Investor Presentaiton

Sustainability 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

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