOTT LABORATORIES* MEDTRONIC INC* ALLERGAN INC* EXPRESS SCRIPTS INC* BECTON DICKINSON & CO* HUMANA INC* ST JUDE MEDICAL INC* 11.5% 2.6% 1.8% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1% Industrials GENERAL ELECTRIC CO UNITED TECHNOLOGIES CORP* CATERPILLAR INC* 3M CO* DEERE & CO* PRECISION CASTPARTS CORP* CUMMINS INC* PARKER-HANNIFIN CORP* 10.4% 2.4% 1.4% 1.3% 1.3% 1.1% 1.0% 1.0% 0.9% Energy ANADARKO PETROLEUM CORP* APACHE CORP* HALLIBURTON CO* HESS CORP* NOBLE CORP* PIONEER NATURAL RESOURCES CO* 12.1% 0.9% 0.9% 0.8% 0.7% 0.6% 0.4% Consumer Discretionary TARGET CORP* STARBUCKS CORP* PRICELINE.COM INC* O'REILLY AUTOMOTIVE INC ABERCROMBIE & FITCH -CL A* HASBRO INC* COACH INC* NORDSTROM INC* 10.6% 1.0% 1.0% 0.9% 0.8% 0.7% 0.7% 0.7% 0.6%

* Indicates securities retained in kind. This is a preliminary report based on information provided to Active Investment Advisors as of the date identified. It is not intended to be acted
upon independently to buy or sell any security shown and does not constitute investment advice. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.

SAMPLE

SAMPLE

SAMPLE

Proposed holdings
Materials AIR PRODUCTS & CHEMICALS INC* FMC CORP* Telecommunication Services AT&T INC* AMERICAN TOWER CORP* Cash Cash 3.5% 0.7% 0.4% 3.0% 2.2% 0.8% 1.0% 1.0%

* Indicates securities retained in kind. This is a preliminary report based on information provided to Active Investment Advisors as of the date identified. It is not intended to be acted
upon independently to buy or sell any security shown and does not constitute investment advice. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.

AIA_AIA

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

The table below provides estimates on positions that would be kept or sold, in whole or in part, by Active Investment Advisors. If purchase dates were not provided, they are listed at Jan 1, 1900 and are treated as long term holdings.
Ticker A AAPL ABT ACE ACN AGN AHONY AKZOY ALU AME AMG AMT AMZN ANF AON APA APC APD BAC BASFY BDX BK BLK BNPQY BRCM BRGYY Name AGILENT TECHNOLOGIES INC APPLE INC ABBOTT LABORATORIES ACE LTD ACCENTURE PLC ALLERGAN INC KONINKLIJKE AHOLD NV AKZO NOBEL NV ALCATEL-LUCENT AMETEK INC AFFILIATED MANAGERS GRP INC AMERICAN TOWER CORP AMAZON.COM INC ABERCROMBIE & FITCH -CL A AON CORP APACHE CORP ANADARKO PETROLEUM CORP AIR PRODUCTS & CHEMICALS INC BANK OF AMERICA CORP BASF SE BECTON DICKINSON & CO BANK OF NEW YORK MELLON CORP BLACKROCK INC BNP PARIBAS BROADCOM CORP BG GROUP PLC Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 107 59 111 43 232 64 430 86 1,052 59 24 41 30 44 60 37 47 30 314 56 44 267 13 130 96 53 Shares Kept 0 59 111 43 232 64 0 0 0 0 0 41 30 44 60 37 47 30 0 0 44 0 13 0 96 0 % Kept 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $35.29 $396.51 $52.76 $69.42 $57.46 $81.77 $12.41 $51.01 $2.50 $38.01 $88.49 $56.92 $212.10 $74.24 $45.56 $94.13 $77.37 $83.23 $6.40 $69.54 $76.11 $20.22 $150.00 $19.53 $34.50 $106.15 Proposed Realized G/L $3,776.03 $0.00 $0.00 $0.00 $0.00 $0.00 $5,336.30 $4,386.95 $2,630.00 $2,242.59 $2,123.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,009.60 $3,894.35 $0.00 $5,398.74 $0.00 $2,538.77 $0.00 $5,625.95

