BUSINESS REVIEW AND SUSTAINABLE

DEVELOPMENT REPORT Photo: Brest Metropolitan Area (29) - Cable car Cable - (29) Area Metropolitan Brest Photo:

THE BANK THAT CHANGES BANKS The suburban community of the Bourg-en-Bresse basin is made up of 74 municipalities and 135,000 inhabitants and covers an area of 1,236 square kilometers. The local authority's objective is to forge regional solidarity, particularly with the least privileged municipalities. Against a constrained economic backdrop, the suburban CONTENTS community of the Bourg-en-Bresse basin adopted its original budget with two objectives: to ensure a recovery and the ecological transition. EDITORIAL P.4 Three reasons justified the AFL's CA3B membership. The first is budgetary : we are convinced by the AFL A WORD FROM THE CHAIRMEN P.5 model whose rating, which is essentially linked to that of the French State, guarantees competitive borrowing rates. The second is prospective: if a new financial A BANK THAT EMBODIES THE VALUES crisis occurs, we know that unlike traditional banks, OF LOCAL COMMUNITIES P.6 AFL, which only lends to local authorities, will remain a sound source of financing. Finally, the third reason A UNIQUE GOVERNANCE MODEL P.8 is solidarity: the more members AFL has, the more robust and attractive it will be for investors and the HIGHLIGHTS OF 2020 P.10 more modest municipalities will be able to benefit from its services. A SHORT-CIRCUIT BANK P.12

In addition, we are also keenly watching the work of AFL A BANK COMMITTED TO REGIONAL DEVELOPMENT to promote sustainable finance. THAT IS INCREASINGLY SUSTAINABLE P.14 The flagship project of the mandate is undoubtedly the redevelopment of the Plaine Tonique camping site and A BANK THAT EMBODIES SUSTAINABLE FINANCE P.16 recreational area in Montrevel-en-Bresse. But the suburban community also plans to rehabilitate the Ferme de la Forêt in A BANK THAT SHARES ACCESS TO THE BOND MARKET Saint-Trivier de Courtes, the continuation of the “La Traverse” FOR ITS MEMBER AUTHORITIES P.18 project for a green path for cycling and walking along the old railway line and the inauguration of the suburban community's conservatory.” A COMPANY CONCERNED ABOUT ITS SOCIAL AND ENVIRONMENTAL IMPACT P.20 Mr. Jean-François Debat - Chairman of the suburban community of the Suburban community Bourg-en-Bresse basin (01) of the Bourg-en- A BANK THAT IS FINANCIALLY BALANCED P.22 Bresse basin (01) – Development of a bike path

Located 31 kilometers east of Tours, the municipality of Francueil now has a population of 1,410. In 2020, we decided to accelerate the process of “The municipality of Planzolles is located in the Cévennes foothills of the refinancing our debt, for which the average rate seemed particularly high. We Ardèche, where 139 inhabitants live year-round. After several years became acquainted with AFL, which very quickly won us over not only by of discussions and several investments, we decided to launch a the quality of its proposals, but also by the approach and follow-up that were project to revitalize the town's center. proposed.

To do this, we chose to create a dynamic space where people For me, being an AFL ambassador gives me the opportunity to promote a can meet and socialize, featuring a hostel with its own bistro bank that is not yet well-known, especially in my department of Indre et Loire, and a business with a multi-service area. In addition, in and to offer my own experience by sharing the quality of AFL’s approach, view of a real growing demand for accommodation, we are from the start of the operation with a relevant analysis of the local authority’s going to create a vacation rental house for groups that can financial situation, then proposals for work and adapted products to transition accommodate at least 18 people. This project will not only towards long-term follow-up and advisory services. create jobs but it will also reforge social bonds by involving all Our project in the town's center is a reserve of approximately three hectares generations in the municipality's community life. With the plans of land that we are planning to develop with the aim of building housing that for the project already set, work was able to start in March 2020, Municipality of harmoniously dovetails the town's quality of life." and the AFL membership meant that we could finance it. Francueil (37) Construction of social housing Mr. Christophe Deffreix Mayor of the municipality of Planzolles (07) Municipality of Planzolles (07) Mr. Pierre Ehlinger - Mayor of the municipality of Francueil (37) Location of the future vacation rental house

