AFD - Universal Registration Document 2020

AFD’S ANNUAL PARENT COMPANY FINANCIAL STATEMENTS Statutory auditor’s report on the financial statements

We considered the valuation of long-term investments 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 of those amounts in the financial statements. As at 31 Ǿ December 2020, AFD’s long-term investments net value is €1 024 million as indicated in Notes 5 and 6 to the annual financial statements. AUDIT PROCEDURES IMPLEMENTED IN RESPONSE TO RISKS IDENTIFIED In this context, our work consisted of: P updating our knowledge and then testing the effectiveness of the control system for the determination of the valuation method used for these investments; P testing, on a sample basis, the correct application of the valuation method of investments; P to this purpose, we verified the appropriateness of the accounting methods used by Agence Française de Développement and ensured that they were correctly applied. We also performed the following substantive procedures: P verifying the accounting / management reconciliation for the equity portfolio; P reconciling, on the basis of sampling, the valuation of securities with the external documentation that justified it; P reviewing all securities with an objective indicator of impairment to ensure the accuracy and completeness of the recorded impairments. Speci fi c veri fi cations In accordance with professional standards applicable in France, we have also performed the specific verifications required by French legal and regulatory provisions. INFORMATION GIVEN IN THEMANAGEMENT REPORT AND IN THE OTHER DOCUMENTS PROVIDED TO THE BOARD OF DIRECTORSWITH RESPECT TO THE FINANCIAL POSITION AND THE FINANCIAL STATEMENTS We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the board of directors and in the other documents provided to the members of the board of directors with respect to the financial position and the financial statements, with the exception of the following matter. The sincerity and consistency of the information relating to the payment terms mentioned in Article D.441-6 of the French Commercial Code ( Code de Commerce ) with the financial statements lead us to report the following observation: as indicated in the management report, this information does not include banking operations, as your company considers that they do not fall within the scope of the information to be produced. We attest that the non-financial statement provided for by article L. 225-102-1 of the French Commercial Code ( Code de commerce ) is included in the management report, it being specified that, in accordance with the provisions of article L. 823-10 of said Code, we have verified neither the fairness nor the compliance with the annual accounts of the information contained in this statement and which are subject to a report of an independent third-party. INFORMATIONWITH RESPECT TO THE CORPORATE GOVERNANCE We attest the existence, in the Management Report section on corporate governance, of information required by articles L. 225-37-3 and L. 225-37-4 of the French Commercial Code ( Code de commerce articles L.225-37-4 et L.22-10-10 ). Other veri fi cations and information pursuant to legal and regulatory equirements PRESENTATION OF THE FINANCIAL STATEMENTS TO BE INCLUDED IN THE ANNUAL FINANCIAL REPORT Pursuant to paragraph III of Article 222-3 of the AMF’s General Regulations, the management of your company has informed us of its decision to postpone the application of the single electronic reporting format, as defined by European Delegated Regulation No. 2019/815 of 17 Ǿ December 2018, to reporting periods beginning on or after 1 Ǿ January 2021. Consequently, this report does not contain a conclusion on compliance of the presentation of the financial statements to be included in the annual financial report mentioned in paragraph I of article L.451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) with this format.

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2020 UNIVERSAL REGISTRATION DOCUMENT