Amundi : First Half 2019 results

First Half 2019 Results

Accounting net income of €480m (up +5.6% vs. H1 2018)

Growth in-line with targets of 3-year plan

	Results		A high level of net income, and again on the rise:
				Accounting net income of €480m, up by +5.6% vs. H1 2018
				Adjusted net income1of €505m, up by +2.7% vs. H1 2018
				• Total net revenues1nearly stable at €1,332m
				• Operating costs under control with a cost/income ratio1of 51.1%
	Business		AuM of €1,487 bn2at 30 June 2019, an increase of +4.3% vs. the end of December 2018
	activity			In H1 2019
				• Sustained high inflows2in MLT assets3: +€8.0bn excluding reinternalisation of a mandate
				in Italy4
				• Total net outflows of -€11.7bn due to:
				-Substantial outflows from treasury products (-€13.4bn)
				-The reinternalisation in Q1 2019 of an institutional mandate in Italy (-€6.3bn)
			In Q2 2019, net outflows2of -€4.8bn, related to seasonal outflows from treasury products

Paris, 31 July 2019

Amundi's Board of Directors, chaired by Xavier Musca, convened on 30 July 2019 to review the financial statements for the first half of 2019.

Commenting on the figures, Yves Perrier, CEO, said:

"In the first half of 2019, Amundi confirmed the solidity of its business model. Results have increased again, in line with the targets of the three-year plan. This increase in profitability reflects both the resiliency of business and margins in a more difficult environment, and the full effect of the synergies from the Pioneer acquisition. Amundi has continued to strengthen its organization with targeted recruitment (mainly for passive management and real assets). In addition, Amundi has launched several Responsible Investing initiatives, in keeping with the plan announced in October 2018".

1. Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer
2. 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.
3. Medium-Long-Term(MLT) Assets: excluding treasury products
4. Reinternalisation of an Italian institutional mandate for-€6.3bn in Q1 2019

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1. Sharp improvement in results
   Accounting net income5up by +5.6% vs. H1 2018
   Stable net revenues, cost/income ratio at 51.1%

In an environment marked by persistent risk aversion, Amundi's results for the first half of 2019 improved once again, in line with targets, confirming the resiliency of its business model.

In the first half of 2019

Adjusted data6

Growth in adjusted net income (+2.7% to €505m) was the result of resiliency in revenues and margins, as well as strict control of costs, which benefited from the synergies related to the Pioneer integration.

Total net revenueswere nearly stable at €1,332m (-0.6% vs. H1 2018):

• Net management feesdropped slightly (€1,239m, -1.6%), with margins nearly stable.
• Performance feesheld at a good level (€60m, including €40m in Q2 2019). The comparison effect was unfavourable against an especially high H1 2018.
• Financial income rose substantially to €33m, in connection with the recovery of equity markets.

Operating expenses were under control(€680m, +0.6% vs. H1 2018), with synergies related to the integration of Pioneer offsetting business development investments as well as unfavourable foreign exchange and price effects.

Consequently, the cost/income ratio stood at 51.1%,comparable to H1 2018. Gross operating income stood at €652m.

Taking into consideration the contribution (stable, after a sharp increase in 2018) from equity-accounted entities (primarily the Asian joint ventures) and a tax charge of €174m (-7.1% compared to the first half of 2018), adjusted net income, Group share, totalled €505m, up +2.7% compared to the first half of 2018.

Accounting data5

Accounting income for the first half of 2019 was €480m, up by +5.6% vs the first half of 2018.

In the second quarter of 2019

Adjusted data6

Net revenues were stable at €673m (-0.6%) with performance fees holding up well (€40m). The cost/income ratio therefore stood at 51.2%(+0.3 point on Q1 2019), and gross operating income came to €329m, down -2.5% vs Q2 2018.

After the contribution from equity-accounted entities (primarily the Asian joint ventures) and a tax charge of €80m (-13.4%),adjusted net income, Group share totalled €258m, up 2.3% compared to Q2 2018.

Q2 2019 accounting net income5was €245m, an increase of +4.9% compared to Q2 2018.

