Amundi — Investor Presentation 2018

Apr 27, 2018

Presentation to Investors & Analysts l 27 April 2018

Q1 2018 Results

This presentation may contain projections concerning Amundi's financial situation and results. The figures given do not constitute a "forecast" as defined in Article 2.10 of Commission Regulation (EC) No. 809/2004 of 29 April 2004.

This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances. The reader should take all of these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with IFRS guidelines as adopted by the European Union.

The information contained in this presentation, 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 presentation or its contents, or anything related to them, or any document or information to which the presentation may refer.

Contents

Q1 2018 Highlights 1

⎯ Q1 2018: strong net inflows¹ (+€40bn)

Accounting net income² of €221m, up 54% vs. Q1 2017 reported Adjusted net income³ of €240m, up 15% on a comparable basis vs. Q1 20173-4

3 Results

• ⎯ Accounting net income² up more than 50% thanks to the acquisition of Pioneer and to the strong business momentum
• ⎯ Adjusted net income³ up 15% vs. Q1 20173-4
• ⎯ Net asset management revenue up 6.8% vs. Q1 2017⁴
• ⎯ Expenses⁵ down, reflecting the implementation of cost synergies
• ⎯ Pioneer: good progress made on the integration plan
• ⎯ Combined income statements, Q1 2018 and Q1 2017

Business activity 2

• ⎯ A contrasted market environment in Q1 2018
• ⎯ Assets Under Management¹ of €1,452bn in Q1 2018, up 5.8% vs. Q1 2017⁴
• ⎯ Strong net inflows in both Retail and Institutionals
• ⎯ Net inflows from Retail, driven by all distribution channels
• ⎯ Institutionals & Corporates: solid net inflows
• ⎯ Net inflows driven by all asset classes
• ⎯ Net inflows driven by the International segment

5 Appendices

• ⎯ Breakdown of AuM¹ by client segment and asset class
• ⎯ AuM and inflows¹ by client segment, asset class and region
• ⎯ Definitions and methodology

Contacts

1- Combined Assets Under Management and net inflows include assets under advisory and assets sold and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- After integration costs of Pioneer and amortisation of the UniCredit, SG and Bawag distribution contracts. 3- Adjusted data: excluding amortisation of distribution contracts and excluding integration costs of Pioneer. 4- Change on a comparable basis from Q1 2017 (3 months Amundi + Pioneer). 5- Excluding integration costs of Pioneer. See slides 28-29 for definitions and methodology

Q1 2018 Highlights

Q1 2018: strong net inflows¹ (+€40bn), Adjusted net income² of €240m, up 15% vs. Q1 20172-3

Business activity	Strong net inflows1  : +€39.8bn in Q1 2018, driven by each client segment, region and investment expertise Assets Under Management of €1,452bn1 at 31 March 2018 (up 5.8% vs. Q1 20173  )
Results	Sharp improvement in results: Accounting net income4  of €221m (up 54.3% compared with Q1 2017 reported)
	Adjusted net income2 of €240m, up 15.0% on a comparable basis vs. Q1 20172-3  Net asset management revenue up 6.8% vs. Q1 20173 • • Operating expenses5 of €336m, down 5.2% vs. Q1 20173-5 , reflecting the rapid implementation of Pioneer related synergies A cost/income ratio2 of 50.7%, an improvement of 3.7 pts relative to Q1 20172-3 •

1- Combined Assets Under Management and net inflows include assets under advisory and assets sold and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

2- Adjusted data: excluding amortisation of distribution contracts and excluding integration costs of Pioneer.

5- Excluding integration costs of Pioneer

See slides 28-29 for definitions and methodology

^3- Change on a comparable basis from Q1 2017 (3 months Amundi + Pioneer)

^4- After integration costs and amortisation of distribution contracts

2

Business activity

A contrasted market environment in Q1 2018

• Equity markets

• down in Q1 2018 compared with Q4 2017
• CAC 40 up 8% on average vs. Q1 2017

• Long-term rates still low, virtually unchanged from Q1 2017 and Q4 2017

Assets under management of €1,452bn in Q1 2018, up 5.8% vs. Q1 2017

Strong net inflows in both Retail and Institutionals

1- Combined net inflows: three-month figures for Amundi and Pioneer in Q1 2017 and Q1 2018, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Including funds of funds.

