Half-year financial report 2021

1

1 5 ECONOMIC AND FINANCIAL ENVIRONMENT 3

1.1	Macro-economic and financial environment in the first half of 2021	4
1.2	Asset management market in the first half of 2021	5

2 6 OPERATING AND FINANCIAL REVIEW FOR THE FIRST HALF OF 2021 7

2.1	Amundi operations and consolidated
	results	8
2.2	Responsible investment	14

3 7 FINANCIAL SITUATION 15 3.1 Solvency ratio 16 3.2 Net financial debt 17

MISCELLANEOUS INFORMATION 19

4.1	Transactions with related parties	20
	4.2 Recent events and outlook	20
	4.3 Shareholding	20
	4.4 Risk factors	21

CONSOLIDATED FINANCIAL STATEMENTS	23
5.1 General framework 5.2 Consolidated financial statements	24 25
5.3 Notes to the consolidated financial statements	31

STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION	59
6.1 Statutory auditors' review report on the half-yearly financial information	60

PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT	61
7.1 Declaration of the person responsible	62

About Amundi

Amundi, the leading European asset manager(1), ranking among the top 10 global players, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets.

With its six international investment hubs(2), financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 4,800 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages nearly €1.8 trillion of assets(3).

Note

Amundi, a limited company under French law, whose registered office is 91-93, boulevard Pasteur, 75015 France, registered under number 314 222 902 in the Trade and Companies Register of Paris, is referred to as the "Company" in this financial report. The terms "Group" or "Amundi Group" are used to refer to the Company and its subsidiaries, branches and equity investments.

On 30 June 2021, the Company's share capital amounted to €506,464,882.5, divided into 202,585,953 shares, which are all of the same class and are all fully subscribed and paid up through cash contributions. They all grant the same voting rights.

Financial and other information

This report includes Amundi's consolidated financial statements for the six-month financial period ended 30 June 2021, on which the statutory auditors have prepared a report. The consolidated financial statements were prepared under IFRS standards.

Forward-looking statements

The information contained in this report, to the extent that it relates to parties other than Amundi or comes from external sources, has not been independently verified, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any negligence or loss that may result from the use of this report or its contents, or anything related to them, or any document or information to which the report may refer.

⁽¹⁾ Source: IPE "Top 500 Asset Managers", published in June 2021, based on AuM as of 31 December 2020.

⁽²⁾ Boston, Dublin, London, Milan, Paris and Tokyo.

⁽³⁾Amundi data at 30 June 2021.

Economic and financial environment

1.1	MACRO-ECONOMIC AND FINANCIAL ENVIRONMENT IN THE FIRST HALF OF 2021	4
	United States	4
	Eurozone	4
	Emerging countries	4
	Interest rates	4
Equity		5

1.2 ASSET MANAGEMENT MARKET IN THE FIRST HALF OF 2021 5

1.1 MACRO-ECONOMIC AND FINANCIAL ENVIRONMENT IN THE FIRST HALF OF 2021

The first half of 2021 was dominated by confirmation of the global economic recovery, with the progress of vaccination programmes making it possible to significantly ease the restrictions aimed at curbing the Covid-19 epidemic. However, the pace of this improvement varied by region: whereas at the beginning of the year the United States was already showing numerous signs of improvement, reinforced by the expectations raised by the start of Biden's term of office, most of the closed sectors of the European economy did not reopen until the second quarter. In the markets, there was a two-stage development in long-term rates, with an increase in Q1 followed by consolidation in Q2. On the whole, equity indices rose sharply during the six-month period.

United States

Economic activity improved significantly in the United States in the first half of the year, due to the easing of Covid-19 restrictions and significant public support measures. Business climate indicators in both the industrial and service sectors rose sharply in the first quarter before falling slightly in the second, nevertheless remaining at very high levels. The unemployment rate continued to fall, from 6.7% in December 2020 to 5.9% in June 2021. Inflation, on the other hand, accelerated sharply, due in particular to the base effects of the price of oil and disruptions to global industrial chains: in June, the general price index was up 5.4% over 12 months, with the underlying index (excluding energy and food) up 4.5%. Even so, the Federal Reserve continued to provide exceptional monetary support. Finally, H1 saw the new President take up his post. In addition to increasing the public spending aimed at dealing directly with the epidemic, Joe Biden announced significant budgetary measures to relaunch and transform the economy.

Eurozone

At the beginning of the first quarter, the temporary tightening of restrictions aimed at slowing down the Covid-19 epidemic had a significant impact on the eurozone economy. While industry remained resilient, some service activities were severely disrupted. The situation then became clearer, though, as companies adapted gradually and, above all, the virus receded as vaccination programmes progressed. At the end of the first half of the year, when the vast majority of activities had returned to near-normal, fears nevertheless re-emerged as a result of an increase in infections linked to a new variant of the virus. Over the entire half-year, employment protection measures continued to prevent the unemployment rate rising, keeping it virtually stable at around 8%. Inflation, which was still slightly negative at the end of 2020, rose to 1.9% in June 2021. The ECB maintained its non-standard monetary policy measures. Finally, having passed all the steps in the approval process, the European recovery fund NGEU issued its first loans in mid-June.

Emerging countries

In general, the macro-economic situation in emerging countries continued to improve at the beginning of H1, following the catch-up that took place at the end of 2020. In addition to the upturn in domestic demand, this improvement was boosted by the recovery in advanced economies and improved terms of trade for producers of raw materials. However, the tightening of global financial conditions, particularly due to the rise in US long-term rates, was unfavourable to emerging countries, most of which have limited fiscal and monetary leeway after a year-long pandemic. With inflation also on the rise, some central banks have ended their cycle of rate cuts, some have opted for the status quo and others have raised their interest rates faster and/or more substantially than expected. At the end of H1, the rapid spread of new Covid variants fuelled new uncertainties, particularly in countries where the vaccination rate remained low.

Interest rates

Influenced by an increasingly convincing economic recovery and a rise in inflation, US long-term yields rose sharply in the first quarter, with the 10-year rate rising from 0.92% at the end of December 2020 to 1.74% at the end of March 2021, despite the Federal Reserve's ongoing security purchases. German yields reflected this trend, albeit to a lesser extent, while the ECB's action continued to compress interest rate spreads between eurozone countries. However, the trend reversed in Q2: US yields gradually narrowed to 1.44% at the end of June, with their European counterparts also moving away from their highs. Portfolio rotation, market scepticism about the sustainability of the increase in inflation, the gradual slowdown of the recovery in the United States and heightened concerns associated with new variants of the virus are the most likely explanations for this consolidation.

Equity

The first half of the year was highly beneficial for equity markets, with the MSCI World index rising by 13.3% over the period. A positive news flow was fuelled by a Democratic majority in the US Senate, indicating a strong recovery, announcements of Joe Biden's budget plans, the ongoing economic recovery and the progress of vaccination programmes. The sharp rise in US long-term rates in the first quarter did not prevent equities increasing in this way. Overall, the indices of developed economies fared better than those in emerging countries, which suffered in particular from the increase in US long-term rates. Among developed economies, when measured in dollars, performance was slightly better in the United States than in the eurozone. From a sectoral point of view, in Europe, value stocks did better than growth stocks in the first quarter, but this trend was reversed in Q2.

1.2 ASSET MANAGEMENT MARKET IN THE FIRST HALF OF 2021

The first half of 2021 saw a sharp recovery in the European asset management market, with €264 billion in net inflows(1) (Broadridge data as of the end of May 2021). This net inflow

⁽¹⁾ Broadridge Fund File, ETFGI. European open and cross-border funds (excluding mandates and dedicated funds). Data at the end of May 2021. (2) Medium-Long-Term (MLT) assets: excluding treasury products.

Operating and financial review for the first half of 2021

2.1	AMUNDI OPERATIONS AND CONSOLIDATED RESULTS	8
2.1.1	Activity: assets under management and net inflows	8
2.1.2	Growth initiatives	11
2.1.3	Results	11

2.2 RESPONSIBLE INVESTMENT 14

AMUNDI - HALF-YEAR FINANCIAL REPORT 2021 7

2.1 AMUNDI OPERATIONS AND CONSOLIDATED RESULTS

In the first half of 2021, Amundi posted strong results in a very positive market environment. Activity in MLT (1) assets is solid and improving, with a confirmed recovery in the appetite for risk among clients. A very high level of performance fees in particular led to improved operational efficiency, with a cost-to-income ratio of 47.2% in the first half of 2021, while development investment remained stable. Adjusted net income achieved a record high.

The strategic initiatives launched in 2020 (the partnership with Banco Sabadell, the joint venture with Bank of China, and Amundi Technology) are beginning to pay off. The acquisition of Lyxor will be a new growth driver, and preparations are progressing for its integration.

These strong performances demonstrate the relevance of the development strategy Amundi has implemented since it was founded.

2.1.1 Activity: assets under management and net inflows

2.1.1.1 Development of assets under Amundi management

The assets managed by Amundi (2) totalled €1,794 billion as of 30 June 2021, an increase of 12.7% year-on-year and +3.8% compared to the end of December 2020, with a positive market effect of +€70.7 billion and a limited outflow of -€5.5 billion (+€28.5 billion in MLT assets and -€34.0 billion in treasury).

* Assets under management and inflows, incl. Sabadell AM from Q3 2020 onwards and BOC WM from Q1 2021 onwards, and including assets under advisory and assets sold, comprising 100% of the Asian JVs' net inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

Market conditions in the first half of 2021 were very favourable, with an average equity market increase of 22% (Stoxx 600 index) in the first half of 2021 compared to the first half of 2020.

Over the first six months of the year, total inflows were -€5.5 billion, taking into account treasury product outflows (-€34.0 billion) mainly by Institutional and Corporate clients. The momentum is very positive in medium-long-term assets, however (+€28.5 billion), driven in particular by active management.

⁽¹⁾ Medium-long-term assets, excluding treasury.

⁽²⁾ Assets under management and inflows (including Sabadell AM from Q3 2020 onwards) include assets under advisory and assets sold, comprising 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

In € billions	Assets Under Management 30/06/2021	Assets Under Management 30/06/2020	% change 30/06/2020	Net Inflows H1 2021	Net Inflows H1 2020
French networks	122	104	+17.6%	-1.3	+1.2
International networks	160	118	+34.9%	+8.4	-2.7
of which Amundi BOC WM	4	0	/	+3.4	0
Third-party distributors	206	178	+16.1%	+7.9	-0.5
RETAIL (EXCL. JVS)	488	400	+22.0%	+15.0	-2.0
Institutionals* and sovereigns	423	372	+13.9%	-10.3	-1.5
Corporates	86	69	+24.9%	-10.5	-8.5
Employee savings	75	62	+20.7%	+2.8	+2.9
CA & SG Insurers	468	451	+3.8%	-1.1	-7.6
INSTITUTIONAL INVESTORS	1,052	953	+10.3%	-19.1	-14.7
JVS	254	238	+6.5%	-1.4	+12.7
TOTAL	1,794	1,592	+12.7%	-5.5	-4.0
HALF-YEAR AVERAGE ASSETS EXCLUDING JVS	1,515	1,366	+10.9%	/	/

2.1.1.2 Assets under management(1) and inflows by client segment

* Including funds of funds.

A sharp recovery in Retail MLT asset activity (excluding JVs)

Against a backdrop of an ongoing upturn in risk appetite, the Retail segment posted solid activity, with positive inflows in MLT assets (+€17.3 billion), driven by international networks (+€8.3 billion, including +€3.4 billion for the new Chinese subsidiary Amundi BOC WM) and third-party distributors (+€8.7 billion). In contrast, French network activity was more mixed (+€0.4 billion), due to outflows prior to maturity in structured products linked to favourable market conditions; activity remained at a good level for unit-linked products, however. Treasury products saw an outflow of -€2.3 billion. Inflows totalled +€15.0 billion overall.

Institutional investors: sustained flows in MLT and treasury outflows

This half-year saw sustained activity in MLT assets (+€17.3 billion), driven by all client segments, particularly Institutional and Sovereign investors. In treasury products, the outflow of -€33.2 billion is linked to the market context (negative yields on money market products) and the seasonal effect of dividend payments. Outflows totalled -€19.1 billion overall.

Good momentum in JVs but early outflows on the Channel Business in China

The Indian JV continued its development trajectory with inflows of +€3.4 billion; SBI MF maintained its leading position in the Indian market with a market share of 15.8% at the end of June 2021(2). In Korea, flows became positive once again (+€1.8 billion). In China (ABC-CA), activity in Mutual Funds remained solid at +€2.9 billion, with expected outflows from low-margin products (Channel Business) linked to regulatory developments continuing at -€9.9 billion. Outflows from JVs totalled -€1.4 billion overall.

⁽¹⁾ Assets under management and inflows (including Sabadell AM from Q3 2020 onwards) include assets under advisory and assets sold, comprising 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

⁽²⁾Source: Association of Mutual Funds in India, open funds.

2.1.1.3 Assets under management and net inflows by asset class (1)

In € billions	Assets Under Management 30/06/2021	Assets Under Management 30/06/2020	% change 30/06/2020	Net Inflows H1 2021	Net Inflows H1 2020
Equity	329	234	+40.6%	+10.5	+6.7
Multi-asset	290	234	+24.1%	+17.8	-7.0
Bonds	638	617	+3.4%	+2.8	-7.7
Real, alternative and structured assets	95	85	+11.8%	+0.4	+2.6
MLT ASSETS EXCLUDING JVS	1,352	1,170	+15.6%	+31.5	-5.5
Treasury products excluding JVs	188	183	+2.4%	-35.6	-11.3
ASSETS EXCLUDING JVS	1,540	1,353	+13.8%	-4.1	-16.7
JVs	254	238	+6.5%	-1.4	+12.8
TOTAL	1,794	1,592	+12.7%	-5.5	-4.0
of which MLT assets	1,574	1,376	+14.4%	+28.5	+6.2
of which Treasury products	220	215	+2.1%	-34.0	-10.2

Treasury products

Outflows on treasury products can be explained by outflows from Institutional and Corporate clients in particular, associated with the market context (negative yields on money market products) and the seasonal effect of dividend payments.

MLT assets excluding JVs

Business momentum was driven by active management and by diversified products and equities in particular.

In active management, the majority of areas of expertise contributed to inflows of +€24.8 billion, particularly with the success of diversified funds aimed at Retail clients and OCIO(2) offerings for Institutional investors, as well as thematic equity products.
Passive management, ETF(3) and smart beta experienced a good first half-year with a net inflow of +€6.3 billion, taking assets to €184 billion at the end of June 2021.
Activity in real and structured assets was mixed, with an inflow of +€0.4 billion in the first half of 2021. Flows of real assets remained solid (+€2.3 billion), particularly in private debt and private equity, but structured products saw outflows (prior to maturity) of -€1.9 billion, in connection with favourable market conditions.

