#12022 Most Improved Bond Market Issuer CAFL La banque des collectivités cmdportal Investor Presentation Agence France Locale 3rd April 2024 CAFL La banque des collectivités#2Disclaimer This presentation has been prepared and is distributed by Agence France Locale (the "Company") for information purposes only and does not constitute or form part of any recommendation, solicitation, offer or invitation to purchase or subscribe for any shares, securities, bonds and/or notes (together, if any, the "Securities") that may be issued by the Company. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. 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Each recipient of this presentation shall independently assess the relevance of the information contained herein and shall consult with its own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent it deems necessary, and make its own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in the Securities) based upon its own judgment and advice from such advisers as it deems necessary and not upon any view expressed in this presentation. This presentation does not constitute the giving of any investment, legal, tax or business advice by the Company or any of its affiliates, guarantors, shareholders, directors, officers, advisers, agents or representatives. No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information presented in this presentation is subject to change by the Company without notice. Neither the Company, nor any of its affiliates, guarantors, shareholders, directors, officers, advisers, agents or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this presentation or its contents, any errors or omissions contained herein or otherwise arising in connection with this document. 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Forward-looking statements are subject to significant business, economic and competitive uncertainties and contingencies, many of which are or may be beyond the control of the Company. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward-looking statements are only relevant on the date on which they are made. Any opinions expressed in this document are subject to change without notice and the Company does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise. This presentation shall not be reproduced, distributed or transmitted to any third party nor published in whole or in part by any means, without the prior written consent of the Company. This presentation speaks only as of its date and is subject to change, correction and supplementation without notice. No party has undertaken to update this presentation to reflect events or circumstances after the date on which the presentation is distributed, or to provide any further information, including any information required to correct any earlier inaccuracy or error. In some countries, the offer or sale of Securities as well as the mere reproduction, distribution and/or transmission of this presentation may be illegal and/or subject to legal restrictions and/or regulations. This presentation shall accordingly not be made available or distributed in such countries and it is the recipient's responsibility to assess whether it may use and/or review this presentation and/or the information contained herein. Nothing in this presentation or in the information contained herein constitutes an offer of Securities for sale in the United States or in any other jurisdiction where it is unlawful to do so. This presentation is not provided for, or intended to be directed at, any person in the United States or any U.S. Person (as that term is defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) or any person in any other jurisdiction where it is unlawful for the information to be provided or directed. Any Securities that may be issued by the Company have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of U.S. Persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state or local securities laws. The Company invites the recipients of this presentation to inform themselves and comply with such restrictions and/or regulations. The presentation may not be forwarded or distributed to any other person and, in particular, may not be forwarded to any U.S. Person or U.S. address. 2 CAFL Lo bonque des collectivités#3Executive Summary • AFL is a local government funding agency fully owned and guaranteed by French Local Authorities. The high creditworthiness of AFL is based on: 3 Authorized by the banking law dated 26 July 2013 to fund local authorities Moody's Aa3 (stable) / P-1 (1 June 2023) S&P AA- (stable) / A-1+ (24 May 2023) Public Development Bank dedicated to the funding of French local authorities Estimated 0%* SCR of AFL's debt securities under the Solvency regulation 20% Risk Weighted and eligible to the Public Securities Purchase Program of the ECB 2 4 5 Well recognized and efficient model as demonstrated by the Nordic LGFAS *Each investor is responsible for making its own assessment of the risk weight treatment. 3 CAFL Lo bonque des collectivités#44 Contents _01 France Facts and Figures. _02 AFL Characteristics and Financial Framework _03 Operational Activities and Development _04 Funding Strategy _05 Sustainable Bonds _06 Appendices CAFL Lo bonque des collectivités#5ENENOBLE-ALPES METAOFILE" BIOMAX France Facts and Figures Grenoble Metropolis - Construction of a cogeneration plant CAFL Lo bonque des collectivités#6지폐 2nd European country by population: 68 million (2023 INSEE) A 1st European destination for foreign investment in 2022 (EY, 2023) € GDP 2 765 billion € (2023 - INSEE) (7th world economy) GDP Growth: 0.9% (2023 - INSEE) EU member since 1957 (founder), UN Security council member Currency: €uro (founder) 12th world country in the 2022 Environmental performance Index (Yale University) Ratings: AA- / Stable (Fitch) Aa2/Stable (Moody's) AA / Negative (S&P) AA (high) / Stable (DBRS) € CO 6 Municipality of Huningue - Urban planning - Banks of the Rhine - Copyright @Huningue Consolidated public debt: 3 088 billion € (110.6% GDP) Unemployment rate : 7.5% (2023 - INSEE) CAFL Lo bonque des collectivités#7French Public Sector Central public administration 80% of public expenditures (including social security entities) 40% of public investment (including social security entities) Debt = approx GDP 102.4 % Local authorities 20% of public expenditures 60% of public investment Debt = 8.2% GDP Sources Insee, March 2024. 