Amundi — Investor Presentation 2018

Oct 26, 2018

Presentation to Investors & Analysts l 26 October 2018

Results for 9 months and Q3 2018

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 given for the nine-month period ended 30 September 2018 have been prepared in accordance with IFRS, as adopted by the European Union and applicable at this date. This financial information does not constitute financial statements for an interim period as defined in IAS 34 ("Interim Financial Reporting"), and has not been audited or subject to a limited review.

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

9M 2018 Highlights 1

⎯ Results up sharply and resilient business performance in a less favourable environment

Business activity 2

• ⎯ A market environment that is less favourable for business
• ⎯ Assets under Management¹ of €1,475bn at 30/09/2018, up 5.4% year-on-year
• ⎯ Net inflows¹ mainly driven by MLT² assets
• ⎯ Strong net inflows primarily driven by Retail over the first 9 months of 2018
• ⎯ Retail over the first 9 months of 2018: strong net inflows driven by all distribution channels
• ⎯ Retail in Q3 2018: resilient business performance in MLT assets in an unfavourable environment
• ⎯ Institutionals & Corporates: strong business activity mainly in MLT assets
• ⎯ MLT assets: net inflows driven by all areas of investment expertise
• ⎯ Net inflows still driven by the International segment

3 Results

• ⎯ Accounting net income³ over the first 9 months of 2018 up 41% yoy Combined⁴ and adjusted⁴ net income over the first 9 months of 2018 up 11%⁵yoy
• ⎯ Combined⁴ income statement breakdown: 9M and Q3 2018 and 2017
• ⎯ A cost/income ratio of 51.2%⁴ , an improvement of 1.9 pts⁵ over 9M 2017

4 Conclusion

5 Appendices

• ⎯ Breakdown of AuM¹ by client segment, asset class and region
• ⎯ AuM and net inflows¹ by client segment, asset class and region
• ⎯ Definitions and methodology (API)
• ⎯ Shareholder structure

Contacts

1- Combined assets under management and inflows include assets under advisory and assets sold and take into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Excluding treasury products. 3- After costs associated with the integration of Pioneer and amortisation of the UniCredit, SG and Bawag distribution contracts. 4- Adjusted and combined 9M & Q3 2018 and 2017 data; excluding amortisation of the distribution contracts and excluding costs associated with the integration of Pioneer. 5- Change on a comparable basis from 30/09/2017 (nine months Amundi + Pioneer). See slides 28-29 for definitions and methodology.

9M 2018 Highlights

Amundi - 9M 2018 results l 26 October 2018

Results up sharply and resilient business performance in a less favourable environment

Results

Sharp improvement in results:  First nine months of 2018  Accounting net income1 of €663m (up 41% vs. 9M 2017)  Adjusted net income2 of €721m (up 11%3 vs. 9M 2017) Net asset management revenue up 3.2%3 • vs. 9M 2017 A cost/income ratio2 of 51.2%, an improvement of 1.9 pts3 • relative to 9M 2017 In Q3 2018, accounting net income1 of €209m (up 13.3% vs. Q3 2017) and adjusted net income2  of €230m, up 5.8%3 vs. Q3 2017

Business activity

 Strong net inflows4 , driven mainly by MLT assets5 In the first nine months of 2018, net inflows totalled +€48.5bn, of which +€42.2bn in MLT5  assets (vs. +€25.8bn in the first 9 months of 20174 )  In Q3 2018, net inflows of +€6.1bn, and +€12.6bn excluding the reinternalisation by Fineco of a management mandate (-€6.5bn)  Inflows still driven by the International segment  Assets under Management of €1,475bn4 at 30 September 2018 (up 5.4%3 vs. 30 September 2017)

1- After integration costs and amortisation of distribution contracts

2- Adjusted data: excluding amortisation of the distribution contracts and excluding costs associated with the integration of Pioneer

3- Change or inflows/outflows on a comparable basis (Amundi + Pioneer)

4- Combined assets under management and inflows include assets under advisory and assets sold and take into account 100% of the Asian JVs' inflows and assets under

management. For Wafa in Morocco, assets are reported on a proportional consolidation basis

