European Small & Mid Caps Expertise

« Think big, buy small » London Investment Day

June 2017

 Caroline Gauthier  Co-Head Small & Mid Cap Europe

 Senior Portfolio Manager

 Reserved to institutional investors

Why European Equities now?

Small & Mid Cap 2

Supportive economic environment : Positive economic surprises, in contrast to the US.

Strong EPS momentum : Very good Q1 earnings season (best in 10 years) and ongoing earnings upgrades.

Political risks are falling in Europe, while rising in the US/EM

Inflows into European equities could surprise on the upside despite recent surge in volumes. International

investors are still under exposed to Europe.

Source: Citigroup, Amundi Research

Economic surprise indices Active investors are not yet back on European Equities

Oil price

collapse

Brexit

Trump

France

1st round

ECB Q1

announced

Why Small Cap now ?

Small & Mid Cap 3

Macro correlation : Smid well positioned to benefit from the upturn in the economic recovery

Stronger EPS momentum

Valuations relative to large caps still attractive compared to long-term average

Supportive political environment with election of pro-business president in France. Planned cut in corporate tax rate more

favourable for small caps because of higher domestic exposure

Macro-sector distribution: MSCI EMU vs

MSCI EMU Small Cap Higher European Exposure

49% 61%

51% 39%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large SMID

International

Europe

56%

20%

23%

48%

30%

22%

Cyclicals

Defensive

Financials

MSCI EMU LARGECAP

MSCI EMU SMALLCAP

 Source: Amundi, Exane

Global recovery is supportive for SMID

Source: Amundi, Factset May 2017 4

Improving macro sentiment drives Small Cap

performance … …and Outperformance vs Large cap

Small & Mid Cap

65

75

85

95

105

115

125

80

100

120

140

160

180

200

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

MSCI EMU Small Cap - Price TR Relative to Euro STOXX 50 (LRebased)

65

75

85

95

105

115

125

135

-60%

-40%

-20%

0%

20%

40%

60%

80%

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

MSCI EMU Small Cap - % Change 1 Year (L)

EPS momentum strong enough to support the rerating

5

US profits 53% of Europe’s since 2007

Source: UBS, Amundi, Factset

EMU Small EPS vs US Small EPS and Returns

0

20

40

60

80

100

120

140

160

180

200

220

240

260

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

EPS MSCI EMU Small CAP EPS Russell 2000

MSCI EMU Small Cap Russell 2000

Small & Mid Cap

50

100

150

200

250

05 06 07 08 09 10 11 12 13 14 15 16

STOXX Europe Small 200 - Price TR (Rebased)STOXX Europe Large 200 - Price TR (Rebased)STOXX Europe Small 200 - NTMA Median EPS (Rebased)STOXX Europe Large 200 - NTMA Median EPS (Rebased)

Ann. Perf SC: 6,4%

Ann. Perf LC: 3,8%

EPS CAGR SC: 3,3%

EPS CAGR LC: -1,2%

+200%

+150%

5%

6%

7%

8%

9%

10%

15,00% 16,00% 17,00% 18,00% 19,00% 20,00% 21,00%

An

nu

alized

Retu

rns

Annualized Risk

Small caps

Mid caps

Large caps

Source: Amundi, Factset. Data based on MSCI europe daily.

Small Cap : An attractive risk/return profile

Source: Amundi, Factset

* There is no guarantee on capital or performance. Given for indicative purposes only and may change without prior notice, within the

limits stated in the prospectus Past market behaviours do not prejudge future behaviours.

Views of investment team are subject to change.

6

EPS growth and performance Annualized risk/return profile over 20 yrs - Europe

Higher performance, lower volatility

Small & Mid Cap

Small Cap: a structural opportunity for diversification

Small & Mid Cap 7

A broad and deep investment universe

A dynamic and changing universe (IPO, M&A …)

A universe full of unique opportunities

• Niche players with strong leadership

• « Pure players » not represented in the large cap segment

• Domestic players as well as Global players

• Lower coverage by brokers, meaning investment opportunities

• M&A targets

M&A, still a strong performance driver for SMIDs

Source: Amundi, JPM May 2017. 8

12 Takeover Bids in

our funds in 2015..