2.1.1.4 Assets under management and net inflow by geographic area(1)

In € billions	Assets Under Management 30/06/2021	Assets Under Management 30/06/2020	% change 30/06/2020	Net Inflows H1 2021	Net Inflows H1 2020
France	928(1)	864	+7.4%	-28.3	-4.2
Italy	191	167	+14.1%	+6.0	-2.2
Europe excluding France and Italy	248	173	+43.6%	+12.0	+1.5
Asia	323	292	+10.4%	+5.7	+5.7
Rest of World	103	95	+9.3%	-1.0	-4.7
TOTAL	1,794	1,592	+12.7%	-5.5	-4.0
TOTAL EXCL. FRANCE	865	727	+19.0%	+22.7	+0.1

(1) Including €448 billion for CA and SG insurers.

⁽²⁾ Outsourced Chief Investment Officer Solutions.

⁽³⁾Data including all ETP (ETF + ETC).

2.1.2 Growth initiatives

2020 saw the launch of several strategic initiatives that will strengthen the Group's growth over the next few years and which have already yielded results in the first half of 2021:

■ Sabadell AM: successful integration and success of the partnership with Banco Sabadell

12 months after the acquisition of Sabadell AM on 30 June 2020, it was fully integrated both in terms of technology (IT migration to ALTO(1)) and operations (management and sales teams and oversight functions). The start of the partnership with Banco Sabadell has been very promising, resulting in increased market share(2); activity over the first 12 months reached record highs, with more than €1.5 billion in net inflows (Amundi and Sabadell AM funds) within the Banco Sabadell network. More than 50% of the synergies announced(3) are expected to be achieved in 2021.

■ Successful launch of the new Wealth Management subsidiary with Bank of China (China's fourth largest bank)

Following the operational launch of this new subsidiary (of which Amundi owns 55%) in the fourth quarter of 2020, good

2.1.3 Results

INCOME STATEMENT

commercial headway is being made, with approximately 50 funds launched since its creation and growing commitment among the BOC network to the subsidiary's products (in particular maturing funds and green funds). Over the first half of the year as a whole, net inflows totalled +€3.4 billion.

■ Ramp-up of Amundi Technology

The development of Amundi Technology, the new business line dedicated to technology services, progressed and it posted €19 million in revenue in the first half of 2021. The roll-out of offerings continued with seven new clients (29 in total as of the end of June 2021), including:

AG2R La Mondiale (€120 billion in assets under management) with an offering that combines the cloudbased ALTO Investment (PMS) platform with dealing, middle office and reporting services;
Agrica with ALTO ESR, the group insurance software from the ALTO range.

In € millions	H1 2021	H1 2020	Change
ADJUSTED NET REVENUES	1,619	1,236	+31.0%
Net management revenues	1,619	1,281	+26.4%
o/w net management fees	1,353	1,205	+12.3%
o/w performance fees	266	76	x 3.5
Net financial income and other net income	0	(45)	-
OPERATING EXPENSES	(764)	(648)	+17.8%
ADJUSTED GROSS OPERATING INCOME	855	588	+45.5%
Adjusted cost-to-income ratio	47.2%	52.5%	-5.3 pts
Equity-accounted companies	38	29	+32.3%
Cost of risk & Other(1)	(20)	(17)	+16.0%
ADJUSTED PRE-TAX INCOME	874	600	+45.7%
Corporate tax	(223)	(161)	+38.6%
Non-controlling interests	4	0	-
ADJUSTED NET INCOME, GROUP SHARE	654	439	+49.1%
Amortisation of distribution contracts after tax	(24)	(25)	-2.6%
Affrancamento effect*	114	-	-
NET INCOME, GROUP SHARE, INCLUDING AFFRANCAMENTO*	744	414	+79.9%

Adjusted data: excluding amortisation of distribution contracts and excluding the effect of Affrancamento.

* The net accounting income for H1 2021 includes a non-recurring net tax saving in Q2 2021 (with no impact on cash flow) of +€114 million: under the Italian finance law for 2021 (Law no. 178/2020), the Affrancamento mechanism results in the recognition of a deferred tax asset in intangible assets (goodwill); this is excluded from adjusted net income.

(1) The cost of risk (-€18m) accounts for the adjustment of provisions for regulatory risks, following the hearing held by the AMF Enforcement Committee on 7 July 2021. Following a special enquiry conducted between 2017 and 2019, the Autorité des Marchés Financiers ("AMF"), the French regulatory body, notified Amundi of various complaints on June 12th 2020. These grievances relate to a limited number of transactions executed in 2014 and 2015 by two former employees. Amundi fully cooperated with the regulatory authorities to address this issue.

⁽¹⁾ PMS (Portfolio Management Services) system.

⁽²⁾From 5.46% at the end of 2020 to 5.58% at the end of June 2021; Source: Inverco – Spanish fund/data supplemented by the activity on international funds marketed to Sabadell bank.

^(3)€20 million-worth of synergies before tax announced (run rate).

Adjusted data (1)

In the first half of 2021, the sharp increase in revenue was linked to very favourable market conditions (average increase in equity markets: Stoxx 600 index +22% in H1 2021 compared to H1 2020) with an exceptional amount of performance fees.

Operating expenses increased but remained under control. This results in an exceptionally low cost-to-income ratio of 47.2%. Excluding the exceptional level of performance fees(2), the costto-income ratio is approximately 51%.

2.1.3.1 Adjusted net revenues

In € millions	H1 2021	H1 2020	Change (%)
Net management revenues	1,619	1,281	+26.4%
o/w net management fees	1,353	1,205	+12.3%
o/w performance fees	266	76	x 3.5
Financial income and other net income	0	(45)	-
ADJUSTED NET REVENUES	1,619	1,236	+17.8%

Net management revenues rose sharply as a result of excellent market conditions:

Increase in net management fees benefiting from:
- the continuation of the market growth seen over the past 12 months: average equity market increase of +22% (Stoxx 600 index) compared with H1 2020;
- the inflow momentum, particularly in MLT assets, in Q4 2020 and in 2021;
- the integration of Sabadell AM.

■ A record +€266 million in performance fees in the first half of 2021, mainly due to the sharp rise in the equity markets.

In view of their business momentum, the contribution of equityaccounted companies (mainly Asian joint ventures) increased to

H1 2021 accounting income was €744 million, up sharply by +79.9% compared to H1 2020, taking into account the increase in adjusted net income and a non-recurring net tax saving (see

€38 million, from €29 million in the first half of 2020.

Accounting data (3)

above).

Financial income and other net income were at break-even in the first half of 2021 compared to -€45 million in the first half of 2020. The strong market performance also benefited the valuation of the investment portfolio and holdings, helping to offset the cost of debt.

The average margin (net management fees/average assets excluding JVs) was 18.0 bps, compared to 17.7 bps in the first half of 2020.

H1 2019 H1 2020 H1 2021

18.7 17.7

18.0

Margin on average assets excluding JVs (bps)(1)

3.2 3.3 3.4

NET MANAGEMENT FEES AND MARGINS BY CLIENT SEGMENT(4)

Net fees excluding JVs (€m)

H1 2019 H1 2020 H1 2021

+6.1%

1,353 1,239 1,205

+8.6%

CA and SG insurer mandates

TOTAL

⁽¹⁾ Adjusted data: excluding amortisation of distribution contracts. ⁸⁰ ⁶⁹ ⁷⁵

⁽²⁾ The exceptional level of performance fees = greater than average performance fees per quarter in 2017-2020.

⁽³⁾Accounting data: including amortisation of distribution contracts and Affrancamento in H1 2021. H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021

⁽⁴⁾ Excluding performance fees and JVs.

H1 2019 H1 2020 H1 2021

45.2 42.8 42.3

Margin on average assets excluding JVs (bps)(4)

H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021

+2.8% +14.7%

251 258

Institutional investors excluding CA and SG insurers

Retail

296

H1 2019 H1 2020 H1 2021

-5.1% +12.1%

Net fees excluding JVs (€m)

919 872 977

2.1.3.2 Adjusted operating expenses and gross operating income

Operating expenses totalled €764 million in H1 2021, up 17.8% compared with H1 2020. This can be explained by:

a €26 million scope of consolidation effect (launch of the Amundi BOC WM subsidiary, integration of Sabadell AM and full consolidation of Fund Channel);
an adjustment to the provision for variable compensation linked to the increase in operating income;(1)
ongoing development investment, particularly in Amundi Technology.

The cost-to-income ratio was 47.2% in the first half of the year. Excluding the exceptional level of performance fees(2), the costto-income ratio is approximately 51%.

In € millions	H1 2021	H1 2020	H1 2021/H1 2020
Adjusted net revenues (a)	1,619	1,236	+31.0%
Operating expenses (b)	(764)	(648)	+17.8%
ADJUSTED GROSS OPERATING INCOME	855	558	+45.5%
Adjusted cost-to-income ratio (b)/(a) (in %)	47.2%	52.5%	-5.3 pts

This cost-to-income ratio remains one of the lowest in the industry.

2.1.3.3 Alternative Performance Indicators (API)

To present an income statement that is closer to the economic reality, Amundi makes the following adjustments:

restatement of amortisation of the distribution contracts (recognised as a deduction from net income) with SG up to November 2020, Bawag, UniCredit and Banco Sabadell;
exclusion of the non-recurring net tax saving (with no impact on cash flow) of +€114 million: under the Italian finance law for 2021 (Law no. 178/2020), the Affrancamento mechanism results in the recognition of a deferred tax asset in intangible assets (goodwill); this is excluded from adjusted net income.

(1) Excluding performance fees and JVs.

(2) The exceptional level of performance fees = greater than average performance fees per quarter in 2017-2020.

These adjusted data are reconciled with accounting data as follows:

In € millions	H1 2021	H1 2020
Net revenue (a)	1,585	1,201
+ Amortisation of distribution contracts before tax	34	36
ADJUSTED NET REVENUE (B)	1619	1236
Operating expenses (c)	(764)	(648)
Gross operating income (d) = (a)+(c)	821	552
ADJUSTED GROSS OPERATING INCOME (E) = (B)+(C)	855	588
Cost-to-income ratio (c)/(a)	48.2%	54.0%
Adjusted cost-to-income ratio (c)/(b)	47.2%	52.5%
Cost of risk & Other (f)	(20)	(17)
Equity-accounted companies (g)	38	29
Pre-tax income (h) = (d)+(f)+(g)	839	564
ADJUSTED PRE-TAX INCOME (I) = (E)+(F)+(G)	874	600
Income tax charge (j)	(213)	(150)
Adjusted income tax (k)	(223)	(161)
Non-controlling interests (l)	4	0
Net income, Group share (h)+(j)+(l)	630	414
Affrancamento effect	114	0
Net income, Group share (h)+(j)+(l) including Affrancamento	744	414
ADJUSTED NET INCOME, GROUP SHARE (J)+(L)	654	439

accounting data

adjusted data

2.2 RESPONSIBLE INVESTMENT

Amundi is cementing its leadership position by actively pursuing implementation of its ESG action plan:

As of 30 June 2021, ESG assets under management totalled €798 billion. Changes since 31 December 2020 (€378 billion) can be attributed to:
- the continued integration of ESG criteria into traditional management;
- high levels of inflows in H1 (+€18.7 billion in MLT), mainly under active management, with good momentum for Climate and Environment solutions, ESG bond funds and the range of thematic Equity funds.
Around 700 open-ended funds, dedicated funds and mandates, i.e. more than €680 billion in assets under management (compared with around €450 billion at the end of March 2021), are classified under Articles 8 and 9(1) of the SFDR regulation(2), making Amundi a leader in this area.

Furthermore, Amundi is extending its ESG commitment:

In anticipation of COP 26 in Glasgow, Amundi has joined the Net Zero Asset Managers initiative (with commitments in keeping with the trajectory of the Paris Agreements), which brings together asset managers who are committed to the target of net zero emissions by 2050.
Amundi is a founding member of Investors for a Just Transition, an international coalition of asset managers and asset owners who are committed to promoting a fair transition to low-carbon economies and who represent a total of €3,600 billion in assets under management.
The development of ESG products and solutions continues with the extension of the "ESG Improvers" range (new bond funds) and the launch of the BFT France Emploi ISR social impact fund.

⁽¹⁾ Source: Morning Star. Scope: European funds. Article 8: products that promote environmental and/or social characteristics; Article 9: products that have sustainable investment as their objective.

⁽²⁾Sustainable Financial Disclosure Regulation, the new European SFDR regulation that requires managers to classify their European assets according to the extent to which they integrate ESG criteria.

3 Financial situation

3.1	SOLVENCY RATIO	16	3.2	NET FINANCIAL DEBT	17
				Liquidity ratios	17

AMUNDI - HALF-YEAR FINANCIAL REPORT 2021 15

As of 30 June 2021, the financial structure remained robust: tangible equity(1) amounted to €3.5 billion on 30 June 2021, an increase of +€0.3 billion from the end of 2020. The CET1 ratio was 19.9% at the end of June 2021, making it possible to absorb the impact of the Lyxor acquisition that is expected to take place at the end of the year, while maintaining a level that is much higher than regulatory requirements(2).

For the record, in May 2021, the rating agency Fitch renewed its A+ rating with a stable outlook, the best in the sector.

3.1 SOLVENCY RATIO

As shown in the table below, Amundi's CET1 solvency ratio was 19.9% as of 30 June 2021, versus 20.0% at the end of December 2020.

Over the first half of 2021, the CET1 ratio remained generally stable: the proportion of retained earnings offset the increase in risk-weighted assets, due mainly to the impact of the CRR2 regulation in 30 June 2021, and to a lesser extent, to growth in business activity.

With a CET1 ratio of 19.9% and a total capital ratio of 22%, Amundi meets regulatory requirements by a wide margin.

In € millions	30/06/2021	31/12/2020
Common Equity Tier 1 capital (CET1)	2,790	2,465
Tier 1 capital (CET1 + AT1)	2,790	2,465
Tier 2 capital	300	300
Total regulatory capital	3,090	2,765
Total risk-weighted assets	14,026	12,342
o/w credit risk (excl. threshold allowances and CVA)	6,109	5,103
o/w effect of threshold allowances	1,218	1,053
o/w Credit value adjustment (CVA) effect	672	343
o/w Operational risk and Market risk	6,027	5,843
OVERALL SOLVENCY RATIO	22.0%	22.4%
CET1 SOLVENCY RATIO	19.9%	20.0%

⁽¹⁾ Shareholders' equity excluding goodwill and intangible assets.

⁽²⁾For the record, the estimated prudential impact of this acquisition for Amundi, on the basis of data as of 31 December 2020: regulatory capital consumption of 670 bps and a pro-forma CET1 ratio of 13.3% at the end of 2020 as opposed to the 20.0% reported.

3.2 NET FINANCIAL DEBT

As of 30 June 2021, Amundi had a net lending position (economic vision) of €2,157 million (compared with €1,894 million as of 31 December 2020), as shown in the table below:

In € millions	30/06/2021	31/12/2020
a. Net cash	(2,055)	(1,850)
b. Voluntary investments (excl. seed money) in money market funds and short-term bank deposits	(376)	(1,351)
c. Voluntary investments (excl. seed money) in fixed income funds	(2,482)	(2,308)
d. Liquidity (a+b+c)	(4,913)	(5,509)
e. Position net of margin calls on derivatives(1)	531	400
Debited to balance sheet	(388)	251
Credited to balance sheet	919	651
f. Short-term debts to credit institutions	205	1,077
g. Current portion (<1 year) of medium and long-term debts to credit institutions	1,069	569
h. Current financial debts to credit institutions (f+g)	1,274	1,646
i. Long-term portion (>1 year) of medium and long-term debts to credit institutions	951	1,569
j. Non-current financial debts to credit institutions	951	1,569
K. NET FINANCIAL DEBT (ECONOMIC OUTLOOK) (H+J+D+E)	(2,157)	(1,894)

(1) The main factor in the change to the Group's cash position is margin calls on collateralised derivatives. This amount changes depending on the market value of the underlying derivatives.