Net inflows from Retail driven by all distribution channels

1- Combined net inflows: three-month figures for Amundi and Pioneer in Q1 2017 and Q1 2018, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Excluding treasury products

Institutionals & Corporates: solid net inflows

Solid net inflows in Q1 2018

• Reminder: Q1 2017 included the reinternalisation by the ECB of a mandate for -€6.9bn

Net inflows balanced between treasury products and MLT products

• Significant inflows in MLT assets for sovereigns
• Business activity mainly related to treasury products for corporates

1- Combined net inflows: three-month figures for Amundi + Pioneer in Q1 2017 and Q1 2018, including assets under advisory and assets sold; 2- Including funds of funds.

Net inflows driven by all asset classes

1- Combined net inflows: three-month figures for Amundi and Pioneer in Q1 2017 and Q1 2018, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

Net inflows driven by the International segment

1- Combined AuM and net inflows: three-month figures for Amundi and Pioneer in Q1 2017 and Q1 2018, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis

3

Results

Accounting net income up more than 50% thanks to the acquisition of Pioneer and strong business momentum

Accounting net income of €221m in Q1 2018, up 54.3% compared with Q1 2017, thanks to:

• The effects of the integration of Pioneer
• Continued strong growth momentum

¹After amortisation of distribution contracts and after integration costs of Pioneer: Amundi + Pioneer from Q3 2017

Adjusted net income up 15% vs. Q1 2017

Adjusted net income of €240m in Q1 2018:

• Growth of 15% compared with Q1 2017 on a comparable basis
• Adjusted net income in Q1 2018 above the quarterly average in 2017 (€230m per quarter)

¹Excl. amortisation of distribution contracts and excl. integration costs; combined data: 3 months Amundi + Pioneer

Net asset management revenue up 6.8% vs. Q1 2017

(in €m)	Q1 2018	Q1 20171	Change (%)
Adjusted net revenue2	663	652	+1.7%
Net asset management revenue	667	624	+6.8%
o/w net management fees	615	598	+2.9%
o/w performance fees3	52	27	+95.5%
Net financial income and other net income5	-5	27	NS
Average assets under management, excl. JV (€bn)4	1,323	1,257	+5.3%

1- Combined data in Q1 2017: 3 months Amundi + Pioneer. 2- Adjusted data: excluding amortisation of distribution contracts. 3- Performance fees are recognised on the funds' anniversary date, reflecting the performance over the previous 12 months. 4- Amundi + Pioneer average combined assets under management excluding JVs in Q1 2017 and Q1 2018. 5- Financial income in Q1 2017 of €27m included a significant amount of capital gains on disposals in view of the Pioneer acquisition. See slides 28-29 for definitions and methodology.

Expenses down, reflecting the implementation of cost synergies

Combined and adjusted cost/income ratio²

Operating expenses of €336m, down by 5.2% compared to Q1 2017

• Pioneer-related cost-savings plan well under way

Combined and adjusted operating expenses1

• Other expenses under control

A cost/income ratio of 50.7% in Q1 2018, an improvement of 3.7 percentage points relative to Q1 2017

1 Excluding integration costs of Pioneer; combined data: 3 months Amundi + Pioneer. 2 Excluding integration costs of Pioneer and excluding amortisation of distribution contracts; combined data: 3 months Amundi + Pioneer

Pioneer: good progress made on the integration plan

• > 50% of workforce reductions already completed at end-March 2018
• IT migrations completed in Germany and Czech Republic; under way for the other platforms with completion expected in 2018 (Europe) and 2019 (United States)
• Legal entities merged in Germany, Italy, the United States, Switzerland, Luxembourg, Czech Republic, Japan and Taiwan
• Ramping up of revenue synergies: crossselling of investment expertise, in particular with the UniCredit networks

10% 40% 80% 100% 20% 2017 2018 2019 2020 announced implementation: 60% of the total in 2018 (vs. 40% forecast) New phasing of targeted synergies in 2018 Initial phasing of targeted synergies 60%

Amount of synergies confirmed with faster-than-

Combined income statement¹ , Q1 2018 and Q1 2017

€m	Q1 2018	Q1 2017	Change Q1/Q1
Adjusted net revenue2	663	652	1.7%
o/w net management fees	615	598	2.9%
o/w performance fees	52	27	95.3%
o/w Financial income and other net income 2	-5	27	NS
Adjusted operating expenses 3	-336	-355	-5.2%
Adjusted gross operating income 2 3	326	297	9.9%
Adjusted cost/income ratio 2-3	50.7%	54.4%	-3.7 pts
Cost of risk & Other	-4	-4	=
Equity-accounted entities	12	8	54.3%
Adjusted income before tax 2-3	334	301	11.1%
Taxes 2-3	-95	-93	2.4%
Adjusted net income, Group share 2-3	240	208	15.0%
Amortisation of distribution contracts after tax	-12	-3	NS
Pioneer integration costs after tax	-6	-4	NS
Net income, Group share	221	202	9.3%

1- Combined data in Q1 2017 and Q1 2018: 3 months Amundi + Pioneer.

