EMPLOYEE SHARE OWNERSHIP - THE EUROPEAN POLICY

EUROPEAN PARLIAMENT - BRUSSELS

February 6, 2019

Amundi, leader in investment solutions

Europe’s largest asset manager

by assets under management and

in the top 10 globally (1)

No.1 publicly traded asset manager

in Europe

in terms of market capitalization (2)

€1.342 trillion in assets

under management (3)

Global coverage and local expertise,

with offices in 37 countries in Europe,

Asia, the Middle-East and the Americas

6 main investment hubs (4) Close to 4,500 highly-skilled and

experienced team members and market

experts (3)

A strong client-centric

entrepreneurial culture and

a dedication to teamwork

A full range of expertise in the areas of

fixed income, equities, real and alternative

assets, multi-assets and treasury across

public and private markets

Uniquely positioned to provide

high-quality service to over 100 million

retail, institutional and government

entities worldwide

(1) Source IPE “Top 400 asset managers” published in June 2018 and based on AUM as of December 2017

(2) Market capitalization as of September 30, 2018

(3) Amundi figures as of f September 30, 2018

(4) Boston, Dublin, London, Milan, Paris and Tokyo

Global Scope, Local Roots

2

Amundi, expert in Employee Share plans

3

32 Bn €* Under

Management in

employee share

ownership

35 operations in

2017

62.1%* of market share

in France

120 countries

participate

50 years

experience

3rd best provider for

Employee Savings in

2018 from “Gestion de

Fortune” (a French

Wealth Management

magazine)

Amundi’s Employee

Saving Plans

have been the best

performer during the last 5

years

(2012 -2017)

*Source : AFG as at 30/06/2018

A strategic business line

4

Capital owned by employees at the end of 2017 : CAC 40

Moyenne CAC 40 : 3,1 %

0,00%0,00%0,00%0,10%0,15%0,26%0,26%

0,80%0,94%0,97%1,06%1,10%1,10%1,30%1,30%1,40%1,54%1,57%1,67%

2,00%2,00%2,03%2,03%2,20%

2,66%2,91%

3,83%4,01%4,10%

4,60%5,00%5,10%

5,34%5,39%

5,93%7,40%7,40%

8,40%8,80%

17,60%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

ARCELOR MITTAL

STMicroelectronics

SOLVAY

LVMH

PUBLICIS

KERING

UNIBAIL-RODAMCO

TECHNIP MFC

ACCOR

CARREFOUR

PERNOD RICARD

SODEXO

ATOS

DANONE

L'OREAL

LAFARGEHOLCIM

SANOFI

VEOLIA

VALEO

AIRBUS GROUP

MICHELIN

PEUGEOT

RENAULT

AIR LIQUIDE

ENGIE

VIVENDI

LEGRAND

CREDIT AGRICOLE SA

SCHNEIDER ELECTRIC

CAPGEMINI

TOTAL

BNP PARIBAS

AXA

ORANGE

SOCIETE GENERALE

SAFRAN

SAINT GOBAIN

ESSILOR INTERNATIONAL

VINCI

BOUYGUES

CAC 40 average : 3,1%

5

Capital owned by employees at the end of 2017 SBF 120 excluding the CAC 40

0,50%0,50%0,60%0,60%0,70%0,80%0,80%0,80%0,80%0,80%

1,00%1,00%1,00%1,00%1,00%1,00%

1,20%1,20%1,20%1,20%

1,40%1,50%

1,70%1,20%

2,00%2,30%2,40%2,50%2,60%

2,90%3,30%

3,60%3,60%

3,80%3,80%3,80%

4,70%5,60%

6,80%7,00%

7,60%19,60%

0,00% 5,00% 10,00% 15,00% 20,00% 25,00%

ERAMETBIC

ALTENGTT

EUTELSATIMERYS

HERMES INTERMAUREL & PROM

VIRBACINNATE PHARMABUREAU VERITAS

PLASTIC OMNIUMATOS

GROUPE CASINOSODEXOGECINA

EDFRUBIS

ALSTOMWENDEL

ZODIAC AEROSPACEEUROPCAR

REXELAEROPORT DE PARIS

NEOPOSTNATIXIS

IPSOSUBISOFT

VICATTHALES

NEXANSSCOR SE

NEXITYSEB

SUEZAIR France KLM

SPIEARKEMA

TF1SOPRA STERIA

VALLOURECEIFFAGE

6

approximately

40% participatedOver 4.8 million

eligible employees

Increasing interest among intermediate sized companies

Increase among large companies+62%

Evolution of number of offers and amounts subscribed

Employees eligible to participate+53%

Increase in the number of offers between

2013 and 2017+105%

1 36 6

95

1615

1619

26280,9 1,3

1,8

1,9

2,5 2,9

0

0,5

1

1,5

2

2,5

3

3,5

0

5

10

15

20

25

30

35

40

2013 2014 2015 2016 2017 2018(prévisionel)

GE ETI Montant souscrit(en milliards d'€)

Amundi Employee Share Ownership barometer

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Amount subscribed

(in million €)