(a) Net cash means asset and liability balances of current accounts with credit institutions, as well as cash and central bank accounts. (h) and (i)Debts to credit institutions carry no guarantees or surety.

Liquidity ratios

In June 2021, Amundi's LCR (Liquidity Coverage Ratio, covering its liquidity requirements under a significant stress scenario lasting one month) was 169% on a 12-month average, compared with 286% in June 2020. The LCR aims to promote the shortterm resilience of the liquidity risk profile of credit institutions by ensuring that they have sufficient unencumbered, high-quality liquid assets (HQLA) at their disposal which can be quickly and easily liquidated on private markets, in the event of a liquidity crisis lasting 30 calendar days. A limit on this ratio has been imposed upon credit institutions since 1 October 2015, and since 2018, the minimum threshold for compliance has been 100%.

In addition, it should be remembered that on 23 October 2015, Amundi Group signed a €1,750 million syndicated multi-currency revolving credit agreement with an international syndicate of lenders, with an initial maturity of five years from the date of the agreement which was renewed in October 2017 bringing the maturity date to 23 October 2022. The aim of this agreement is to increase the Group's liquidity profile in all the currencies it covers. It includes two covenants, both of which had been fulfilled as of 30 June 2021:

a minimum level of tangible shareholders' equity. As of 30 June 2021, this amounted to €3.46 billion;
a financial leverage (gearing) ratio of net debt to tangible shareholders' equity. As of 30 June 2021, this ratio was -5.9%.

Note: Definitions of debt

It is noted that the net debt used to calculate gearing is contractually defined as the sum of financial debt less available cash and cash equivalents (cash, deposits with central banks and voluntary investment portfolio monetary assets).

As regards net financial debt (economic vision) shown in the table above, the net debt used to calculate gearing therefore excludes fixed-income voluntary investments (line c) and net margin calls (line e) and was -€205 million at the end of June 2021.

The NSFR (Net Stable Funding Ratio) is a stock ratio (the LCR being a flow ratio) that compares assets with an actual or potential maturity of more than one year with liabilities with an actual or potential maturity of more than one year. To determine the NSFR, a weighting is allocated to each item on the balance sheet (and to certain off-balance sheet items), which reflects their potential for maturing in more than one year.

Amundi Group is subject to European regulations in this area (Regulation 575-2013 as amended by Regulation 2019-876 of 20 May 2019). As such, from 28 June 2021, Amundi has to observe an NSFR ratio of at least 100%. The Group believes that it is already in a position to comply with this requirement.

4 Miscellaneous information

4.1	TRANSACTIONS WITH RELATED
	PARTIES	20

4.2 RECENT EVENTS AND OUTLOOK 20

4.3	SHAREHOLDING	20
4.4	RISK FACTORS	21

4.1 TRANSACTIONS WITH RELATED PARTIES

The main related party transactions are described in note 5.2.3 "Related party transactions", of the interim condensed consolidated financial statements at 30 June 2021.

4.2 RECENT EVENTS AND OUTLOOK

Acquisition of Lyxor

On 7 April 2021, Amundi announced in a press release that it was entering into exclusive negotiations with Société Générale with a view to acquiring Lyxor(1) for the cash sum of €825 million. Final agreement was reached on 11 June 2021, when a framework contract was signed between Amundi and Société Générale.

The Société Générale subsidiary is Europe's third largest player in the ETF market, with total assets under management amounting to €124 billion at the end of December 2020. This transaction is expected to make Amundi the European leader in ETF management.

The deal is expected to complete at the end of 2021, subject to prior approval from the competent regulatory and competition authorities.

Covid-19 health crisis

The Covid-19 epidemic dominated 2020, with a health crisis becoming an economic crisis, resulting in a fall in the financial markets and increased volatility. The epidemic has continued in 2021, although at this stage it has not had a significant impact on the Group's business. The magnitude and duration of this crisis are nevertheless still difficult to predict.

AMF

Following a special investigation conducted between 2017 and 2019, the Autorité des Marchés Financiers (AMF, the French financial markets authority) notified Amundi (Amundi AM and Amundi Intermédiation) of various complaints on 12 June 2020. The complaints involve a limited number of transactions

conducted by two former employees between 2014 and 2015. Amundi has fully cooperated with this complaints procedure. This case went before the AMF Sanctions Committee on 7 July 2021.

4.3 SHAREHOLDING

	31/12/2019		31/12/2020		30/06/2021 (pro-forma share capital increase reserved for employees)
	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	69.8%	141,057,399	69.6%	141,057,399	69.5%
Employees	969,010	0.5%	1,234,601	0.6%	1,619,649	0.8%
Free float	58,802,932	29.1%	59,608,898	29.4%	59,755,516	29.4%
Treasury shares	1,333,964	0.7%	685,055	0.3%	642,087	0.3%
NUMBER OF SHARES AT END OF PERIOD	202,163,305	100.0%	202,585,953	100.0%	203,074,651	100.0%

⁽¹⁾ Some of Lyxor's activities are excluded from the scope of the transaction and have been retained by Société Générale: (i) structured management solutions for Société Générale's global markets clients and (ii) asset management activities specifically for savings solutions and carried out on behalf of Société Générale (networks and private banking) such as the structuring of saving solutions, fund selection and the oversight of Société Générale Group's asset management companies.

The "We Share Amundi" capital increase reserved for employees (announced on 14 June) was successfully completed on 29 July 2021. More than one in three employees worldwide, and over half of employees in France, took part in this transaction, which, for the third consecutive year, offered a share subscription with a 30% discount. Nearly 1,700 employees in 15 countries subscribed to this capital increase for nearly €25 million.

The transaction was implemented under existing legal authorisations approved by the General Meeting on 10 May 2021 and reflects Amundi's ambition to involve its employees not only in the company's growth but also in its economic value creation. It also helps strengthen our employees' sense of belonging.

The impact of this reserved capital increase on net earnings per share is negligible: 488,698 shares were created (representing 0.24% of capital before the transaction). This issue brings the number of shares making up Amundi's share capital to 203,074,651.

Employees now hold 0.8% of Amundi's share capital, compared with 0.6% before the capital increase.

4.4 RISK FACTORS

The Group's main risk factors are detailed in Chapter 5 "Risk management and capital adequacy" of Amundi Group's 2020 Universal Registration Document filed with the AMF on 12 April 2021.

The occurrence of all or any of these risks could have a negative impact on Amundi Group's businesses, financial position and results. Furthermore, other risks not yet currently identified or not considered to be significant by the Group as of the date of this report could have a negative impact on Amundi Group.

Consolidated financial statements

5.1 GENERAL FRAMEWORK
5.2	CONSOLIDATED FINANCIAL STATEMENTS	25
5.2.1	Income statement	25
5.2.2	Net income and gains and losses recognised directly in equity	26
5.2.3	Balance sheet assets	27
5.2.4	Balance sheet liabilities and equity	27
5.2.5	Statement of changes in equity	28
5.2.6	Cash flow statement	31

5.3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 33

AMUNDI - HALF-YEAR FINANCIAL REPORT 2021 23

The consolidated financial statements consist of the general framework, the consolidated financial statements and the notes to the financial statements.

5.1 GENERAL FRAMEWORK

Amundi Group ("Amundi") is a group of companies whose primary business is managing assets on behalf of third parties.

Amundi is the consolidating entity of the Amundi Group. It is a limited liability company with a Board of Directors (registered under number 314 222 902 in the Trade and Companies Register of Paris, France) with share capital of €506,464,882.50 comprising 202,585,953 shares (as of 30 June 2021) with a nominal value of €2.50 each. The Company's registered office is located at 91-93, boulevard Pasteur, 75015 Paris.

Amundi shares are traded on Euronext Paris. Amundi is governed by the applicable stock market regulations, notably with respect to its obligation to inform the public.

Amundi is a credit institution authorised by the Autorité de contrôle prudentiel et de résolution (ACPR, the French prudential supervisory authority) under number 19530. Group companies that perform asset management activities have obtained the necessary approvals from the supervisory authorities they report to in France and other countries.

As of 30 June 2021, Crédit Agricole S.A. controlled 67.93% of Amundi and other Crédit Agricole Group companies held 1.70%. Amundi is fully consolidated in the accounts of Crédit Agricole S.A. and the Crédit Agricole Group.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

5.2.1 Income statement

In € thousands	Notes	H1 2021	2020	H1 2020
Revenue from commissions and other income from customer activities (a)		2,819,791	4,571,806	2,223,958
Commission and other customer activity expenses (b)		(1,234,078)	(1,996,717)	(970,663)
Net gains or losses on financial instruments at fair value through profit or loss on customer activities (c)		30,885	58,740	27,644
Interest and similar income (d)		10,648	14,854	6,123
Interest and similar expenses (e)		(30,389)	(50,369)	(20,298)
Net gains or losses on financial instruments at fair value through profit or loss (f)		21,449	(7,753)	(32,593)
Net gains or losses on financial assets at fair value through equity (g)		5,081	6,819	3,445
Income from other activities (h)		8,351	22,059	10,711
Expenses from other activities (i)		(46,592)	(98,244)	(47,662)
Net revenues from commissions and other customer activities (a)+(b)+(c)	2.1	1,616,598	2,633,829	1,280,938
Net financial income (d)+(e)+(f)+(g)	2.2	6,788	(36,449)	(43,323)
Other net income (h)+(i)	2.3	(38,241)	(76,185)	(36,951)
NET REVENUES		1,585,145	2,521,195	1,200,664
Operating expenses	2.4	(763,996)	(1,340,835)	(648,442)
GROSS OPERATING INCOME		821,149	1,180,360	552,222
Cost of risk	2.5	(19,978)	(22,834)	(17,232)
Share of net income of equity-accounted entities		38,269	65,987	28,924
Net gains (losses) on other assets	2.6	8	28	20
Change in the value of goodwill
PRE-TAX INCOME		839,447	1,223,541	563,934
Income tax charge	2.7	(98,851)	(316,567)	(150,338)
NET INCOME FOR THE PERIOD		740,596	906,974	413,597
Non-controlling interests		3,664	2,826	44
NET INCOME – GROUP SHARE		744,260	909,800	413,641

5.2.2 Net income and gains and losses recognised directly in equity

In € thousands	Notes	H1 2021	2020	H1 2020
NET INCOME		740,596	906,974	413,597
■ Actuarial gains and losses on post-employment benefits		9,591	(11,677)	(13)
■ Non-recyclable gains and losses on equity instruments recognised through equity	3.5	19,948	(53,501)	(43,840)
■ Gains and losses on non-current assets held for sale		-		-
Pre-tax non-recyclable gains and losses recognised directly in equity, excluding equity-accounted entities		29,539	(65,178)	(43,853)
Pre-tax gains and losses recognised directly in non-recyclable equity from equity-accounted entities		-		-
Tax on non-recyclable gains and losses recognised directly in equity, excluding equity-accounted entities		(2,888)	3,460	4
Tax non-recyclable gains and losses recognised directly in equity of equity accounted entities		-		-
Net gains and losses recognised directly in equity which cannot be recycled to profit and loss at a later date		26,651	(61,718)	(43,849)
■ Translation gains and losses (a)		32,912	(70,181)	(17,972)
■ Gains and losses on debt instruments recognised in recyclable equity (b)	3.5	(150)	(226)	(631)
■ Gains and losses on hedging derivative instruments (c)
■ Gains and losses on non-current assets held for sale (d)
Pre-tax recyclable gains and losses recognised directly in equity, excluding equity-accounted entities (a)+(b)+(c)+(d)		32,762	(70,407)	(18,603)
Tax on recyclable gains and losses recognised directly in equity, excluding equity-accounted entities		14	41	153
Pre-tax gains and losses recognised directly in recyclable equity from equity accounted entities		9,236	(18,368)	(9,707)
Tax on recyclable gains and losses recognised directly in equity of equity accounted entities		-		-
Net gains and losses recognised directly in equity recyclable to profit or loss at a later date		42,012	(88,734)	(28,158)
NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY		68,663	(150,453)	(72,007)
TOTAL NET INCOME INCLUDING NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY		809,259	756,521	341,590
of which Group share		810,406	760,184	341,634
Of which non-controlling interests		(1,147)	(3,663)	(44)

5.2.3 Balance sheet assets

In € thousands	Notes	30/06/2021	31/12/2020
Cash and central banks	3.1	598,886	35
Financial assets at fair value through profit or loss	3.2	16,728,033	16,522,174
Financial assets at fair value through equity	3.5	622,079	607,376
Financial assets at amortised cost	3.6	1,738,909	2,429,316
Current and deferred tax assets	3.9	372,955	177,448
Accruals, prepayments and sundry assets	3.10	2,472,816	1,921,317
Investments in equity-accounted entities		332,756	294,782
Property, plant and equipment	3.11	385,079	409,651
Intangible assets	3.11	509,343	530,457
Goodwill	3.12	6,021,098	5,995,640
TOTAL ASSETS		29,781,954	28,888,197

5.2.4 Balance sheet liabilities and equity

In € thousands	Notes	30/06/2021	31/12/2020
Financial liabilities at fair value through profit or loss	3.3	13,499,394	12,705,333
Financial liabilities at amortised cost	3.7	1,966,058	2,967,795
Current and deferred tax liabilities	3.9	362,083	234,936
Accruals, deferred income and sundry liabilities	3.10	3,493,122	2,762,154
Provisions		174,106	165,361
Subordinated debt	3.8	300,916	303,859
TOTAL DEBT		19,795,678	19,139,438
Equity Group share		9,933,741	9,695,177
Share capital and reserves	3.13	2,986,201	2,983,731
Consolidated reserves		6,332,773	5,997,286
Gains and losses recognised directly in equity		(129,494)	(195,639)
Net income/(loss) for the period		744,260	909,800
Non-controlling interests		52,535	53,581
TOTAL EQUITY		9,986,275	9,748,758
TOTAL LIABILITIES		29,781,954	28,888,197