1. Including amortisation of distribution contracts and, in 2018, integration costs
2. Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer

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1. Business activity

Assets under management: €1,487bn (+4.3% vs. end-2018)

Brisk net inflows in MLT assets7, despite a stalled European asset-management market

Amundi's assets under management totalled €1,487bn at 30 June 2019, up +4.3% compared to the end of 2018, thanks to a positive market effect.

In the first half of 2019

In spite of the recovery of financial markets (after the sharp correction in the fourth quarter of 2018), the European asset-management sector posted virtually zero inflows in the first half of 20198, given the persistent wait-and-see approach from savers and investors resulting from strong risk aversion.

For Amundi, activity in the first half of 2019 was marked by:

• brisk net inflows in MLT assets, at +€8.0bn excluding the reinternalisation of a specific mandate in Italy (- €6.3bn),
• substantial seasonal outflows from treasury products(-€13.4bn),
• and the reinternalisation of an Italian institutional mandate (in the first quarter 2019).

In light of these factors, total net flows for the first half were -€11.7bnof which-€3.5bnin Retail and-€8.2bnin

Institutionals.

a) MLT assets

Against a persistent backdrop of risk aversion, the Retail segment posted positive inflows in MLT assets (+€1.4bn), driven by International Networks (+€2.1bn) thanks to discretionary management in Italy, and by the Asian Joint Ventures (flows of +€1.3bn, which include both a very good level of inflows in India and South Korea, and outflows in China due to regulatory changes). In contrast, the French networks saw a small outflow(-€0.8bn),a consequence of the decline in theUnit-Linkedshare of gross inflows from life insurance policies (24% in 20199vs. 28% in 2018).

Among institutional clients, this first half of the year was characterised by robust net inflows in MLT assets, totalling +€6.6bn excluding the reinternalisation of an Italian mandate(-€6.3bn).Net inflows in CA & SG Insurance Mandates were brisk and driven by subscriptions toeuro-denominatedlife insurance policies. Employee Savings confirmed its momentum (+€1.5bn).

By asset class, net MLT inflows were driven by solutions fitting well the market environment (risk aversion and low interest rates):

• Inbondswith flows of +€5.8bn: insurance management, Emerging Market expertise, maturity funds.
• Inreal and alternative assets, with flows of +€2.5bn bringing AuM to €50.4bn at end-June 2019
• Instructured products: +€2.1bn in inflows, thanks to the promotion of a range of attractive solutions and to formula products in Europe and Asia.

Passive management, ETF, and smart beta had another half-year of strong growth with +€6.9bn10,in net inflows, bringing AuM to €114bn10at end-June 2018. With inflows of +€4.2bn10in the first half of 2019 in ETF, Amundi has gained market share and is number three in Europe in terms of inflows11. In total, ETF assets totalled €47.8bn10at 30 June 2019 (ranked fourth in Europe11).

1. Medium-Long-Term(MLT) Assets excluding treasury products: equity, fixed income, real, alternative and structured assets
2. Source: Broadridge
3. French market figures. Source: FFA Data fromJanuary-June 2019
4. Excluding JV
5. Source: Amundi

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b) Treasury products

Outflows from Treasury products stood at -€13.4bn, focused on corporate and institutional clients, in a market marked in Q2 by the seasonal phenomenon of dividend payouts by corporates.

In the second quarter of 2019

The path of activity in the second quarter of 2019 was similar with the first quarter, with low risk appetite from clients.

Activity was marked by outflows from treasury products (-€4.4bn, mainly in the Institutionals and Corporates segment) and slightly negative flows of -€0.4bn in MLT assets. In total, net outflows in Q2 2019 reached-€4.8bn.