5- Excluding treasury products

See slides 28-29 for definitions and methodology

2

Business activity

A market environment that is less favourable for business

• Equity markets stable on average relative to 9M 2017

• Interest rates are still low in Europe

• Higher volatility leading to heightened risk aversion since Q2 2018

• A European market in which open-ended funds fell sharply¹

1 - Source: Broadridge Financial Solutions - FundFile/Open funds (excl. discretionary mandates and special investor funds) at the end of August 2018

Assets under Management of €1,475bn at end-September 2018, up 5.4% yoy

8 Amundi - 9M 2018 results l 26 October 2018 +XX% Change in AuM for the quarter / previous quarter

Net inflows primarily driven by MLT assets

1- Combined inflows: 9 months Amundi + Pioneer in 9M 2017 and 9M 2018 and 3 months Amundi + Pioneer in Q3 2017 and Q3 2018, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis

* of which +€9.6bn in net MLT inflows, excluding JVs

** excluding the effects of the reinternalisation by Fineco of a mandate for -€6.5bn in Q3 2018; +€12.2bn in net MLT inflows excluding JVs

Solid net inflows due to strong momentum in Retail over the first 9 months of 2018 A high level of Institutional inflows in Q3 2018

1- Combined inflows: 9 months Amundi + Pioneer in 9M 2017 and 9M 2018 and 3 months Amundi + Pioneer in Q3 2017 and Q3 2018, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Including funds of funds.

* Excluding the -€6.9bn mandate reinternalised by the ECB in Q1 2017; ** Excluding the -€6.5bn mandate reinternalised by Fineco in Q3 2018

Retail over 9M 2018: strong net inflows driven by all distribution channels

1- Combined inflows: Nine-month figures for Amundi and Pioneer in 9M 2017 and 9M 2018, including assets under advisory and assets sold and taking into account 100% of inflows and assets under management on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis. * Excluding the reinternalisation by Fineco of a mandate for -€6.5bn.

Retail in Q3 2018: resilient business performance in MLT assets in an unfavourable environment

MLT Net Retail inflows² for a total of +€3.5bn (excluding the reinternalisation by Fineco of a mandate for -€6.5bn)

• ⎯ French networks: +€1.5bn, mostly in unit-linked and segregated accounts
• ⎯ International networks: +€0.7bn in Italy in an environment that remains risk averse
• ⎯ Third-party distributors: net inflows of +€1.8bn, with positive inflows in Italy

JVs: solid net inflows in India, offsetting negative inflows in China

1- Combined inflows: Amundi and Pioneer in Q3 2017 and 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 JVs

* Excluding a mandate reinternalised by Fineco for -€6.5bn; ** of which -€2.2bn in treasury product outflows, notably by network SME customers

Institutionals & Corporates: strong business activity mainly in MLT assets

1- Combined inflows: 9 months Amundi + Pioneer in 9M 2017 and 9M 2018 and 3 months Amundi + Pioneer in Q3 2017 and Q3 2018, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Including funds of funds.

* Excluding reinternalisation of a mandate by the ECB in Q1 2017 for -€6.9bn;

MLT assets: net inflows driven by all areas of investment expertise

Combined net inflows¹ in MLT assets in €bn

1- Combined inflows: 9 months Amundi + Pioneer in 9M 2017 and 9M 2018 and 3 months Amundi + Pioneer in Q3 2017 and Q3 2018, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis;

* Excluding the €6.9bn ECB mandate reinternalised in Q1 2017; ** Excluding the €6.5bn in assets reinternalised by Fineco in Q3 2018

Total net inflows still driven by the International segment

Combined net inflows¹ by region in €bn

Very strong net inflows in Asia, in the JVs (particularly in China and India) as well as in Japan, Hong Kong and Taiwan

An increase in inflows in Italy*

In France, excellent business activity in MLT assets (+€9.5bn in 9M 2018 vs. -€0.1bn in 9M 2017), offset by treasury product outflows

1- Combined AuM and inflows: Amundi and Pioneer in 9M 2017 and 9M 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 * Excluding the €6.5bn in assets reinternalised by Fineco in Q3 2018