BUSINESS OVERVIEW 2020 AFL 3 EDITORIAL A WORD FROM THE 2020 will remain a historic year in many ways for local authorities and for AFL, the bank they created. Marked by the Covid-19 health crisis, the priorities CHAIRMEN of french local authorities and how they operate have been disrupted. AFL has endeavored to adapt its organization as quickly as possible to continue pursuing its mission: that of meeting the needs of its member authorities. The health crisis that we have been experiencing since the In this context that is extremely difficult for everyone, there are three beginning of 2020 has had a profound impact on what is at highlights for AFL: the heart of our regions: the daily life of our fellow citizens, our local economic, social and cultural fabric, but also the The first is the fact that we have taken the responsibility and sustainability organization of public services and local democratic life, inherent to our model a step further and designed as such since AFL's notably with the postponement of municipal elections. inception. The integration of the Company’s purpose in the Articles of In this context, our local authorities have stayed the Association, validation of values, the development of new areas in which course. Taking on the responsibility of the daily impact of Jacques Pélissard we can engage with our shareholders, the first issue of sustainable bonds, the health crisis up to the vaccination campaign, but also The creation of AFL was a very important bolstering AFL's exemplary reputation as a company (remote working, the necessary economic recovery through investment. political fight that I led as Chairman of the soft mobility, the right to disconnect from work, gender equality, electronic This situation had a different impact on the finances of French financial markets authority (AMF) signature of documents, etc.), numerous projects have been carried out to with all the chairpersons of associations local authorities: a drop in revenue, increases in expenses, of elected local representatives, and further consolidate AFL’s social responsibility, which has been present since postponed investments, and changes in cash flow. Each it is an honor to have helped, over the the very beginning. local authority faced unforeseen events during the year, course of several years, defend the The second is the achievement of a financial balance in AFL’s statement of but we, the representatives of local communities, proved interests of French local authorities by to be resilient. chairing this bank, which is theirs. I am financial position. Business was buoyant in 2020: 59 new members, €1 billion very happy today to pass the torch to an in loans granted over the year, more than €1 billion raised on the markets With a budget of €1.5 billion in loans over 12 months, Agence elected representative who shares these under very good conditions, €203 million in capital contributions voted Locale was able to meet the local authorities' convictions." by local shareholder authorities… the bank of local authorities is becoming expectations, whether for short-term or longer-term needs. increasingly involved in the financing of local public investment. As a partner of ANCT, the French national agency for Pia Imbs, Chairwoman of regional cohesion, our bank is therefore a major player The third is the continued development of AFL thanks to the expansion of the Strasbourg European in the financing of the various national programs and the the shareholder base allowed by the “Commitment and Proximity” law and Metropolitan Area, Chairwoman recovery and ecological transition contracts. the publication of the related decree in May 2020. AFL was able to integrate the Board of Directors of AFL-ST The ecological transition, which is at the heart of the the first inter-municipal joint local and regional authorities, six in total for since March 2021. local authorities' concerns, can now be refinanced in a the year 2020 including Tisséo, the Toulouse suburban community’s sustainable manner through the specific loans that AFL I am honored by this appointment joint mobility authority. This currently offers new funding opportunities and by the trust the Board offers its members in an innovative process with few to local authorities that have organized some of their skills through joint members have in me. More than ever restrictions for local authorities. in this context, AFL embodies the authorities, and in the future, it will open up new funding Let us never forget the purpose of the AFL, which we renewal of public action and solidarity to all local public institutions. have included in our Articles of Association: "embody between local authorities. It is also a genuine tool for decentralization: its While the health crisis is synonymous with uncertainties responsible finance to empower local communities' ability legal structure enables it to perform at the local level, the member authorities can more to meet the present and future needs of their residents". well in the markets, while providing than ever count on the bank they created to support AFL’s activity is intended to optimize public spending in the elements of security necessary for them in their regional and local economic recoveries. order to offer more public services to residents at the sound and transparent management. same cost. And we achieve this every day after a little I am proud to be able to participate in its development and influence, in my more than five years after our bank was founded. capacity as Chairwoman."

Olivier Landel, Chief Executive Sacha Briand, Vice-Chairman of the Toulouse Metropolitan Officer Yves Millardet, Area in charge of finance, Chairman of the Supervisory Board Chairman of the AFL of AFL since September 2020. Olivier Landel, Chief Management Board Executive Officer of Jacques Pélissard, Chairman of the Board of Directors of AFL-ST AFL-ST until March 2021, Honorary Chairman of AFL.

BUSINESS OVERVIEW 2020 AFL 5 In December 2020, the AFL-ST Board of Directors selected three values that are intended to serve as a foundation for the AFL’s identity and guide its activities. A BANK THAT EMBODIES THE These values are as follows: VALUES OF LOCAL COMMUNITIES EXPERTISE Providing local authorities with in-depth expertise in financial markets and banking activities, as well as in local finance and debt management.

FREQUENT STUDIES AND INTERVENTIONS • Study on the ecological transition with INET (the As a public development bank, AFL is unique in that it was created by and for local French national institute for local and regional authorities, in a cooperative approach that drew its inspiration from the Nordic studies); countries. Local authorities are the sole shareholders, the sole beneficiaries and the sole • Barometer of local authorities' financial health; guarantors. • Presentations on financial market news.