2- Excluding amortisation of distribution contracts.

3- Excluding integration costs of Pioneer. See slides 28-29 for definitions and methodology.

4

Conclusion

• 1. A good start to the year which confirms Amundi's profitable growth trajectory
• 2. Momentum backed by diversified growth drivers (client segments, investment expertise, regions)
• 3. Rapid integration of Pioneer, allowing synergies to be generated ahead of schedule

5

Appendices

23 Amundi - Q1 2018 results l 27 April 2018

Breakdown of AuM by client segment

1- Assets under management include assets under advisory and assets sold and take into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Including funds of funds

Breakdown of AuM by asset class

AuM¹ by asset class €1,452bn at 31 March 2018

1- Assets under management include assets under advisory and assets sold and take into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

Combined AuM and inflows by client segment

Combined AuM¹ at 31 March 2018 and 2017 Combined Q1 net inflows¹ by client segment, 2018 and 2017

(€bn)	AuM 31/03/2018	AuM 31/03/2017	% chg. vs. 31/03/2017	Inflows Q1 2018	Inflows Q1 2017	Inflows Q4 2017
French networks2	108	103	+5.2%	+2.6	+1.3	+1.0
International networks & JVs	250	220	+13.5%	+15.0	+9.2	+8.4
Third-party distributors	177	167	+5.6%	+4.1	+2.9	+4.8
Retail	534	490	+9.1%	+21.7	+13.4	+14.2
Institutionals3 and sovereigns	366	349	+4.9%	+14.4	+7.8	-5.3
Corporates & employee savings	129	126	+2.3%	+2.1	+6.9	+5.0
CA & SG insurers	423	408	+3.6%	+1.5	+1.1	-0.8
Institutionals	918	883	+4.0%	+18.1	+15.8	-1.1
TOTAL	1,452	1,373	+5.8%	+39.8	+29.2	+13.1
o/w JVs	129	111	+16.2%	+12.1	+8.1	+6.0

1- Combined AuM and inflows: three-month figures in Q1 & Q4 2017 and Q1 2018 for Amundi and Pioneer, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

2- French networks: net inflows in MLT assets +€1.7bn in Q1 2018

3- Including funds of funds

Combined AuM and inflows by asset class and region

Combined AuM1 at 31 March 2018 and 2017 Combined Q1 net inflows1 by asset class, 2018 and 2017
(€bn)	AuM 31/03/2018	AuM 31/03/2017	% chg. vs. 31/03/2017	Inflows Q1 2018	Inflows Q1 2017	Inflows Q4 2017
Equities	234	212	+10.1%	+8.9	+1.3	+3.7
Multi-assets	256	240	+7.1%	+5.8	+5.3	+5.7
Bonds	658	644	+2.2%	+13.3	+0.7*	-0.2
Real, alternative and structured	70	66	+5.0%	+0.1	+0.9	+1.2
MEDIUM/LONG TERM ASSETS	1,218	1,162	+4.8%	+28.1	+8.2	+10.4
Treasury products	235	211	+11.3%	+11.7	+21.0	+2.7
TOTAL	1,452	1,373	+5.8%	+39.8	+29.2	+13.1

* Impact of the ECB's reinternalisation of a mandate in Q1 2017 for -€6.9bn

Combined AuM¹ at 31 March 2018 and 2017 Combined Q1 net inflows¹ by region, 2018 and 2017

(€bn)	AuM 31/03/2018	AuM 31/03/2017	% chg. vs. 31/03/2017	Inflows Q1 2018	Inflows Q1 2017	Inflows Q4 2017
France	8512	825	+3.1%	+14.3	+19.8	-8.3
Europe excl. France	327	297	+9.9%	+6.6	-0.1	+10.8
Asia	190	166	+14.4%	+14.8	+8.4	+8.3
Rest of the world	85	84	+0.6%	+4.0	+1.1	+2.3
TOTAL	1,452	1,373	+5.8%	+39.8	+29.2	+13.1
TOTAL excl. FRANCE	602	548	+9.9%	+25.4	+9.4	+21.4

1- Combined AuM and inflows: 3 month figures for Amundi and Pioneer in Q1 2018 and Q1 & Q4 2017, including assets under advisory and assets sold and taking into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Of which €408bn for CA & SG insurers

Definitions and methodology (1/2)

1. Income statement

Accounting data

• In Q1 2018, the data corresponds to three months of activity for Amundi and three months of Pioneer's activity. This Q1 2018 is compared with a Q1 2017 that included only Amundi for three months.