The performance varied by client segment:

• In Retail, net inflows were positive at +€1.9bn,of which -€1.0bn in MLT products and +€2.9bn in treasury products. Risk aversion remained apparent in the Frenchand international networks. On the French market, the majority of clients' financial savings flows were directed toward risk-free products (specifically euro- denominated life insurance contracts). In the Asian JVs, India and Korea showed a positive trend in MLT assets, which offset the outflows in China.
• There were net outflows for the Institutionals segment(-€6.7bn),related to seasonal outflows in treasury products used by Corporates (in particular to pay dividends). In MLT assets, inflows (+€0.6bn) improved slightly vs. the first quarter of 2019, thanks to Employee Savings and insurance mandates.

1. A solid financial structure

On 30 June 2019, Amundi's tangible equity totalled €2.1bn, compared to €2.3bn on 31 December 2018. Such change is attributed to the following reasons : capital generated from net income for the first half of the year 2019 (€480m) was more than offset by the 2018 dividend payment (-€579m), as well as an increase in the number of treasury shares held in order to cover the performance share plan (supplementary deduction of €67m). The number of treasury shares (which are deducted from shareholder's equity) increased in the first half of 2019: 1.9 million shares at the end of June 2019 compared to 0.8 million at the end of December 2018.

Furthermore, in May 2019, rating agency Fitch confirmed Amundi's A+ rating, the best in the sector.

IV.Responsible Investment

As a pioneer in responsible investment since its creation in 2010, Amundi manages €297bn according to ESG12criteria, i.e. 20% of its AuM at 30 June 2019 (vs 19% at end-2018).

In line with the October 2018 announcement of an ambitious three-year plan to give its commitments a new momentum, Amundi pursued its initiatives in favour of "sustainable finance" through product innovation. For instance, in July 2019 Amundi launched the Green Credit Continuumprogramme with the EIB (European Investment Bank): an investment solution designed to develop the green debt market (beyond existing green bonds), through the funding of SMEs and mid-sized companies.

This policy of engagement is also illustrated by Amundi's recent participation in two initiatives:

• Participation on 8 July 2019 (with seven other global asset managers) in theOne Planet Sovereign Wealth Fund Asset Managerinitiative, designed to support sovereign funds in incorporating climate change into their investment management.
• Participation in theTCFD13Consortium in Japan,created in May 2019 under the auspices of the Japanese Ministries of the Economy and the Environment (Amundi being the only non-Japanese member of that consortium) and focused on improving issuers' reporting on environmental issues.

1. ESG: Environmental, Social, and Governance
2. Task force onClimate-related Financial Disclosure

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1. Other information

Capital increase reserved for employees

A capital increase reserved for employees will take place in the second half of 2019. This operation, meant to strengthen employees' sense of belonging, will be carried out in the context of existing legal powers as approved by the General Shareholders' Meeting of May 2019.

The impact of this operation on net earnings per share should be negligible. The number of shares created will be capped at one million (i.e. 0.5% of capital and voting rights), and the discount offered to employees will be 30%, in accordance with the guidelines of the PACTE14law that was recently passed in France.

***

Financial communication calendar

• 31 October 2019: Publication of results for the first nine months of 2019
• 12 February 2020: Publication of 2019 annual results

14PACTE law : Plan d'Action pour la Croissance et la Transformation des Entreprises

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Income statement

€m	H1 2019		H1 2018		Change		Q2 2019		Q2 2018		Change
Adjusted net revenues1		1,332		1,340		-0.6%		673		677		-0.6%
Net asset management revenue	1,299	1,347	-3.5%	658	679	-3.1%
o/w net management fees	1,239	1,259	-1.6%	618	643	-3.9%
o/w performance fees	60	88	-31.4%	40	36	+12.6%
Net financial income and other net income	33	(6)		NS	15	(2)		NS
Adjusted operating expenses2		(680)		(677)		+0.6%		(345)		(340)		+1.3%
Adjusted gross operating income 1,2		652		664		-1.7%		329		337		-2.5%
Adjusted cost/income ratio1,2	51.1%	50.5%		+0.6 pt	51.2%	50.2%		+1 pt
Cost of risk & Other	2	(10)		NS	(3)	(6)	-56.3%
Equity-accounted entities	25	25	-2.5%	12	14	-11.8%
Adjusted income before taxes1,2		679		679		0.0%		338		345		-1.9%
Taxes1,2	(174)	(188)	-7.1%	(80)	(93)	-13.4%
Adjusted net income, Group share1,2		505		492		+2.7%		258		252		+2.3%
Amortisation of distribution contracts after tax	(25)	(25)	+0.7%	(13)	(12)	+0.7%
Pioneer integration costs after tax	0	(12)		NS	0	(6)		NS
Net income, Group share		480		454		+5.6%		245		234		+4.9%