AFL'S PURPOSE SOLIDARITY From the smallest municipality to the largest region, in rural or urban areas, in mainland France or overseas, all local authorities are concerned and pool their This purpose reflects the AFL Group’s DNA: access to financial resources to optimize costs.

PARTNERSHIPS WITH ALL LOCAL REPRESENTATIVES “Embody responsible finance to empower local communities to meet the present and future needs of their inhabitants."

This purpose was accompanied by a manifesto initiated by the local shareholder authorities to translate this DNA into words:

“By creating the first bank we fully own and manage, we, the French local authorities, have taken a DID YOU meaningful political step towards decentralization. KNOW? Our institution, Agence France Locale, is a financial institution unlike any other. Created by and for At AFL, local local authorities, it acts for local communities, to strengthen our freedom, our ability to develop authorities are not projects and our responsibility as public actors. only shareholders but Its culture of prudence protects us from the of the complexity and richness of its also ambassadors of TRANSPARENCY governance and from abuses linked to conflicts of interest. The fundamental objective: to provide the model. As shareholders, local authorities drive the Group’s strategic local communities with access to funding under the best conditions and in complete transparency. A dozen local priorities and have completely transparent access to authorities (one per The principles of solidarity and fairness guide us. Convinced that together we go further, we wanted information concerning their bank's operations. an agile establishment, geared towards all local authorities, from the largest regions to the smallest region) volunteered municipalities. We see profit as a way to optimize public spending, not as an end. to be the voice of the AFL model in their Through AFL, we support local communities that are committed to meeting social, economic and REGULAR DIALOGUE WITH SHAREHOLDERS region! environmental challenges. AFL strengthens our power to act: to carry out projects in our regions, for today and tomorrow, to serve their inhabitants. • A first seminar of the two boards in December 2020 to discuss AFL’s strategy for 2030; We are proud to have a bank that is growing as we would want it to: always more responsible and • Five meetings to provide information for and have discussions with the 40 more sustainable. largest shareholders; We are Agence France Locale." • A topical meeting with all shareholders in May 2020.

