AMUNDI FRANCE ENGAGEMENT - I

FACTSHEET

31/08/2021 EQUITY ■ Article 8 ■ Label ISR

Key Information (source : Amundi) Objective and Investment Policy

Net Asset Value (NAV) : 140,872.31 ( EUR ) Amundi Actions France invests mainly in French companies offering an attractive growth profile and/or valuation and with which we engage in shareholder dialogue in order to encourage them to improve their ESG practices. NAV and AUM as of : 31/08/2021 Its objective is to outperform its benchmark, the CAC All Tradable, through active conviction management, based on a ISIN code : FR0010157545 combined approach of fundamentals and non-financial analyses based on ESG criteria. Assets Under Management (AUM) : 1,168.35 ( million EUR ) Sub-fund reference currency : EUR Share-class reference currency : EUR Benchmark : 100% CAC ALL TRADABLE Morningstar Overall Rating © : 3 stars Morningstar Category © : FRANCE EQUITY Number of funds in the category : 244 Rating date : 31/07/2021

Returns

Performance evolution (rebased to 100) from 31/08/2016 to 31/08/2021* Risk & Reward Profile (SRRI)

175

150 Lower risk, potentially lower rewards

Higher risk, potentially higher rewards

125 The SRRI represents the risk and return profile as presented in the Key Investor Information Document (KIID). The lowest category does not imply that there is 100 no risk. The SRRI is not guaranteed and may change over time.

Risk analysis (rolling) 75

6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / 1 year 3 years 5 years 8 1 2 5 8 1 2 5 8 1 2 5 8 1 2 5 8 1 2 5 8 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 Portfolio volatility 18.29% 22.73% 19.19% Portfolio (144.29) Benchmark (164.05) Benchmark volatility 17.99% 23.28% 19.55% Ex-post Tracking Error 1.94% 2.90% 2.56% Cumulative Returns * Information ratio -1.17 -1.02 -1.07 Sharpe ratio 1.81 0.26 0.42 YTD 1 month 3 months 1 year 3 years 5 years Since Beta 1.01 0.97 0.97 Since 31/12/2020 30/07/2021 31/05/2021 31/08/2020 31/08/2018 31/08/2016 15/04/2005 Portfolio 18.98% 1.38% 2.03% 33.75% 17.68% 44.29% 181.74% Performance analytics Benchmark 20.88% 1.23% 3.98% 36.09% 27.70% 64.05% 180.66% Spread -1.89% 0.15% -1.95% -2.34% -10.02% -19.75% 1.07% Inception to date Maximum drawdown -49.85% Calendar year performance * Recovery period (days) 1621 Worst month 03/2020 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Lowest return -17.56% Portfolio -5.78% 26.32% -14.48% 10.12% 2.04% 14.87% 0.81% 27.26% 21.24% -14.88% Best month 11/2020 Benchmark -4.93% 28.02% -9.70% 13.19% 7.36% 11.33% 2.91% 22.39% 19.98% -13.69% Highest return 20.22% Spread -0.85% -1.70% -4.78% -3.07% -5.32% 3.54% -2.09% 4.87% 1.26% -1.20%

* Source : Amundi. The above results pertain to full 12-month period per calendar year. All performances are calculated net income reinvested and net of all charges taken by the Sub-Fund and expressed with the round-off superior. Past performance is not a reliable indicator of future performance. The value of investments may vary upwards or downwards according to market conditions.

