Amundi asset managemet

Amundi Funds Bond Global AggregateTapping value wherever it exists

This material is solely for the attention of "professional” investors(see more details and definitions at the end of the document).

Citywire BerlinNovember 2012

Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 2

€692.9 Bn AUM1

Global Fixed Income (GFI) Platform AuM €458 billion

Illustration given for indicative purposes only. May change without prior notice.

1.Amundi Group figures as at 30 June 2012. 2. Total net assets - Source : IPE «Top 400 global assetmanagers active in the European marketplace » published in June 2012, data as at December 2011.Ranking established from a questionnaire fulfilled by fund management companies total AUM as at December 2011 (open-end funds, dedicated funds, mandates). Ranking retreated of a double accounting of AUM. 3. Source Europerformance NMO – June 2012– French domiciled funds. 4.Source Lipper FMI –June 2012 - funds domiciled in Europe and in related offshore territories. 5. in Europe- Open-ended funds, dedicated funds, mandates- Source Top 120 IPE European Institutional Managers published in June 2012, data as at December 2011. 6. Open-ended funds, dedicated funds, mandates- Source Top 120 IPE European Institutional Managers published in June 2012, data as at December 2011.

17Quantitative

Research

18Credit

Analysts

17 Strategy &EconomicResearch

Global Corporate

Global Aggregate

Emerging Market Debt

Global Currency

10Emerging

Equity PM and analysts

Global Sovereign

London-based team

Amundi is a leading fixed income manager


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD MTDEM external

debt 14.41%

US Credit 10.40%

EM external debt

13.12%

EM (MSCI) 51.59%

EM (MSCI) 22.45%

EM (MSCI) 30.31%

EM (MSCI) 29.18%

EM (MSCI) 36.48%

US Treasury 13.74%

EM (MSCI) 74.50%

EM (MSCI) 16.36%

US Treasury 9.81%

EM external debt

16.61%

EuroStoxx 4.89%

US Treasury 13.52%

US Treasury 6.75%

US Treasury 11.79%

Asia Pacific (MSCI) 38.07%

DM exp. US (MSCI) 17.59%

EuroStoxx 21.28%



Euro Treasury 8.37%

Global High Yield

57.69%

Global High Yield

15.07%

EM external debt 8.46%

Global High Yield

16.34%


Euro Treasury 9.49%

EU Credit 6.47%

US Credit 10.52%




EuroStoxx 15.12%

US Treasury 9.01%

EU Credit -2.56%



US Credit 8.35%

S&P 500 15.88%


US Credit 9.39%

Euro Treasury 5.54%

EU Credit 8.75%

Global High Yield

29.33%

Global High Yield

11.99%




US Credit -3.08%

EM external debt

28.18%

S&P 500 12.78%

Global High Yield 3.63%

EuroStoxx 11.12%


EU Credit 6.35%


Euro Treasury 8.23%

S&P 500 26.38%

EM external debt

11.73%

EM external debt

10.73%

S&P 500 13.62%

EuroStoxx 6.79%

EM external debt

-10.91%


EM external debt

12.04%

Euro Treasury 2.63%

EU Credit 10.52%

S&P 500 1.16%




EM external debt

25.66%

S&P 500 8.99%

Euro Treasury 6.48%

Global High Yield

12.20%


Global High Yield

-25.24%

S&P 500 23.45%

US Credit 8.47%

EU Credit 2.17%

EM (MSCI) 9.92%

Euro Treasury 0.70%

EuroStoxx -2.69%

EM (MSCI) -4.91%

EM (MSCI) -7.97%

EuroStoxx 15.68%

EU Credit 7.47%



US Credit 5.11%

S&P 500 -38.49%

EuroStoxx 21.14%

US Treasury 5.87%

S&P 500 0.00%


US Credit 0.66%

S&P 500 -10.14%

S&P 500 -13.04%

Asia Pacific (MSCI) -9.79%

US Credit 7.70%

Euro Treasury 6.94%

EU Credit 4.09%

US Credit 4.26%

S&P 500 3.53%

Asia Pacific (MSCI)