This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 10

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

Ticker BSBR BUD BZLFY CAJ CAT CBE CBS CEO CHL CJREF CLR CMI CNIT CNQ COH CS CSCO CVE CVX CXO DE DEO DFS DHR DIS EGO EL EMC Name BANCO SANTANDER BRASIL -ADR ANHEUSER-BUSCH INBEV BUNZL PLC CANON INC CATERPILLAR INC COOPER INDUSTRIES PLC CBS CORP CNOOC LTD CHINA MOBILE LTD CORUS ENTERTAINMENT INC CONTINENTAL RESOURCES INC CUMMINS INC CHINA INFORMATION TECHNOLOGY CANADIAN NATURAL RESOURCES COACH INC CREDIT SUISSE GROUP CISCO SYSTEMS INC CENOVUS ENERGY INC CHEVRON CORP CONCHO RESOURCES INC DEERE & CO DIAGEO PLC DISCOVER FINANCIAL SVCS INC DANAHER CORP DISNEY (WALT) CO ELDORADO GOLD CORP LAUDER (ESTEE) COS INC -CL A EMC CORP/MA Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 252 49 57 82 70 52 192 28 96 149 77 42 512 76 83 124 162 116 123 36 55 83 113 24 88 177 39 283 Shares Kept 0 0 0 0 70 0 0 0 0 0 0 42 0 0 83 0 0 0 123 0 55 0 0 0 0 0 39 0 % Kept 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $8.64 $54.67 $63.42 $44.87 $91.63 $51.21 $24.61 $185.23 $47.87 $18.91 $58.65 $96.03 $1.00 $33.41 $62.89 $26.71 $17.59 $32.90 $102.08 $92.36 $73.70 $82.20 $22.84 $47.35 $33.60 $18.94 $97.76 $23.78 Proposed Realized G/L $2,177.28 $2,678.83 $3,614.88 $3,679.34 $0.00 $2,662.92 $4,725.12 $5,186.44 $4,595.52 $2,817.59 $4,516.05 $0.00 $512.00 $2,539.16 $0.00 $3,312.04 $2,849.58 $3,816.40 $0.00 $3,324.96 $0.00 $6,822.60 $2,580.92 $1,136.40 $2,956.80 $3,352.38 $0.00 $6,729.74

ESRX EXPRESS SCRIPTS INC Jan 1, 1900 82 82 100.0% $0.00 $44.17 $0.00 This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 11

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

Ticker EXPGY FCX FMC FMS GFA GIS GOOG GS GTE HAL HAS HD HES HLF HON HUM IBM IHG INTC IVZ JCI JNJ JPM JWN LMT LRCX LVMUY LVS MA Name EXPERIAN PLC FREEPORT-MCMORAN COP&GOLD FMC CORP FRESENIUS MEDICAL CARE AG&CO GAFISA SA GENERAL MILLS INC GOOGLE INC GOLDMAN SACHS GROUP INC GRAN TIERRA ENERGY INC HALLIBURTON CO HASBRO INC HOME DEPOT INC HESS CORP HERBALIFE LTD HONEYWELL INTERNATIONAL INC HUMANA INC INTL BUSINESS MACHINES CORP INTERCONTINENTAL HOTELS GRP INTEL CORP INVESCO LTD JOHNSON CONTROLS INC JOHNSON & JOHNSON JPMORGAN CHASE & CO NORDSTROM INC LOCKHEED MARTIN CORP LAM RESEARCH CORP LVMH MOET HENNESSY L VUITTON LAS VEGAS SANDS CORP Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 581 88 42 90 206 142 18 75 297 97 51 91 50 46 155 37 47 176 206 88 169 110 315 95 126 92 67 76 Shares Kept 0 88 42 0 0 142 18 75 0 97 51 91 50 0 0 37 47 0 0 88 0 110 315 95 0 0 0 0 % Kept 0.0% 100.0% 100.0% 0.0% 0.0% 100.0% 100.0% 100.0% 0.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 100.0% 100.0% 0.0% 0.0% 100.0% 0.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $12.50 $38.76 $78.35 $69.39 $7.05 $38.31 $578.65 $103.54 $5.90 $35.25 $37.91 $35.54 $58.94 $58.03 $51.20 $83.76 $181.35 $17.24 $23.90 $18.82 $31.17 $63.38 $32.71 $50.25 $73.99 $42.19 $31.41 $47.15 Proposed Realized G/L $7,262.50 $0.00 $0.00 $6,245.10 $1,452.30 $0.00 $0.00 $0.00 $1,752.30 $0.00 $0.00 $0.00 $0.00 $2,669.38 $7,936.00 $0.00 $0.00 $3,034.24 $4,923.40 $0.00 $5,267.73 $0.00 $0.00 $0.00 $9,322.74 $3,881.48 $2,104.74 $3,583.40