7 CAFL Lo bonque des collectivités#8French Local Authorities #1 More than 45 000 local authorities 70% of their investment is self-financed The regulatory framework governing French local authorities is highly stringent : The golden rule Local authorities: • Cannot go bankrupt or undergo liquidation proceedings. Are compelled to balance their operating budget. • May only borrow funds in order to finance their investments. • Must repay debt interests and capital on their own resources. 00 CAFL Lo bonque des collectivités#9French Local Authorities #2 Regions Departments Groupings of local authorities Local public entities Municipalities Main responsibilities: Economic development, transports and high schools | Main responsibilities: Social work, public roads and middle schools Tax-raising or non tax- raising groupings. Main responsibilities: share investments in areas such as transport, sewerage, waste management, wire... Manage public services on behalf of a local authority in areas such as fire fighting, social support, ... General competency at local level (mainly housing, environment, primary schools...) 16 % 15 % 33 % 2% of local public debt of local public debt of local public debt of local public debt 34 % of local public debt CAFL Lo bonque des collectivités#10AFL Characteristics and Financial Framework Suburban community of Vichy - Urban planning - Banks of the Allier CAFL Lo bonque des collectivités#11The Model of Local Government Funding Agency (LGFA) has proved highly efficient over the years A well established model The model of a national funding agency bringing together local authorities to pool their borrowing needs in the bond market has already proved successful in various Northern European countries, Japan and New Zealand. GNG KBNK Kommunalbanken BANK Norwa 1926 (Aaa/AAA/NR) 1914 (Aaa/AAA/AAA) A sustainable model Created by Danish municipalities in the late 19th century, the model has disseminated in many countries NWB BANK NEDERLANDSE WATERSCHAPSBANK N.V. 1954 (Aaa/AAA/NR) CAFL 2013 (Aa3/AA-/NR) A core mandate • Funding the investments of local authorities is the core mandate of Local Government Funding Agencies. Moody's/S&P/Fitch ratings / NR: Non Rated 11 MuniFin MUNICIPALITY FINANCE 1989 (Aal/AA+/NR) KOYHUNNYERT 1986 (Aaa/AAA/NR) KOMMUNE KREDIT 1899 (Aaa/AAA/NR) JFM 1957 (A1/A+/NR) LGFA NEW ZEALAND OLA COVERNMENT FUNDING AGENCY 2011 (NR/AA+/AA+) Over 125 years in Northern Europe CAFL Lo bonque des collectivités#12AFL expressly recognized as public development bank by French supervisor. Inaugural Sustainability Benchmark Local authorities groupings and local July 2020 public institutions Dec 2019 authorized by law to join AFL. 12 Mar 2021 2013 Key dates 2nd rating assigned to May AFL by S&P. 2019 Jun 2016 Municipality of Bora-Bora in the oversea territory of Polynésie française AFL authorized by the banking law. Jan 2015 Banking licence as a specialized credit institution. Moody's rated AFL Aa2 (one notch below the central government). Mar 2015 Inaugural €750 M 7-year bond issue. AFL Bonds eligible to the ECB Public Sector Purchase Program (PSPP). CAFL Lo bonque des collectivités#13A Responsible Structure and Governance The governance of AFL Group is based on a two-tier structure (AFL-ST and AFL) with the objective to: Prevent conflict of interests between shareholders and borrowers Provide risk weighted lending to the borrowers Ensure accountability from stakeholders Have a decision-making process based on adequate checks and balances AFL -ST The financial holding company Shareholder base Mission Governance Fully-owned by member local authorities • Setting of strategic guidelines • Nomination of the Supervisory Board members • Management of the guarantee system • General shareholders meeting Board of Directors: representation of shareholders members • Managing Director 2 AFL The credit institution More than 99.99% of the capital owned by AFL -ST Fund-raising via capital markets • Granting credit to local authorities • Supervisory Board: Majority of independent members. ♥ Executive Board made of professional bankers only. 13 CAFL Lo bonque des collectivités#14A Dual First Demand Guarantee System An explicit and irrevocable first demand guarantee from AFL - ST to the financial ST Guarantee (call by the creditors) : autonomous first demand guarantee granted by the ST for the benefit of the issuer's creditors. AFL-ST has the option to call on the Member Guarantees in two cases: in the event that the ST Guarantee is called on or preventively on the due date at the express request of the Issuer. 1 creditors of AFL up to an amount which ST Guarantee Creditors - 2 AFL - ST 1 Guarantors - 2 is set by the Board (€15bn as of today). n Joint explicit and irrevocable first demand guarantee from each member local authority, to the financial creditors of AFL, up to the amount of its outstanding medium and long- term loans received from AFL Issuer (AFL) Preventive request by the issuer on ST guarantee to prevent a breach of capital regulatory ratios. Member Guarantee (call by creditors): autonomous first demand guarantee granted by the Members to the issuer's creditors 2 1 1 Member Guarantee Creditors - 2 Guarantors 2 n C 14 n CAFL Lo bonque des collectivités#15Conditions of Eligibility 1 New criteria introduced by the Government decree of the 11th of May 2020 15 The Government decree N°2020-556 dated May 11, 2020 implementing the law N°2019-1461 of December 27, 2019 requests for any local authority to fulfill 2 criteria to become member of AFL. These criteria only apply to local authorities becoming members after 12 May 2020. Debt relief capacity of local authorities (outstanding debt / operating revenues) over the last 3 years (on average) must be lower than : D 12 years on average for municipalities, groupings and local public institutions. 10 years for departments. 9 years for regions. If local authorities cannot fulfill the first criteria, they must satisfy a minimum level of self-financing capacity (3 years avg of operating expenditures + debt capital repayment)/revenues <100%). GARE AEROPORT DIORD Public territorial entity of Grand Orly Seine Bièvre - Extension of Orly train station Copyright @Grand Orly Seine Bievre AFL Lo banque des collectivités#16Internal Scoring of Local Authorities 2 Scoring for local authorities based on a 3-step methodology: 1 2 M 4 5 6 7 16 1 2 3 The best score Municipality of Lyon - Confluence District The worst score For membership application a financial scoring is realized based on 3 criteria: Solvency assessment (55% weight) Budget sustainability (25% weight) Indebtedness (20%) A local authority which is scored above 6 is not allowed to join Agence France Locale as a shareholder For the purpose of loan provision, in addition a socio-economic scoring is performed. 