Amundi Financial Results FY 2018: Growth and Integration

Sharp improvement in annual results

Accounting net income of €855m, up 25.5% vs. 2017

Successful integration of Pioneer

An acquisition that strengthens Amundi’s business model and its European leadership position

A transaction that creates significant value: total synergies raised to €175m, vs €150m originally announced

Successful integration of Pioneer An acquisition that strengthens Amundi’s business model and its European leadership position A transaction that creates significant value: total synergies raised to €175m, vs €150m originally announced

FY 2018

Annual results in line with stated targets, despite an unfavourable environment

Increase in accounting net income¹ (to €855m) of +25.5% vs. 2017 and in accounting EPS of +19.8%
Adjusted net income²of €946m, up 9% vs 2017 excluding extraordinary financial revenues³ (vs. a target of +7%³)
Net asset management revenues almost stable (-0.7% vs. 2017), despite market conditions
A cost/income ratio² of 51.5%, an improvement of 0.9 pt

Strong net inflows⁴ (+€42bn), driven mainly by MLT assets⁵ (+€36bn)

In Q4 2018

Quarterly adjusted net income remains high (€225m)

Compared with an exceptionally high Q4
Excluding financial revenues⁶, adjusted net income was stable compared with Q4 2017
A cost/income ratio² of 52.5%, thanks to lower costs

Net outflows of -€6.5bn with a resilient Retail activity (+€0.5bn)

Integration of Pioneer - A successful transaction:

Bolsters Amundi’s business model in three dimensions: distribution, expertise and talent
Executed in record time (18 months)
Creates significant value:
- 2018 adjusted EPS² up 36% vs. 2016 (> accretion target of 30%⁷)
- Total cost synergies raised from €150m to €175m
- Faster-than-anticipated phasing of synergies

Dividend

Dividend proposed at the General Meeting: €2.90 per share (+16% vs. 2017)

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 12 February 2019 to approve the financial statements for 2018

Yves Perrier

Amundi's CEO

Despite an unfavourable market environment, Amundi's results increased sharply once again in 2018. There are two factors behind this improvement. First, business momentum remained strong, despite the market context, and benefited from Amundi’s significant international presence, particularly in Asia. Second, the Pioneer integration has been a success, and the acquisition has significantly strengthened Amundi's business model; the integration was executed quickly and competently, and therefore the total amount of synergies has been increased to €175m per year

_{After integration costs and amortisation of distribution contracts}
_{Before integration costs and amortisation of distribution contracts}
_{Growth rate calculated based on 2017 adjusted and combined net income excluding the exceptionally high level of financial income}
_{Inflows include assets under management, 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}
_{MLT : Medium Long-term assets: excluding treasury products}
_{Financial revenues in Q4 2017 included capital gains on disposals, and Mark to Market was negative in Q4 2018 due to the decline in the markets}
_{Accretion target announced on 12/12/2016, including the full-year effect of synergies and excluding integration costs and amortisation of distribution contracts}
_{Comparison with combined 2017 data: 12 months Amundi + 12 months Pioneer}