…6 in 2016

…5 in 2017

Target Bidder Date Premium

DMG Mori (All.) DMG Mori Seiki (Jap.) feb-15 19%

Audika William Demant feb-15 39%

Sorin Cyberonics feb-15 14%

Ansaldo Hitachi feb-15 9%

NextRadio TV Altice Jul-15 31%

Italcementi Heidelbergcement Jul-15 60%

Hellermann Tyton Delphi Automotive Jul-15 44%

DelClima Mitsubishi Electric Aug-15 85%

LEG Immobilien Deutsche Wohnen Sept-15 13%

Montupet Linamar Sept-15 15%

Valtech Siegca Dec – 15 39%

USG people Recruit Dec – 15 31%

Bolzoni Hyster-Yale April-16 16%

Saft Total May-16 38%

Kuka Midea May-16 36%

FMC Technip May-16 Merger of equals (~18% impact)

Ausy Randstad June-16 28%

BP Norway Det Norske June-16 Exchange offer +11% to NAV

SLM solutions GE Aviation Sept-16 38%

Zetes Panasonic Dec - 16 17%

Zodiac Safran Jan-17 26%

Pfeiffer Vaccum Busch Jan- 17 4%

Stada Bain & Cinven Avril-17 49%

Epigenomics Blitz (CFIC) April -17 44%

Drillisch United Internet May-17 Merger of Telecom operations

Small & Mid Cap

Our Key Success Factors

9

Access

Convictions

Experience

• Amundi, 1st Asset Manager in Europe :

• Close and regular access to companies ( ~800 visits p.a.)

• Large network of research and liquidity providers

• Alpha generation through Stock Picking

• Unconstrained process focused on quality

• High level of Active Share

• 5 Analysts/Portfolio Managers

• 21 years experience on average, from microcap to midcap

• 2.5 bn€ under management including 40% of institutional mandates.

Patrice Piadé

Amundi Fds Equity

Euroland Small Cap

Amundi Actions PME

Caroline Gauthier

Equity - EuroZone Small &

Medium Companies

Small & Mid Cap

Best Woman European Equity

Portfolio Manager

Top 20 Female Portfolio Manager

worldwide by CNBC

Amundi Fds Eq Euroland Small Cap – strong 10 years outperformance

 Source: Amundi. Past performance is no guarantee of future returns. Gross performance in EUR to 28/04/2017 of the

IEC Share class. Morningstar rating overall, Lipper ranking as of 30/12/2016.. Reference index: MSCI EMU Small Cap

since Oct 2010 (before that date FTSE Eurobloc 04/2009-10/2010, HSBC Smaller Euro Block 09/2004-04-2009). Sub-

fund launched 24/06/2011 (share class IEC). Please refer to the Prospectus and KIID.

10

Caroline Gauthier

Emmanuel Robinet

Patrice Piadé

PMs :

Lipper Ranking:

2nd quartile

over 5 years

AUM in Fund (€m): 311

Small & Mid Cap

26.7%

-19.2%

33.5% 31.3%

4.8%

28.7%

-1.0%

14.3%20.8%

-23.3%

23.9%

33.9%

3.8%

24.3%

3.3%

13.4%

2010 2011 2012 2013 2014 2015 2016 2017 YTD

AFE Euroland SC MSCI EMU SC

0

20

40

60

80

100

120

140

50

100

150

200

250

300

350

400

450

Sep-04 Nov-07 Jan-11 Feb-14 Apr-17

Gross Excess Return Benchmark Gross Performance

Gross performance in EUR as

of 28/04/2017YTD 1 year 3 years 5 years

Annualised since

inception

(24/09/2004)