7

Participation rates by sector

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017

Bâtiment et matériaux de construction

Biens de consommation

Biens et services industriels

Materiaux de base

Pétrole et gaz

Santé

Services aux collectivités

Services aux consommateurs

Sociétés financières

Technologies

Telecommunications

Construction

Consumer goods

Industrial goods and services

Raw materials

Oil & gas

Health

Public services

Consumer services

Financial

Technology

Telecom

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Amundi vision: employee ownership accessibility for all

Broad-based plans reach a wide range of employees over all sectors

Amundi vision: improved outcomes by design

8

Evolution of offer types

Structured

Mixed

Classic

6%

59%

11%

49%27%

50%

24%

52%24%

45%

29% 28%18%

16%

3%

11%6%

6%

6%5%

8%

5%

13%

ETI GE ETI GE ETI GE ETI GE ETI GE

2013 2014 2015 2016 2017

ETI = Medium Sized Companies GE = Large companies

Guarantees and liquidity mechanisms through collective structures can mitigate risk

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Amundi vision: fiscal visibility is essential

Average company matching value

3 000

1 650

2959

2235

1217

2416

1 970

2 344

2277

2 021

2013

2014

2015

2016

2017

GE ETI

Incentives offered to employees are driven by stable fiscal advantages

21%15% 16% 21%

28%

5%5% 8%

7%5%11%

15% 12%11%

13%

53% 60%52%

54%51%

11% 5%12% 7% 3%

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 201730% 20% >= 15% à <20% <15% Sans decoteNo discountto

Average discount rate

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Evolution of average number of eligible countries

Average number of

countries that

participate in an

employee share

plans

22

Of these, 17

countries on average

participate through

the French FCPE

fund structure

1727

20

29

192224

17

25

1317

0

5

10

15

20

25

30

35

2013 2014 2015 2016 2017

Average number of countries

participating through an FCPEAverage number of countries

Amundi vision: scaling operational efficiencies

Companies choose the FCPE for its operational simplicity, cost efficiency and the

flexibility to exercise voting rights collectively or individually

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Deployed in over 120 countries, the classification of the FCPE under the AIFM Directive has resulted in a barrier to

offering the fund to employees in Europe

Amundi vision: international participation is increasing

Subscription rates

21%24%

28%24%

26%

44%41%

48% 46%

44%

0%

10%

20%

30%

40%

50%

60%

2013 2014 2015 2016 2017

Average subscription amounts

3 430 € 3 242 €

4 887 €4 333 € 4 856 €

1 593 €

2 278 €

3 225 €

3 606 €

4 207 €

0 €

1 000 €

2 000 €

3 000 €

4 000 €

5 000 €

6 000 €

2013 2014 2015 2016 2017

France

International

International

France

Subscription rates are rising

internationally

International subscription amounts

have almost tripled in 5 years

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Amundi vision: impacts of employee share ownership

of companies have a

rate of detention by

employee shareowners

greater than 3%

39.2%

of companies have an

employee representative

on the board61%

Employee shareowners hold their assets on average 13 years

(5 year lock-up + 8 years on average)

Employee share ownership finances the real economy long term

13 years

Based on the Amundi 2018 Employee Share Ownership Benchmark of a sample of 120 French issuers of 77% large companies (GE) and 23% intermediate

sized companies (ETI) / 87 % listed companies and 13% unlisted companies

Employee share ownership improves corporate social responsibility and governance

Disclaimer

Issued by Amundi Asset Management, French “société par actions simplifiée”- SAS with a registered capital of Euro 1 086 262 605 and approved by the

French Securities Regulator (Autorité des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Pasteur -

75015 Paris-France – 437 574 452 RCS Paris.

This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the general

public, private customers or retail investors in any jurisdiction whatsoever nor to “US Persons”.

Moreover, any such investor should be, in the European Union, a “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets in

financial instruments (“MIFID”) or as the case may be in each local regulations and, as far as the offering in Switzerland is concerned, a “Qualified Investor”

within the meaning of the provisions of the Swiss Collective Investment Schemes Ordinance of 23 June 2006 (CISA), the Swiss Collective Investment Schemes

Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Offering within the meaning of the legislation on Collective Investment

Schemes of 20 November 2008. In no event may this material be distributed in the European Union to non “Professional” investors as defined in the MIFID or in

each local regulation, or in Switzerland to investors who do not comply with the definition of “qualified investors” as defined in the applicable legislation and

regulation.

This material is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, an advice or an invitation to purchase

or sell any fund, SICAV, sub-fund, (“the Funds”) and should in no case be interpreted as such.

Not all sub-funds or share classes of the Funds will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors.

Subscriptions in the Funds will only be accepted on the basis of the Funds ’s latest complete and simplified prospectuses, its latest annual and semi-annual

reports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at that of the representative

agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction.

Consideration should be given to whether the risks attached to an investment in the Funds are suitable for prospective investors who should ensure that they

fully understand the contents of this document. A professional advisor should be consulted to determine whether an investment in the Funds is suitable.

The value of, and any income from, an investment in the Funds can decrease as well as increase. The Funds have no guaranteed performance. Further, past

performance is not a guarantee or a reliable indicator for current or future performance and returns. The performance data do not take account of the

commissions and costs incurred on the issue and redemption of units.

This document does not constitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public

advertising or investment advice.

The information contained in this document is deemed accurate as at February 2019.