5.2.5 Statement of changes in equity

					Group Share
					Gains and losses recognised
	Share	Paid-in capital and consolidated	Share capital and reserves Elimination of treasury	Total share capital and consolidated	In non recyclable	directly in equity In recyclable
In € thousands	capital	share capital	shares	reserves	equity	equity
EQUITY AS OF 1 JANUARY 2020	505,408	8,519,431	(78,832)	8,946,007	(54,835)	8,813
Capital increase				-
Changes in treasury shares		(7,192)	7,124	(68)
Dividends paid in the first half of 2020				-
Effect of acquisitions and disposals on non-controlling interests				-
Changes related to share-based payments		8,577		8,577
Changes related to transactions with shareholders	-	1,385	7,124	8,509	-	-
Change in gains and losses recognised
directly in equity Share of change in equity of equity-accounted				-	(43,849)	(18,450)
entities				-		(9,707)
Net income for the first half of 2020 Total income for the first half of 2020	-	-	-	- -	(43,849)	(28,158)
Other changes	-	17		17
EQUITY AS OF 30 JUNE 2020	505,408	8,520,833	(71,708)	8,954,533	(98,685)	(19,345)
Capital increase	1,057	17,357		18,414
Changes in treasury shares		(32,111)	30,066	(2,045)
Dividends paid in the second half of 2020				-
Effect of acquisitions and disposals on non-controlling interests				-
Changes related to share-based payments		14,667		14,667
Changes related to transactions with shareholders	1,057	(87)	30,066	31,036	-	-
Change in gains and losses recognised directly in equity		(4,185)		(4,185)	(17,862)	(51,088)
Share of change in equity of equity-accounted entities				-		(8,661)
Net income for the second half of 2020				-
Total income for the second half of 2020	-	(4,185)	-	(4,185)	(17,862)	(59,748)
Other changes	-	(368)		(368)
EQUITY AS OF 31 DECEMBER 2020	506,465	8,516,193	(41,642)	8,981,017	(116,546)	(79,093)
Appropriation of 2020 net income		909,800
EQUITY AS OF 1 JANUARY 2021 Capital increase	506,465	9,425,993	(41,642)	9,890,816 -	(116,546)	(79,093)
Changes in treasury shares		847	2,489	3,336
Dividends paid in the first half of 2021		(585,634)		(585,634)
Effect of acquisitions and disposals on non-controlling interests				-
Changes related to share-based payments		10,705		10,705
Changes related to transactions with shareholders	-	(574,082)	2,489	(571,593)	-	-
Change in gains and losses recognised directly in equity				-	26,651	30,259
Share of change in equity of equity-accounted entities				-		9,236
Net income for the first half of 2021				-
Total income for the first half of 2021	-	-	-	-	26,651	39,495
Other changes	-	(249)		(249)
EQUITY AS OF 30 JUNE 2021	506,465	8,851,662	(39,153)	9,318,974	(89,895)	(39,599)

	Non-controlling interests
		Gains and losses recognised directly
Consolidated shareholder	Non-controlling	In recyclable	in equity In non recyclable	Share capital, consolidated reserves and net	Equity Group
equity	interests	equity	equity	income	share	Net income
8,900,292	308	-	(50)	358	8,899,984	-
	-				-
	-				(68)
	-				-
	-				-
8,577	-				8,577

8,509	-	-	-	-	8,509	-
(62,300)	-				(62,300)

(9,707)	-				(9,707)
413,597	(44)			(44)	413,641	413,641
341,590	(44) -		-	(44)	341,634 17	413,641
9,250,408	265	-	(50)	314	9,250,144	413,641
18,414	-				18,414
(2,045)	-				(2,045)
	-				-
56,940	56,940			56,940	-
	-				14,667
14,667
87,976	56,940	-	-	56,940	31,036	-

(73,971)	(837)	(828)	(9)		(73,134)
(8,661)	-				(8,661)
493,377	(2,782)			(2,782)	496,159	496,159
410,745	(3,619)	(828)	(9)	(2,782)	414,364	496,159
(372)	(4)			(4)	(368)
9,748,757	53,581	(829)	(59)	54,470	9,695,177	909,800
9,748,757	- 53,581	(829)	(59)	54,470	- 9,695,177	(909,800) -
	-				-
3,336	-				3,336
(585,634)	-				(585,634)
	-				-
10,705	-				10,705

(571,593)	-	-	-	-	(571,593)	-
59,427	2,517	2,517			56,910

9,236	-				9,236
740,596	(3,664)			(3,664)	744,260	744,260
809,259	(1,147)	2,517	-	(3,664)	810,406	744,260
	100			100	(249)
9,986,275	52,535	1,687	(59)	50,906	9,933,741	744,260

5.2.5 Statement of changes in equity

5.2.6 Cash flow statement

The Group's cash flow statement is presented below using the indirect method. Cash flows are shown by type: operating activities, investment activities and financing activities.

Operating activities represent activities carried out on behalf of third parties and which result mainly in fee and commission cash flows, as well as activities on its own account (investments and related financing, intermediation of swaps between funds and markets, etc.). Tax cash flows are included in full within operating activities.

Investing activities include acquisitions and disposals of investments in consolidated and non-consolidated companies, as well as purchases of tangible and intangible assets.

Financing activities cover all transactions relating to equity (issues and buybacks of shares and other equity instruments, dividend payments, etc.) and long-term borrowings.

Net cash includes cash, debit and credit balances with central banks, debit and credit on demand balances in ordinary bank accounts, demand loans with credit institutions and overnight accounts and loans.

Notes In € thousands	H1 2021	2020	H1 2020
PRE-TAX INCOME	839,447	1,223,541	563,934
Net depreciation and amortisation and provisions in relation to tangible and
intangible assets	38,113	77,483	37,510
Net write-downs and provisions	20,093	(6,670)	37,306
Share of income of equity-accounted companies	(38,269)	(65,987)	(28,924)
Net income from investment activities	(8)	(28)	(20)
Net income from financing activities	4,027	9,250	4,316
Other transactions	(83,397)	(23,686)	4,605
Total non-monetary items included in net income before taxes and other adjustments	(59,440)	(9,638)	54,793
Changes in interbank items	(637,231)	1,773,480	3,131,591
Changes in other financial assets and liabilities(1)	586,437	(1,139,516)	(1,043,851)
Changes in non-financial assets and liabilities(2)	330,634	(254,523)	(833,334)
Dividends from equity-accounted companies	9,588	13,474	9,636
Tax paid 2.7	(169,238)	(342,670)	(186,569)
Net decrease (increase) in assets and liabilities
from operating activities	120,191	50,246	1,077,474
NET CHANGES IN CASH FLOW FROM OPERATING ACTIVITIES (A)	900,198	1,264,149	1,696,201
Changes in equity investments(3)	(2,687)	(356,013)	(499,917)
Changes in property, plant and equipment and intangible assets	(24,532)	(56,408)	(23,869)
NET CASH FLOWS FROM INVESTING ACTIVITIES (B)	(27,219)	(412,421)	(523,786)
Cash flow from or intended for shareholders	(582,318)	16,262	(69)
Other net cash flows from financing activities	(97,741)	(123,246)	(99,778)
NET CASH FLOW FROM FINANCING TRANSACTIONS (C)(4)	(680,059)	(106,984)	(99,847)
Impact of exchange rate changes and other changes on cash (d)	11,184	(22,295)	(5,295)
CHANGES IN NET CASH (A + B + C + D)	204,104	722,449	1,067,272
CASH AT BEGINNING OF THE PERIOD	1,854,952	1,132,503	1,132,503
Net cash balance and central banks	35	38	38
Net balance of accounts, demand loans and borrowings with credit institutions	1,854,917	1,132,464	1,132,464
CASH AT END OF THE PERIOD	2,059,056	1,854,952	2,199,774
Net cash balance and central banks	598,886	35	44
Net balance of accounts, demand loans and borrowings with credit institutions	1,460,170	1,854,917	2,199,730
CHANGES IN NET CASH	204,104	722,449	1,067,272

(1) Cash flows from transaction having an impact on financial assets and liabilities include investments and disinvestments in the investment portfolio.

(2) Cash flows from non-financial assets and liabilities include margin calls on collateralised derivatives. These amounts fluctuate depending on the fair value of the underlying derivatives.

(3) Changes in equity investments cash flows include cash disbursed as part of the acquisition of Sabadell Asset Management (transaction described in paragraph 5.3).

(4) Financing transaction cash flows include the impact of the dividends paid to shareholders for 2020 and the partial repayment of the senior loan taken out in 2017 as part of the acquisition of Pioneer Investments. They also incorporate the decreases in lease liabilities recognised as part of applying IFRS 16.

5.3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Summary of the notes

		32
Note 1	PRINCIPLES AND METHODS	32
1.1	Applicable standards and comparability	32
1.2	Presentation format of the financial statements 33
1.3	Accounting methods and principles	33
Note 2	NOTES ON NET INCOME AND GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY	34
2.1	Net asset management revenues	34
2.2	Net financial income	34
2.3	Other net income	35
2.4	Operating expenses	35
2.5	Cost of risk	36
2.6	Net gains (losses) on other assets	38
2.7	Income taxes	38
2.8	Change in gains and losses recognised directly in equity	38
Note 3	NOTES ON THE BALANCE SHEET	40
3.1	Cash and central banks	41
3.2	Financial assets at fair value through profit or loss	41
3.3	Financial liabilities at fair value through profit or loss	42
3.4	Information on the netting of financial assets and liabilities	42
3.5	Financial assets at fair value through equity	43
		Period highlights

	3.6	Financial assets at amortised cost	43
	3.7	Financial liabilities at amortised cost	44
	3.8	Subordinated debt	44
	3.9	Current and deferred tax assets and liabilities 45
		3.10 Accruals and sundry assets and liabilities	45
	3.11	Tangible and intangible assets	46
		3.12 Goodwill	47
		3.13 Equity	47
	Note 4	FAIR VALUE OF FINANCIAL INSTRUMENTS	47
	4.1	Derivatives	47
	4.2	Other financial assets and liabilities	47
	4.3	Financial assets at fair value on the balance sheet	48
	4.4	Financial liabilities at fair value on the balance sheet	49
	4.5	Fair value of financial assets and liabilities measured at cost	50
Note 5		OTHER INFORMATION	50
	5.1	Segment information	50
	5.2	Related parties	51
	5.3	Scope of consolidation	53
	5.4	Off-balance sheet commitments	56
	5.5	Subsequent events	56

Period highlights

The scope of consolidation and its changes at 30 June 2021 are presented in detail in note 5.3.

We highlight here the main events affecting the Group's life during the first half of 2021.

Acquisition of Lyxor

On 7 April 2021, Amundi announced in a press release that it was entering into exclusive negotiations with Société Générale with a view to acquiring Lyxor for the cash sum of €825 million (i.e. €755 million excluding excess capital).

Final agreement was reached on 11 June 2021, when a contract was signed between Amundi and Société Générale. The scope of the transaction excluded structured management solutions for Société Générale's global markets clients and asset management activities dedicated to savings solutions and carried out on behalf of Société Générale (networks and private banking).

The deal is expected to complete at the end of 2021, subject to prior approval from the competent regulatory and competition authorities.

Note 1 PRINCIPLES AND METHODS

1.1 Applicable standards and comparability

Amundi Group's interim condensed consolidated financial statements as of 30 June 2021 were prepared in accordance with IAS 34 regarding interim financial reporting, which allows for the presentation of selected notes to the financial statements. As such, the interim consolidated financial statements do not include all of the notes and information required by IFRS standards for annual financial statements and must be read in conjunction with the consolidated financial statements for 2020, subject to the specificities of the preparation of interim financial statements.

Covid-19 health crisis

The Covid-19 epidemic dominated 2020, with a health crisis becoming an economic crisis, resulting in a fall in the financial markets and increased volatility.

The epidemic has continued in 2021, although at this stage it has not had a significant impact on the Group's business.

The magnitude and duration of this crisis are nevertheless still difficult to predict.

Capital increase reserved to Group employees

In a press release issued on 14 June 2021, Amundi Group announced the launch of a capital increase reserved for employees which had been authorised by the General Meeting on 10 May 2021.

The subscription period for this capital increase reserved for employees ended on 29 June 2021.

Nearly 1,700 employees from 15 countries participated in the capital increase, subscribing to 487,852 new shares (0.2% of the share capital) for an overall amount of €24.9 million.

This capital increase will take place on 29 July 2021 and will increase the number of shares making up Amundi's share capital to 203,074,651 shares. Group employees will therefore hold 0.8% of Amundi's share capital, compared with 0.6% currently.

1.1.1 Standards applied as of 30 June 2021

The accounting principles and methods chosen by Amundi Group to prepare its consolidated financial statements as of 30 June 2021 are identical to those used for the preparation of the consolidated statements for the period ended on 31 December 2020, prepared in accordance with EC Regulation 1606/2002, pursuant to IAS/IFRS standards and IFRIC interpretations as adopted by the European Union ("carve out" version).

They were supplemented by the provisions of IFRS standards as adopted by the European Union at 30 June 2021, application of which is mandatory for the first time in 2021.

These cover:

Date of publication by the European Union	mandatory application financial year beginning on
27 August 2020 (EU 2021/25)	1 January 2021

Benchmark index reforms

In 2021, the reform of benchmark indices entered an acceleration phase with milestones set by the alternative rates working groups and by the authorities. On 5 March 2021, the announcement by IBA – the administrator of LIBOR – confirmed the significant milestone that LIBOR would no longer be published or representative at the end of 2021. Therefore, depending on the currencies and asset classes, all stakeholders must gradually stop using the LIBOR indices for new contracts during the course of 2021 and can no longer use them at all after the end of 2021.

As things stand, the main benchmark indices used by Amundi Group, which ESMA defines as critical and which are affected by certain or potential transitions, are:

1. the EONIA (which will be discontinued on 3 January 2022), for which the transition phase is currently being finalised;
1. the EURIBOR and WIBOR, which may possibly be discontinued, although this is not expected in the short term.

It should be noted that, as of the date of these financial statements, none of the hedging instruments used by Amundi Group was affected by this reform.

Amundi Group does not therefore anticipate any significant impact in its financial statements in connection with these reforms and therefore the transition phase currently in progress.

1.1.2 IFRS standards not yet adopted by the European Union

Furthermore, standards and interpretations published by the IASB, but not yet adopted by the European Union, will enter into mandatory force only at the time of their adoption and therefore were not applied to the Group at 30 June 2021.

1.2 Presentation format of the financial statements

Amundi presents its balance sheet in decreasing liquidity order. Balance sheet assets and liabilities are presented in notes 5.2.3 and 5.2.4.

The income statement is presented by type in note 5.2.1.

The main income statement aggregates are:

net income, including net revenue from commissions and other customer activities (note 2.1) and net financial income (note 2.2);
operating expenses (note 2.4);
cost of risk (note 2.5);
the share of net income from equity-accounted entities;
net gains (losses) on other assets (note 2.6);
income tax (note 2.7).

1.3 Accounting methods and principles

Use of assumptions and estimates for the preparation of the half-year financial statements

In order to prepare the interim condensed consolidated financial statements, the Group carries out a number of estimates and retains certain assumptions it deems realistic and reasonable. The estimates relate to the identification of income and expenses and the valuation of assets and liabilities as well as the information in the notes to the financial statements.

The exercise assumes that Management applies its judgement based on the information available at the time the statements are prepared.

Due to the uncertainties inherent in any valuation process, the Group revises its estimates based on information updated on a regular basis. It is therefore possible that the future results of the transactions in question may differ from the estimates.