MASTERCARD INC Jan 1, 1900 11 11 100.0% $0.00 $334.30 $0.00 This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 12

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

Ticker MCD MDRX MDT MET MKTAY MMM MRVL MS NE NGD NOC NSC NTAP NVO NVS ORCL PCG PCLN PCP PEG PEP PFE PH PHG PM POT PPG PRU Name MCDONALD'S CORP ALLSCRIPTS HEALTHCARE SOLTNS MEDTRONIC INC METLIFE INC MAKITA CORP 3M CO MARVELL TECHNOLOGY GROUP LTD MORGAN STANLEY NOBLE CORP NEW GOLD INC NORTHROP GRUMMAN CORP NORFOLK SOUTHERN CORP NETAPP INC NOVO NORDISK A/S NOVARTIS AG ORACLE CORP PG&E CORP PRICELINE.COM INC PRECISION CASTPARTS CORP PUBLIC SERVICE ENTRP GRP INC PEPSICO INC PFIZER INC PARKER-HANNIFIN CORP PHILIPS ELECTRONICS (KON) NV PHILIP MORRIS INTERNATIONAL POTASH CORP SASK INC PPG INDUSTRIES INC PRUDENTIAL FINANCIAL INC Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 30 124 118 147 86 35 282 59 43 354 84 45 101 60 83 439 51 10 25 53 47 275 27 100 193 105 62 87 Shares Kept 30 0 118 147 0 35 0 0 43 0 0 0 101 0 0 439 51 10 25 53 47 0 27 0 193 0 62 87 % Kept 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 100.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $91.91 $18.35 $33.17 $32.96 $37.22 $76.53 $13.52 $16.23 $35.41 $12.37 $54.98 $72.70 $39.74 $104.38 $55.28 $31.69 $41.78 $489.02 $158.18 $32.57 $62.23 $19.33 $78.50 $20.31 $68.76 $45.67 $84.60 $51.52 Proposed Realized G/L $0.00 $2,275.40 $0.00 $0.00 $3,200.92 $0.00 $3,812.64 $957.57 $0.00 $4,378.98 $4,618.32 $3,271.50 $0.00 $6,262.80 $4,588.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,315.75 $0.00 $2,031.00 $0.00 $4,795.35 $0.00 $0.00

PWE PENN WEST PETROLEUM LTD Jan 1, 1900 85 0 0.0% $0.00 $17.47 $1,484.95 This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 13