-43.23%

US Credit 16.04%


DM exp. US (MSCI) -

14.82%

US Credit 8.97%


DM exp. US (MSCI)

-15.21%

EuroStoxx -20.25%

DM exp. US (MSCI)

-17.52%

EU Credit 6.34%

EuroStoxx 6.90%

S&P 500 3.00%

US Treasury 3.08%

Euro Treasury 3.07%

EuroStoxx -44.37%

EU Credit 14.41%

EU Credit 4.79%

EuroStoxx -17.05%

Euro Treasury 8.67%

EU Credit 0.53%

Asia Pacific (MSCI)

-29.20%

Asia Pacific (MSCI)

-21.84%

S&P 500 -23.37%

Euro Treasury 3.13%

US Credit 5.24%

US Treasury 2.79%

Euro Treasury 1.84%


DM exp. US (MSCI)

-45.09%

Euro Treasury 4.16%

Euro Treasury 1.02%

Asia Pacific (MSCI) -

17.31%


EM (MSCI) 0.46%

EM (MSCI) -31.80%

DM exp. US (MSCI)

-22.61%

EuroStoxx -37.30%

US Treasury 2.24%

US Treasury 3.54%

US Credit 1.96%

EU Credit 0.47%

EU Credit 0.34%

EM (MSCI) -54.48%

US Treasury -3.57%

EuroStoxx -5.81%

EM (MSCI) -20.41%

US Treasury 1.42%

US Treasury -0.65%

Sources: Bloomberg, Amundi. Data as of 23rd October 2012.Information given for indicative purposes only.Past market data are no reliable indicators for current or future data.

Opportunities are abundant but change over investment cycles…


In the prevailing low rate environment, a global fixed income manager can add value through active duration management and asset class diversification.

A challenging environment for government bonds

Information given for indicative purposes only.Past market data are no reliable indicators for current or future data.


Portfolio construction is as important as market viewsActive management is not only a function of views. The “risk paradigm” has

important implications for portfolio construction. The “risk on / risk off” behaviour prevailing on financial markets today is an

important consideration when deciding on the amount of risk to deployed.

“Risky”Assets

“Safe Haven”Assets

Source: Amundi as at end 2011. Factor analysis of mixed ‘macro’ asset factors, 2011 sample.Information given for indicative purposes only.


Government BondsGovernment Bonds

Global Global Investment GradeInvestment Grade

Global Global CurrenciesCurrencies

The most global benchmark universe: Barclays Global Aggregate

• Global Investment Grade• 78% sovereign, 17% credit, 5% covered &

ABS • > 13,000 issues & 2,500 issuers• > 70 Countries

Covered Bonds Covered Bonds & ABS& ABS

Global Global HY & EMHY & EMB

ench

mar

k un

iver

seO

ff-benchmark universe

Amundi Funds Bond Global Aggregate Use of the broadest benchmark available Investment in currency on top of that Possibility to invest in High Yield (<20%) or emerging market debt (<33%) if market conditions are right

Source: Amundi, September 2012. Information given for indicative purposes only, may change without prior notice.The percentages given for high yield and emerging market debt are internal constraints only.

The broadest fixed income investment universe

Amundi Funds Bond Global Aggregate - Citywire - November 2012 - page 7Source: Barclays.Past performance does not prejudge future results, nor is it a guarantee of future returns.

Why is global aggregate relevant?

All-weathered universe


Amundi Funds Bond Global Aggregate: best GFI performer since inception

Sources: Morningstar, Amundi. Data as at end-September 2012.Past performance does not prejudge future results, nor is it a guarantee of future returns. Data Source - ©[2012] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The rating concerns the IU class. Performance for Amundi Funds Bond Global Aggregate aU-C and Templeton Global Total Return A Acc $ for September 2012.