Future results may be impacted by a number of different factors, notably (but not exclusively):

the economic and political environment in certain business sectors and countries;
risks associated with the financial markets, which include both national and international market trends as well as interest rate, exchange rate, equity and credit spread fluctuations. Amundi Group, in line with the immediate sensitivity of assets under management to any change in the financial markets (equities, interest rates, etc.), may be affected through its management income;
changes in regulations and legislation;
risks of non-compliance with regulations and legislation. Amundi conducts a regulated activity. In this context, its activities are regularly subject to inspections and investigation tasks of various regulators. Such inspections may highlight certain irregularities and may, in certain cases, lead to fines or other penalties.

The significant estimates made by the Group in preparing the interim consolidated financial statements relate primarily to:

assessment of the recoverable amount of goodwill and other intangible assets;
the fair value measurement of financial instruments;
assessment of provisions for guarantees granted to structured funds;
assessment of provisions for retirement obligations;
assessment of provisions for legal, regulatory and noncompliance risks.

All these assessments are carried out on the basis of the information available on the date of preparation of the financial statements.

Seasonal nature of the business

Since the Group's business is not seasonal or cyclical in nature, its first-half results are not influenced by such factors.

However, fees and commissions payable or receivable that are contingent upon meeting a performance target are recognised at an interim date only if all the following conditions are met:

the amount of fees and commissions can be estimated reliably;
it is probable that the future economic benefits resulting from the services rendered will flow to the Company;
the stage of completion of the service can be estimated in a reliable way; and the costs incurred for the service and the costs to complete it can be estimated in a reliable way.

Performance fees are therefore recognised at the end of the calculation period.

Income taxes

As part of the preparation of the interim financial statements, the (current and deferred) tax expense was estimated using the estimated average annual rate method.

Retirement obligations

Pension costs for the interim period are calculated based on actuarial valuations made for the previous financial year, as the Group does not conduct actuarial valuations during the year. However, these year-end actuarial valuations are adjusted to take into account non-recurring events during the first half that are likely to have an impact on the Group's obligations. Furthermore, the amounts recognised in respect of defined-benefit plans are adjusted if necessary in order to take into account any major changes that may have affected the yield on bonds issued by leading companies in the area involved (reference used to determine the discount rate) and the actual return on hedging assets.

As of 30 June 2021, Amundi adjusted the discount rate used in the financial statements as of 31 December 2020 because iBoxx rates had changed significantly.

Note 2 NOTES ON NET INCOME AND GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY

2.1 Net asset management revenues

Commissions and fees break down as follows:

In € thousands	H1 2021	2020	H1 2020
Net fee and commission income	1,350,248	2,433,885	1,204,568
Performance fees	266,349	199,944	76,371
TOTAL NET ASSET MANAGEMENT REVENUES	1,616,598	2,633,829	1,280,938

The analysis of net asset management revenue by client segment is presented in note 5.1.

2.2 Net financial income

In € thousands	H1 2021	2020	H1 2020
Interest income	10,648	14,854	6,123
Interest expense	(30,389)	(50,369)	(20,298)
NET INTEREST MARGIN	(19,742)	(35,515)	(14,175)
Dividends received	2,053	1,968	1,545
Unrealised or realised gains or losses on assets/liabilities designated at fair value through profit or loss by type	21,896	(21,952)	(35,863)
Unrealised or realised gains or losses on assets/liabilities designated at fair value through profit or loss by option	-	10,000	-
Net gains/(losses) on currency and similar financial instrument transactions	(2,500)	2,231	1,724
NET GAINS OR LOSSES ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS	21,449	(7,753)	(32,593)
Net gains or losses on debt instruments recognised in recyclable equity	-	(8)	-
Remuneration of equity instruments recognised in non-recyclable equity (dividends)	5,081	6,827	3,445
NET GAINS OR LOSSES ON FINANCIAL ASSETS AT FAIR VALUE THROUGH EQUITY	5,081	6,819	3,445
TOTAL NET FINANCIAL INCOME	6,788	(36,449)	(43,323)

Analysis of net gains (losses) from hedge accounting:

		H1 2021			2020			H1 2020
In € thousands	Profits	Losses	Net	Profits	Losses	Net	Profits	Losses	Net
FAIR VALUE HEDGES
Change in fair value of hedged items attributable to hedged risks	(2,091)	(321)	(2,412)	1,238	358	1,596	915	315	1,230
Change in fair value of hedging derivatives (including termination of hedges)	320	2,092	2,412	(905)	(690)	(1,595)	(315)	(915)	(1,230)
TOTAL GAINS (LOSSES) FROM HEDGE ACCOUNTING	(1,771)	1,771	-	333	(332)	1	600	(600)	-

2.3 Other net income

In € thousands	H1 2021	2020	H1 2020
Other net income (expenses) from banking operations	(44,016)	(93,095)	(44,945)
Other net income (expenses) from non-banking operations	5,775	16,910	7,994
TOTAL OTHER NET INCOME (EXPENSES)	(38,241)	(76,185)	(36,951)

Other net income includes revenue from non-Group entities generated by the Amundi subsidiary that provides IT services primarily to members of the Group, along with the amortisation expense for intangible assets (distribution agreements) acquired in business combinations in the amount of €34,080,000 for the first half of 2021 and €74,268,000 for 2020.

2.4 Operating expenses

In € thousands	H1 2021	2020	H1 2020
Employee expenses (including seconded and temporary personnel)	(526,646)	(896,845)	(422,890)
Other operating expenses	(237,350)	(443,990)	(225,552)
Of which external services related to personnel and similar expenses	(3,074)	(5,805)	(2,212)
TOTAL GENERAL OPERATING EXPENSES	(763,996)	(1,340,835)	(648,442)

An analysis of employee expenses is presented below:

In € thousands	H1 2021	2020	H1 2020
Salaries	(387,093)	(658,553)	(316,790)
Retirement fund contributions	(24,558)	(42,291)	(24,993)
Social charges and taxes	(90,153)	(150,575)	(61,109)
Other	(24,843)	(45,426)	(19,999)
TOTAL EMPLOYEE EXPENSES	(526,646)	(896,845)	(422,890)

An expense of €10,705,000 for share-based payments was recognised during the first half of 2021 in respect of the performance share award scheme for and the capital increase reserved for Group employees.

These award schemes are described below:

Performance share award schemes

Date of General Meeting authorising share award scheme	18/05/2017	18/05/2017	16/05/2019	16/05/2019
Date of Board meeting	13/12/2017	01/08/2018	13/12/2019	28/04/2021
Date of allocation of shares	13/12/2017	01/08/2018	13/12/2019	28/04/2021
Number of shares allocated	1,551,750	98,310	65,570	341,180
Methods of payment	Amundi shares	Amundi shares	Amundi shares	Amundi shares
Vesting period	01/07/2017 31/12/2021	01/07/2018 31/12/2021	13/12/2019 13/12/2021	28/04/2021 01/04/2024
Performance conditions(1)	Yes	Yes	Yes	Yes
Continued employment condition	Yes	Yes	Yes	Yes
Shares remaining as of 31 December 2020(2)	443,493	46,110	65,570	341,180
Shares issued during the period	-	-	-	-
Shares cancelled or voided during the period	-	-	-	-
Shares remaining as of 30 June 2021(2)	443,493	46,110	65,570	341,180
Fair value of one share – Tranche 1	€67.12	€52.27	€62.58	€62.88
Fair value of one share – Tranche 2	€63.69	€48.78	n/a	n/a
Fair value of one share – Tranche 3	€59.85	n/a	n/a	n/a

(1) Performance conditions are based on Net Income Group Share (NIGS), the amount of net inflow and the Group's cost-to-income ratio. (2) Shares on the basis of achieving performance conditions of 100%.

Amundi measures the shares awarded and recognises an expense determined on the grant date based on the market value on that date. The assumptions relating to beneficiaries (options forfeited on dismissal or resignation) may be revised during the vesting period, giving rise to an adjustment to the expense.

2.5 Cost of risk

In € thousands	H1 2021	2020	H1 2020
CREDIT RISK
Provisions net of impairment reversals on performing assets (Buckets 1 and 2)	(269)	1,322	659
Bucket 1: Losses valued at amount of credit losses expected in the coming 12 months	(269)	1,322	659
Debt instruments recognised at fair value through recyclable equity	(172)	102	(213)
Debt instruments recognised at amortised cost	10	1,275	1,361
Commitments made	(107)	(55)	(489)
Bucket 2: Losses valued at amount of credit losses expected over the lifetime	-	-	-
Debt instruments recognised at fair value through recyclable equity	-	-	-
Debt instruments recognised at amortised cost	-	-	-
Commitments made	-	-	-
Provisions net of write-down reversals on impaired assets (Bucket 3)	9,795	(7,838)	(7,701)
Bucket 3: Impaired assets
Debt instruments recognised at fair value through recyclable equity	-	-	-
Commitments made	9,795	(7,838)	(7,701)
NET CHANGES IN PROVISIONS FOR CREDIT RISK	9,526	(6,516)	(7,042)
NET CHANGES IN PROVISIONS FOR OTHER RISKS AND CHARGES AND PROVISIONS ON OTHER ASSETS(1)	(25,263)	(12,236)	(8,736)
OTHER NET GAINS (LOSSES)(2)	(4,241)	(4,082)	(1,455)
TOTAL COST OF RISK	(19,978)	(22,834)	(17,232)

(1) This item records, in particular, the effects of provisions for litigations and risks of regulatory non-compliance risks.

(2) This item incorporates the net gains or losses resulting from the activity, including in particular certain expenses associated with operational risk in this category.

Value adjustments for losses corresponding to provisions for off-balance sheet commitments and recognised under cost of risk (for credit risk) are shown below:

			Performing commitments
	Commitments subject to an ECL at 12 months (Bucket 1)		Commitments subject to an ECL at maturity (Bucket 2)		Impaired commitments (Bucket 3)		Total
In € thousands	Amount of commitment	Value adjustment for losses	Amount of commitment Value adjustment for losses	Amount of commitment	Value adjustment for losses	Amount of commitment (a)	Value adjustment for losses (b)	commitment (a) + (b) Net amount of
AS OF 1 JANUARY 2021	16,110,391	(394)	- -	2,131,417		(30,998) 18,241,808 (31,392) 18,210,416
Transfers of commitments during their lifetime from one Bucket to another Transfer of 12-month ECLs	(28,413)	-	- -	28,413	(664)	-	(664)
(Bucket 1) to ECLs at maturity (Bucket 2)						-	-
Return of ECLs at maturity (Bucket 2) to 12-month ECLs (Bucket 1)						-	-
Transfers to ECLs at maturity Impaired (Bucket 3)	(28,413)			28,413	(664)	-	(664)
Return of ECLs at maturity Impaired (Bucket 3) to ECLs at maturity (Bucket 2)/12-month ECLs (Bucket 1)
TOTAL AFTER TRANSFER	16,081,978	(394)	- -	2,159,830		(31,662) 18,241,808 (32,056) 18,209,752
Changes in commitment amounts and value adjustments for losses	(202,921)	(114)	- -	98,475	10,597	(104,446)	10,483
New commitments given						-	-
Suppression of commitments					-	-	-
Transfer to loss				(138)	138	(138)	138
Changes in flows that do not result in derecognition						-	-
Changes in credit risk parameters over the period		(114)			10,459	-	10,345
Change in model/ methodology						-	-
Other	(202,921)			98,613		(104,308)	-
AT 30 JUNE 2021	15,879,057	(508)	- -	2,258,305		(21,065) 18,137,362 (21,573) 18,115,789

Provisions for off-balance sheet commitments are provisions granted by Amundi within the context of fund guarantees.

2.6 Net gains (losses) on other assets

In € thousands	H1 2021	2020	H1 2020
Gains on disposals of tangible and intangible assets	103	66	34
Losses on disposals of tangible and intangible assets	(96)	(38)	(14)
Income from sales of securities from consolidated holdings	-	-	-
Net income from business combination operations	-	-	-
TOTAL NET GAINS (LOSSES) ON OTHER ASSETS	8	28	20

2.7 Income taxes

In € thousands	H1 2021	2020	H1 2020
Current tax charge	(219,089)	(316,990)	(128,197)
Deferred tax income (expense)	120,238	423	(22,140)
TOTAL TAX EXPENSE FOR THE PERIOD	(98,851)	(316,567)	(150,338)

As of 30 June 2021, the tax charge included a positive impact (net of substitution fees) of €114.4 million following application of the Affrancamento tax mechanism to the Italian subsidiary Amundi SGR under the Italian finance law for 2021.

2.8 Change in gains and losses recognised directly in equity

Net gains and losses recognised directly in equity for the first half of 2020 are detailed below:

RECYCLABLE GAINS AND LOSSES

In € thousands	H1 2021	2020	H1 2020
TRANSLATION GAINS AND LOSSES	32,912	(70,181)	(17,972)
Revaluation adjustment for the period	32,912	(70,181)	(17,972)
Reclassified to profit and loss	-	-	-
Other reclassifications	-	-	-
GAINS AND LOSSES ON DEBT INSTRUMENTS RECOGNISED IN RECYCLABLE EQUITY	(150)	(226)	(631)
Revaluation adjustment for the period	(322)	(235)	(844)
Reclassified to profit and loss	-	8	-
Other reclassifications	172	-	213
GAINS AND LOSSES ON HEDGING DERIVATIVE INSTRUMENTS	-	-	-
Revaluation adjustment for the period	-	-	-
Reclassified to profit and loss	-	-	-
Other reclassifications	-	-	-
PRE-TAX GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY FROM EQUITY-ACCOUNTED ENTITIES	9,236	(18,368)	(9,707)
TAX ON GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY, EXCLUDING EQUITY-ACCOUNTED ENTITIES	14	41	153
TAX ON GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY FROM EQUITY-ACCOUNTED ENTITIES	-	-	-
TOTAL NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY RECYCLABLE TO PROFIT OR LOSS AT A LATER DATE	42,012	(88,734)	(28,158)

NON-RECYCLABLE GAINS AND LOSSES

In € thousands	H1 2021	2020	H1 2020
ACTUARIAL GAINS AND LOSSES ON POST-EMPLOYMENT BENEFITS	9,591	(11,677)	(13)
NON-RECYCLABLE GAINS AND LOSSES ON EQUITY INSTRUMENTS RECOGNISED THROUGH EQUITY	19,948	(53,501)	(43,840)
Revaluation adjustment for the period	19,948	(57,686)	(43,840)
Transfers to reserves	-	4,185	-
Other reclassifications	-	-	-
Pre-tax gains and losses recognised directly in non-recyclable equity from equity-accounted entities	-	-	-
Income tax on gains and losses recognised directly in non-recyclable equity, excluding equity-accounted entities	(2,888)	3,460	4
Income tax on gains and losses recognised directly in non-recyclable equity from equity-accounted entities	-	-	-
TOTAL NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY THAT WILL NOT BE RECYCLED TO PROFIT OR LOSS AT A LATER DATE	26,651	(61,718)	(43,849)

TOTAL NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY	68,663	(150,453)	(72,007)
Of which Group share	66,146	(149,617)	(72,007)

Of which non-controlling interests 2,517 (837) -

Details of the tax effect on gains and losses recognised directly in equity are shown below:

		31/12/2020				H1 2021 change				30/06/2021
In € thousands	Gross	Tax	Net of tax	Net Group share	Gross	Tax	Net of tax	Net Group share	Gross	Tax	Net of tax	Net Group share
GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY
Translation gains and losses	(52,066)	-	(52,066)	(51,239)	32,912	-	32,912	30,395	(19,154)	-	(19,154)	(20,844)
Gains and losses on debt instruments recognised in recyclable equity	(928)	264	(664)	(664)	(150)	14	(136)	(136)	(1,078)	278	(800)	(800)
Gains and losses on hedging derivative instruments							-		-	-	-	-
NET GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY EXCLUDING EQUITY-ACCOUNTED ENTITIES	(52,994)	264	(52,730)	(51,903)	32,762	14	32,776	30,259	(20,232)	278	(19,954)	(21,644)
Net gains and losses recognised directly in recyclable equity from equity-accounted entities	(27,191)	-	(27,191)	(27,191)	9,236	-	9,236	9,236	(17,955)	-	(17,955)	(17,955)
GAINS AND LOSSES RECOGNISED DIRECTLY IN RECYCLABLE EQUITY	(80,185)	264	(79,922)	(79,094)	41,998	14	42,012	39,495	(38,187)	278	(37,909)	(39,599)
GAINS AND LOSSES RECOGNISED DIRECTLY IN NON-RECYCLABLE EQUITY
Actuarial gains and losses on post employment benefits	(37,154)	10,401	(26,751)	(26,692)	9,591	(2,888)	6,703	6,703	(27,563)	7,513	(20,049)	(19,989)
Non-recyclable gains and losses on equity instruments recognised through equity	(89,852)	-	(89,852)	(89,852)	19,948	-	19,948	19,948	(69,904)	-	(69,904)	(69,904)
GAINS AND LOSSES RECOGNISED DIRECTLY IN NON-RECYCLABLE EQUITY EXCLUDING EQUITY-ACCOUNTED ENTITIES	(127,006)	10,401	(116,603)	(116,545)	29,539	(2,888)	26,651	26,651	(97,467)	7,513	(89,953)	(89,895)
Gains and losses recognised directly in non-recyclable equity from of equity accounted entities	-	-	-	-	-	-	-	-	-	-	-	-
GAINS AND LOSSES RECOGNISED DIRECTLY IN NON RECYCLABLE EQUITY	(127,006)	10,401	(116,603)	(116,545)	29,539	(2,888)	26,651	26,651	(97,467)	7,513	(89,953)	(89,895)
TOTAL GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY (207,191)			10,665 (196,525) (195,639)		71,537	(2,874)	68,663		66,146 (135,654)		7,791 (127,862) (129,494)

Note 3 NOTES ON THE BALANCE SHEET

3.1 Cash and central banks

In € thousands	30/06/2021	31/12/2020
Cash	32	35
Central banks	598,854	-
TOTAL CASH & CENTRAL BANKS	598,886	35

3.2 Financial assets at fair value through profit or loss

In € thousands	30/06/2021	31/12/2020
Financial assets held for trading	3,714,602	3,090,188
Derivative hedging instruments	288	27
Equity instruments at fair value through profit or loss	612,282	599,266
Debt instruments at fair value through profit or loss by category	3,156,407	3,652,142
Financial assets designated at fair value through profit or loss	9,244,454	9,180,551
TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS	16,728,033	16,522,174

3.2.1 Financial assets held for trading

In € thousands	30/06/2021	31/12/2020
Derivative trading instruments	3,714,602	3,090,188
of which interest rate swaps	72,371	105,013
of which equity and index swaps	3,640,161	2,983,217
TOTAL FINANCIAL ASSETS HELD FOR TRADING	3,714,602	3,090,188

This section includes the fair value of derivatives contracted by Amundi as part of its intermediation business: derivatives contracted with funds and executed with market counterparties.

3.2.2 Assets – hedging derivatives

		30/06/2021			31/12/2020
		Market value		Market value
In € thousands	Positive	Negative	Notional amount	Positive	Negative	Notional amount
FAIR VALUE HEDGING
Interest rate risk	288	8,002	436,000	27	10,060	436,000

This section refers to the hedges on Treasury bills (OATs) held by Amundi as collateral under the EMIR Regulation.

3.2.3 Other financial assets at fair value through profit or loss

In € thousands	30/06/2021	31/12/2020
Equity instruments at fair value through profit or loss	612,282	599,266
Shares and other variable-income securities	504,569	492,454
Non-consolidated equity holdings	107,713	106,812
Debt instruments at fair value through profit or loss by category	3,156,407	3,652,142
Funds	3,156,407	3,652,142
Treasury bills and similar securities	-	-
Financial assets designated at fair value through profit or loss	9,244,454	9,180,551
Loans and receivables due from credit institutions	5,819,509	5,512,181
Bonds and other fixed-income securities	3,424,945	3,668,370
Treasury bills and similar securities	-	-
TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS	13,013,143	13,431,959

This section includes the fair value of seed money, proprietary investments and hedging assets for EMTN issues (see note 3.3.3).

3.3 Financial liabilities at fair value through profit or loss

In € thousands	30/06/2021	31/12/2020
Financial liabilities held for trading	3,000,386	2,609,057
Derivative hedging instruments	8,002	10,060
Financial liabilities designated at fair value through profit or loss	10,491,006	10,086,216
TOTAL FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS	13,499,394	12,705,333

3.3.1 Liabilities held for trading

In € thousands	30/06/2021	31/12/2020
Derivative trading instruments	3,000,386	2,609,057
of which interest rate swaps	24,961	41,302
of which equity and index swaps	2,969,572	2,561,555
TOTAL FINANCIAL LIABILITIES HELD FOR TRADING	3,000,386	2,609,057

This section includes the fair value of derivatives contracted by Amundi as part of its intermediation business: derivatives contracted with funds and executed with market counterparties.

3.3.2 Liabilities – hedging derivatives

See note 3.2.2 "Assets – Hedging derivatives".

3.3.3 Financial liabilities designated at fair value through profit or loss

In € thousands	30/06/2021	31/12/2020
Debt securities	10,491,006	10,086,216
TOTAL FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	10,491,006	10,086,216

This section records the securities issued by EMTN issuance vehicles for customers. The nominal value of these issues was €9,684,329,000 and as of 30 June 2021 and €9,460,838,000 as of 31 December 2020.

3.4 Information on the netting of financial assets and liabilities

3.4.1 Netting – Financial assets

EFFECTS OF NETTING ON FINANCIAL ASSETS UNDER THE MASTER NETTING AGREEMENT AND OTHER SIMILAR AGREEMENTS

				Other amounts that can be netted under given conditions
	Gross amount of assets recognised before netting	Gross amount of liabilities actually netted	Net amount of financial assets shown in the summary statements	Gross amount of financial liabilities covered by master netting agreement	Amounts of other financial instruments received as collateral, including security deposits	Net amount after total netting effect
In € thousands Type of transaction	(a)	(b)	(c) = (a) - (b)		(d)	(e) = (c) - (d)
30/06/2021
Derivatives	3,712,820	-	3,712,820	2,562,276	808,428	342,116
FINANCIAL ASSETS SUBJECT TO NETTING	3,712,820	-	3,712,820	2,562,276	808,428	342,116
31/12/2020
Derivatives	3,088,422	-	3,088,422	2,230,081	544,479	313,862
FINANCIAL ASSETS SUBJECT TO NETTING	3,088,422	-	3,088,422	2,230,081	544,479	313,862

The gross amounts of the derivatives presented in the statements exclude adjustments for counterparty risks, Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment (DVA).

3.4.2 Netting – Financial liabilities

EFFECTS OF NETTING ON FINANCIAL LIABILITIES UNDER THE MASTER NETTING AGREEMENT AND OTHER SIMILAR AGREEMENTS

	Gross amount of liabilities recognised before netting	Gross amount of assets actually netted	Net amount of financial liabilities shown in the summary statements	Other amounts that can be netted under given conditions Gross amount of financial assets covered by master netting agreement	Amounts of other financial instruments given as collateral, including security deposits	Net amount after total netting effect
In € thousands Type of transaction	(a)	(b)	(c) = (a) - (b)		(d)	(e) = (c) - (d)
30/06/2021
Derivatives	3,002,706	-	3,002,706	2,562,276	261,931	178,499
FINANCIAL LIABILITIES SUBJECT TO NETTING	3,002,706	-	3,002,706	2,562,276	261,931	178,499
31/12/2020
Derivatives	2,612,918	-	2,612,918	2,230,081	193,391	189,446
FINANCIAL LIABILITIES SUBJECT TO NETTING	2,612,918	-	2,612,918	2,230,081	193,391	189,446

The gross amounts of the derivatives presented in the statements exclude adjustments for counterparty risks, Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment (DVA).

3.5 Financial assets at fair value through equity

	30/06/2021			31/12/2020
In € thousands	Balance sheet value	Unrealised gains	Unrealised losses	Balance sheet value	Unrealised gains	Unrealised losses
Debt instruments recognised at fair value through recyclable equity	461,482	-	(800)	466,727	-	(928)
Treasury bills and similar securities	461,482	-	(800)	466,727	-	(928)
Equity instruments recognised at fair value through non-recyclable equity	160,597	2,895	(72,799)	140,649	-	(89,852)
Non-consolidated equity holdings	160,597	2,895	(72,799)	140,649	-	(89,852)
FINANCIAL ASSETS AT FAIR VALUE THROUGH EQUITY	622,079	2,895	(73,599)	607,376	-	(90,780)

3.6 Financial assets at amortised cost

In € thousands	30/06/2021	31/12/2020
Current accounts and overnight loans	1,497,419	1,902,974
Accounts and term deposits	239,468	523,966
Accrued interest	2,022	2,376
TOTAL FINANCIAL ASSETS AT AMORTISED COST (NET VALUE)	1,738,909	2,429,316

"Financial assets at amortised cost" are loans and receivables due from credit institutions primarily granted to Crédit Agricole Group. As of 30 June 2021, the value adjustments for credit risk totalled €76,000, compared with €86,000 as of 31 December 2020.

3.7 Financial liabilities at amortised cost

In € thousands	30/06/2021	31/12/2020
Accounts and term deposits	1,928,580	2,918,868
Accrued interest	229	870
Current accounts	37,249	48,057
TOTAL FINANCIAL LIABILITIES AT AMORTISED COST	1,966,058	2,967,795

The main counterparty in respect of "financial liabilities at amortised cost" is the Crédit Agricole Group.

3.8 Subordinated debt

In € thousands	30/06/2021	31/12/2020
Fixed-term subordinated debt	300,916	303,859
TOTAL SUBORDINATED DEBT	300,916	303,859

3.9 Current and deferred tax assets and liabilities

In € thousands	30/06/2021	31/12/2020
Current tax receivables	128,534	45,544
Deferred tax assets	244,421	131,904
TOTAL CURRENT AND DEFERRED TAX ASSETS	372,955	177,448
Current tax liabilities	239,575	106,914
Deferred tax liabilities	122,508	128,022
TOTAL CURRENT AND DEFERRED TAX LIABILITIES	362,083	234,936

As of 30 June 2021, deferred tax assets included €127.4 million in tax savings generated by the Affrancamento tax mechanism in Italy (see also Note 2.7).

3.10 Accruals and sundry assets and liabilities

3.10.1 Accruals, prepayments and sundry assets

In € thousands	30/06/2021	31/12/2020
Miscellaneous debtors	1,368,721	1,119,538
Accrued income	703,459	528,676
Prepaid expenses	400,636	273,103
ASSETS – TOTAL ACCRUALS, PREPAYMENTS AND SUNDRY ASSETS	2,472,816	1,921,317

Accruals, prepayments and sundry assets include management and performance fees due and the collateral paid for derivative contracts. The collateral was recorded in balance sheet assets in the amount of €388,068,000 as of 30 June 2021 and €250,557,000 as of 31 December 2020.

3.10.2 Accruals, deferred income and sundry liabilities

In € thousands	30/06/2021	31/12/2020
Miscellaneous creditors	1,225,137	759,248
Accrued expenses	853,447	899,970
Prepaid income	42,718	6,044
IFRS 16 lease liability	347,762	367,401
Other accruals	1,024,059	729,491
LIABILITIES – TOTAL ACCRUALS AND SUNDRY LIABILITIES	3,493,122	2,762,154

Accruals, deferred income and sundry liabilities include bonus debt, inducements payable to distributors and collateral received for derivative contracts. Collateral amounting to €919,136,000 was recorded in balance sheet liabilities as of 30 June 2021 and €650,676,000 as of 31 December 2020.

3.11 Tangible and intangible assets

3.11.1 Tangible assets used in operations

In € thousands	31/12/2020	Change of scope	Increase	Decrease	Foreign exchange gains and losses	Other transactions	30/06/2021
Gross value	669,195	261	12,506	(9,192)	3,844	(2,536)	674,077
of which property use rights	441,790	-	2,741	(2,844)	2,428	(2,484)	441,631
Amortisation and provisions	(259,544)	(117)	(31,307)	2,890	(920)	-	(288,998)
of which amort. / property use rights	(86,970)	-	(23,474)	2,213		(501)	(108,731)
NET TANGIBLE ASSETS	409,651	144	(18,801)	(6,302)	2,924	(2,536)	385,079

In € thousands	31/12/2019	Change of scope	Increase	Decrease	Foreign exchange gains and losses	Other transactions	31/12/2020
Gross value	420,148	-	192,809	(16,546)	(7,909)	80,694	669,195
of which property use rights	208,977	-	163,550	(7,275)	(4,941)	81,478	441,790
Amortisation and provisions	(213,933)	-	(65,414)	16,175	2,277	1,351	(259,544)
of which amort. / property use rights	(47,304)	-	(48,199)	7,169	1,000	365	(86,970)
NET TANGIBLE ASSETS	206,215	-	127,394	(372)	(5,632)	82,045	409,651

3.11.2 Intangible assets used in operations

In € thousands	31/12/2020	Change of scope	Increase	Decrease	Foreign exchange gains and losses	Other transactions	30/06/2021
Gross value	1,151,859	-	19,973	(30)	830	52	1,172,685
Amortisation and provisions	(621,402)	-	(41,438)	31	(537)	4	(663,342)
NET INTANGIBLE ASSETS	530,457	-	(21,465)	1	293	56	509,343

In € thousands	31/12/2019	Change of scope	Increase	Decrease	Foreign exchange gains and losses	Other transactions	31/12/2020
Gross value	1,114,788	108,000	25,408	(95,957)	(1,336)	956	1,151,859
Amortisation and provisions	(629,690)		(87,490)	95,941	743	(906)	(621,402)
NET INTANGIBLE ASSETS	485,098	108,000	(62,082)	(16)	(593)	50	530,457

Intangible assets consist primarily of:

■ distribution contracts with partner networks acquired through business combinations and amortised over a maximum period of 10 years;

■ software acquired or developed in-house.

3.12 Goodwill

Goodwill was €6,021.1 million as of 30 June 2021, compared with €5,995.6 million as of 31 December 2020. This change was mainly due to exchange rate fluctuations.

In the absence of any indication of impairment, the Group has not estimated the recoverable amount of goodwill and therefore no impairment has been recorded.