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

Ticker PXD QCOM RAI RIO RUK SAP SBUX SDXAY SFUN SGSOY SI SLB SLW SNN SQM STJ SWDBY SWK SWKS T TCK TDC TDG TEVA TGT TNTTY TRV TSCDY UN Name PIONEER NATURAL RESOURCES CO QUALCOMM INC REYNOLDS AMERICAN INC RIO TINTO GROUP (GBP) REED ELSEVIER PLC SAP AG STARBUCKS CORP SODEXO SOUFUN HOLDINGS LTD -ADR SGS LTD SIEMENS AG SCHLUMBERGER LTD SILVER WHEATON CORP SMITH & NEPHEW PLC SOC QUIMICA Y MINERA DE CHI ST JUDE MEDICAL INC SWEDBANK AB STANLEY BLACK & DECKER INC SKYWORKS SOLUTIONS INC AT&T INC TECK RESOURCES LTD TERADATA CORP TRANSDIGM GROUP INC TEVA PHARMACEUTICALS TARGET CORP POSTNL NV TRAVELERS COS INC TESCO PLC Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 42 53 39 134 134 85 108 68 112 335 64 66 220 55 123 106 196 44 72 246 42 132 31 52 62 196 108 214 Shares Kept 42 53 39 0 0 0 108 0 0 0 0 66 0 0 0 106 0 0 0 246 0 132 0 0 62 0 108 0 % Kept 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 100.0% 0.0% 100.0% 0.0% 0.0% 100.0% 0.0% 100.0% 0.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $80.97 $50.14 $37.94 $51.96 $33.62 $58.96 $41.23 $70.47 $11.36 $16.61 $100.52 $71.13 $34.07 $44.35 $56.78 $37.63 $12.90 $61.94 $19.11 $28.70 $37.26 $56.75 $90.15 $39.08 $52.61 $4.62 $56.43 $19.04 Proposed Realized G/L $0.00 $0.00 $0.00 $6,962.64 $4,505.08 $5,011.60 $0.00 $4,792.10 $1,272.32 $5,564.69 $6,433.28 $0.00 $7,495.40 $2,439.25 $6,983.94 $0.00 $2,528.01 $2,725.36 $1,375.92 $0.00 $1,564.92 $0.00 $2,794.65 $2,032.16 $0.00 $904.74 $0.00 $4,074.13

UNILEVER NV Jan 1, 1900 162 0 0.0% $0.00 $33.87 $5,486.94 This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 14

SAMPLE

SAMPLE

SAMPLE

Portfolio transition details

Ticker UTHR UTX VMW VOD WFC WLT WSH XOM Name UNITED THERAPEUTICS CORP UNITED TECHNOLOGIES CORP VMWARE INC -CL A VODAFONE GROUP PLC WELLS FARGO & CO WALTER ENERGY INC WILLIS GROUP HOLDINGS PLC EXXON MOBIL CORP Purchase Date Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Jan 1, 1900 Current Shares 61 143 46 453 109 33 159 45 Shares Kept 0 143 0 0 109 0 0 45 % Kept 0.0% 100.0% 0.0% 0.0% 100.0% 0.0% 0.0% 100.0% Cost Basis Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Market Price $41.77 $75.19 $96.07 $27.40 $24.77 $74.37 $36.05 $75.94 Proposed Realized G/L $2,547.97 $0.00 $4,419.22 $12,412.20 $0.00 $2,454.21 $5,731.95 $0.00

This information is general in nature and is not intended as tax advice. You should consult a tax professional as to how this applies to your situation. Please see the Disclosures page AIA_AIA for additional information. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed. 15