Portfolio 14.3% 21.0% 45.7% 133.2% 12.5%

Benchmark 13.4% 22.0% 39.9% 123.1% 9.6%

Excess Return 1.0% -1.0% 5.8% 10.1% 2.9%

Risk Indicators YTD 1 year 3 years 5 years Since inception

Portfolio Volatility - 15.0% 17.0% 16.0% 20.0%

Benchmark Volatility - 14.0% 17.0% 16.0% 20.0%

Ex-post Tracking Error - 3.0% 3.0% 4.0% 5.0%

Portfolio Information Ratio - -0.3 0.5 0.2 0.6

Our Structural Growth Thematics

11

Structural Growth

Thematics

Ageing Population

Automa-

tion

Internet /

Digitaliza-

tion

Environ-

mental regulation/

Energy Efficiency

Outsour-cing

EM consump-

tion

Small & Mid Cap

Company Profile:

Growth Catalysts:

Conviction – Mega Trend – NEMETSCHEK

Source: Factset, May 2016. Views of the investment team may change. All trademarks

and logos used for illustrative purposes in this document are the property of their

respective owners.

NEMETSCHEK GROUP is a leading global provider of BIM

(Building Information Modelling) software for the AEC (Architecture,

Engineering and Construction) sector with a mainstay of revenues in

Europe. NEMETSCHEK's business model generates a solid

operating cash flow.

Sustainable growth rate supported by the increasing BIM penetration (even

though BIM is only used on around 20% of projects, 80% of construction

companies intend to implement BIM processes in the next 3 years) >>

support from regulation.

EPS CAGR 2016-2018: 21% - PE 17 : 39x

Stock price performance since 2011

EPS Trend – Historical & Estimated

Software - Market cap: 2.3 BEUR

New 3D and 4D solutions to drive the adoption.

M&A strategy to develop the product portfolio and geographical mix.

i

12 Small & Mid Cap

-10

10

30

50

70

-0,20

0,30

0,80

1,30

1,80

2011 2012 2013 2014 2015 2016 2017 2018EPS Price

APPENDICES

13 Small & Mid Cap

Biographies (1/2)

Source: Amundi

Florence Bannelier

Caroline Gauthier

Co-Head of Small & Mid Caps, Senior Portfolio Manager (32 years of experience)

Co-Head of Small & Mid Caps, Senior Portfolio Manager (20 years of experience)

Florence Bannelier is the PM Amundi Funds Equity Europe Small Cap. She joined Amundi in August 2015. She was previously a European Small and Mid Cap

PM at HSBC Global Asset management (2001-2015) and before that she was the European Investments Manager (Small and Large Caps) for Neuflize

Gestion (ABN AMRO group), (1989-2001). She also worked for Axa Investment Managers (1988-1989), and CCF Gestion (1985-1987). She holds a Master’s

degree in Economics and Finance (Institut d’Etudes Politiques de Paris), a Master’s degree in business law (University Paris 2 Assas) and is a Certified

European Financial Analyst and member of SFAF (French Society of Financial Analysts).

Patrice Piadé

Portfolio Manager (20 years of experience) Patrice Piadé is the co-PM of Amundi Funds Equity Euroland Small Cap, of Amundi Actions PME and Amundi Microcaps Europe. He joined Amundi in 2007 as

a Small & Mid cap Portfolio Manager. Prior to this he was a sell-side analyst on Mid cap equities at Exane BNP Paribas (2000-2007) and Detroyat Associés

(1997-2000). He holds an Engineering degree from ESIM, a Masters in Technology and Innovation Management from Paris Dauphine University and is a

member of SFAF.

Caroline Gauthier is the co-PM of Amundi Funds Equity Euroland Small cap (since 2008) and PM of institutional mandate on Europe Small cap. She is also

the co-PM of Amundi Actions PME and Amundi Microcaps Europe (since 2011). She has been a Small & Mid caps PM since 2007. She joined Amundi in 2000

as a Buy-side analyst on Small & Mid Caps. She was formerly a Sell-side analyst on Mid cap equities for ING (1997-2000). She holds a Masters of Finance

from Paris Dauphine University and is a graduate and member of SFAF. Caroline received the title of the “Best Woman European Equity Portfolio Manager”

and won the European Funds Trophy 2016. She was also ranked 13th best female portfolio manager worldwide by CNBC in October 2016.