BUSINESS OVERVIEW 2020 AFL 7 A UNIQUE AFL: SPECIALIZED CREDIT INSTITUTION

GOVERNANCE MODEL ITS SHAREHOLDERS: François Drouin – Chairman of ETIFINANCE The AFL Group’s governance is based on a two-level structure, ensuring a separation of powers between Held more than 99.99% by La Société Nicolas Fourt – Deputy Chief Executive Officer the credit institution and its parent company with the aim of: Territoriale of ACOFI Gestion • Defining the trategys and implementing it – including the risk strategy – and regularly reviewing it and Mélanie Lamant – Director of Strategy and monitoring its implementation; Stakeholder Support at the French Agency for • Preventing the risk of conflicts of interest within local authorities, which are both shareholders and ITS MISSION: Urban Renovation (Agence Nationale pour la borrowers, through a tight controls. • Operational management of the AFL Rénovation Urbaine – ANRU) until May 6, 2021 – Group Barbara Falk since then • Securing financing on the market Olivier Landel – Executive Officer of France AFL-ST: FINANCIAL COMPANY • Granting of loans to member authorities Urbaine and Chief Executive Officer of AFL-ST DEPARTMENTS: Daniel Lebègue – Honorary Chairman of the ITS SHAREHOLDERS: Observatory on Corporate Social Responsibility Exclusively and jointly owned by the shareholder DEPARTMENT OF ESSONNE: Dominique THE SUPERVISORY BOARD : (Observatoire sur la Responsabilité Sociétale member authorities, which control a 100% stake: Echaroux – Vice-Chairman in charge of Finance des Entreprises – ORSE) (until May 6, 2021) municipalities, departments, regions, groupings 11 qualified individuals including of local authorities (with or without their own DEPARTMENT OF SAVOIE: Luc Berthoud – Rollon Mouchel-Blaisot – Prefect, Director of taxation) and local public entities. Chairman of the Finance Commission 6 independent directors the Cœur de Ville National Action Program Daniel DEPARTMENT OF SEINE-SAINT-DENIS: ITS COMPOSITION AT DECEMBER 31, 2020 Carol Sirou – Chairwoman of Safineia Advisors Guiraud – Vice-Chairman in charge of Finance LLC and General Administration Sacha Briand - Chairman (since September 28, T ITS MISSION: 2020 - he succeeded Richard Brumm) •  Promotion of the AFL Group, in particular to MUNICIPALITIES: Jacques Pélissard - Vice-Chairman (until May 6, the local public sector and representation of the 2021 – Pia Imbs since then) THE MANAGEMENT BOARD : MUNICIPALITY OF CONCHES-EN OUCHE: interests of the member authorities; - Chairman of the Management Sophie L’Hélias (since February 4, Yves Millardet • Management of AFL Group membership; Jérôme Pasco – Mayor 2021) – Chairwoman and founder of Board • Definition of the AFL Group’s major strategic MUNICIPALITY OF GRENOBLE: Hakim Sabri – LEADERXXCHANGE Ariane Chazel - Commitments and Risks priorities; Deputy Mayor in charge of Finance Director • Management of the double guarantee system Lars Andersson – Founder of Kommuninvest GREATER NANCY METROPOLITAN AREA: set up within the AFL Group. Thiébaut Julin - Chief Financial Officer Pierre Boileau – Deputy Vice-Chairman of Victoire Aubry – Member of the Executive Finance Committee of Icade in charge of Finance, Legal Affairs and Information Systems BOARD OF DIRECTORS LILLE EUROPEAN METROPOLITAN AREA: Michel Colin – Vice-Chairman of Public Policy 3 groups of local authorities’ representatives Evaluation, Financial Control and Management and Insurance 13 local authorities represented LYON METROPOLITAN AREA: Emeline Baume ITS COMPOSITION AT DECEMBER 31, 2020 – Vice-Chairwoman in charge of the Economy, Employment, Business Affairs, Digital Technology Jacques Pélissard – Chairman until March 23, Lille Metropolitan Area (59) and Public Procurement until March 29, 2021 – 2021 – Pia Imbs since then. The patio of the high school Sacha Briand –Vice-Chairman since September Bertrand Artigny since then for hospitality and catering 25, 2020 – succeeded Richard Brumm STRASBOURG EUROPEAN METROPOLITAN AREA: Syamak Agha Babaei – Vice-Chairman in REGIONS: charge of the Budget and Finance REGION OF PAYS DE LA LOIRE: MUNICIPALITY OF ROQUEFORT-SUR- Laurent Dejoie – Vice-Chairman in charge of SOULZON: until January 28, 2021 – Bernard Finance Sirgue – Mayor REGION OF OCCITANIE: Claire Fita – TOULOUSE METROPOLITAN AREA: Dominique Chairwoman of the Finance Commission Faure – First Vice-Chairwoman in charge of the Economy, Innovation and Employment GENERAL MANAGEMENT: Olivier Landel – Chief Executive Officer Yves Millardet – Deputy Chief Executive Officer BUSINESS OVERVIEW 2020 AFL 9 JULY – AUGUST OCTOBER AFL published its first barometer of local AFL signed a first partnership agreement HIGHLIGHTS authorities' financial health. with the French National Agency for Regional Cohesion (ANCT). OF 2020  AFL issued its first sustainable bond for an amount of €500 million: a genuine Saint-Julien-en-Genevois AFL signed a first partnership agreement (74) - Construction of a sustainable finance tool for local with the Association of Small Towns in school complex authorities' social and environmental France (APVF). investments.

AFL actively took part in the economic  The Departments of Loire-Atlantique and recovery general assembly in Ile-de- JANUARY APRIL Allier joined AFL. France organized by its partner, the association of majors in the Ile-de-France AFL kicked off its sixth year with 352 AFL opened up loans worth €1.5 billion  AFL signed a first partnership agreement region (AMIF). members and over €3 billion in loans over 12 months to local authorities. granted! with ACCD'OM (the association of French overseas municipalities and local For the first time, an AFL bond issue AFL organized two webinars with authorities) to strengthen its visibility reached €1 billion. IDEALco: one covering the consequences with French overseas authorities. of the Covid-19 crisis on local finances, and the other covering the financial  AFL granted a loan of 4.176 billion FEBRUARY market crisis and how it affects local CFP francs (or €35 million) to French AFL renewed its partnership with INET's authority financing. student administrator association. Polynesia. NOVEMBER APVF and AFL formalized their first AFL took part in the local finance news AFL’s financing solutions were made partnership. day organized by CNFPT (France's M AY available on the AidesTerritoires website. national center of regional public AFL signed its 1,000th loan agreement The Commitment and Proximity Act services) in the department of Rhône. and exceeded €4 billion in loans granted extended the scope of entities that can since the beginning of its operations in join AFL thanks to the publication of the 2015. decree in the Official Journal on May 11, 2020. City of Nantes (44) (credits: Guillaume AFL took part in the evening celebrations MARCH Piolle) for partners of France's association of AFL formalized its purpose and presented AFL published its full-year results for regional administrators (AATF), of which its new visual identity. 2019: business and results once again AFL is a partner, held on November 26, proved the strength and attractiveness of 2020. its model. AFL-ST held its General Meeting behind closed doors on May 28 as well as a Despite the health crisis, AFL adapted its video-conference meeting with all the organization (100% remote working for its local authorities. teams) to continue operating. SEPTEMBER DECEMBER AFL launched its first partnership with  AFL launched a study with INET student AFL published its half-year results: the national French union of general AFL finalized its 25th capital increase, administrators on the financing of the it reached a major milestone in its directors of local and regional authorities which formalized the membership of ecological transition. development, with gross operating (SNDGCT) during two webinars organized eight new local authorities, including the income hitting the break-even point. for member local and regional director Bourg-en-Bresse suburban community. generals and deputy director generals. JUNE Sacha Briand was appointed Chairman of the Supervisory Board of AFL and Vice- AFL participated in the 2020 ETS Chairman of the Board of Directors. AFL welcomed the first inter-municipal (Strasbourg's regional conference) on joint authority among its members: the December 15 and 16, organized in a Euron Mortagne inter-municipal joint AFL renewed its partnership with the fully digital format, notably through the water utility authority. University of Lyon’s Master’s program in organization of three mini conferences. Market Transaction Management. The small AFL team moved to their new The region of voted to join AFL. offices – still in Lyon – owned by AFL.

