Amundi Investor Presentation

Expenses down substantially and a cost/income ratio maintained at a very good level Operating expenses (€m) -3.8% 335 318 323 Q3 2019 Q2 2020 Q3 2020 51.1% 50.9% 51.2% 1. Cost/income ratio excluding amortisation of distribution contracts. 28 Amundi Investor presentation | November 2020 Cost/income ratio¹ (%) Lower operating expenses thanks to: the continuation of operational efficiency efforts - lower travel and marketing expenses in line with the crisis context the adjustment of variable compensation The slight Q3/Q2 rise is due to the consolidation of Sabadell AM The ratio of operating expenses to average AuM (excl. JVs) remains one of the best in the industry at 9.2bp Amundi CRÉDIT AGRICOLE GROUP

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