9 ESG factors are also taken into account in the credit policy. Finally, the scoring is complemented by a qualitative analysis* if: ' The financial score is > 5 The requested loan amount is > 50 M€ The debt capacity is > regulatory thresholds (12 years for municipalities, groupings local authorities and EPL, 9 years for regions, and 10 years for departments) The local authority's outstanding debt amount with AFL is > 75% Required Capital *The qualitative analysis includes governance stability, quality of management, off balance sheet items and financial outlooks CAFL Lo banque des collectivités#17A Stringent Credit Policy Loan granting and pricing are based on AFL internal scoring and credit analysis Distribution of vanilla loans to local authorities ♥ Long term loans Long term loans with progressive cash outflows Bridge loans • Short term facilities No structured products Stringent membership and credit policy • Membership only possible for Local authorities with a minimum score Membership and guarantee undertakings necessary to get a loan Ceiling applicable to loan exposure Lending capacity is limited to a percentage of the outstanding debt of each. local authority¹ Maximum exposure Scoring limit 80% 1 to 3.99 60% 4 to 4.99 40% 5 to 5.99 Loan pricing is based on credit quality ♥ Loan pricing varies based on the internal scoring of local authorities by AFL. Inon applicable for local authorities under €10 M outstanding debt 17 CAFL Lo bonque des collectivités#18Asset and Liability Management Policies Hedging of interest rate and currency risk To immunize AFL from undesired exposure to changes in interest and currency rates. • Hedging essentially with swaps. Low liquidity risk ♥ Conservative Liquidity Buffer corresponding to 12 months net cash requirement invested in liquid and essentially ECB eligible assets. AFL's loan portfolio is eligible as collateral to ECB refinancing. Limited transformation with maximum 1-year gap objective between the average life maturity of assets and the average life maturity of liabilities. Conservative investment policy ♥ Securities are at least rated A- and issued by Supranational Institutions, Sovereigns and government related entities from the European Economic Area, North America and other internally approved countries 70% minimum of high-quality liquid assets, or HQLA. 18 CAFL Lo bonque des collectivités#19Corporate Responsibility Governance diversity Gender representation: Gender diversity in the Supervisory Board and the Executive Board • Greater degree of gender mix at all corporate level Representation of all categories of local governments to the Board of Directors of AFL-ST 8 independent directors out of 13 at the Supervisory Board Equality Capital contribution to the AFL Group commensurate to the total outstanding debt of each local authority ♥ Similar loan pricing for same internal scoring Distribution of economic value • AFL Group does not pursue an objective of shareholder value maximization • Value is directed towards all stakeholders: ♥ Borrowers with competitive loan pricing Investors with regular, predictable bond issuance Annual profits added to retained earnings to build up the capital base with a pay out ratio set at a maximum of 5% Responsible policies • AFL financial strategy and policies pursue an objective of wealth preservation, business sustainability, long- term confidence of investors 19 CAFL Lo bonque des collectivités#20Operational Activities and Development Muncipality of Saint-Julien-en-Genevois - School complex construction CAFL Lo bonque des collectivités#21837 local authorities shareholders of the AFL Group (March 31, 2024) 2014 2017 2019 5 regions 21 Occitanie, Pays de Loire, Grand Est, Bourgogne-Franche-Comté, Nouvelle-Aquitaine. Les Antilles françaises 15 departments La Réunion/Mayotte Saint-Pierre-et-Miquelon 180+ groupings 600+ municipalities Seine-Saint-Denis, Aisne, Ariège, Essonne, Savoie, Meuse, Saône-et- Loire, Allier, Loire-Atlantique, Calvados. Metropolises of Bordeaux, Brest, Lille, Lyon, Marseille, Nantes, Rouen, Strasbourg, Toulouse, Grenoble, Nancy, Clermont... Smallest municipality: 12 inhab. 12% of member municipalities have more than 20 000 inhab. 2024 Polynésie française Overseas territories French Polynesia, Saint-Pierre-et- Miquelon. 24% Share of outstanding debt of members local authorities of the total outstanding debt of French local authorities (which is more than €200Bn).#22Committed Capital By Category of Local Governments (As at 31 December 2023 - in million €) REGIONS DEPARTMENTS MUNICIPALITIES 22 GROUPINGS Total committed capital of 294M€ 45 45 68 88 61 11 23% 15% 21% 120 41% Brest Metropolis- Cable car CAFL Lo bonque des collectivités#23Loan Portfolio (As at 31 December 2023] Loans by category of local governments Regions 492m€ Departments 716m€ (10%) Municipalities 2132m€ (31%) Data: EAD 23 million of euros (7%) 8000 7000 6000 5000 4000 Groupings 3613m€ 3000 (52%) 2000 1000 Outstanding signed loan portfolio amounts to €7.8bn 2015 2016 2017 2018 2020 ■Outstanding signed loans 2019 2021 2022 2023 Data French GAAP CAFL Lo bonque des collectivités#24Concentration of Loan Portfolio [As at 31 December 2023] Loan portfolio concentration 3,1% 31/12/23 14,2% 26,3% Largest exposure 3,8% ■5th largest exposures 31/12/21 15,7% 28,3% 10th largest exposures 4,1% 31/12/19 20,0% 37,6% 8,8% 31/12/17 35,0% 55,0% 0% 20% 40% 60% 80% 24 24 Public territorial entity of Grand Orly Seine Bièvre - Extension of Paris subway line 15 - Copyright @Grand Orly Seine Bievre CAFL Lo bonque des collectivités#25Rating Distribution of Capital and Loans (As at 31 Decembre 2023] Distribution of committed ICC* by rating Distribution of outstanding loans by rating 35% 33% 9% 4% 34% 35% 24% 28% 26% 29% 20% 26% 28% 30% ... Jl.. 1--2 2--3 3--4 4--5 ■31/12/2022 31/12/2023 8% 6% 7% 7% 4% 3% 2% 1% 1% 0,4% 5--6 6--7 1--2 2--3 3--4 4--5 5--6 6--7 131/12/2022 31/12/2023 The worst score The best score The worst score The best score As at 31 December 2023, the weighted average rating of the committed capital was 3.42 and the weighted average rating of outstanding loans 3.55. *Initial Capital Contribution 25 CAFL Lo bonque des collectivités#26Changes in Ratings of Outstanding Loans [As at 31 December 2023] 26 4,20 4,00 3,80 3,60 3,40 3,20 3,00 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 CAFL Lo bonque des collectivités#27AFL's business model is at the very heart of sustainable finance The achievement of SDGs relies on the contribution from local authorities to promote integrated, inclusive and sustainable territorial development. AFL participates in the financing of local authories' investments in social and environmental areas. These investments contribute to achieving sustainable development goals for local authorities and the country. QUALITY EDUCATION According to AFL 27 At least 40% of investment expenditures of French Local Authorities directly contribute to sustainable development 9 INDUSTRY INNOVATION AND INFRASTRUCTURE • • Of which according to AFL: 50% allow to achieve the UN SDG nº4. Slightly less than 10% allow to achieve the UN SDG nº9. 