A “full cycle” product


7-year track record for the flexible bond process (Aggregate) and managed by Hervé Hanoune since 2008

Supported by all the London global fixed income teams and the infrastructure of Amundi Group worldwide

Proven track record, stability and resources

The broadest universe Bonds, investment grade credit, emerging bonds, high yield, ABS and currencies

Flexible style adapted to “full cycle” management

Combining long-term macro-views with short-term tactical management

Dynamic asset allocation to tap value wherever it exists

$490M AuM with a focus to invest in liquid assets

Ambitious returns & conviction

12.2% annualised net performance since inception versus5.4% for the reference indicator

Source: Amundi, September 2012. Information given for indicative purposes only, may change without prior notice. The sub-fund does not offer any capital or performance guarantee. Please refer to Amundi Funds prospectus for further details about the assets authorised in the sub-fund and regarding the investment and management style of the sub-fund.

Long-term macro-management in a global aggregate universe


Attractive performanceCalendar Year Net Performance* as at 28th September 2012

Amundi Funds Bond Global Aggregate IU (C) Barclays Global Aggregate (Hedged USD)

0.08%

7.79%

31.67%

10.78%

-4.92%

17.72%

12.20%

1.07%

5.58% 5.09% 4.61% 5.40% 4.78% 5.41%

2007 2008 2009 2010 2011 2012 Since Inception(Annualised)

.

* Net of management fee of 0.45% p.a., admin fee of 0.2%. and perf. fee of 20% above benchmark p.a.

Source: Amundi – Since inception performance from adoption of current investment process.Net performance of Amundi Funds Bond Global Aggregate (IU-C).Past performance does not prejudge future results, nor is it a guarantee of future returns.

Annualized performance

Annualized out-performance

Information ratio

1 year +19.54% +13.83% 2.73 years +8.56% +3.53% 0.6Since Oct. 2007 +12.20% +6.79% 1.0


Portfolio attribution

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

2008 2009 2010 2011 2012

Currency

Credit Allocation

Emerging Debt

Curve AllocationDuration Country Allocation

Trading

Performance attribution expressed as an absolute percentage of the contribution gross performance. Gross portfolio attribution of Amundi Funds Bond Global Aggregate for 2010 to 2012.Gross portfolio attribution of the strategy for 2008 and 2009 (for information purposes only).

Source: Amundi. Data as at September 2012. Information given for indicative purposes only.Past performance does not prejudge future results, nor is it a guarantee of future returns.

A “full cycle” product: sources of excess return are dynamic over time


Amundi Funds Bond Global Aggregate is different from the competition

Perfect complement to competitors in the global fixed income space

50/50 portfolio provides noticeably lower risk and excellent returns

Recent performance is driven by credit & developed FX strategies

Bond market stress still provides a buying opportunity

Complementary management style and drivers of returns

Top-Down Multi-dimensional management provides different sources of alpha

Bottom-Up Strong internal research lets portfolio construction contribute to returns

Benchmark Agnostic

Agnostic approach emphasizes total return, tapping value wherever it exists while providing diversification

Ris

k B

udge

ting

Source: Amundi. Information given for indicative purposes only.Past performance does not prejudge future results, nor is it a guarantee of future returns. Past market data are no reliable indicators for current or future data.


Alpha creation

Three normally low-correlated asset classes / three angles

Source: Amundi.Information given for indicative purposes only, may change without prior notice.

Directional Relative Value Tactical management

Bonds

Currencies

Credit

Duration

$ exposure

Credit exposure

Country allocation

Curve allocation

G4 allocation

Intra-bloc allocation

Macro sector allocation

Strategic views

Short-term trading

Bond selection

EM currency allocation

Short-term trading

Market/industry

Bond selection

EMD relative value

EmergingEmerging ExposureEmerging exposure

External / Local debt

Region, country, curve

Corporate

Bond selection

Short-term trading


A clear decision-making process

Core views

Qualitative views expressed as a score, on a 9-point scale from very negative (-4) to very positive (+4)

Made upon any type of argument (macro-eco, valuation, flows,…)

Meetings as market conditions dictate

Multiple investment horizons

Views only on strategies where we have a strong conviction

Formalised in a single document

Source: Amundi. Views as at 18/09/12. See also disclaimer page.