1- Excluding amortisation of UniCredit, SG, and Bawag distribution contracts. 2- Excluding costs associated with the integration of Pioneer in 2018

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Change in assets under management

Assets under management and net inflows by client segment

		AuM	AuM		% chg.		Inflows		Inflows		Inflows
			vs.
(€bn)		30/06/19	30/06/18		30/06/18		Q2 2019		Q2 2018		Q1 2019
French networks*	108	110		-2.0%	+0.4	+0.6	-3.1
International networks	123	122	+1.3%	-0.1	+2.1	+2.3
JVs	146	140	+4.0%	+1.0	+11.4	-2.8
Third-party distributors	180	182		-0.7%	+0.5	-1.2	-1.9
Retail		557	554		+0.7%		+1.9		+12.9		-5.4
Institutionals**&	359	375		-4.3%	-7.0	+6.1	-1.5***
sovereigns
Corporates	67	58		+15.4%	-2.3	-15.5	-5.9
Employee Savings	61	59	+3.9%	+2.8	+2.6	-0.5
CA & SG insurers	443	421		+5.1%	-0.1	-3.6	+6.4
Institutionals		930	913		+1.8%		-6.7		-10.3		-1.5***

TOTAL	1,487	1,466	+1.4%	-4.8	+2.6	-6.9***
Average AuM	1,326	1,329	-0.2%
(excl. JVs)

• French networks: net inflows on MLT assets-€0.2bn in Q2 2019, -€0.6bn in Q1 2019 and +€0.6bn in Q2 2018
• Including funds of funds
• Including the reinternalisation of an Italian mandate for-€6.3bn in Q1 2019

Inflows	Inflows
H1 2019	H1 2018
-2.7	+3.2
+2.3	+5.0
-1.8	+23.5
-1.3	+3.0
-3.5	+34.6
-8.5***	+20.5
-8.2	-13.2
+2.2	+2.5
+6.3	-2.0
-8.2***	+7.8
-11.7***	+42.4

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Assets under management and net inflows by asset class

(€bn)

Equities Multi-asset Bonds

Real, alternative and structured assets

MLT ASSETS

Treasury products

TOTAL

AuM	AuM		% chg.
	vs.
30/06/19	30/06/18		30/06/18
252	244		+3.5%
257	267		-3.7%
681	657		+3.6%
82	71		+15.7%
1,271	1,238		+2.7%
215	228		-5.7%
1,487	1,466		+1.4%

Inflows	Inflows	Inflows
Q2 2019	Q2 2018	Q1 2019

-2.1	+2.4	+1.4
-5.7	+9.3	-2.4*
+4.3	-3.6	+1.5
+3.0	+0.4	+1.6
-0.4	+8.4	+2.1*
-4.4	-5.7	-9.0
-4.8	+2.6	-6.9*

Inflows	Inflows
H1 2019	H1 2018
-0.6	+11.3
-8.1*	+15.1
+5.8	+9.7
+4.6	+0.5
+1.7*	+36.5
-13.4	+5.9
-11.7*	+42.4

* Including the reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019

Assets under management and net inflows by region

(€bn)

France

Italy

Europe excl. France and Italy

AuM	AuM	% chg.	Inflows	Inflows	Inflows	Inflows	Inflows
vs.
30/06/19	30/06/18	30/06/18	Q2 2019	Q2 2018	Q1 2019	H1 2019	H1 2018
849*	843	+0.8%	-2.9	-13.7	-0.6	-3.5	+0.6
171	178	-4.4%	-0.7	+2.5	-3.8**	-4.5**	+6.7
167	151	+11.2%	+2.2	-0.6	-2.7	-0.5	+1.9