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FACTSHEET 31/08/2021 EQUITY ■

Frédéric Rosamond

Portfolio Manager Stock-picking Europa Amundi

Management commentary

Engagement strategy In August the main environmental event was the IPCC (Intergovernmental Panel on Climate Change) report and its pessimistic forecasts about the chances of limiting the global warming trajectory not only to +1.5°C by 2030, but also to +2°C. By the deadline of 31 July, only 58% of the 191 signatory countries of the Paris Agreement had announced their programmes to contribute towards reducing global greenhouse gas emissions by 45% before 2030, as required to prevent the planet's temperature from rising more than 2°C. Although the United States returned to the discussions following Joe Biden's election, the list still does not include China or India, respectively first and third largest emitters of greenhouse gases. All of these climate targets will be revealed at the COP26 in November. Among French companies, engagement activity continued with Sodexo. Over and above the issues of governance and recruitment of a new Managing Director brought up last month, the discussion also covered the plan implemented by the company to reduce its carbon footprint by 34% by 2025 (in line with the +1.5°C trajectory) and responsible procurement (giving preference to local suppliers, goal of reducing food waste by 50% by 2025 via a programme to be rolled out on the main sites, selection of healthier foods, etc.) for the six billion euros of foodstuffs purchased by the group around the world. While from 2022, the French Egalim law will require that collective catering structures source 50% sustainable and "quality" products (Label rouge, AOP, etc) and 20% organic products, Sodexo also aims to promote plant-based food alternatives (offering 30% plant-based meals by 2025) and transparency of ingredients and quality of meals so that consumers can make informed choices. Monitoring the different stages of rolling out this programme will be discussed with the group's management in future. More generally, the large majority of general meetings of French companies have taken place and the 12 managers of the CAC All Tradable have stood down since 1 January 2021, at twice the rate as previous years. The tendency is expected to continue, in view of the current age pyramid and investor pressure.

Market context The equity markets rose for the seventh month in a row, buoyed by quarterly earnings results highlighting the dynamic activity and fairly homogeneous corporate results. There was no particular sector bias to the rise and it occurred despite confirmation that the Chinese economy was decelerating and the rise of delta variant infections, although these calmed late in the month, especially in Europe. Conversely, in the United States infections reached their highest point since January, threatening the economic recovery. At the Jackson Hole annual summit, the Fed provided no visibility on gradual reduction of the monetary easing policy in terms of schedule, arguing that "significant additional progress" had not been made in terms of employment. In Europe, the services to local authorities, pharmacy and communication services sectors benefited from the sector rotation towards defensive sectors.

Portfolio performance In this context of a bullish market the portfolio slightly outperformed its benchmark, the CAC All Tradable. The main drivers for this outperformance were the leading global culture, entertainment, media and communication company Vivendi which benefited from the resolutely optimistic tone adopted by UMG at its investor event, forecasting 2021 sales growth of around 10% and a medium-term margin of 25%; Carrefour which benefited from the announced upcoming assignment of its activities in Taiwan, the recent establishment of the group in Asia after the withdrawal from China, assessed at 1.6 billion euros; and Axa which sent a confident message about XL's ability to achieve its operational results over the year. The portfolio's performance was however penalised by profit-taking on Kering and the whole luxury segment, a victim of the concerns surrounding the slowdown of the Chinese economy (first outlet for the sector) and the wealth redistribution plan envisaged by the Chinese authorities, but also by the poor performance of Worldline (absence of reopening of international transactions and assignment of terminals division postponed).

Portfolio movements During the month, the main movements included bringing into the portfolio Bouygues: its profitability in construction is set to improve due to an upturn in activity accompanied by a positive outlook in France, greater project selectivity and productivity efforts, alongside the prospect of development in the corporate telecoms branch. Buoyed by a good order book, the company became more optimistic for 2021 and 2022, which should support a better valuation despite a holding drop in value that is set to last. Bouygues is a player in the energy transition which has committed to reducing its carbon emissions (scope 1 and 2) by 30% at Colas by 2030, by 40% at Bouygues Construction, by 32% at Bouygues Immobilier and by 50% at Bouygues Telecom, by 2030. We also invested in Cap Gemini which will benefit from the repositioning carried out in recent years so that it can capture the market growth and ongoing digital transformation and gain market shares. Order-taking in the first half of the year demonstrates the positive commercial situation and the suitability of the group's offerings in a Covid 19 post- pandemic world prioritising the digital transformation. Cap Gemini gave the market strong commitments concerning carbon emissions with the target of carbon neutrality by 2025 for operations linked to its own activity (business travel, energy, waste, etc.), and by 2030 zero net emissions for the whole of their value chain (e.g. procurement, commuting). We also sold off our positions on Seb in view of the uncertainties about the pace of growth in China. We took profits on Kering, Teleperformance and Schneider following their good performance.