8% help achieve the UN SDG nº10. More than 20% allow to achieve the UN SDG nº 11. 10 INEQUALITIES REDUCED 11 SUSTAINABLE CITIES AND COMMUNITIES II CAFL Lo bonque des collectivités#28Liquidity Reserves of AFL [As at 31 December 2023] 28 Distribution of liquidity reserves Bonds O Cash 53% 47% Total liquidity reserve of €1.97Bn Public sector 82% Bond portfolio distribution Distribution by geographical location Distribution by rating AA- 16% A A- A+ AAA 3% 3% 2% Supra 28% 39% AA 15% Europe 46% AA+ 22% Distribution by counterparty type Supra 28% Financial Private sector 11% 18% Asia 5% North America 21% Distribution by LCR classification LGFA 7% HQLA 2A 23% Non HQLA 1% Sovereign 3% Sub-sovereign State 16% guaranteed 35% HQLA 1 76% CAFL Lo bonque des collectivités#29AFL bears Low Risk Assets (As at 31 December 2023] 18% 0% Exposures by risk weight (standard method) 79% 1% 1% 0,4% 2% 10% 20% 50% 100% Most of AFL's exposures are 0 or 20% risk weighted. 29 Municipality of Nantes - cultural exhibition CAFL Lo bonque des collectivités#30Strong Capital and Liquidity Position (As at 31 December 2023] Capital and liquidity ratios, IFRS consolidated 31 December 2023 Basel III solvency ratio (Common Equity Tier 1, IFRS consolidated basis, 13% internal limit, 11.75% regulatory limit + 1% countercyclical buffer requirement on French exposures from 1st Jan. 24) 13.23% Leverage ratio 8.86% (Public development credit institutions CRR2, IFRS consolidated basis, 3% regulatory limit) LCR ratio 541% (regulatory limit 100%) NSFR ratio (regulatory limit 100%) 231% NCRR ratio 80% (internal liquidity ratio, limit 80% - 125%) 30 • As at 31 December 2023, Agence France Locale - Société Territoriale completed 38 capital increases: • Committed capital amounts to €294 M Prudential capital amounts to €207 M The level of capitalization and liquidity favorably underpins the creditworthiness of AFL which is rated: Aa3 (stable) / P-1 by Moody's AA- (stable) / A-1+ by Standard & Poor's CAFL Lo bonque des collectivités#31Financial Statements IFRS in M€ 31 IFRS in EUR Million 2015 2016 2018 2020 2021 2022 2023 Liquidity reserves 502 435 856 1 580 2 321 2 192 1 967 Signed loans 505 1 026 2 596 4 230 5 006 5 501 7 409 Loans and receivables 384 892 2 230 3 832 4 431 4 690 6 576 Debt securities 841 1 259 2 997 5 296 6 572 6 589 8 262 Paid in capital (IFRS consolidated) 65 99 124 158 190 197 218 Net banking income 0,4 9,2 9,7 13,8 14,0 17,6 23,2 Net interest margin 0,5 4,7 7,8 11,8 12,7 15,6 24,1 Total operating expenses 11,4 11,3 11,0 11,2 12,1 13,4 15,6 Operating income -10,9 -2,1 -1,3 2,5 1,9 4,2 7,6 Net income -7,8 -3,4 -1,7 2,3 1,7 2,8 5,7 CAFL Lo bonque des collectivités#32Funding Strategy Suburban community of La-Roche-sur-Yon Construction of an aquatic center CAFL Lo bonque des collectivités#33Issuance Programmes and 2024 Borrowing Programme (1/2) EMTN Programme 33 A multicurrency €20Bn EMTN programme that allows to issue medium to long term notes in various currencies in the form of public or private placement transactions. Long term commitment to issue at least one Euro denominated benchmark per year. A dedicated Sustainable Bond programme to refinance eligible. loans granted to French Local Authorities. Long term commitment to issue at least a sustainability bond every two years. €2.5Bn of medium- and long-term funding in 2024 : • Euro denominated listed benchmark; Opportunistic multicurrency private placements; Taps of existing Euro bonds; ♥ Other currency public transactions. CAFL Lo bonque des collectivités#34Issuance Programmes and 2024 Borrowing Programme (2/2) ECP Programme 34 A short term €1Bn ECP programme Issuance in various currencies (such as EUR, GBP, USD...) for maturities up to 1 year. STEP registered (eligible as collateral for open market operations of the ECB). Up to €750Mn of short-term funding in 2024 in the form of ECP transactions. Arystall Municipality of Strasbourg - Ecodistrict CAFL Lo bonque des collectivités#35AFL's Bond Issues 35 Since 2015, AFL has launched ten listed public euro denominated benchmarks under its EMTN programme. AFL is targeting at least one medium to long term euro benchmark per year. June 2024 June June Sept June March March 2025 2026 2027 2028 2029 2030 March 2031 Dec March June 2031 2034 2038 Outstanding Amount (in M) €820 £500 €675 €500 €1000 €500 €1000 €1000 €500 €750 €500 Coupon 0.50% 1.375% 0.125% 0.00% 1.125% 0.20% 3.00% 0.00% 3.25% 3.125% 3.625% 1800 1600 1400 1200 1000 800 600 400 200 о 2024 Debt profile (€M) 11 2026 2028 EUR benchmarks 2030 2032 2034 2036 2038 ■Non-EUR benchmarks ■EUR Sustainability Benchmarks 2040 2042 Private Placements CAFL Lo bonque des collectivités#3636 Performance of AFL's EUR Bond Issues (vs mid swap) Versus Mid-Swap 90,00 70,00 50,00 30,00 10,00 -10,00 -30,00 Feb-23 Mar-23 Apr-23 May-23 Jun-23 AFLBNK 0.125 06/20/2026 AFLBNK 0 09/20/2027 AFLBNK 0 03/20/2031 AFLBNK 3.25 12/20/2031 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 AFLBNK 1.125 06/20/2028 AFLBNK 0.2 03/20/2029 AFLBNK 3 03/20/2030 AFLBNK 3.125 03/20/2034 AFLBNK 3.625 06/20/2038 CAFL Lo bonque des collectivités#37Aggregate Distribution of EUR Public Bond Issues Geographical distribution Southern Europe 8% UK & Nordics 23% 37 Distribution by type of investors Corporates Others 3% 1% Central Banks Asia Other 2% 10% France 25% Banks & Private Banks 31% Benelux 9% Germany, Austria & Switzerland 23% Pension Funds Insurers & 10% & Official Institutions 21% Fund Managers 34% AFL's investor base has been growing over the years. Since the inaugural transaction around 300 investors have participated in AFL's EUR benchmark transactions. CAFL Lo banque des collectivités#38RTS E nse Sustainability Bonds Municipality of La Possession (in the oversea territory of La Reunion)- Construction of an artistic school CAFL Lo bonque des collectivités#39AFL's commitment 39 Sustainability embedded in AFL's foundations and missions Ensuring adequate financing to Local Authorities Supporting local authorities in their environmental and social actions Robust and transparent operational rules and processes A dedicated governance structure for the Sustainable Bond AFL plays a critical role in supporting public infrastructure investments as one of the key lenders to the French local government