Asia	203	206	-1.6%	-1.4	+15.3	-5.2	-6.6	+30.1
Rest of world***	96	88	+9.2%	-2.0	-0.8	+5.4	+3.4	+3.2
TOTAL		1,487	1,466	+1.4%		-4.8	+2.6	-6.9**		-11.7**	+42.4
TOTAL excl. France		638	624	+2.2%		-1.9	+16.4	-6.3**		-8.2**	+41.8

• of which €426bn for CA & SG insurers
• Including the reinternalisation of an Italian institutional mandate for-€6.3bn in Q1 2019
• Essentially United States

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Methodological appendix

1. Income statement, H1 and Q2 2019 and 2018

1. Accounting data
2. • In H1 and Q2 2019, information corresponds to data after amortisation of distribution contracts.
   • In H1 and Q2 2018, information corresponds to data after amortisation of distribution contracts and after integration costs related to Pioneer.
3. Adjusted data

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

• In H1 and Q2 2019: restatement of amortisation of distribution contracts (deducted from net revenues) with SG, Bawag and UniCredit.
• In H1 and Q2 2018: restatement ofPioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG, Bawag and UniCredit.

Costs associated with the integration of Pioneer Investments:

• H1 2018: €18m before tax and €12m after tax

Amortisation of distribution contracts:

• H1 2019: €36m before tax and €25m after tax
• H1 2018: €36m before tax and €25m after tax

II. Reminder of 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 amount net of tax 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 €12m after tax over a full year (€17m before tax).

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1. Alternative Performance Indicators15

To present an income statement that is closer to the economic reality, Amundi publishes adjusted data which are defined as follows: they have excluded costs associated with the integration of Pioneer and amortisation of the distribution contracts with SG, Bawag and UniCredit since 1 July 2017 (see above).

These combined and adjusted data are reconciled with accounting data as follows:

€m	H1 2019		H1 2018		Q2 2019		Q2 2018
Net revenues (a)		1297		1304		656		660
+ Amortisation of distribution contracts before tax	36	36	18	18
Adjusted net revenues (b)		1332		1340		673		677
Operating expenses (c)		-680		-694		-345		-349
+ Pioneer integration costs before tax	0	18	0	8
Adjusted operating expenses (d)		-680		-677		-345		-340
Gross operating income (e) = (a)+(c)		616		610		311		311
Adjusted gross operating income (f) = (b)+(d)		652		664		329		337
Cost/income ratio (c)/(a)	52,5%	53,2%	52,6%	52,9%
Adjusted cost/income ratio (d)/(b)	51,1%	50,5%	51,2%	50,2%
Cost of risk & Other (g)	2	-10	-3	-6
Equity-accounted entities (h)	25	25	12	14
Income before tax (i) = (e)+(g)+(h)		644		626		320		318
Adjusted income before tax (j) = (f)+(g)+(h)		679		679		338		345
Taxes (k)	-164	-172	-75	-85
Adjusted taxes (l)	-174	-188	-80	-93
Net income, Group share (i)+(k)		480		454		245		234
Adjusted net income, Group share (j)+(l)		505		492		258		252

15Please refer to section 4.3 of the 2018 Registration Document filed with the French AMF on 08/04/2019

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About Amundi

Amundi is Europe's largest asset manager by assets under management and ranks in the top 10 globally16. With the acquisition of Pioneer Investments, the Group now manages €1.487 trillion17in assets and has six main investment hubs18. Amundi offers its clients in Europe, Asia-Pacific, the Middle-East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Amundi's clients also have access to a full range of tools and services. Headquartered in Paris, Amundi has been listed on the Paris Stock Exchange since November 2015.

Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

Amundi. Confidence must be earned.

Visit www.amundi.comfor more information or to find an Amundi office near you.

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DISCLAIMER:

This document 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.

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

1. Source: IPE "Top 400 Asset Managers", published in June 2019, based on AuM at December 2018.
2. Amundi figures as of 30 June 2019
3. Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo

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