Outlook and strategy Despite the lingering doubts surrounding the Chinese economy, the progress of the vaccination campaigns points to a more stable economic recovery. In fact, the economic slowdown caused by the Chinese government's multiple directives and the spread of the delta variant led to a drop in Chinese exports and imports, but a return to normal can be envisaged. However, investors will continue to pay close attention to the job figures, especially in the United States, but also to rising costs, whether of wages or commodities, as in the short term this could fuel inflation and negatively affect companies' margins. In this context, the portfolio has maintained a balanced position resulting from a choice of stocks which we feel has an attractive combination of fundamentals and extra-financial analysis. The portfolio's composition is also based on companies' commitment to adopting ESG best practices, leading to a portfolio with an ESG score above 80% of the highest rated companies in the benchmark and with carbon emissions well below the benchmark.

Portfolio Breakdown

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Sector breakdown * Geographical breakdown *

25.63 % Industrials 85.43 % France 21.79 % Consumer discretionary

13.05 % Financials 5.98 % United States Consumer staples 9.05 %

8.28 % Information Technology 5.75 % Netherlands 7.15 % Energy

6.49 % Health care 2.63 % Switzerland 4.88 % Materials

2.38 % Communication Services Other countries 1.07 % Utilities

Real estate 0.22 % Others and cash 0.22 % Others and cash

0 % 5 % 10 % 15 % 20 % 25 % 30 % 0 % 20 % 40 % 60 % 80 % 100 % Portfolio Benchmark Portfolio Benchmark

* Excluding derivatives instruments. * Excluding derivatives instruments. Top ten issuers (% assets) Sub-Fund Statistics

Portfolio Total portfolio holdings 32 LVMH-MOET HENNESSY LOUIS VUITT 8.73% SANOFI 6.49% TOTALENERGIES SE 6.05% SCHNEIDER ELECTRIC SE 5.98% AIRBUS SE 5.82% AIR LIQUIDE SA 4.88% BNP PARIBAS SA 4.38% AXA SA 4.21% VINCI SA 4.16% ESSILORLUXOTTICA SA 3.96% Total 54.65%

Main overweights (% assets) Main underweights (% assets)

Portfolio Benchmark Spread (P - B) Portfolio Benchmark Spread (P - B) WORLDLINE SA/FRANCE 3.47% 0.98% 2.49% DANONE - 2.20% -2.20% CARREFOUR SA 2.96% 0.56% 2.39% L OREAL SA 3.28% 5.45% -2.17% AIRBUS SE 5.82% 3.68% 2.14% HERMES INTERNATIONAL - 2.15% -2.15% STELLANTIS NV 3.75% 1.88% 1.87% SAFRAN SA - 1.86% -1.86% VINCI SA 4.16% 2.41% 1.74% DASSAULT SYSTEMES SA - 1.75% -1.75% CREDIT AGRICOLE SA 2.46% 0.76% 1.70% CIE DE SAINT-GOBAIN - 1.66% -1.66% AXA SA 4.21% 2.52% 1.69% LEGRAND SA - 1.42% -1.42% EURONEXT NV 2.00% 0.43% 1.57% CIE GENERALE DES ETBS MICHELIN - 1.36% -1.36% SCHNEIDER ELECTRIC SE 5.98% 4.48% 1.49% ENGIE SA - 1.20% -1.20% SPIE SA 1.55% 0.15% 1.39% SOCIETE GENERALE - 1.16% -1.16% Total 36.34% 17.87% 18.47% Total 3.28% 20.20% -16.92%

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SRI Terminology SRI according to Amundi