14 Small & Mid Cap

Biographies (2/2)

Source: Amundi

Pauline Abadie-Toffier

Emmanuel Robinet

Portfolio Manager (19 years of experience)

Portfolio Manager (14 years of experience)

Pauline Abadie-Toffier is the co-PM of SG Actions Europe Midcap (since January 2015) and PM of institutional mandates (since 2013). She

joined the team in October 2013 after 7 years as a Buy-side analyst (Commodities). Before this, she was a sell-side analyst on Energy for Ixis

Securities (1999-2007), and a Small & Mid Cap analyst for Bankers Trust (1998-1999). She is a graduate in Business Administration from

EBS (Paris), holds a Masters in Finance from University of Wollongong (Australia) and is a graduate and member of SFAF.

Emmanuel Robinet joined the Small & Mid Cap PM team in May 2015 and is the Co-PM of AF Equities Euroland Small Cap and SG Actions

Europe Midcap. Before joining the team, he was a European Equities PM in Etoile Gestion, Amundi Group (2013-2015), a balanced PM for

institutional clients for Amundi (2008-2013), responsible for managing Eurozone Equities within mandates. He started his career as a

European Equities and Derivatives Dealer for SG Asset Management (2003-2008). He is a graduate in Finance from Audencia (French

Business School) and a graduate and member of SFAF.

15 Small & Mid Cap

Amundi Funds Equity Euroland Small Cap: Key information

16

Amundi Funds Equity Euroland Small Cap

Management company Amundi Luxembourg S.A.

Investment manager Amundi

Custodian CACEIS Bank Luxembourg

Min. recommended period 5 years

All Investors Institutional Distributors Italian GPF, UCITS, UCIs or mandates

authorised by the Board

All investors through networks in the

UK & Netherlands

AED AEC AU C IEC IED SEC FEC MEC REC

Reference currency EUR EUR USD EUR EUR EUR EUR EUR EUR

ISIN Code LU0568607385 LU0568607203 LU1049754705 LU0568606817 LU0568606908 LU0568607468 LU0568607542 LU0568607039 LU0945156379

BLOOMBERG Ticker EESCAED LX SOGESCA LX AMEEAUC LX SOGESCB LX AMESIED LX EESCSEC LX SOGESCF LX SOGESCJ LX AEELREC:LX

Share categories Distribution Accumulation Accumulation Distribution Accumulation

Minimum initial subscription 1 thousandth of share USD 500 000** 1 thousandth of share -

Frequency of NAV calculation Daily

Cut off for dealing times Luxembourg Dealing days before 2pm***

Max. initial charge 4.50% 2.50% 3.00% - 2.50% 4.50%

Max. annual management fee 1.70% 0.80% 2.10% 0.70% 0.80%

Annual administration fee 0.40% 0.25% 0.40% 0.35% 0.40%

Performance fee 20% max of the cumulative performance above that of reference indicator (MSCI EMU Small Cap NR)

Max. conversion fee 1.00%

Max. redemption fee None

 * Only for distributors authorized by Board of Directors

 ** Or equivalent in another currency

 *** Or, as the case may be, an earlier cut off time applicable by the relevant distributor

 For more detailed information, please refer to the Prospectus

Small & Mid Cap

Disclaimers (1/2)

17

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”) described herein and should in no case be interpreted as such.

This material, which is not a contract, is based on sources that Amundi considers to be reliable. Data, opinions and estimates may be changed without notice.

Amundi accepts no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this material. Amundi can in no way be held responsible for

any decision or investment made on the basis of information contained in this material.