3

Results

Accounting net income over the first 9 months of 2018 up 41% Combined and adjusted¹ net income up 11% over the first 9 months of 2018

Accounting net income up sharply over the first 9 months of 2018 due to:

• the impacts of the integration of Pioneer
• business momentum

9 months 2018: combined and adjusted net income up significantly by 11% (compared to an announced target of +7%² per year), due in particular to:

• good cost control
• a higher contribution from the Asian JVs

1 - Adjusted data reflect the company's economic performance and are used to compare net income on a comparable basis with the same period of the previous year; Excluding amortisation of distribution contracts and excluding integration costs; combined data: quarterly (3 months Amundi + Pioneer) and at nine months (9 months Amundi + Pioneer). 2 - Annual growth rate calculated based on adjusted and combined net income in 2017 excluding the non-recurring level of financial income in 2017

Detailed combined income statements¹ : 9M and Q3 2018 and 2017

€m	9M 2018	9M 2017	Change	Q3 2018	Q3 2017	Change
Adjusted net revenue2	1,962	1,971	-0.5%	622	632	-1.6%
Net asset management revenue	1,968	1,907	+3.2%	622	622	-0.2%
o/w net management fees	1,874	1,810	+3.5%	615	594	+3.6%
o/w performance fees	94	98	-3.6%	6	28	NS
Net financial income and other net income2	(6)	64	NS	0	9	NS
Adjusted operating expenses3	(1,005)	(1,046)	-4.0%	(328)	(338)	-2.7%
Adjusted gross operating income 2-3	957	925	+3.5%	293	294	-0.3%
Adjusted cost/income ratio2-3	51.2%	53.1%	-1.9 pts	52.8%	53.5%	-0.6 pts
Cost of risk & Other	2	(8)	NS	12	(2)	NS
Equity-accounted entities	38	25	+54.9%	13	9	+41.5%
Adjusted income before taxes2-3	996	941	+5.9%	317	301	+5.5%
Taxes2-3	(275)	(291)	-5.4%	(88)	(83)	+5.2%
Adjusted net income, Group share2-3	721	650	+11.0%	230	217	+5.8%
Amortisation of distribution contracts after tax	(37)	(18)	NS	(12)	(12)	=
Pioneer integration costs after tax	(21)	(41)	-49.3%	(8)	(20)	-58.2%
Net income, Group share	663	591	+12.3%	209	184	+13.3%

1- Combined data in 9M 2018 and 9M 2017: 9 months Amundi + 9 months Pioneer; Q3 2018 and Q3 2017: 3 months Amundi + 3 months Pioneer

2- Excluding amortisation of distribution contracts

3- Excluding costs associated with the integration of Pioneer.

See slides 28 and 29 for definitions and methodology.

A cost/income ratio of 51.2%, an improvement of 1.9 point over 9M 2017

Combined and adjusted operating expenses¹

Combined and adjusted cost/income ratio²

Operating expenses of €1bn, down by 4% compared to 9M 2017

• Thanks to the rapid implementation of Pioneer-related cost-cutting synergies (€71m in cost-cutting synergies in late September 2018, including a headcount reduction of about 85%)
• And despite the extra external research costs related to MiFID

1 - Excluding Pioneer-related integration costs; combined data: 9 months Amundi + Pioneer. 2- Excluding Pioneer-related integration costs and excluding amortisation of distribution contracts; combined quarterly data (3 months Amundi + Pioneer):

4

Conclusion

1. At the end of September, solid business activity and a high level of rising profitability

2. Amundi's excellent results in a more unfavourable environment are a testament to the soundness and efficiency of its diversified business model (client segments, expertise and geography)

3. Amundi possesses a number of key strengths that make it possible to continue its profitable growth: strengthened investment expertise and robust international business

5

Appendices

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 €1,475bn at 30 September 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.

.