AFL ended the year with 59 new local shareholder authorities, including three new departments: Allier, Loire-Atlantique and Calvados.

BUSINESS OVERVIEW 2020 AFL 11 Municipality of Noyon A SHORT-CIRCUIT BANK (60) - Aerial view

WHERE DOES THE MONEY WHERE DOES THE WHAT IS THE MONEY FOR? COME FROM? MONEY GO? €1 BILLION Our local shareholder authorities loans granted in 2020. EQUITY: at December 31, 2020: A single purpose: ‘‘ Embody responsible finance •€203.2 million in capital AUTHORITIES to empower local authorities to pledged by shareholder authorities. 411 219 respond to the present and future •  2 regions loan agreements signed in 2020. needs of their inhabitants.” • 10 departments • 2 French overseas authorities • 12 metropolitan areas 158 AUTHORITIES THE BOND MARKET: • 5 urban communities borrowed from AFL in 2020. • 23 suburban communities • €5 BILLION raised on the • 40 municipality communities financial markets since 2015. • 5 public regional institutions 80% • 6 inter-municipal and joint local is the share of bids in which • 157 different investors since 2015.  and regional authorities AFL was selected in 2020. • 306 municipalities • €1.13 BILLION raised in 2020, of which €500 million in the form of sustainable bonds. €4.3 BILLION • 45% of the French population resides in an AFL member local authority. in loans granted since 2015.

• is AFL members' share of local  18% market share public debt in France as of December 40% 31, 2020. among AFL members in 2020 financing

Grenoble Metropolitan Area (38) Construction of a cogeneration plant Our smallest member at December 31, 2020: Our smallest loan in 2020: (54): 53 inhabitants. €15,000

Our largest member at Our biggest loan in December 31, 2020: 2020: Region of Occitanie: 5.9 €50 million million inhabitants.

BUSINESS OVERVIEW 2020 BUSINESS OVERVIEW 2020 AFLAFL 13 Municipality of Bois-Guillaume (76) - Aerial view A BANK COMMITTED TO