The information contained in this document is disclosed to you on a confidential basis and shall not be copied, reproduced, modified, translated or distributed without the prior written

approval of Amundi, to any third person or entity in any country or jurisdiction which would subject Amundi or any of “the Funds”, to any registration requirements within these

jurisdictions or where it might be considered as unlawful. Accordingly, this material is for distribution solely in jurisdictions where permitted and to persons who may receive it without

breaching applicable legal or regulatory requirements.

Not all funds, or sub-funds will be necessarily registered or authorized in all jurisdictions or be available to all investors.

Investment involves risk. Past performance and simulations based on these, do not guarantee future results, nor are they reliable indicators of future performance. The value of an

investment in the Funds, in any security or financial product may fluctuate according to market conditions and cause the value of an investment to go up or down. As a result, you may

lose, as the case may be, the amount originally invested. All investors should seek the advice of their legal and/or tax counsel or their financial advisor prior to any investment decision

in order to determine its suitability. It is your responsibility to read the legal documents in force in particular the current French prospectus for each fund, as approved by the AMF, and

each investment should be made on the basis of such prospectus, a copy of which can be obtained upon request free of charge at the registered office of the management company.

This document contains information about Amundi Funds Equity Euroland Small Cap and Amundi Funds Equity Europe Small Cap (the “Sub-Funds”), sub-funds of Amundi Funds (the

“SICAV”), an undertaking for collective investment in transferable securities existing under Part I of the Luxembourg law of 17 December 2010, organised as a société d’investissement

à capital variable and registered with the Luxembourg Trade and Companies Register under number B68.806. The SICAV has its registered office at 5, allée Scheffer, L-2520

Luxembourg.

Amundi Funds has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg.

Not all sub-funds of the SICAV (the "Sub-Funds") will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors. Subscriptions in the Sub-Funds

will only be accepted on the basis of the SICAV’s latest prospectus and/or the Key Investor Information Document (KIID) of the Sub-Fund, 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 Sub-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 Sub-Funds is suitable.

The value of, and any income from, an investment in the Sub-Funds can decrease as well as increase. The Sub- 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.

Small & Mid Cap

Disclaimers (2/2)

18

Amundi has prepared and presented the performance in compliance with the Global Investment Performance Standards (GIPS®). Amundi's claim of compliance with GIPS® for the

period from January 1st, 1994 through December 31, 2014 has been verified by independent auditors. According to the GIPS® standards, the total firm assets include the assets of

all portfolios falling within the definition of the Firm, i.e. EUR 560 billion as of 31/12/2014.

Amundi Suisse SA has been authorized in Switzerland as distributor of collective capital investments. Amundi Suisse SA is distributing in Switzerland and from Switzerland the

collective capital investments managed by Amundi S.A. and /or Amundi Luxembourg. In this respect, Amundi Suisse SA informs investors that it collects, from Amundi S.A. and/ or

Amundi Luxembourg, a compensation under article 34 al. 2bis in the Ordinance on collective capital investments (Ordonnance sur les placements collectifs de capitaux, OPCC).

This compensation can constitute a part of the management fees stated in the prospectus. Additional information regarding the existence, nature and calculation method for the

compensation received by Amundi Suisse SA within the frame of its distribution activity in Switzerland or from Switzerland may be provided upon written request to 6-8 rue de

Candolle 1205 Genève Suisse.

This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. 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” as defined in the the Swiss Collective Investment Schemes Act of 23 June 2006 as

amended (CISA) its implementing revised ordinance of 22 November 2006 (CISO) and the FINMA Circular -2013/9 on Distribution of collective investment schemes. 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

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This document is not intended for citizens or residents of the United States of America or to any «U.S. Person» , as this term is defined in SEC Regulation S under the U.S.

Securities Act of 1933 and in the prospectus of the Fund.

The information contained in this document is deemed accurate as at 30/04/2017

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Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 746 262 615 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. - www.amundi.com –

www.amundi-funds.com

Small & Mid Cap