AFD - 2019 Universal registration document

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS 6 Auditors’ report on the consolidated financial statements

Due to the limited availability of market data, the valuation of level Ǿ 3 financial instruments requires the exercise of judgment by management for the selection of the valuation method and parameters to be used. We considered the valuation of financial assets at fair value of level Ǿ 3 to be a key audit matter, given: P the significant impact from the choice of the valuation method on AFD’s results; P the sensitive nature of the parameters used for Management’s assumptions; P the significant amounts in the financial statements. As at December, 31, 2019, the fair value of financial assets at fair value of level Ǿ 3 is € 3004 Ǿ million as indicated in Note Ǿ 4 to the consolidated financial statements. AUDIT PROCEDURES IMPLEMENTED IN RESPONSE TO RISKS IDENTIFIED In this context, our work consisted of: For the portfolio of equity securities (direct investments and stakes in investment funds): P updating our knowledge and then testing the effectiveness of the control procedures relating to the determination of the valuation method used; P testing, on the basis of sampling, the correct application of the valuation method to a selection of securities; P reconciling, on the basis of sampling, the valuation of these securities with the external documentation that justified it; P checking the consistency between accounts and management. For the portfolio of loans not eligible for recognition at amortized cost under IFRS b 9: P assessing the methods used to determine the valuations (coherence between assumptions and market parameters used); P checking the exhaustiveness of the scope used as a basis for calculation of the fair values; P checking the consistency of the parameters applied in the calculation method and any updates in line with the methods validated; P checked the arithmetical accuracy of the calculations made on a sample of loans; P checked the consistency between accounts and management. We also verified the appropriateness of the accounting methods used by the Group and we made sure that they were correctly applied. Speci fi c veri fi cations We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French law regarding group related information, given in the management report of Board of Directors. Regarding the events that occurred and elements that have been known since the date the financial statements were approved and in relation to the effects of Covid19’s crisis, management informed us that this would be subject to a specific communication addressed to the board of directors called to vote on said financial statements. We have no matters to report as to its fair presentation and the consistency with the consolidated financial statements. We certify that the consolidated declaration of extra-financial performance provided for in article Ǿ L. Ǿ 225 102-1 of the French Commercial Code is included in the management report, it being specified that, in accordance with the provisions of article Ǿ L. Ǿ 823 10 of the Code, the information contained in this statement has not been the subject of verifications of fairness or consistency of our means with the consolidated financial statements and must be reported by an independent third party. Report on Other Legal and Regulatory Requirements APPOINTMENT OF THE AUDITORS We were appointed as auditors of Agence Française de Développement by the board of directors meeting held on July Ǿ 3, 2002 for KPMG Ǿ S.A. and on April Ǿ 30, 1996 for Mazars. As at December Ǿ 31, 2019, KMPG Ǿ S.A. was in the 18 th Ǿ year of total uninterrupted engagement, and Mazars was in the 24 th Ǿ year of total uninterrupted engagement, of which 18 and 21 Ǿ years since securities of the Company were admitted to trading on a regulated market, respectively.

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UNIVERSAL REGISTRATION DOCUMENT 2019

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