Strategic orientation 2012-2013

Global growth remains anaemic and heterogeneous. The Eurozone and the UK are flirting with recession while the Chinese and Japanese economies have surprised to the downside. The US, to the contrary, are continuing to deliver positive macro surprises.

G-4 central banks have taken monetary accommodation to a new level. As a result, financial and macroeconomic tail risks have been capped.

Overall, macro visibility has improved as risks from the negative confidence effect of the Eurozone crisis have eased and reduced tail risk has led to a reduction in uncertainty.

Strong flows continue to support emerging and credit the “hunt” for yield in a low rate environment.

As macro calls are disturbed by political decisions and unorthodox Central Bank policies, investment horizon has shortened.

High uncertainty and low visibility where active management & portfolio construction are key.

Source: Amundi. Information given for indicative purposes only.Past market data are no reliable indicators for current or future data.


Amundi Funds Bond Global Aggregate today

Equilibrate risk allocation

Attractive yield

Limited specific risk

Geographic AllocationAsset Allocation Rating breakdown

Yield 4.21%

Duration 3.8

Average Rating BBB+

Number of securities 190

Source: Amundi. Data as of end-October 2012. Past performance does not prejudge future results, nor is it a guarantee of future returns. Strategies given for indicative purposes only, may change without prior notice.


Breakdown by seniority

Source: Amundi. Portfolio data as of end-October 2012. Past performance does not prejudge future results, nor is it a guarantee of future returns. Strategies given for indicative purposes only, may change without prior notice.

Overweight:– Short-term credit vs. long-term credit to capture attractive spreads– US and European core countries of issuers with recent reinforcement of peripherals

Attractive valuation’s on prime quality MBS Active use of credit derivatives to protect the

sub-fund vs. adverse scenarios Benefit from attractive yields & flows to support EM Issuer selection supported by recommendations from a large and experienced credit research team

Breakdown by sector

A constructive view on credit


Preference: – USD vs. developed markets currencies – Emerging markets currencies vs. developed markets currencies

Use of options in order to increase convexityTail risk hedge

Breakdown by currency

The next driver of returns: many currencies are still far from their fair value

Source: Amundi. September 2012. Strategies given for indicative purposes only, may change without prior notice.


Clearly defined guidelines in more detail

Minimum 2/3 of assets to be invested in :- OECD government bonds - OECD corporate bonds- Investment grade ABS/MBS

Minimum 80% of assets invested in investment grade instruments

Typically, 100+ cash securities in the portfolio1, active use of CDS

Investment universe

Hedged reference indicator but active currency managementCurrency risk

Maximum 4.5% p.a. (with 66% confidence level)1Tracking-Error (ex-ante)

Management reference indicator

Barclays Global Aggregate USD Hedged

Interest rate risk Active modified duration management within [0;8] bracket1

Morningstar Rating TM- Overall

Source: Amundi, September 2012. 1 Internal guidelines given for indicative purposes only. May change without prior notice. Please refer to Amundi Funds prospectus for further details about the investment and management style of the sub-fund.Data Source - ©[2012] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The rating concerns the IU class. Data as at end-August 2012.


Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 584 710 755 and approved by the French Securities Regulator (Autorité des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company90 boulevard Pasteur -75015 Paris- France – 437 574 452 RCS Paris.

www.amundi.com- www.amundi-funds.com

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.

DisclaimerThis document contains information about Amundi Funds Bond Global Aggregate (the “Sub-Fund”), a sub-fund 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. Subscriptions in the Sub-Funds will only be accepted on the basis of the SICAV’s latest complete 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. The information contained in this document is deemed accurate as at November 2012.

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