Rating scale from A (best score) to G (worst score) Socially Responsible Investment (SRI) ESG criteria The SRI expresses sustainable development objectives in The criteria are extra-financial criteria used to assess the investment decisions by adding Environmental, Social and Environmental, Social and Governance practices of Governance (ESG) criteria in addition to the traditional companies, states or local authorities: An SRI portfolio follows these rules : financial criteria. 1 - Exclusion of E, F and G scores¹ SRI thus aims to balance economic performance and social “E” for Environment (energy and gas consumption levels, 2 - Overall portfolio rating of C or above and environmental impact by financing companies and public water and waste management, etc.). 3 - Overall portfolio rating above the benchmark entities which contribute to sustainable development “S” for Social/Society (respect for human rights, health and index/investment universe rating whatever their business sector. By influencing the safety in the workplace, etc.). 4 - ESG rating for 90% minimum of portfolio stock² governance and behaviour of stakeholders, SRI promotes a “G” for Governance (independence of board of directors, responsible economy. respect for shareholders’ rights, etc.)

Average ESG rating (source : Amundi) Environmental, social and governance rating Of Portfolio² From the universe of reference³

0% A 1.54% A

34.15% B 30.19% B B- C+ 52.83% C 48.82% C

13.03% D 18.30% D

0% E 0.70% E

0% F 0.08% F

0% G 0.36% not rated

Evaluation by ESG criteria

Environment B- Social B- Governance C-

Overall Rating B-

Coverage of ESG analysis

Number of issuers in the portfolio 33 % of the portfolio with an ESG rating² 100%

ISR Label

¹ If an issuer's rating is downgraded to E, F or G, the manager has a period of three months in which to sell the security. A tolerance is authorized for buy and hold funds. ² Outstanding securities in terms of ESG criteria excluding cash assets. ³ The investment universe is defined by the fund's reference indicator. If the fund does not have an indicator, it is defined by type of security, geographic zone and investment themes and business sectors. For more information, we invite you to consult the fund's transparency charter, which is available on the management company's website and on the AFG website http://www.afg.asso.fr.

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Focus on Environmental, Social and Governance key performance indicators

In addition to the overall ESG assessment of the portfolio and the E, S and G dimensions, the manager uses impact indicators to assess the ESG quality of his portfolio. Four representative indicators of Environment, Social, Human Rights and Governance have been identified. The manager's minimum objective is to deliver a quality score higher than that of the index on at least two of the indicators. Environment¹ Social²

Carbon footprint per euro million of sales Managers’ Diversity

40 % Total carbon portfolio footprint (Portfolio/Index) : 152 / 237 37.19 % 35.10 % 300 Scope 3* Scope 2 30 % Scope 1 200 73

20 % 44 52 100 37 120 10 % 63 0 Portfolio Benchmark 0 % Women Managers This indicator measures the average emissions in metric tonnes of carbon equivalent per unit of a company's revenue (€ million of sales). This is an indicator of the carbon intensity of the Portfolio Benchmark value chain of the companies in the portfolio. * first-tier suppliers only Average percentage of women managers. Data provider: Refinitiv

Coverage rate (Portfolio/Benchmark) : 97.51% 96.59% %Rated/Rateable - Women Managers 84.36% 81.06%

Governance⁴ Human Rights Compliance³

Board Independence Percentage Decent working conditions and freedom of association

100 % 150 %

100 % 97.36 % 99.62 % 61.93 % 60.71 % 50 % 50 %

0 % 0 % Human Rights Policy Independent Board Members Portfolio Benchmark Portfolio Benchmark Percentage of companies with policies that exclude forced or obligatory child labor or that The average percentage of directors that meet the designated criteria for independence. Data guarantee freedom of association, applied universally regardless of local laws. Data provider: provider: Refinitiv Refinitiv

%Rated/Rateable - Independent board members 93.22% 91.98% %Rated/Rateable - Human Rights Policy 93.22% 91.98% Sources and definitions