Adjusted data

To present an income statement that is closer to the economic reality, the following adjustments have been made:

• In Q1 2018: restatement of integration costs of Pioneer and amortisation of distribution contracts (deducted from net revenues) with SG, BAWAG and UniCredit.
• In Q1 2017: restatement of integration costs of Pioneer and amortisation of distribution contracts (deducted from net revenues) with SG and BAWAG only (as the contract with UniCredit did not start until Q3 2017).

Combined data

• The combined data is different from the pro forma data (as presented in the 2017 Registration Document), which included restatements for the financing assumptions of the acquisition of Pioneer: additional financing costs, reduced financial income.

Note on combined and accounting data Integration costs of Pioneer:

• Q1 2018: €9m before tax and €6m after tax
• Q1 2017: €5m before tax and €4m after tax

Amortisation of distribution contracts:

• Q1 2018: €18m before tax and €12m after tax
• Q1 2017: €4m before tax and €3m after tax

2. Amortisation of distribution contracts with UniCredit

When Pioneer was acquired, 10-year distribution contracts were entered into with UniCredit networks in Italy, Germany, Austria, and the Czech Republic; the gross valuation of these contracts came to €546m (posted to the balance sheet under Intangible Assets). At the same time, a Deferred Tax Liability of €161m was recognised. Thus the net amount is €385m which will be amortised using the straight-line method over 10 years, as from 1 July 2017.

In the Group's income statement, the net tax impact of this amortisation is €38m over a full year (or €55m before tax), posted under "Other revenues," and is added to existing amortisations of the SG and Bawag distribution contracts of €11m after tax over a full year (or €17m before tax).

Definitions and methodology (2/2)

3. Alternative Performance Indicators

	Q1 2018	Q1 2017	Change	Q1 2017	Change
€m	Actual	Combined*	Q1 2018 / Q1 2017 combined*	Published	Q1 2018 / Q1 2017 published
Net revenue (a)	645	647	-0,4%	432	49,3%
+ Amortisation of distribution contracts before tax	18	4	NS	4	NS
Adjusted net revenue (b)	663	652	1,7%	436	51,9%
Operating expenses (c)	-345	-360	-4,1%	-228	51,4%
+ Pioneer integration costs before tax	9	5	NS	5	NS
Adjusted operating expenses (d)	-336	-355	-5,2%	-223	51,0%
Gross operating income (e) = (a)+(c)	299	287	4,2%	204	46,8%
Adjusted gross operating income (f)=(b)+(d)	326	297	9,9%	214	52,8%
Cost/income ratio (c)/(a)	53,6%	55,6%	-2.0 pts	52,8%	+0.8 pt
Adjusted cost/income ratio (d)/(b) Cost of risk & Other (g)	50,7% -4	54,4% -4	-3.7 pts =	51,0% -2	-0.3 pt NS
Equity-accounted entities (h)	12	8	54,3%	8	54,3%
Income before tax (i) = (e)+(g) +(h)	307	291	5,5%	209	46,7%
Adjusted income before tax (j) = (f)+(g) +(h)	334	301	11,1%	219	52,6%
Taxes (k)	-87	-89	-3,0%	-66	30,5%
Adjusted taxes (l)	-95	-93	2,4%	-70	36,0%
Net income, Group share (i)+(k)	221	202	9,3%	143	54,3%
Adjusted net income, Group share (j)+(l)	240	208	15,0%	149	60,4%

* Combined Q1 2017: 3 months Amundi + 3 months Pioneer

= adjusted data

Contacts

Investors & analysts

⎯ Anthony Mellor Head of Investor Relations

anthony.mellor@amundi.com

Tel.: +33 1 76 32 17 16 Mobile: +33 6 85 93 21 72

⎯ Thomas Lapeyre Investor Relations

thomas.lapeyre@amundi.com Tel.: +33 1 76 33 70 54 Mobile: +33 6 37 49 08 75

Calendar

Publication of Q1 2018 results: 27 April 2018
AGM:		15 May 2018
Ex-dividend date:		22 May 2018
Publication of H1 2018 results:	02 August 2018

Press	Amundi share details
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