SAMPLE

SAMPLE

SAMPLE

Disclosures
This analysis has been generated using information provided to Active Investment Advisors ("Active") by your financial professional. The estimates shown here are illustrative in nature and may not be representative of actual results. Notes on portfolio transition comparison and in kind analysis The portfolio transition comparison figures are estimates only, based upon information provided to Active by your financial professional. Actual trades, portfolio holdings, and realized gains/losses will vary. Please be advised that this information is dated as indicated and should not be relied upon as current thereafter. The share amounts are not binding and can change at any time. The information provided by Active Investment Advisors and Natixis Asset Management Advisors, L.P. is hypothetical in nature and should not be construed as tax advice. You should consult your tax advisor for your specific situation. As portfolios are actively managed, there can be no assurances that Natixis Asset Management Advisors, L.P. will invest in the securities referenced. It is not known whether the securities referenced are or will be profitable. Our calculations are based on today's strategy weightings, with share amounts and ticker symbols being provided by the financial advisor. We compare the client's current portfolio with our algorithm, which allows us to compute the percentage of the market value of the portfolio retained, along with gain/loss information if cost basis is provided. This information should not be considered a recommendation for investors to buy or sell any security. Explanation of transition analysis The portfolio transition comparison is intended to demonstrate the effect of the portfolio transition services/tax loss harvesting approach used by Active. The analysis is based on an assumption of complete liquidation of the client's portfolio and, thus, the immediate realization of all unrealized gains and losses then in the portfolio. This assumption is used in order to provide a comparison point in order to calculate the current tax position of the account transitioned and the potential benefits of Active's services. It is not intended to imply that complete liquidation of an account is the only alternative to the use of Active's services or that such an option would necessarily have been selected by the client. The portfolios of other Active clients will, of course, vary from that presented, in terms of size, portfolio holdings, the absolute and relative amounts of short and long-term unrealized gains and losses in the portfolio, and other characteristics. The securities sold information details the value expressed as a percentage of the total portfolio value for estimated trades due to liquidating non-index securities, securities sold due to loss harvesting (selling tax lots to realize capital losses), additional positions sold (or reduced) for risk management purposes (overweights sold), and the securities retained in kind. The securities retained in kind may result in both tax and cost savings for the client vs. liquidation. The anticipated realized gains/losses section compares the estimated gains and losses for liquidating the account vs. transitioning it using an Active Index Portfolio. Gains and losses are estimated based upon the difference between current market value and cost basis as provided to Active. Short-term gains and losses are those realized with respect to securities held for one year or less. Long-term gains and losses are those realized with respect to securities held for more than one year.

AIA_AIA This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.

16

SAMPLE

SAMPLE

SAMPLE

Active Investment Advisors*

Active S&P 500 Strategy
Performance and portfolio information as of 9/30/11

*A division of Natixis Asset Management Advisors, L.P. This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
17

SAMPLE

SAMPLE

SAMPLE

Active S&P 500 Strategy

Performance history as of 9/30/11
Cumulative performance gross of fees
November 2002 - September 2011

Cumulative performance net of fees

November 2002 - September 2011

$650,000
Growth of $250,000

$650,000
Growth of $250,000

$600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000

$600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000

ov -0 Ju 2 l-0 M 3 ar -0 N 4 ov -0 Ju 4 lM 05 ar -0 N 6 ov -0 Ju 6 lM 07 ar -0 N 8 ov -0 Ju 8 lM 09 ar -1 N 0 ov -1 Ju 0 l-1 1

Active S&P 500 (after-tax gross) Active S&P 500 (before-tax gross)

Average annual returns (%)

as of 9/30/11 Q311 YTD -6.26 -7.32 -6.91 -7.96 1 year 3.65 2.11 3.09 1.56 3 years 6.07 4.49 1.22 -0.29 5 years 3.67 2.13 -0.91 -2.39 Since inception (11/2002) 8.81 7.20 5.49 3.92

Active S&P 500 (after-tax gross) Active S&P 500 (after-tax net)2 Active S&P 500 (before-tax gross) Active S&P 500 (before-tax net)2

-12.25 -12.60 -12.88 -13.22

Past performance is no guarantee of future results. Net-of-fees performance reflects the deduction of investment advisory fees, as well as transactional fees. Gross-of-fees performance does not take into account investment advisory fees, custody fees, or other expenses or deductions for income taxes. Such fees will reduce performance over time. 1 Performance for less than one year is not annualized. 2 Net-of-fees performance reflects deduction of a 1.5% fee.