sector (€7.8bn of loans as of 31/12/2023) Given the public interest of its mission and its long-term commitments, sustainability is at the very heart of AFL's business model Highest standards of management, a stringent methodology and a dedicated ESG framework A Sustainable Bond Committee, composed from representatives of all critical departments is in charge of all the aspects of the Sustainable bond life cycle. AFL is committed to the long term and sustainable development of local authorities CAFL Lo bonque des collectivités#40Sustainability Bonds Framework Eligible assets reflecting main areas of intervention 40 Access to essential and basic social services Energy and ecological transition MAIN AREAS OF INTERVENTION • Encouraging access to education and culture by providing access to educational, sport, leisure and cultural facilities • Supporting development of economic activity with the aim of promoting and retaining employment in underserved areas • Supporting the access to essential health services • Fostering social inclusion by providing equal access to essential services for vulnerable populations • Contributing to energy transition and environmental sustainability by promoting a low-carbon and more climate resilient economy (low-carbon public transportation, renewable energies, etc.) and pollution prevention & control Sustainable infrastructure, development of cities and territorial cohesion • Promoting the development of the territories, urban transformations, reduction of the territorial divide, infrastructure development and public essential services Priority given to underserved areas CONTRIBUTION TO UN SDGS NO 1 POVERTY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 3 GOOD HEALTH 7 AFFORDABLE AND INDUSTRY, INNOVATION CLEAN ENERGY AND INFRASTRUCTURE 6 AND SANITATION CLEAN WATER AND WELL-BEING DECENT WORK AND ECONOMIC GROWTH QUALITY EDUCATION 10 INEQUALITIES REDUCED 11 AND COMMUNITIES SUSTAINABLE CITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO NDUSTRY, INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES CAFL Lo bonque des collectivités#41Sustainability Bonds Framework Main processes Selection of assets Estimate the share of eligible expenditures within AFL's portfolio, through the following steps: • Exhaustively screen the annual budget/financial statements of member Local Authorities (only investment expenditures are considered), applying AFL's methodology Calculate the share of eligible expenditure for each member Local Authority ♥ Apply on an individual basis to the portfolio of loans granted to Local authorities in a given year Sum to define the overall portfolio of eligible loans Management of proceeds Net proceeds tracked through AFL's internal management and accounting system Commitment to reach full allocation to Eligible Loans within two years of the Sustainability Bond issuance. Reallocation of proceeds on assets compliant with eligibility policy in case of divested or cancelled loans Pending the full allocation of the net proceeds, proceeds will be held in compliance with AFL stringent investment policy 41 CAFL Lo bonque des collectivités#42Sustainability Bonds Framework Reporting and external review Allocation and Impact report Allocation reporting Total funds distributed per AFL's (i) main areas of intervention and (ii) Eligible categories. Total funds used for refinancing or allocated to new loans. Amount of unallocated proceeds (if any). 42 External review Ex-ante Second Party Opinion. A Second Party Opinion is provided by Moody's ESG Solutions expressing a << reasonnable assurance » (the highest level of assurance). SPO complete version is available on AFL website. Impact reporting Number, type, and geographical distribution of local authorities financed. ' Contribution of the proceeds to the relevant UN Sustainable Development Goals (SDGs). AFL is producing its reporting at least annually until full allocation of the Sustainability bond proceeds and thereafter if there are any material changes in this allocation. Ex-post Third Party Assurance AFL is making public a limited or reasonable assurance report provided by an appointed independent third party. • Verification of allocation of the proceeds in compliance (in all material respects) with the Eligibility Criteria defined in this Framework. • Verification of the number of local authorities financed and the contribution of the proceeds to the SDGs, as defined in the Framework. 1st and 2nd Reporting validated by KPMG. CAFL Lo bonque des collectivités#43Allocation Reporting of the 1st issuance Coverage and Framework alignment - audited by KPMG as at 31/12/21 Funds distributed per Eligible categories 43 Allocation coverage Proceeds Total Amount 500 000 000 € Amount used for refinancing 100% 500 000 000€ Amout used for new loans 0% 0€ Aligned with issuance announcement, full allocation at day 1, maintained as of reporting reference date (31/12/2021). Reference year of loan origination 2019 2018 2017 28% 140 410 423 € 51% 255 876 629 € 21% 103 712 948 € Refinancing share Proceeds Total Amount 500 000 000 € Amount used for refinancing 100% 500 000 000€ Amout used for new loans 0% 0€ Aligned with AFL Sustainability Bond Framework, funds fully allocated to refinance eligible assets this also allowed to ensure full allocation at day 1. - Aligned with AFL Sustainability Bond Framework, Funds allocated to refinance eligible assets in a lookback period of 3 years (max.) to the issuance year. Education & Culture Employment Framework categories Access to essential and basic social services Allocation (in €) Share 287 612 023 57,5% 242 345 597 48,5% 27 648 285 5,5% Access to essential health services Social inclusion 2 578 923 0,5% 15 039 218 3,0% 38 254 166 7,7% 11 218 362 2,2% 27 005 324 5,4% 30 480 0,0% Energy and ecological transition Low-carbon public transportation Pollution Prevention & Control Renewable Energy Sustainable Infrastructure, development of cities and territorial cohesion Sustainable water and wastewater management Affordable Housing Affordable and sustainable infrastructure Total 174 133 811 26 632 808 34,8% 5,3% 64 778 217 82 722 785 13% 16,5% 500 000 000 100% TOTAL: 500 000 000 € Funds allocated to all the AFL Sustainability Bond Framework categories and subcategories, genuinely representing the typical investment scope of French local governments. CAFL Lo banque des collectivités#44Impact Reporting of the 1st issuance Audited by KPMG as at 31/12/21 Local authorities typologies 21,1% Grouping of local authorities 105 417 122€ Regions 2,5% 12 406 994€ Geographical distribution of allocation 18 100 980 826€ 20,2% 8 9,9% Departments 49 283 259€ 1834 773€ 