Breakdown of AuM by region

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 30 September 2018 and 2017 9M and Q3 combined net inflows1 by client segment, 2018 and 2017
(€bn)	AuM 30/09/2018	AuM 30/09/2017	% chg. vs. 30/09/2017	Inflows Q3 2018	Inflows Q2 2018	Inflows Q3 2017	Inflows 9M 2018	Inflows 9M 2017
French networks2 International networks JVs Third-party distributors	110 123 137 181	106 116 107 174	+3.2% +6.1% +27.3% +4.0%	-0.8 +0.4 +0.3 -4.3*	+0.6 +2.1 +11.4 -1.2	+1.8 +2.6 +4.5 +4.3	+2.4 +5.4 +23.7 -1.3*	+3.0 +7.8 +11.8 +12.8
Retail	550	504	+9.3%	-4.4*	+12.9	+13.1	+30.2*	+35.3
Institutionals3 and sovereigns Corporates	380 65	357 67	+6.5% -3.1%	+2.4 +7.8	+6.1 -15.5	+11.3 +6.9	+23.0 -5.4	+16.2 +1.8
Employee Savings	60	56	+6.6%	+0.3	+2.6	-0.6	+2.8	+1.1
CA & SG insurers Institutionals	420 925	417 897	+0.8% +3.2%	-0.0 +10.5	-3.6 -10.3	+0.4 +18.0	-2.1 +18.3	+3.1 +22.2
TOTAL AuM	1,475	1,400	+5.4%	+6.1*	+2.6	+31.2	+48.5*	+57.5
AuM (excl. JVs) Average AuM (excl. JVs)	1,338 1,333	1,293 1,268	+3.5% +5.1%

1- Combined AuM and inflows: (9 months Amundi + Pioneer) in 9M 2017 and 9M 2018 and (3 months Amundi + Pioneer) in Q3 2017, Q2 2018 and Q3 2018, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

2- French networks: net inflows on medium/long-term assets +€3.8bn in 9M 2018, and +€1.5bn in Q3 2018

3- Including funds of funds

* Including the €6.5bn in assets reinternalised by Fineco in Q3 2018

Combined AuM and inflows by asset class and region

Combined AuM1 at 30 September 2018 and 2017 9M and Q3 combined net inflows1 by asset class, 2018 and 2017
(€bn)	AuM 30/09/2018	AuM 30/09/2017	% chg. vs. 30/09/2017	Inflows Q3 2018	Inflows T2 2018	Inflows Q3 2017	Inflows 9M-18	Inflows 9M-17
Equities	253	222	+14.1%	+4.3	+2.4	+2.9	+15.6	+7.0
Multi-asset	263	247	+6.2%	-3.4*	+9.3	+4.9	+11.8*	+13.2
Bonds Real, alternative and	657	644	+1.9%	+0.7	-3.6	+7.0	+10.4	+4.0
structured assets	74	67	+10.5%	+4.0	+0.4	-0.1	+4.5	+1.7
MLT ASSETS	1,247	1,181	+5.6%	+5.7*	+8.4	+14.7	+42.2*	+25.8
Treasury products	228	219	+4.1%	+0.4	-5.7	+16.5	+6.3	+31.7
TOTAL	1,475	1,400	+5.4%	+6.1*	+2.6	+31.2	+48.5*	+57.5

Combined AuM¹ at 30 September 2018 and 2017 9M and Q3 combined net inflows¹ by region, 2018 and 2017

(€bn)	AuM 30/09/2018	AuM 30/09/2017	% chg. vs. 30/09/2017	Inflows Q3 2018	Inflows Q2 2018	Inflows Q3 2017	Inflows 9M-18	Inflows 9M-17
France	8462	845	+0.0%	+1.5	-13.7	+19.3	+2.1	+27.7
Italy	174	170	+2.4%	-4.0*	+2.5	+2.4	+2.7*	+6.6
Europe excl. France and Italy	161	140	+15.0%	+8.1	-0.6	+2.1	+10.0	+5.5
Asia	204	164	+24.2%	+0.7	+15.3	+7.2	+30.8	+15.3
Rest of world	90	81	+12.0%	-0.3	-0.8	+0.2	+2.9	+2.4
TOTAL	1,475	1,400	+5.4%	+6.1*	+2.6	+31.2	+48.5*	+57.5
TOTAL excl. FRANCE	630	555	+13.4%	+4.5*	+16.4	+11.8	+46.4*	+29.8