Located to the north of the Rouen Normandie REGIONAL DEVELOPMENT THAT metropolitan area, Bois-Guillaume is part of an ambitious ecological transition approach: renovation of buildings for improved energy efficiency, development of urban IS INCREASINGLY SUSTAINABLE agriculture, greening of public spaces, etc. Another one of the city's priorities is to strengthen social bonds and sharing in the community. Among its major projects for the coming mandate: creation of a children's center, creation of a sports facility, development of a city center, creation of a market garden, renovation of municipal buildings for improved energy efficiency, etc. These investments will be financed through self-financing, requests for equipment subsidies from external partners, as well as loans. With this membership, the department is “We have decided to build a new diversifying its financing sources, thereby treatment plant to ensure easy access In this context, AFL membership had three main advantages for the City of Bois-Guillaume: we diversified reducing its dependence on traditional and monitoring of the site, but also the “financing pool” during the city’s calls for capital, which gave us another level of assurance that we financial services provided by banks greater compliance with current health would obtain all necessary funding; we benefitted from the attractive rates that AFL can offer to its during a period of great uncertainty. Our standards in terms of water quality. To members thanks to its economic model; and, lastly, we were able to borrow over longer periods than what department will also need significant finance the construction of our new plant, traditional credit institutions usually offer. resources to both withstand the shock we chose AFL because the rates offered Mr. Théo Perez, of the economic crisis and to absorb were attractive, and it was important for Mayor of Bois-Guillaume (76) Municipality of Entrepierres the impacts on the department and us to work with a bank owned by local (04) - Bridge local and regional authorities. More authorities. As the first joint authority than ever, solidarity will be necessary member, I am very satisfied with the “Bernay-Saint-Martin is a small town of 835 to emerge from this crisis on top, and responsiveness with which our project “The municipality of inhabitants. Their local council’s desire to adopt the AFL model seems to address to this was handled, and I invite my colleagues Entrepierres has a an ecological approach supports many of its challenge.” to form their own opinion by meeting little fewer than 400 projects. We wanted to develop the energy with AFL when conducting their market inhabitants, and is Mr. Claude Riboulet, transition tools for old farm buildings that studies.” located in the mountains. Chairman of the Departmental Council of we acquired in 2016. The aim is to promote The particularity of the Allier (03) Mr. Nicolas Gérard, access to affordable ecological housing by municipality is its size (it Chairman of the inter-municipal joint contributing to the rehabilitation of an old covers about 45 square Department of Allier - Construction work at the water utility authority of Euron Mortagne building. kilometers, and has Jules Ferry middle school (55) nearly 27 kilometers of roads to maintain). With the “Des Mottes” eco-district project in Montluçon (03) First joint authority to join AFL With this in mind, our main challenge is to promote the planned out, we had to draft a financing plan community's well-being within the municipality. authorizing the sale of the plots at a low price. We contacted AFL in 2020 for a loan to complete the The preparation of the provisional budget development of the center of the town through the involved borrowing, and I immediately thought creation of a second class within the school and the of AFL, whose presentation by Mr. Pélissard transformation of a building into a multi-purpose room. at the Moyors’ Convention had really spoken The aim is to reinforce the centrality of our municipality “We are currently carrying out an important ecological project with to me. We were able to become members and and to attract residents to strengthen social ties. the upgrading of our municipal sanitation system. We decided on a play our part in building a bank “unlike any After the work is finished, the challenge will also be to treatment plant that relies on reeds, with the essential support of the other” created by and for local authorities. accommodate around sixty students in two classes in Rhine-Meuse water utility, which provides us with subsidies of up to The welcome and support we received from the town's preschool. 50%. To complete this financing, we took out two loans from AFL: AFL allayed the fears of some elected officials, I read about AFL in the monthly publication covering one for €90,000 over 30 years and the other in the form of a two- linked to this engaging approach that was everything related to French mayors (Journal des year bridge loan. politically in line with our vision. Despite the Maires), and the concept appealed to me. I went in I've been mayor for several years now, and I had already had the complex health crisis, the remote, facilitative front of the municipal council and made my case for opportunity to talk about AFL with my colleagues. While for action made it possible to sign the contract on borrowing from an organization that belongs to local this project, we initiated steps with several banking institutions, time and see our project succeed with one of authorities. When applying for loans, AFL’s offer was AFL provided us with the best-suited response with an attractive the most attractive interest rates. the most attractive, which made the municipal council’s interest rate and advantageous conditions. We also benefitted decision easy. We were also very well received: they Ms. Annie Poinot Rivière, from a contact person who was readily available, efficient and really took our needs into consideration, quickly Mayor of Bernay-Saint-Martin (17) rigorous. These strong points motivated us to finalize a sustainable answered our questions, and had a step-by-step contract. approach well suited to small municipalities like ours.’’ Mrs. Dominique Wederhake, Mr. Jean Philippe Barbut, First Deputy Mayor of Mayor of Vennezey (54) Entrepierres (04), Representative in charge of Finance

Municipality of Vennezey (54) Church

BUSINESS OVERVIEW 2020 AFL 15 A BANK THAT EMBODIES MAIN INVESTMENT AREAS MAIN INVESTMENT AREAS CONTRIBUTION TO THE UNITED NATIONS' SDGs

Contribution to improved access to education Education and culture SUSTAINABLE FINANCE and culture through educational, sporting and cultural facilities and equipment

Employment Access to basic Support for the development of economic activity and essential in order to promote and preserve employment in social services disadvantaged areas For the first time, in 2020, AFL gave its Help with access to essential healthcare services Access to essential healthcare services member authorities access to sustainable Promotion of social inclusion by giving vulnerable finance thanks to its first sustainable bond populations equal access to essential services Social inclusion issuance through an innovative framework. Low-emission public transportation Contribution to the energy transition and sustainable development by promoting a Energy and low-carbon economy that is resilient to climate Pollution prevention and control ecological change (low-carbon public transportation, transaction renewable energy, etc.), and pollution prevention and control WHAT'S THE SYSTEM? Renewable energies