3.13 Equity

3.13.1 Composition of the share capital

As of 30 June 2021, the allocation of share capital and voting rights was as follows:

Shareholders	Number of securities	% of share capital	% of voting rights
Crédit Agricole S.A.	137,606,742	67.93%	68.14%
Other Crédit Agricole Group companies	3,450,657	1.70%	1.71%
Employees	1,141,557	0.56%	0.57%
Treasury stock	642,087	0.32%	-
Free float	59,744,910	29.49%	29.58%
TOTAL SECURITIES	202,585,953	100.00%	100.00%

3.13.2 Dividends

In accordance with the decision of the General Meeting of 10 May 2021, it was decided to pay a dividend of €2.90 per share for each of the 202,585,953 shares eligible for the dividend.

In €	For the 2020 financial year	For the 2019 financial year
Ordinary dividend per share	2.90	n/a

Note 4 FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial instruments measured at fair value on the balance sheet are valued on the basis of listed prices or valuation techniques that maximise the use of observable data.

4.1 Derivatives

The valuation of derivatives includes:

an adjustment for the quality of the counterparty (Credit Value Adjustment or CVA) intended to factor the credit risk associated with the counterparty into the valuation of derivative instruments (risk of non-payment of the amount due in the event of default). The adjustment is calculated on an aggregate basis by counterparty according to the future exposure profile of the transactions after deducting any collateral. This adjustment is always negative and is deducted from the fair value of the financial instruments;
a value adjustment for the credit risk for our Company (Debt Value Adjustment DVA) intended to factor the risk associated with our counterparties into the valuation of derivative instruments. The adjustment is calculated on an aggregate basis by counterparty based on the future exposure profile of the transactions. This adjustment is always positive and is deducted from the fair value of the financial instruments.

4.2 Other financial assets and liabilities

Other financial assets

Listed unconsolidated equity securities (primarily Resona Holding), listed bonds and fund units with a liquidation value available at least twice a month are classified as Level 1. All other assets and liabilities valued at fair value are classified as Level 2 with the exception of private equity funds, which are classified as Level 3.

Other financial liabilities

Liabilities designated at fair value result from EMTN issuance vehicles. These liabilities are classified as Level 2.

4.3 Financial assets at fair value on the balance sheet

The tables below show the balance sheet financial assets and liabilities valued at fair value and classified by fair value level:

	Total	Price listed on active markets for identical instruments	Valuation based on observable data	Valuation based on non observable data
In € thousands	30/06/2021	Level 1	Level 2	Level 3
FINANCIAL ASSETS HELD FOR TRADING	3,714,602	-	3,714,602	-
Loans and receivables due from credit institutions	-	-	-	-
Securities received under repurchase agreements	-	-	-	-
Securities held for trading	-	-	-	-
Treasury bills and similar securities	-	-	-	-
Bonds and other fixed-income securities	-	-	-	-
Shares and other variable-income securities	-	-	-	-
Derivative instruments	3,714,602	-	3,714,602	-
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	13,013,143	6,550,017	6,443,892	19,234
Equity instruments	612,282	14,932	597,350	-
Shares and other variable-income securities	504,569	-	504,569	-
Non-consolidated equity holdings	107,713	14,932	92,781	-
Debt instruments at fair value by category	3,156,407	3,110,140	27,033	19,234
Funds	3,156,407	3,110,140	27,033	19,234
Treasury bills and similar securities	-	-	-	-
Financial assets designated at fair value through profit or loss	9,244,454	3,424,945	5,819,509	-
Bonds and other fixed-income securities	3,424,945	3,424,945	-	-
Loans and receivables due from credit institutions	5,819,509	-	5,819,509	-
Treasury bills and similar securities	-	-	-	-
FINANCIAL ASSETS RECOGNISED IN EQUITY	622,079	607,983	14,096	-
Equity instruments recognised in non-recyclable equity	160,597	146,501	14,096	-
Shares and other variable-income securities	-	-	-	-
Non-consolidated equity holdings	160,597	146,501	14,096	-
Debt instruments recognised in non-recyclable equity	461,482	461,482	-	-
Treasury bills and similar securities	461,482	461,482	-
DERIVATIVE HEDGING INSTRUMENTS	288	-	288	-
TOTAL FINANCIAL ASSETS MEASURED AT FAIR VALUE	17,350,112	7,158,000	10,172,878	19,234

	Total	Price listed on active markets for identical instruments	Valuation based on observable data	Valuation based on non observable data
In € thousands	31/12/2020	Level 1	Level 2	Level 3
FINANCIAL ASSETS HELD FOR TRADING	3,090,188	-	3,090,188	-
Derivative instruments	3,090,188	-	3,090,188	-
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	13,431,959	7,286,187	6,128,057	17,715
Equity instruments	599,266	14,373	584,893	-
Shares and other variable-income securities	492,454	-	492,454	-
Non-consolidated equity holdings	106,812	14,373	92,439	-
Debt instruments that do not meet SPPI criteria	3,652,142	3,603,444	30,983	17,715
Funds	3,652,142	3,603,444	30,983	17,715
Assets backing unit-linked contracts	-	-	-	-
Financial assets designated at fair value through profit or loss	9,180,551	3,668,370	5,512,181	-
Bonds and other fixed-income securities	3,668,370	3,668,370	-	-
Loans and receivables due from credit institutions	5,512,181	-	5,512,181	-
Treasury bills and similar securities	-	-	-	-
FINANCIAL ASSETS RECOGNISED IN EQUITY	607,376	595,077	12,299	-
Equity instruments recognised in non-recyclable equity	140,649	128,350	12,299	-
Shares and other variable-income securities	-	-	-	-
Non-consolidated equity holdings	140,649	128,350	12,299	-
Debt instruments recognised in non-recyclable equity	466,727	466,727	-	-
Treasury bills and similar securities	466,727	466,727	-	-
DERIVATIVE HEDGING INSTRUMENTS	27	-	27	-
TOTAL FINANCIAL ASSETS MEASURED AT FAIR VALUE	17,129,551	7,881,264	9,230,571	17,715

4.4 Financial liabilities at fair value on the balance sheet

In € thousands	Total 30/06/2021	Price listed on active markets for identical instruments Level 1	Valuation based on observable data Level 2	Valuation based on non observable data Level 3
FINANCIAL LIABILITIES HELD FOR TRADING	3,000,386	-	3,000,386	-
Due to credit institutions	-	-	-	-
Derivative instruments	3,000,386	-	3,000,386	-
DERIVATIVE HEDGING INSTRUMENTS	8,002	-	8,002	-
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	10,491,006	-	10,491,006	-
TOTAL FINANCIAL LIABILITIES MEASURED AT FAIR VALUE	13,499,394	-	13,499,394	-

In € thousands	Total 31/12/2020	Price listed on active markets for identical instruments Level 1	Valuation based on observable data Level 2	Valuation based on non observable data Level 3
FINANCIAL LIABILITIES HELD FOR TRADING	2,609,057		2,609,057
Due to credit institutions	-	-	-	-
Derivative instruments	2,609,057	-	2,609,057	-
DERIVATIVE HEDGING INSTRUMENTS	10,060		10,060
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS	10,086,216		10,086,216
TOTAL FINANCIAL LIABILITIES MEASURED AT FAIR VALUE	12,705,333	-	12,705,333	-

4.5 Fair value of financial assets and liabilities measured at cost

Financial assets and liabilities valued at cost primarily include loans to and receivables from credit institutions and the collateral paid and received for derivatives contracts.

With respect to daily margin calls, Amundi Group considers that the collateral recorded and received is recognised at its fair value under "Accruals, prepayments and sundry assets" and "Accruals, deferred income and sundry liabilities".

Amundi Group considers that the amortised cost of debts and receivables to credit institutions is a good approximation of fair value. This consists primarily of:

variable-rate assets and liabilities for which interest rate changes do not have a significant impact on fair value, since the rates of return of these instruments frequently adjust themselves to market rates (loans and borrowings);
short-term assets and liabilities where the redemption value is close to the market value.

Note 5 OTHER INFORMATION

5.1 Segment information

Amundi's business is solely focused on managing assets for third parties. It therefore has only one operating segment within the meaning of IFRS 8.

The Group's operational performance is not tracked more closely than the Group overall. Items that are reviewed at a closer level are limited to monthly reports on Group business volume (inflows, outstanding assets) and periodic reports on income net of commissions by client segment (Retail, Institutional). The Group believes that this information better corresponds to monitoring commercial activity than to measurement of operational performance for the purposes of decision-making for resource allocation. Operating expenses are not allocated to client segments (Retail and Institutional Investors).

However, the Group believes that it is helpful to publish the information about commercial activity which is shown below as information complementary to that required by IFRS 8:

In € millions	H1 2021	2020	H1 2020
Retail	977	1,744	872
Institutional investors	375	690	333
Institutional investors, Corporate and employee savings	296	537	258
Insurers (1)	80	153	75
NET FEE AND COMMISSION INCOME	1,353	2,434	1,205
Performance fees	266	200	76
TOTAL NET ASSET MANAGEMENT REVENUES	1,619	2,634	1,281
Net financial income	7	(36)	(43)
Other net income	(41)	(76)	(37)
TOTAL NET REVENUES	1,585	2,521	1,201

(1) Crédit Agricole Group and Société Générale.

In addition, the breakdown of net revenue is broken down by geographical area as follows:

In € millions	H1 2021	2020	H1 2020
France	833	1,314	607
Abroad	752	1,208	594
TOTAL NET REVENUES	1,585	2,521	1,201

The net revenue breakdown is based on the location at which the accounting information is recorded.

5.2 Related parties

5.2.1 Scope of related parties

Related parties are companies which directly or indirectly control or are controlled by, or which are under joint control of the Company presenting the financial statements.

Amundi's related parties are (i) the consolidated companies, including equity-accounted companies, (ii) the Crédit Agricole Group companies, that is, the Regional Banks, Crédit Agricole S.A., its subsidiaries, associates and joint ventures. No provisions for write-downs were made for these relationships.

In addition, the funds in which Crédit Agricole Group invests are not considered to be related parties.

A list of Amundi Group's consolidated companies is presented in note 5.3. The transactions carried out and the assets under management at the end of the period between the fully consolidated companies of the Group are entirely eliminated on consolidation.

5.2.2 Nature of the transactions with related parties

Amundi has commercial relationships with companies in the Crédit Agricole Group.

Crédit Agricole Group is a distributor of Amundi Group's financial products, a lender and borrower, a derivative counterparty and also a depositary and calculation agent. In addition, Crédit Agricole Group makes certain resources available to Amundi and manages Amundi's end-of-career allowance insurance.

Amundi handles asset management and certain mandates for the Crédit Agricole Group and also provides account-keeping services for the Crédit Agricole Group's employee savings plans.

5.2.3 Transactions with related parties

The following tables present the transactions undertaken with the Crédit Agricole Group and with the equity-accounted entities of Amundi Group.

Amundi's transactions with its key executives consist solely of the compensation paid under employment contracts and directors' fees.

In € thousands	Crédit Agricole Group
INCOME STATEMENT	H1 2021	2020	H1 2020
Net interest and similar income (expenses)	(19,299)	(31,546)	(12,228)
Net fee and commission income (expenses)	(240,360)	(286,872)	(103,866)
Other net income (expenses)	(9,890)	(18,399)	(9,881)
Operating expenses	(2,013)	(9,054)	(4,790)
BALANCE SHEET	30/06/2021	31/12/2020	30/06/2020
Assets
Loans and receivables due from credit institutions	1,001,983	1,577,881	1,882,644
Accruals, prepayments and sundry assets	60,060	66,572	139,961
Financial assets at fair value through profit or loss	9,652,703	9,554,855	8,760,151
Equity and liabilities
Subordinated debt	300,916	303,859	300,916
Due to credit institutions	1,957,979	2,962,581	3,963,593
Accruals, deferred income and sundry liabilities	342,499	242,494	227,791
Financial liabilities at fair value through profit or loss	325,410	356,787	352,858
Off-balance sheet items
Guarantees given	3,280,442	3,664,362	3,695,299
Guarantees received	413,668	398,619	360,510

In € thousands	Joint-Ventures and associates
INCOME STATEMENT	H1 2021	2020	H1 2020
Net interest and similar income (expenses)	-	-	-
Net fee and commission income (expenses)	347	(2,774)	(1,408)
Operating expenses	-	-	-
BALANCE SHEET	30/06/2021	31/12/2020	30/06/2020
Assets
Loans and receivables due from credit institutions	-	-	-
Accruals, prepayments and sundry assets	1,293	136	382
Financial assets at fair value through profit or loss	-	-	-
Equity and liabilities
Due to credit institutions	-		-
Accruals, deferred income and sundry liabilities	304	813	874
Off-balance sheet items
Guarantees given	-	-	-
Guarantees received	-	-	-

5.3 Scope of consolidation

5.3.1 Scope at 30 June 2021 and change over the period

				30/06/2021 31/12/2020
Consolidated companies	Change of scope	Method	% control	as a % of interest	% control	as a % of interest	Principal place of business
FRENCH COMPANIES
AMUNDI		Full	100.0	100.0	100.0	100.0	France
AMUNDI ASSET MANAGEMENT		Full	100.0	100.0	100.0	100.0	France
AMUNDI FINANCE		Full	100.0	100.0	100.0	100.0	France
AMUNDI FINANCE EMISSIONS		Full	100.0	100.0	100.0	100.0	France
AMUNDI IMMOBILIER		Full	100.0	100.0	100.0	100.0	France
AMUNDI INDIA HOLDING		Full	100.0	100.0	100.0	100.0	France
AMUNDI INTERMEDIATION		Full	100.0	100.0	100.0	100.0	France
AMUNDI ISSUANCE	Merger	Full	-	-	100.0	100.0	France
AMUNDI IT SERVICES		Full	95.4	95.4	95.4	95.4	France
AMUNDI PRIVATE EQUITY FUND		Full	100.0	100.0	100.0	100.0	France
AMUNDI ESR		Full	100.0	100.0	100.0	100.0	France
AMUNDI VENTURES		Full	100.0	100.0	100.0	100.0	France
BFT INVESTMENT MANAGERS		Full	100.0	100.0	100.0	100.0	France
CPR AM		Full	100.0	100.0	100.0	100.0	France
ÉTOILE GESTION		Full	100.0	100.0	100.0	100.0	France
LCL EMISSIONS		Full	100.0	100.0	100.0	100.0	France
SOCIÉTÉ GÉNÉRALE GESTION		Full	100.0	100.0	100.0	100.0	France
ANATEC	Entry	Full	100.0	100.0	-	-	France
FUNDS AND OPCI
ACAJOU		Full	100.0	100.0	100.0	100.0	France
CEDAR		Full	100.0	100.0	100.0	100.0	France
CHORIAL ALLOCATION		Full	99.9	99.9	99.9	99.9	France
LONDRES CROISSANCE 16		Full	100.0	100.0	100.0	100.0	France
OPCI IMMANENS		Full	100.0	100.0	100.0	100.0	France
OPCI IMMO EMISSIONS		Full	100.0	100.0	100.0	100.0	France
PEG – PORTFOLIO EONIA GARANTI	Exit	Full	-	-	94.6	94.6	France
RED CEDAR		Full	100.0	100.0	100.0	100.0	France
AMUNDI PE SOLUTION ALPHA		Full	100.0	100.0	100.0	100.0	France