1- Combined AuM and inflows: (9 months Amundi + Pioneer) in 9M 2017 and 9M 2018 and (3 months Amundi + Pioneer) in Q3 2018, Q2 2018 and Q3 2017, including assets under advisory and assets sold and taking into account 100% of the Asian JVs' inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 2- Of which €405bn for CA and SG insurers * Including the €6.5bn in assets reinternalised by Fineco in Q3 2018

Definitions and methodology (1/2)

1. Income statement

Accounting data

• At 9M 2018, the data corresponds to nine months of activity for Amundi and nine months of Pioneer's activity. The nine-month 2018 results are compared with nine-month 2017 figures, which included only three months of Pioneer Investments

Adjusted data

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

• At 9M 2018: restatement of Pioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG, BAWAG and UniCredit.
• At 9M 2017: restatement of Pioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG and BAWAG over nine months and with UniCredit over three months (as the contract with UniCredit did not start until Q3 2017).

Combined data

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

Note on combined and accounting data

Costs associated with the integration of Pioneer:

• 9M 2018: €30m before tax and €21m after tax
• 9M 2017: €59m before tax and €41m after tax

Amortisation of distribution contracts:

• 9M 2018: €53m before tax and €37m after tax
• 9M 2017: €26m before tax and €18m 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 is 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)

Alternative Performance Indicators 3.	9M 2018	9M 2017	9M 2017	Q3 2018	Q3 2017
= accounting data
= adjusted data €m	Actual	Reported "Combined"	Reported "Accounting"	Actual	Reported
Net revenues (a)	1,908	1,945	1,524	604	614
+ Amortisation of distribution contracts before tax	53	26	26	18	18
Adjusted net revenues (b)	1,962	1,971	1,550	622	632
Operating expenses (c)	-1,035	-1,105	-851	-340	-365
+ Pioneer integration costs before tax	30	59	59	12	27
Adjusted operating expenses (d)	-1,005	-1,046	-792	-328	-338
Gross operating income (e) = (a)+(c)	874	840	673	263	249
Adjusted gross operating income (f) = (b)+(d)	957	925	758	293	294
Cost/income ratio (c)/(a)	54.2%	56.8%	55.8%	56.4%	59.4%
Adjusted cost/income ratio (d)/(b)	51.2%	53.1%	51.1%	52.8%	53.5%
Cost of risk & Other (g)	2	-8	-6	12	-2
Equity-accounted entities (h)	38	25	25	13	9
Income before tax (i) = (e)+(g)+(h)	914	856	691	288	256
Adjusted income before tax (j) = (f)+(g)+(h)	996	941	776	317	301
Taxes (k)	-251	-265	-219	-79	-71
Adjusted taxes (l)	-275	-291	-245	-88	-83
Net income, Group share (i)+(k)	663	591	472	209	184
Adjusted net income, Group share (j)+(l)	721	650	531	230	217
9M18 Net income, Group share vs 9M17 "Accounting" Net income	+40,5%

Shareholder structure

	31 December 2017		30 June 2018		30 September 2018
	(shares)	% interest	(shares)	% interest	(shares)	% interest
Crédit Agricole Group	141,057,399	70.0%	141,057,399	70.0%	141,057,399	69.9%
Employees	426,085	0.2%	428,122	0.2%	598,742	0.3%
Free float	59,985,943	29.8%	59,871,995	29.7%	59,925,713	29.7%
Shares controlled by the company (liquidity programme)	41,135	0.1%	153,046	0.1%	122,500	0.1%
Number of shares at end of period	201,510,562	100.0%	201,510,562	100.0%	201,704,354	100.0%

⎯ There were no changes in the share capital or in the ownership structure in H1 2018.

⎯ On 1 August, 193,792 shares were created as a result of the capital increase reserved for employees, who now hold 0.3% of the share capital.

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 full-year 2018 results:	13 February 2019
Publication of Q1 2019 results:	26 April 2019
AGM for the 2018 financial year:	16 May 2019
Publication of H1 2019 results:	31 July 2019

Press

Natacha Andermahr Press Relations

	Amundi shares
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natacha.andermahr-sharp@amundi.com

Tel.: +33 1 76 37 86 05 Mobile: +33 6 37 01 82 17

www.amundi.com

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