1. Environmental indicator/Climate indicator:. Carbon intensity (in metric tons of CO2 per million of revenue). This data is provided by Trucost, This corresponds to companies’ annual greenhouse gas emissions expressed in metric tons ofcarbon dioxide equivalent. (CO2e). It covers the six greenhouse gases identified in the Kyoto Protocol with emissions converted into global warming potential (GWP) in CO2 equivalent. Definition of scopes: - Scope 1: All direct emissions from sources that are owned or controlled by a company. - Scope 2: All indirect emissions arising from the purchase or production of electricity, steam or heat. - Scope 3: All other indirect emissions, upstream and downstream in the value chain. For reasons of data robustness, in this reporting we have chosen to use only part of scope 3: upstream emissions linked to first-tier suppliers. First-tier suppliers are those with which the company has special relations and can influence directly.

2. Management diversity.Average percentage of women managers. This indicator gives a more global measure of the advancement of women within the company than the data limited to the number of women Board members. Data provider: Refinitiv

3. Human Rights Compliance Indicator. percentage of companies with policies that exclude forced or obligatory child labor or that guarantee freedom of association and which are applied universally regardless of local laws. This indicator enables better assessment of fundamental human rights issues. Data provider: Refinitiv

4. Board independence. average percentage of independent directors on the Board of Directors. Data provider: Refinitiv

For these 4 indicators, the total for the portfolio/investment universe is equal to the companies' average for these indicators adjusted for their weight in the portfolio/investment universe. *In accordance with French SRI certification (Label ISR) rules, it is nonetheless possible that this target may occasionally not be achieved.

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Information

Legal structure UCITS Applicable law under French law Management Company Amundi Asset Management Custodian CACEIS Bank Share-class inception date 15/04/2005 Share-class reference currency EUR Type of shares Accumulation ISIN code FR0010157545 Minimum first subscription / subsequent 1 share(s) / 1 thousandth(s) of (a) share(s) Frequency of NAV calculation Daily Dealing times Orders received each day D day before 12:25 Entry charge (maximum) 2.50% Maximum indirect annual management fees including taxes - Performance fees Yes Maximum performance fees rate (% per year) 20.00% % Performance fees details performance above the benchmark index minus administration costs connected to the transaction Exit charge (maximum) 0.00% Ongoing charges 1.26% ( realized ) - 31/12/2020 Minimum recommended investment period 5 years Benchmark index performance record 18/11/2020: 100.00% CAC ALL TRADABLE 24/11/2003: 100.00% SBF 120 03/01/1992: 100.00% SBF 120 CLOSE PI

Legal information

This document is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, advice or an invitation to purchase or sell any units or shares of the fund (FCP), collective employee fund (FCPE), SICAV, SICAV sub-fund or SICAV investing primarily in real estate (SPPICAV) (collectively, “the Funds”) described herein and should in no case be interpreted as such. This document is not a contract or commitment of any form. Information contained in this document may be altered without notice. The management company accepts no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this document. The management company can in no way be held responsible for any decision or investment made on the basis of information contained in this document. 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 the management company, to any third person or entity in any country or jurisdiction which would subject the management company or any of the funds, to any registration requirements within these jurisdictions or where it might be considered as unlawful. Not all of the funds are systematically registered in all jurisdictions of all investors. Investment involves risk. The past performances shown in this document, and simulations based on these, do not guarantee future results, nor are they reliable indicators of future performance. The value of an investment in units or shares of the funds may fluctuate according to market conditions and cause the value of an investment to go up or down. As a result, fund investors may lose all or part of the capital originally invested. All potential investors in the funds are advised to ascertain whether such an investment is compatible with the laws to which they are subject and the tax implications of such an investment prior to investing, and to familiarise themselves with the legal documents in force for each fund. Concerning mandates, this document is a part of the periodic statement of the management activities of your portfolio and must be read in conjunction with any other periodic statement or notice of confirmation provided by your custodian and related to the transactions of your portfolio. Unless stated otherwise, the management company is the source of the data in this document. Unless stated otherwise, the data in this document are correct as at the date specified under FACTSHEET at the beginning of this document.

© 2021 Morningstar. 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.

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