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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.