AFL has identified the sustainable Municipality of Huningue (68) Sustainable water and expenditure in the main budget of its wastewater management Work to revitalize the banks of the Rhine Promotion of regional development, urban Sustainable transformations, the reduction of the regional shareholder authorities with more than infrastructure, divisions, the development of infrastructure Affordable housing 3,500 inhabitants and classified in three development of and essential public services municipalities main investment categories: and regional cohesion Priority for disadvantaged Affordable and sustainable IN FIGURES: regions infrastructure 1 Almost 40% of capital expenditure directly Access to essential and basic contribuing sustainable development social services (education and identified within the scope. culture, employment, access to SUSTAINABLE BOND ISSUE essential health services, social In line with the social and environmental commitments of its shareholder inclusion); Among them: members previously presented, AFL set up a program of sustainable bond issuance in 2020. The methodology allows for the allocation of proceeds from Over 20% sustainable bond issues to social and environmental investments. 2 Close to 60% €500 concern access to essential of these investments Who are the investisors targeted? The energy and ecological and basic social services. are used for the UN's Investors specializing in sustainable investments or with dedicated portfolios MILLION transition (low-carbon public Sustainable Development of this type of investment, or investors who have a specific awareness about transportation, pollution Goal (SDG) 11 “Make cities financing socially responsible investments. The issuance of sustainable bonds prevention and control, and human settlements A little over 30% is one of the preferred tools of sustainable finance. renewable energies, etc.); inclusive, safe, resilient and serve sustainable sustainable.” What is the advantage of this system? MATURITY OF infrastructure, the AFL’s methodology provides all AFL members with access to sustainable development of A little less than 10% 7 YEARS 3 financing (a market previously reserved for larger local authorities). It also municipalities and regional serve SDG 9 “Build resilient serves the entire structure, and therefore all its shareholders, by contributing Sustainable infrastructure, cohesion. infrastructure, promote cities and regional cohesion to the refinancing of AFL. inclusive and sustainable (sustainable water management, industrialization and foster Is the system recognized? 21 NEW accessible housing, sustainable 50% innovation.” In January 2020, Vigeo Eiris (an independent auditor) assessed that the and accessible infrastructure). framewok set up put in place complies with the four main Green Bond INVESTORS serve the SDG 4 “Ensure Approximately 8% Principles and Social Bond Principles and attributed its highest level of OUT OF A TOTAL OF 42 inclusive and equitable aim for SDG 10 “Reduce assurance on AFL’s commitments. quality education and inequality within and among promote lifelong learning The bond issue's success countries.” opportunities for all.” In July 2020 AFL successfully carried out its first sustainable bond issuance.

BUSINESS OVERVIEW 2020 AFL 17 A BANK THAT SHARES ACCESS TO THE BOND MARKET FOR ITS Municipality of MEMBER AUTHORITIES (54) - Aerial view

During 2020, AFL carried out several bond issues for a total amount of €1,130 million (including the first issue of sustainable bonds of €500 million).

Despite the health crisis and significant capital market tension, the resources raised by AFL in 2020 were made under good conditions at an average margin of 32 basis points against the French Treasury Bond (OAT) curve.

INVESTORS BY GEOGRAPHICAL REGION:

Other “Since it was created, we have chosen to Asia 3% help AFL grow because its cooperative model as a 11% 30% public development bank and its France Aa3/P-1 commitment to social and environmental

Southern Moody's rating responsibility corresponded to the Europe 7% (last credit opinion: April 27, 2020) values that Commerzbank has long Stable outlook promoted. Six years later, we are very proud of the progress we have made alongside AFL, which has raised more 19% than €5 billion on the bond market 19% and whose quality of credit is regularly UK & recognized, particularly by German DID YOU Germany, Austria & Nordics 11% investors, who we know are very mindful Switzerland KNOW? of the responsible financing of local Benelux AA-/A-1+ economies, in the service of regional AFL only works with sustainable development. approved counterparties, S&P rating i.e. those who comply (last credit opinion: May 27, 2020) Marie-Claire Ouziel, Global Head of with regulations, in Bonds, Commerzbank BY TYPE Stable outlook particular regulations relating to the fight against money laundering and Corporates the financing of terrorism. These Central banks and requirements, which are also imposed official institutions on the leading banks for the issuance Banks & privates €1.13 BILLION of AFL's debt securities, give AFL banks 5% were raised on the bond market considerable comfort in asserting the legal origin of the funds it raises within 24% through long-term issues in 2020 the framework of these transactions.” 34% By Ariane Chazel, Head of Commitments and Risks at AFL, Member of the Management Board €5 BILLION raised since AFL’s creation 9% 28%