This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
18

ov -0 Ju 2 l-0 M 3 ar -0 N 4 ov -0 Ju 4 lM 05 ar -0 N 6 ov -0 Ju 6 l-0 M 7 ar -0 N 8 ov -0 Ju 8 l-0 M 9 ar -1 N 0 ov -1 Ju 0 l-1 1

Active S&P 500 (after-tax net) Active S&P 500 (before-tax net)

SAMPLE

SAMPLE

SAMPLE

Disclosures
Active S&P 500 Strategy, Cash Funded After-Tax Composite, Net 1.5% Fee Returns
Pre-Tax After-Tax Active S&P 500 S&P 500 Difference -0.90% 32.76% 8.93% 3.32% 14.22% 5.90% 22.59% 13.13% -7.96% -0.33% 28.68% 10.88% 4.91% 15.79% 5.49% 26.47% 15.06% -8.68% -0.56% 4.08% -1.95% -1.59% -1.58% 0.40% -1.37% -3.88% -1.93% 0.72% 0.64% Active S&P 500 -0.34% 36.16% 8.92% 4.07% 15.57% 8.88% 26.38% 13.33% -7.32% S&P 500 -0.50% 28.13% 10.14% 4.02% 14.77% 4.47% 25.86% 14.20% -9.29% Difference 0.16% 8.04% -1.22% 0.05% 0.80% 4.40% 9.86% 0.52% -0.87% 1.97% 1.45% Tax Alpha 0.72% 3.96% 0.72% 1.64% 2.38% 4.00% 11.23% 4.40% 1.06% 1.25% 0.81% 11 $12.0 $256.2 19.3% 100% 100% Number of Portfolios 1 1 2 9 13 35 33 19 17 Pre-Tax Internal Dispersion N/A N/A N/A N/A 2.2% 2.3% 1.7% 4.0% 0.9% After-Tax Internal Dispersion N/A N/A N/A N/A 1.8% 2.2% 2.7% 4.0% 1.0% As of 9/30/11 2002 (11/1/2002 - 12/31/2002) 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD Q3 2011 Total Assets at Total Firm U/R Cap End of Period assets ($mm) % Gains ($mm) $0.1 $0.1 $0.3 $4.2 $4.3 $24.1 $13.4 $12.5 $15.5 $0.1 $1.2 $5.4 $51.6 $143.2 $301.9 $183.0 $250.4 $333.1 2.21% 28.7% 23.0% 5.7% 16.0% 11.1% 5.9% 23.8% 27.3% % of Assets with bundled fees 100% 100% 100% 100% 100% 100% 100% 100% 99% After-tax % of pre-tax composite 100% 100% 100% 100% 100% 100% 100% 100% 100%

-38.37% -37.00%

-27.66% -37.52%

Active S&P 500 Strategy, Cash Funded After-Tax Composite, Pure Gross Returns (Supplemental)
Pre-Tax After-Tax As of 9/30/11 2002 (11/1/2002 - 12/31/2002) 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD Q3 2011 Active S&P 500 -0.65% 34.72% 10.57% 4.87% 15.92% 7.49% 24.41% 14.83% -6.91% S&P 500 Difference -0.33% 28.68% 10.88% 4.91% 15.79% 5.49% 26.47% 15.06% -8.68% -0.31% 6.04% -0.31% -0.04% 0.13% 2.00% -0.40% -2.06% -0.24% 1.77% 0.99% Active S&P 500 -0.09% 38.17% 10.55% 5.64% 17.29% 10.51% -26.54% 28.26% 15.02% -6.26% -12.25% S&P 500 -0.50% 28.13% 10.14% 4.02% 14.77% 4.47% -37.52% 25.86% 14.20% -9.29% -14.05% Difference 0.41% 10.04% 0.41% 1.62% 2.52% 6.04% 10.98% 2.40% 0.82% 3.03% 1.79% Tax Alpha 0.72% 4.01% 0.72% 1.65% 2.39% 4.04% 11.38% 4.45% 1.06% 1.26% 0.81%

