Amundi International Equity Strategy

Amundi International Equity Strategy seeks long-term capital growth. Normally, the Strategy invests at least 80% of its total assets in equity securities of non-US issuers. These issuers may be located in both developed and emerging markets. Under normal circumstances, the Strategy's assets will be invested in securities of companies domiciled in at least three different foreign countries.

The Amundi International Equity Strategy combines in-depth top-down analysis of the world's economic prospects with rigorous bottom-up fundamental research. This process enables us to select stocks of well-managed companies that we believe are undervalued relative to their peers and may outperform in the long term.

• With the goal of generating strong risk-adjusted returns, the Strategy invests in companies globally where we believe the upside potential is significantly greater than the downside risk.
• We believe that:
  • Sources of market inefficiencies vary over time. The best way to capitalize on these inefficiencies and pursue attractive risk-adjusted returns is through an integrated approach that combines fundamental bottom-up research and a top-down view of the global macroeconomic landscape in a well-diversified¹ portfolio.
  • Quality companies outperform. Quality companies are companies that have sustainable competitive advantages and can produce strong, unlevered returns on equity compared to their peers. Investing in attractively valued, high-quality companies can further contribute to strong risk-adjusted returns over time.

PLEASE NOTE: The Internal Guidelines referenced do not necessarily represent prospectus/statutory limitations. These internal guidelines are used as guidance in the daily management of the Portfolio's investments. These guidelines are subject to change and should not be relied upon as a long term view of the Portfolio's exposures, limitations, and/or risks.

¹Diversification does not guarantee a profit or protect against loss

Key features of our Amundi International Equity Strategy include:

• Experienced global investment team:
  • Team leverages broader global resources of Amundi
  • Members boast over 20 years of investment experience
• Integrated top-down, bottom-up investment approach:
  • Regular collaboration among portfolio managers and analysts
  • Central location for shared research and analysis
• Focus on quality and active management:
  • Bottom-up, fundamental analysis complemented by global macro insights
  • Historic outperformance over time without additional risk
• Comprehensive risk management:
  • Risk management at all levels of the investment process
  • Disciplined sell process evaluates holdings regularly based on multiple criteria