AFD - Universal Registration Document 2020

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS Statutory auditors’ special report on related-party agreements

Thanks to this agreement, which came into effect on the date of its signature, AFD can promote a broader range of financing to private sector counterparties, thereby strengthening the group’s internal synergies. The agreement stipulates the procedures for loan or guarantee transactions co-financed by AFD and PROPARCO S.A. for cases not covered by the sub-participation agreement, namely: P that AFD’s commitment amount will be higher than that of PROPARCO S.A.; P a tranche of the financing at a concessional rate. In return, PROPARCO S.A. receives remuneration calculated as follows: P processing and admin costs which are invoiced to the borrower and split as follows: P for the first 0.75%: split between AFD and PROPARCO S.A. pro rata to the participations, P the portion between 0.75% and 1.50%: received in full by PROPARCO S.A., P the portion above 1.50%: split between AFD and PROPARCO S.A. pro rata to the participations. P monitoring and waiver commission: AFD receives the monitoring commission pro rata to its financing amount and PROPARCO S.A. receives the full rider and surrender fee. P management commission: AFD pays PROPARCO S.A. an annual management fee which is calculated according to the terms of the sub-participation agreement in force and a basis equating to at least i) PROPARCO S.A.’s own outstandings and ii) the total of AFD’s co-financing outstandings and sub-participation outstandings. AFD received no remuneration under these agreements in 2020. Agreement relating to the “ transforming fi nancial systems for the climate” (TFSC) programme At its meeting on 28 September 2018, the Board of Directors authorised the principles of the Subsidiary Agreement between AFD and PROPARCO as part of the Transforming Financial System for Climate programme. This is a programme for public and private financial institutions who wish to make climate impact investments. The agreement formalises the vital role AFD will play in rolling out the programme among private financial institutions. It was signed on 14 October 2019 for a 13-year term which can be tacitly renewed for two successive five-year periods. AFD recorded no financial impact on account of this agreement in 2020.

The auditors,

Paris-La Défense, on 2 April 2021

Paris, on 2 April 2021

KPMG Ǿ S.A. Valéry Foussé Partner

BDO Paris Audit & Advisory Arnaud Naudan Partner

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2020 UNIVERSAL REGISTRATION DOCUMENT