-13.22% -13.87%

-12.60% -14.05%

-37.40% -37.00%

-12.88% -13.87%

Past performance is no guarantee of future results. 1.) Active Investment Advisors (Active) is an investment manager focusing on index-based solutions. Active Investment Advisors is a division of Natixis Asset Management Advisors, L.P. A complete list and description of composites, as well as additional information regarding the firm's policies and procedures for calculating and reporting performance results, is available upon request. 2.) The Active S&P 500 Strategy Cash Funded After-Tax composite includes all fully discretionary, taxable, fee-paying portfolios that invest in the S&P 500 strategy which have initially been funded with cash. This strategy seeks to track the S&P 500 index on a pre-tax basis, while utilizing loss harvesting and tax management techniques to outperform on an after-tax basis. The composite was created in November 2007. 3.) The benchmark for the Active S&P 500 Strategy Cash Funded After-Tax Composite is the S&P 500. 4.) Performance is expressed in U.S. dollars and is time weighted from monthly returns. Returns are presented net of nonreclaimable withholding taxes. 5.) Management fees vary on asset size and are negotiated by the sponsor. The standard fee schedule is as follows: 0.40% on the first $500,000, 0.30% from $500,000 up to $5 million, and 0.20% over $5 million. 6.) The after-tax returns shown are subject to the limitations of the specific calculation methodology applied. Since the client's actual circumstances and tax rates determined after the fact may differ from the anticipated tax rates used in this process, the reported returns may not equal the actual after-tax returns for specific clients. After-tax returns are calculated using the maximum federal and state tax rates for dividends, short-term capital gains and long-term capital gains. Tax alpha is the benefit of loss harvesting, which is assumed to be used to offset gains inside or outside the portfolio in the period they are incurred, and thus credited to the portfolio returns. 7.) The after-tax benchmark is an estimate based upon the average capital gain realization rate and dividend yield of the index. The maximum federal and state tax rates for dividends and capital gains are utilized in the after-tax calculations (all index capital gains are assumed to be short-term). 8.) The accounting convention used for treatment of realized capital gains is specific lot identification. 9.) Net-of-fees returns assume total custody, advisor, transaction, and investment management fees of 1.5%, deducted 1/12th per month from the gross composite return. 10.) Pure gross-of-fees returns are supplemental information and do not reflect the deduction of transaction costs or fees. 11.) Internal dispersion is calculated using the equal-weighted standard deviation of all accounts that were included in the composite for the entire year. 12.) The Active S&P 500 Strategy Cash Funded After-Tax Composite was drawn directly from the Active S&P 500 Strategy Cash Funded Pre-Tax Composite. 13.) Effective January 2006, starting in the first full month under management, accounts with significant cash withdrawals, defined as greater than 10% of the market value of the account, are temporarily removed from the composite during the month that the withdrawal was taken. Prior to January 2006, the after-tax benchmark was adjusted to accommodate the impact of client-directed cash withdrawals of greater than 10%. Additional information regarding this policy is available upon request.

This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
19

SAMPLE

SAMPLE

SAMPLE

Getting started

If you have questions, please contact:

Bill Butcher Senior Vice President Managed Portfolio Advisors
399 Boylston St Boston, MA 02116 Phone: 617-449-2564 Cell: 857-753-9436 william.butcher@ga.natixis.com
Active Investment Advisors 1999 Harrison Street, Suite 1300 Oakland, CA 94612 866-773-2454 www.activeindexing.com

Active Investment Advisors is a division of Natixis Asset Management Advisors, L.P. 399 Boylston Street, Boston, MA 02116
Natixis Global Associates consists of Natixis Distributors, L.P., Natixis Asset Management Advisors, L.P., Natixis Global Associates, LLC, Natixis Global Associates S.A., and business development units located across the globe, each of which is an affiliate of Natixis Global Asset Management. This material should not be considered a solicitation to buy or an offer to sell any product or service to any person in any jurisdiction where such activity would be unlawful. Natixis Asset Management Advisors, L.P. is located at 399 Boylston Street, Boston, MA 02116. ga.natixis.com

This material has been approved for use in one-on-one presentations with the person identified and may not be reproduced or redistributed.
20

408415