0,4% 10 42 641 068€ 8,5% 28 445 390€ 13 3 5,7% 24 100 184 522€ 20% 40 959 422€ 8,2% 3 12 984 795€ 2,6% 20 163 811€ 4% 1 5 40 12 13 350 839€ 2,7% 5,8% Municipalities 20k- 39 28 797 258 € 142 Allocations 13 27,4% Metropolis 21 500 000 000 € 137 120 178€ 12 13,1% Municipalities 20k+ 31 43 557 802€ 53 337 038€ 10,7% 8,7% 65 449 151€ 9 13 11 22 277 883€ 83 39,2% Municipalities 195 772 449€ 20,3% Municipalities 100k+ 101 526 040€ 19 281 830€ 3,9% 4,5% 1 number of entities 1 number of entities 44 Contribution to UN SDG's 1 POVERTY 7 519 609 € 3 ANHO WILL END 2 578 923 € 1,5% 0,5%-w 48,5% 5,3% 4 CEWA 242 345 597 € 26 632 808 € 30 480 € DEENT VORHE 8MIC 9 216 095 € 0% 1,8% 8,5% 10 8,9% 22,3% 2,7% GO 42 399 538 € 44 309 966 € 111 464 322 € 12 THE FIDIACTION 13 502 662 € CAFL Lo bonque des collectivités#45Allocation Reporting of the 2nd issuance Coverage and Framework alignment - audited by KPMG as at 31/12/21 Funds distributed per Eligible categories 45 Allocation coverage Proceeds Total Amount 500 000 000 € Amount used for refinancing 100% 500 000 000€ Amout used for new loans 0% 0€ Aligned with issuance announcement, full allocation at day 1, maintained as of reporting reference date (31/12/2021). Reference year of loan origination 2021 2020 72% 358 118 340 € 28% 141 881 660 € TOTAL: 500 000 000 € Refinancing share Proceeds Total Amount 500 000 000 € Amount used for refinancing 100% 500 000 000€ Amout used for new loans 0% 0€ Aligned with AFL Sustainability Bond Framework, funds fully allocated to refinance eligible assets this also allowed to ensure full allocation at day 1. - Aligned with AFL Sustainability Bond Framework, Funds allocated to refinance eligible assets in a lookback period of 3 years (max.) to the issuance year. Framework categories Access to essential and basic social services Allocation (in €) Share 277 286 263 55,5% Education & Culture Employment 236 911 173 47,4% 14 026 387 2,8% Access to essential health services Social inclusion 1 625 876 0,3% 24 722 826 4,9% 80 499 844 16,1% 29 891 533 6,0% 50 581 778 10,1% 26 533 0,0% Energy and ecological transition Low-carbon public transportation Pollution Prevention & Control Renewable Energy Sustainable Infrastructure, development of cities and territorial cohesion 142 213 893 Sustainable water and wastewater management 24 502 408 28,4% 4,9% Affordable Housing 45 369 247 Affordable and sustainable infrastructure 72 342 239 9,1% 14,5% Total 500 000 000 100% Funds allocated to all the AFL Sustainability Bond Framework categories and subcategories, genuinely representing the typical investment scope of French local governments. CAFL Lo banque des collectivités#46Impact Reporting of the 2nd issuance Audited by KPMG as at 31/12/21 Local authorities typologies 3,1% Municipalities 20k- 15 653 609€ 12,2% Grouping of local authorities 61 039 233€ 5,5% Grouping of local authorities 27 478 279€ 8,8% Regions 43 997 863€ 8,7% Departments Geographical distribution of allocation 25 022 255€ 5% 4 43 261 885€ 39 27 132 12 Allocations 15,4% Metropolis 15,2% 32 500 000 000 € 137 120 178€ Municipalities 20k+ 75 829 717€ 11 49,5% Municipalities 247 447 916€ 31,2% Municipalities 100k+ 155 964 589€ 46 11 40 286 494€ 8,1% 6 839 839€ 1,4% 24 28 485 172€ 5,7% 81 363 130€ 16,3% 52 998 751€ 10,6% 2 2 567 354€ 0,5% 16 497 614€ 3,3% 12 55 647 211€ 11,1% 20 41 485 236€ 8,3% 7 15 27 095 762€ 91 487 583€ 18,3% 5,4% 1 number of entities. 1 number of entities 4 30 223 600€ 6% Contribution to UN SDG's POVERTY 2,5% M 0,3% 47,5% GOOD HEALTH 3 WELL HE 4 EDUCATION 12 361 413 € 1 625 876 € 236 911 173 € CLEM 4,9% 0% RECENT VIORE ECONOMIC GENT 0,9% M 8,7% 8,2% 21,9% 5,1% 10 12 THEPICTION QO 24 502 408 € 26 533 € 4 675 462 € 43 735 309 € 41 150 955 € 109 719 982 € CONG NYTER 25 290 889 € CAFL Lo bonque des collectivités#4747 Your Contacts At AFL Romain NETTER Executive Director - Medium and Long-Term Funding Yves MILLARDET Chairman of the Executive Board Thiebaut JULIN Chief Financial Officer and Member of the Executive board Maëlien BOREL Funding officer - Medium and Long-Term Funding Lucille SIMON Executive Director - Head of Communication Jérôme BESSET Executive Director - Sustainable Bond structuring and management CAFL Lo bonque des collectivités#4848 *** WEBSITE www.afl-banque.fr Address And Links 8 in LinkedIn profile Agence France Locale [email protected] 2023 Annual Report Twitter @AgenceFRLocale CAFL Lo bonque des collectivités#49Appendices CAFL Lo bonque des collectivités#5050 Appendices _01 Excerpt From The Law On The Creation Of AFL _02 The First Demand Guarantee Mechanism _O5 A Strong And Stable Shareholder Base _03 Constant Strengthening Of AFL's Equity _ 06 Eligible Assets Detailed Matrix _ 07 Sustainability Bond SPO _04 The Budgetary « Golden Rule >> For French Local Authorities _08 09 The Company's Mission Main Items Of The Financial Statements CAFL Lo bonque des collectivités#51App1 - Excerpt From The Law On The Creation Of AFL Article 35 of the French Law no. 2013-672 of 26 July 2013 on the separation and regulation of banking activities, subsequently codified in Article L. 1611-3-2 of the French General Local Authorities Code (CGCT), allowed French local authorities to create a public company in the form of a limited company (société anonyme) governed by Book II of the French Commercial Code, whose corporate mandate is to contribute to their funding through a dedicated subsidiary company: Article L. 1611-3-2 of the CGCT, as amended by Law No. 2015-991 of 7 August 2015 and further amended by article 67 of Law No. 2019-1461 of 27 December 2019, provides that "Local authorities, their groupings and local public institutions may create a public company in the form of a limited company (société anonyme) governed by Book II of the French Commercial Code in which they hold the totality of the share capital and whose corporate mandate is to contribute to their funding through a dedicated subsidiary company. This company and its subsidiary shall perform their activities exclusively on behalf of local authorities, their groupings and local public institutions. This financing activity shall be carried out by the subsidiary using resources mainly generated by issues of financial instruments, excluding resources received directly from the State or resources guaranteed by the State. In derogation of the provisions of Articles L. 2252-1 to L. 2252-5, L. 3231-4, L. 3231-5, L. 4253-1, L. 4253-2 and L. 5111-4, local authorities, their groupings and local public institutions are authorised to guarantee all of the subsidiary's commitments up to the amount of their own outstanding loans with said subsidiary. The conditions for the application of this guarantee are specified in the articles of association of the two companies." The Decree n° 2020-556 dated 11 May 2020, incorporated as article D 1611-41 of the CGCT, specifies the requirements that must be satisfied by local authorities, their groupings and local public institutions to become shareholders of said company. It determines the thresholds that may apply to their financial condition and level of indebtedness and which take into account their capacity as shareholders of said company and guarantor of said subsidiary." 