1

			30/06/2021		31/12/2020
Consolidated companies	Change of scope	Method	% control	as a % of interest	% control	as a % of interest	Principal place of business
FOREIGN COMPANIES
AMUNDI DEUTSCHLAND GMBH		Full	100.0	100.0	100.0	100.0	Germany
AMUNDI AUSTRIA GMBH		Full	100.0	100.0	100.0	100.0	Austria
AMUNDI ASSET MANAGEMENT BELGIUM BRANCH(1)		Full	100.0	100.0	100.0	100.0	Belgium
AMUNDI CZECH REPUBLIC ASSET MANAGEMENT SOFIA BRANCH (2)		Full	100.0	100.0	100.0	100.0	Bulgaria
AMUNDI ASSET MANAGEMENT AGENCIA EN CHILE (1)		Full	100.0	100.0	100.0	100.0	Chile
ABC-CA FUND MANAGEMENT CO. LTD		Equity accounted	33.3	33.3	33.3	33.3	China
AMUNDI BOC WEALTH MANAGEMENT CO. LTD		Full	55.0	55.0	55.0	55.0	China
NH-AMUNDI ASSET MANAGEMENT		Equity accounted	30.0	30.0	30.0	30.0	Korea
AMUNDI ASSET MANAGEMENT DUBAI BRANCH (1)		Full	100.0	100.0	100.0	100.0	United Arab Emirates
AMUNDI IBERIA SGIIC SA		Full	100.0	100.0	100.0	100.0	Spain
SABADELL ASSET MANAGEMENT, S.A, S.G.I.I.C.		Full	100.0	100.0	100.0	100.0	Spain
AMUNDI HOLDINGS US INC.		Full	100.0	100.0	100.0	100.0	United States
AMUNDI US INC.		Full	100.0	100.0	100.0	100.0	United States
AMUNDI ASSET MANAGEMENT US INC.		Full	100.0	100.0	100.0	100.0	United States
AMUNDI DISTRIBUTOR US INC.		Full	100.0	100.0	100.0	100.0	United States
AMUNDI PIONEER INSTITUTIONAL ASSET MANAGEMENT, INC.	Merger	Full	-	-	100.0	100.0	United States
VANDERBILT CAPITAL ADVISORS LLC		Full	100.0	100.0	100.0	100.0	United States
AMUNDI ASSET MANAGEMENT FINLAND BRANCH (1)	Entry	Full	100.0	100.0	-	-	Finland
AMUNDI HELLAS		Full	100.0	100.0	100.0	100.0	Greece
AMUNDI ASSET MANAGEMENT HONG KONG BRANCH (1)		Full	100.0	100.0	100.0	100.0	Hong Kong
AMUNDI HONG KONG LTD		Full	100.0	100.0	100.0	100.0	Hong Kong
AMUNDI INVESTMENT FUND MGMT PRIVATE LTD CO.		Full	100.0	100.0	100.0	100.0	Hungary
SBI FUNDS MANAGEMENT PRIVATE LIMITED		Equity accounted	37.0	37.0	37.0	37.0	India
KBI GLOBAL INVESTORS LTD		Full	87.5	100.0	87.5	100.0	Ireland
KBI FUND MANAGERS LTD		Full	87.5	100.0	87.5	100.0	Ireland
KBI GLOBAL INVESTORS (NORTH AMERICA) LTD		Full	87.5	100.0	87.5	100.0	Ireland
AMUNDI IRELAND LTD		Full	100.0	100.0	100.0	100.0	Ireland
AMUNDI INTERMEDIATION DUBLIN BRANCH (4)		Full	100.0	100.0	100.0	100.0	Ireland
AMUNDI REAL ESTATE ITALIA SGR SPA		Full	100.0	100.0	100.0	100.0	Italy
AMUNDI SGR SPA		Full	100.0	100.0	100.0	100.0	Italy
AMUNDI JAPAN		Full	100.0	100.0	100.0	100.0	Japan
AMUNDI GLOBAL SERVICING		Full	100.0	100.0	100.0	100.0	Luxembourg

			30/06/2021		31/12/2020
Consolidated companies	Change of scope	Method	% control	as a % of interest	% control	as a % of interest	Principal place of business
FUND CHANNEL		Full	100.0	100.0	100.0	100.0	Luxembourg
AMUNDI LUXEMBOURG		Full	100.0	100.0	100.0	100.0	Luxembourg
AMUNDI MALAYSIA SDN BHD		Full	100.0	100.0	100.0	100.0	Malaysia
WAFA GESTION		Equity accounted	34.0	34.0	34.0	34.0	Morocco
AMUNDI ASSET MANAGEMENT MEXICO BRANCH (1)		Full	100.0	100.0	100.0	100.0	Mexico
PIONEER GLOBAL INVESTMENTS LTD MEXICO CITY BRANCH (1)		Full	100.0	100.0	100.0	100.0	Mexico
AMUNDI ASSET MANAGEMENT NEDERLAND (1)		Full	100.0	100.0	100.0	100.0	Netherlands
AMUNDI POLSKA		Full	100.0	100.0	100.0	100.0	Poland
AMUNDI CZECH REPUBLIC INVESTICNI SPOLECNOST AS		Full	100.0	100.0	100.0	100.0	Czech Republic
AMUNDI CZECH REPUBLIC ASSET MANAGEMENT		Full	100.0	100.0	100.0	100.0	Czech Republic
AMUNDI ASSET MANAGEMENT SAI. SA		Full	100.0	100.0	100.0	100.0	Romania
AMUNDI ASSET MANAGEMENT LONDON BRANCH (1)		Full	100.0	100.0	100.0	100.0	United Kingdom
AMUNDI UK Ltd		Full	100.0	100.0	100.0	100.0	United Kingdom
AMUNDI INTERMEDIATION LONDON BRANCH (4)		Full	100.0	100.0	100.0	100.0	United Kingdom
AMUNDI SINGAPORE Ltd		Full	100.0	100.0	100.0	100.0	Singapore
AMUNDI INTERMEDIATION ASIA PTE LTD		Full	100.0	100.0	100.0	100.0	Singapore
FUND CHANNEL SINGAPORE BRANCH (3)		Full	100.0	100.0	100.0	100.0	Singapore
AMUNDI CZECH REPUBLIC ASSET MANAGEMENT BRATISLAVA BRANCH (2)		Full	100.0	100.0	100.0	100.0	Slovakia
AMUNDI ASSET MANAGEMENT SWEDEN BRANCH(1)	Entry	Full	100.0	100.0	-	-	Sweden
AMUNDI SUISSE		Full	100.0	100.0	100.0	100.0	Switzerland
AMUNDI TAIWAN		Full	100.0	100.0	100.0	100.0	Taiwan

(1) AMUNDI ASSET MANAGEMENT branches.

(2) AMUNDI CZECH REPUBLIC INVESTICNI SPOLECNOST AS branches.

(3) FUND CHANNEL branch.

(4) AMUNDI INTERMEDIATION branch.

5.3.2 Significant changes in scope during the financial year

There were no significant changes in scope during the course of the year.

5.4 Off-balance sheet commitments

Off-balance sheet commitments include:

■ fund guarantee commitments:

In € thousands	30/06/2021	31/12/2020
Guarantee commitments given	18,137,362	18,241,808

the financial commitments for the Revolving Credit Facility granted to Amundi for €1,750 million;
the notional value of the derivatives contracted with funds and market counterparties whose fair values are presented in Notes 3.2 and 3.3;

In € thousands	30/06/2021	31/12/2020
Interest-rate instruments	2,104,620	2,379,488
Other instruments	59,673,848	59,507,408
NOTIONAL TOTAL	61,778,468	61,886,896

5.5 Subsequent events

Following a special enquiry conducted between 2017 and 2019, the Autorité des Marchés Financiers (AMF, the French financial markets authority) notified Amundi (Amundi AM and Amundi Intermédiation) of various complaints on 12 June 2020.

The complaints involve a limited number of transactions conducted by two former employees (a former manager and a former trader) between 2014 and 2015.

Amundi has fully cooperated with this complaints procedure.

This case went before the AMF Sanctions Committee on 7 July 2021.

Statutory auditors' review report on the half-yearly financial information

6.1 STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION 60

AMUNDI - HALF-YEAR FINANCIAL REPORT 2021 59

6.1 STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION

Period from 1 January to 30 June 2021

To the Shareholders,

In compliance with the assignment entrusted to us by your annual general meetings and in accordance with the requirements of Article L. 451-1-2-III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:

the review of the accompanying condensed half-year consolidated financial statements of Amundi, for the period from 1 January to 30 June 2021;
the verification of the information contained in the half-year management report.

The global crisis associated with the Covid-19 pandemic creates unusual conditions regarding the preparation and review of the condensed half-year consolidated financial statements. In fact, this crisis and the exceptional measures taken within the context of the public health emergency have a range of consequences for companies, particularly in terms of their business and financing, as well as increased uncertainty about their futureprospects. Some of these measures, such as travel restrictions and remote working, have also had an impact on companies' internal structures and on how we carry out our work.

These condensed half-year consolidated financial statements were prepared under the responsibility of the Board ofDirectors. Our role is to express a conclusion on these financial statements based on our review.

I – Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is substantially narrower than that of an audit conducted in accordance with professional standards applicable in France. Consequently, a review requires us to obtain moderate assurance that the financial statements taken as a whole do not contain any material errors, i.e. a lower level of assurance than would be obtained in an audit.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-year consolidated financial statements have not been prepared, in all material respects, in accordance with IAS 34, the IFRS standard adopted by the European Union applicable to interim financial information.

II – Specific verification

We have also verified the information given in the half-yearly management report on the condensed half-year consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-year consolidated financial statements.

Done at Neuilly-sur-Seine and Courbevoie, on 30 July 2021

The statutory auditors

PricewaterhouseCoopers Audit Mazars

Laurent Tavernier Agnès Hussherr Jean Latorzeff

Person responsible for the half-year financial report

7.1 DECLARATION OF THE PERSON RESPONSIBLE 62

7.1 DECLARATION OF THE PERSON RESPONSIBLE

I declare that, after taking all reasonable measures for this purpose and to the best of my knowledge, the information contained in this financial report is in accordance with the facts and that it contains no omission likely to affect its import.

I declare that, to the best of my knowledge, the interim condensed consolidated financial statements were prepared in accordance with the applicable accounting standards and provide a true and fair view of the assets and liabilities, financial position and results of the Company and of all entities included in the consolidated group, and that the operating and financial review for the first-half mentioned in Chapter 2 of this report provides a true and fair view of the significant events over the first six months of this financial year, of their impact on the financial statements and of major transactions with related parties, together with a description of the main risks and uncertainties for the remaining six months of the year.

The report on the review of the interim condensed consolidated financial statements for the six-month period ended 30 June 2021 is presented above in Chapter 6.

On 30 July 2021 Valérie Baudson

Chief Executive Officer of the Company

AMUNDI

Limited company with share capital of €506,464,882.50 Registered office: 91-93, boulevard Pasteur, 75015 Paris. 314 222 902 Trade and Companies Register of Paris Website: legroupe.amundi.com

Photo credits: Page 1 (Boston): Porter Grifford Page 3 (Tokyo): Raphael Olivier/CAPA Pictures Page 7 (Brussels): Bea Uhart Page 15 (Hong Kong): Mr.Cole_Photographer/Getty Images Page 19 (Munich): Stéphane Remael/CAPA Pictures Page 23 (Boston): Porter Gifford Page 59 (Vienna): Stéphane Remael/CAPA Pictures Page 61 (Milan): Alvise Busetto/CAPA Pictures

Designed & production: Tel.: +33 (0)1 55 32 29 74

Amundi, a Trusted Partner, working every day in the interest of its clients and society

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AI assistant

Amundi — Interim / Quarterly Report 2021

1109_ir_2021-09-16_f2debc87-8873-4779-8c36-d3881ea4ae14.pdf

Half-year financial report 2021

Contents

1 5 ECONOMIC AND FINANCIAL ENVIRONMENT 3

2 6 OPERATING AND FINANCIAL REVIEW FOR THE FIRST HALF OF 2021 7

3 7 FINANCIAL SITUATION 15 3.1 Solvency ratio 16 3.2 Net financial debt 17

MISCELLANEOUS INFORMATION 19

About Amundi

Note

Financial and other information

Forward-looking statements

Economic and financial environment

1.1 MACRO-ECONOMIC AND FINANCIAL ENVIRONMENT IN THE FIRST HALF OF 2021

United States

Eurozone

Emerging countries

Interest rates

Equity

1.2 ASSET MANAGEMENT MARKET IN THE FIRST HALF OF 2021

Operating and financial review for the first half of 2021

2.1 AMUNDI OPERATIONS AND CONSOLIDATED RESULTS

2.1.1 Activity: assets under management and net inflows

2.1.1.1 Development of assets under Amundi management

2.1.1.2 Assets under management(1) and inflows by client segment

A sharp recovery in Retail MLT asset activity (excluding JVs)

Institutional investors: sustained flows in MLT and treasury outflows

Good momentum in JVs but early outflows on the Channel Business in China

2.1.1.3 Assets under management and net inflows by asset class (1)

Treasury products

MLT assets excluding JVs

2.1.1.4 Assets under management and net inflow by geographic area(1)

2.1.2 Growth initiatives

2.1.3 Results

INCOME STATEMENT

■ Ramp-up of Amundi Technology

Adjusted data (1)

2.1.3.1 Adjusted net revenues

NET MANAGEMENT FEES AND MARGINS BY CLIENT SEGMENT(4)

2.1.3.2 Adjusted operating expenses and gross operating income

2.1.3.3 Alternative Performance Indicators (API)

2.2 RESPONSIBLE INVESTMENT

Furthermore, Amundi is extending its ESG commitment:

3

Financial situation

3.1 SOLVENCY RATIO

3.2 NET FINANCIAL DEBT

Liquidity ratios

Note: Definitions of debt

4

Miscellaneous information

4.1 TRANSACTIONS WITH RELATED PARTIES

4.2 RECENT EVENTS AND OUTLOOK

Acquisition of Lyxor

Covid-19 health crisis

AMF

conducted by two former employees between 2014 and 2015. Amundi has fully cooperated with this complaints procedure. This case went before the AMF Sanctions Committee on 7 July 2021.

4.3 SHAREHOLDING

4.4 RISK FACTORS

Consolidated financial statements

5.3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 33

5.1 GENERAL FRAMEWORK

5.2 CONSOLIDATED FINANCIAL STATEMENTS

5.2.1 Income statement

5.2.2 Net income and gains and losses recognised directly in equity

5.2.3 Balance sheet assets

5.2.4 Balance sheet liabilities and equity

5.2.5 Statement of changes in equity

5.2.6 Cash flow statement

5.3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Summary of the notes

Period highlights

Acquisition of Lyxor

Note 1 PRINCIPLES AND METHODS

1.1 Applicable standards and comparability

Covid-19 health crisis

Capital increase reserved to Group employees

1.1.1 Standards applied as of 30 June 2021

Benchmark index reforms

Amundi Interim / Quarterly Report 2021