Investor Presentaiton

Aggregate 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

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