51 CAFL Lo bonque des collectivités#52App2 - The First Demand Guarantee Mechanism The Members' Guarantee and the Agence France Locale - Société Territoriale Guarantee are both independent first demand guarantees under Article 2321 of the Civil Code: they benefit holders of all securities issued and contracting parties of all acts concluded by Agence France Locale with the provision that these securities or acts shall apply based on the Guarantee of Agence France Locale or the Members' Guarantee: "The independent guarantee is the undertaking by which the guarantor is bound by virtue of an obligation entered into by a third party to pay an amount either on-demand or in accordance with agreed terms. The guarantor is not bound in the event of explicit abusive or fraudulent behaviour by the beneficiary or in the event of the latter colluding with the instructing party. The guarantor may not claim any exception against the guaranteed obligation. Unless agreed otherwise, this security does not follow the guaranteed obligation." 52 CAFL Lo bonque des collectivités#53App3-Constant Strengthening of AFL's Equity Share capital 100% held by local authorities • • Each new local authority becomes a member through an initial capital contribution (ICC), valid for the entire duration of its membership The amount of this ICC is calculated based on the local authority's economic size: Max[kn*0,9%*(total outstanding debt); kn'*0.25%* (total operating revenues)] With kn = 1,125 and kn' = 1,2 No member can become a major shareholder (quick and significant capital dilution) + • Pay-out ratio of 5% maximum Annual profits added to retained earnings • Objective to strengthen the capital base as a priority 53 Regulatory capital CAFL Lo bonque des collectivités#54App4-The Budgetary «Golden Rule» for French Local Authorities In its public report on local government finances published in October 2013*, the Cour des Comptes (National Court of Auditors) highlighted that local authorities "[...] represent in practice a sub-sovereign risk due to the golden rule: they must ensure that they are able to make capital repayments on their loans from their own resources and may only borrow to finance their investment needs. Compliance with this rule is guaranteed by the statutory budgetary audit mechanism involving regional and local Courts of Auditors acting at the behest of the State representative. It notably includes a procedure for rectifying excessive deficits in the accounts" This rule ensuring balanced budgets is notably codified in Article L.1612-4 of the CGCT: "The local authority budget is balanced when the operational and investment sections are both balanced and approved, with revenues and expenditures assessed in a faithful manner and when funding from the revenues of the operational section to the investment section, added to this section's own revenues (excluding proceeds from borrowings) and to depreciation and provisions, provide sufficient resources to cover annual capital repayments falling due during the financial year." Article L.2331-8 of the CGCT states that proceeds from borrowings represent one of the non-tax revenue items of the investment section in local authority budgets. Borrowings correspond to long-term debts taken out during the period. Borrowings may also only be used for funding investment requirements and must be differentiated from short-term debts, which only cover annual requirements and which are not included in the budget. 54 CAFL Lo bonque des collectivités#55- App5 A Strong and Stable Shareholder Base In case a member requests to leave In case of changes in the field of competences of a member local authority • Each shareholder member cannot leave before a minimum 10-year lock-up period; Following the 10-year period, no member will be allowed to leave Agence France Locale unless it has fully repaid its loans; Worsened financial position Financial position impact Improved financial position • All members shall remain guarantors of AFL up to the level of their outstanding loans with AFL (principal, interest and incidentals) until they have fully repaid their loans; Local authority classified as a Sleeping Member If the local authority does not pay an additional ICC(1) due to the new competences If the local authority pays an additional ICC due to the new competences 55 The leaving member is requested to find a new shareholder which has been approved by the Board of Directors of AFL - ST to acquire its shares. Cannot receive fresh loans nor sell its shares the local authority is classified as a Sleeping Member the local authority maintains its eligibility as a Fully-Operating Member CAFL Lo bonque des collectivités#56App6 - Eligible Assets Detailed Matrix Eligible categories Education & Culture Eligibility criteria the (re)financing of expenditures that : ' Provide access to educational infrastructure and services for all Provide access to sport, leisure and cultural infrastructure and services for all Support development of economic activity with the aim of promoting and retaining employment in underserved local authorities*, including but not limited to: 9 Employment Access to ' essential and basic social services Access to essential health services Socio economic development and advancement of territories Development of territorial attractiveness and competitiveness Support to economic insertion. Support to social and solidarity-based enterprises Improve the capacity of Local Authorities to provide public healthcare services for all Provide access to essential care infrastructure and services for elderly people, people with disabilities, dependent persons Social inclusion • Provide access to childcare facilities and services Target Population All population of the targeted Local Authorities Underserved Local Authorities* Examples of eligible expenditures/investments Construction of new schools, campus, student housing. Financing public libraries, archives and museums Financing to SMEs, initiatives promoting the attractiveness of territories, professional transition trainings Financing the construction, development, maintenance or