AFD // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements

Valuation of level ɸ 3 fi nancial instruments at fair value RISK IDENTIFIED

The Agence Française de Développement holds assets at fair value as detailed in Notes ɸ 3.2.3, 3.3.1, Note ɸ 1, note ɸ 3 and note ɸ 4 to the consolidated financial statements. Changes in fair value from one period to the following are recognized either through profit or loss or through equity depending on the IFRS ɸ 9 accounting classification. Due to the limited availability of market data, the valuation of level ɸ 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 ɸ 3 to be a key audit matter, given: P the significant impact of the choice of the valuation method on AFD’s results; P the sensitive nature of the parameters used for Management’s assumptions; P the significance amounts in the financial statements. As at December ɸ 31, 2021, the fair value of financial assets at fair value of level ɸ 3 is €2 928 ɸ million as indicated in Note ɸ 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 and non direct investments): P updating our knowledge and then testing the effectiveness of the control procedures relating to the determination of the valuation method used; P checking the consistency between accounts and management; P testing, on the basis of sampling, the correct application of the valuation method to a selection of assets; reconciling, on the basis of sampling, the valuation of these securities with the external documentation that justified it. For the portfolio of loans not eligible for recognition at amortized cost under IFRS ɸ 9: P checking the consistency between accounts and management; P assessing the methods used to determine the valuations (coherence between assumptions and market parameters used) by involving our financial modeling experts; 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 checking the arithmetical accuracy of the calculations made on a sample of loans. Speci fi c veri fi cations As required by legal and regulatory provisions and in accordance with professional standards applicable in France, we have also verified the information pertaining to the Group presented in the Board of Directors’ management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. We attest that the Group management report includes the consolidated non-financial information statement required under article ɸ L.225-102-1 of the French Commercial Code. However, in accordance with article ɸ L.823-10 of the French Commercial Code, we have not verified the fair presentation and consistency with the consolidated financial statements of the information given in that statement, which will be the subject of a report by an independent third party.

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2021 UNIVERSAL REGISTRATION DOCUMENT