renovation of healthcare facilities, medical equipment Energy and ecological transition Sustainable Infrastructure, development of cities and territorial cohesion Low-carbon public transportation Pollution Prevention & Control 0 Provide financial support to low-income families Contribute to the development, construction, and/or maintenance of low-carbon public transportation infrastructure Contribute to the development, construction, and/or maintenance of multi-modal transportation infrastructure for underserved Local Authorities* Exclusion criteria: transportation expenditures related to air transports - road, river, maritime transports, in the absence of information allowing to confirm the environmental benefits Contribute to pollution prevention & control including, but not limited to: soil remediation ' waste prevention, reduction and recycling Exclusion criteria: average expenditures related to landfill are excluded - haircut based on national statistics Support the development of renewable energy with the aim of promoting energy transition and contributing to climate change mitigation. Eligible Renewable energy sources include: Renewable Energy 9 Sustainable water and wastewater management Affordable Housing Affordable and sustainable infrastructure Wind energy ' Solar energy Exclusion criteria: expenditures related to (i) hydropower, biomass biofuel, geothermal (ii) heating and cooling urban networks, and (iii) non-renewable energy sources are excluded ' improve existing sanitation facilities and sewers ' improve wastewater treatment performance and provide better access to drinking water improve flooding mitigation • • support social housing organisations support tenants to access housing provide other social support related to housing Support the development of quality and sustainable infrastructures for all in underserved Local Authorities*, including but not limited to: ' development of public infrastructures supporting the improvement of living conditions in urban and/or rural agglomerations of underserved area construction, rehabilitation, maintenance of public buildings, lighting and infrastructure SDG All population of the targeted Local Authorities Vulnerable population groups Construction of facilities aimed at providing specialized assistance for elderly people. Financing nurseries and kindergartens 1 M MM € Financing the construction, equipping, or All population of the targeted Local Authorities maintenance of low-carbon public transportation facilities, such as any new rail facilities for public use, multimodal links or cycleways PROPEC 11 C All population of the targeted Local Authorities Financing public waste management facilities for waste reduction and recycling 11 12 FOLL DRAWER MOKAIRO Financing prevention and awareness initiatives for waste reduction and recycling QO All population of the targeted Local Authorities Financing the construction, equipping, or maintenance of renewable energy infrastructure (including wind and solar energy) All population of the Financing water network construction / maintenance /upgrade T WOLLM targeted Local Authorities Social housing organisations, beneficiaries of rental assistance support schemes Financing wastewater treatment plants, such as sewage networks, wastewater treatment plants, sanitation facilities Financing social housing, subsidies to social housing organisations, financial-aid programs to support tenants Underserved Local Authorities* Financing the renovation, upgrade, safety of existing public buildings and public infrastructure. Financing public lighting. Financing facilities supporting rural development P 10 from public data and statistics: rate of unemployment, Share of long-term unemployment, Share of population leaving in priority neighborhood, *Underserved Local Authority is defined as any Local Authority which is ranked within the bottom third based on an internal scoring, derived Poverty rate....#57App7 - Sustainable Bond SPO 57 MOODY'S ESG Solutions Second Party Opinion ✓ Moody's ESG Solutions is of the opinion that the Sustainable Bond Framework of AFL is aligned with the four core components of the Green and Social Bond Principles 2018. Moody's ESG Solutions express a reasonnable assurance (our highest level of assurance) on the Issuer's commitments and on the Framework's contribution to sustainability, except for 2 out of the 10 eligible categories ("2.2. pollution prevention and control", and "3.3 affordable and sustainable infrastructures") for which we express a moderate assurance, due to unclear management of the inherent risks or to unclear environmental/social benefits. Moody's ESG Solutions is of the opinion that the Framework prepared by AFL is coherent with the main sustainability issues of its sector, with AFL's main sustainability priorities and commitments; and that it contributes to the realisation of these commitments. SPO available on AFL's corporate website. CAFL Lo bonque des collectivités#58App9-The Company's Mission ( "To embody a responsible finance to strengthen the local world's empowerment so as to better deliver the present and future needs of its inhabitants." ထ 58 Manifesto from member local authorities "By creating the first bank that we wholly own and manage, we, the French local authorities, have taken a strong political step toward decentralization. Our institution, Agence France Locale, is not a financial institution like the others. Created by and for local authorities, it acts in a local context to strengthen our freedom, our ability to develop projects and our responsibility as public actors. Its culture of prudence prevents us from the dangers of the complexity and richness of its governance, and from abuses related to conflicts of interest. Its fundamental objective is to offer local authorities access to resources under the best conditions and with complete transparency. The principles of solidarity and equity guide us. Convinced that we will go further together, we wanted an agile institution that would appeal to all authorities, from the largest regions to the smallest towns. We see profit as a means to optimize public spending, not as an end in itself. Through AFL, we support a local environment committed to addressing social, economic and environmental challenges. The AFL strengthens our power to act, to carry out projects locally, for today and tomorrow, for the good of the people who live there. We are proud to have a bank that expresses growth as we see it, ever more responsible and sustainable. We are Agence France Locale." Amiens metropolis Electric bus CAFL Lo bonque des collectivités#59April 24 CAFL La banque des collectivités