Insurers & pension Asset managers Greater Nancy Metropolitan Area (54), funds Espace Thiers

BUSINESS OVERVIEW 2020 BUSINESS OVERVIEW 2020 AFL 19 A COMPANY CONCERNED Develop a training policy

ABOUT ITS SOCIAL Several training courses AND ENVIRONMENTAL IMPACT were taken in 2020. Respect for Human Promote the integration Because AFL’s 30 employees play Rights of people with disabilities a leading role in the Company’s Compliance with the United and employment Take social and performance, AFL has defined Nations' Human Rights Principles. AFL works with the organization environmental issues and deployed, since its creation, Les Papillons de Jour to purchase into account in the a human resources policy aimed its supplies. procurement policy: at promoting the fulfillment and development of its employees' Implementation of a procurement policy incorporating CSR criteria in skills. the choice of its suppliers. Since its creation, AFL has made commitments to limit its social and No more plastic at AFL. This is environmental impact. In 2020, the objective for purchases of OUR SOCIAL AFL reiterated these commitments supplies and materials, as well as for marketing materials. as part of its CSR approach. They COMMITMENTS have an impact on procurement, soft mobility, work-life balance, equal opportunities and eco- friendly actions at work, for which projects have been initiated.

Ensure the well- OUR ENVIRONMENTAL being of employees Participate in the professional COMMITMENTS Roll-out of bolstered integration of remote working measures Promote diversity during the Covid-19 crisis young people to ensure the safety of Establishment of gender employees; diversity rules for AFL's Three professional Management Board and development contracts; To prevent Supervisory Board; Three apprenticeship psychological and contracts and three social risks, certain interns for a wide range of Reduce its employees are allowed assignments were recruited to work at the office in 2020. environmental impact while complying and greenhouse gas with company health emissions: protocols. Apply an anti- Municipality Digitize business communities of Vallée A bank that controls its resources: discrimination policy du Lot et du Vignoble processes Touzac (46) -30% of occupied surface office Suspension bridge Dematerialization of the area following AFL's move to new Non-discrimination in membership application offices; recruitment, professional and processes for setting up development and the loans (electronic signature); 591 kg of CO2 avoided thanks to compensation policy; expense reports and pay slips; waste recycling with the ELISE Respect for the dignity a document storage space for organization; and equal treatment of all members of AFL bodies; employees; Four hours: this is the travel Respect for freedom of Deployment of a time by train, below which association and the right to remote working trains are systematically collective bargaining. charter for employees. preferred for business trips.

BUSINESS OVERVIEW 2020 AFL 21 A BANK THAT IS FINANCIALLY MAIN ITEMS OF THE CONSOLIDATED FINANCIAL STATEMENTS IN €K (IFRS) BALANCED 2020 2019 (RESULTS AT DEC. 31, 2020 CONSOLIDATED AND IFRS FIGURES) Cash in hand, central banks and overnight deposits 685,587 182,211 Securities 785,870 675,618 Loans and receivables 3,831,563 3,160,500 Debt securities The results at December 31, 2020 confirm the steady growth of the activities of the local authorities 5,295,982 4,036,974 bank since its creation in 2015, driven by a steady stream of new members and a rapidly growing Equity 157,968 131,490 credit activity. Gross operating income was positive and amounted to €2,515 thousand, net profit Net banking income - NBI 13,789 11,106 was at €2,296 thousand for a net banking income of €13,789 thousand. This result is due to the Net interest margin - NIM 11,830 10,123 combination of the growth in interest generated by the credit activity with good control of operating General operating expenses 11,274 11,609 expenses. Gross operating income 2,515 -503 Net profit 2,296 -1,186 Solvency ratio 15.13% THE LOAN PORTFOLIO (IN € MILLION) 15.78% LCR ratio 525% 428% Another credit institution in Outstanding loans Financing commitment France reaching the break- even point is a success that 4500 should be highlighted and 4000 399 credit should be given to 3500 French local authorities. 318 AFL’s mission has found 3000 additional meaning in the BREAKDOWN OF OPERATING EXPENSES IN €K (IFRS) 2500 face of the increase in risks 366 2000 following the Covid-19 crisis 3832 and its effects on economic 239 3161 2020 2019 and financial activity. 1500 2230 1000 134 General operating expenses 11,274 11,609 Thiébaut Julin, Chief Financial 1431 Officer of AFL, Member of the 500 122 892 Personnel costs 5,263 4,863 Management Board 384 0 Administrative expenses of which: 4,547 4,457 2015 2016 2017 2018 2019 2020 - Information systems 1,813 1,586 - Advisory 228 211 - Legal fees and rating GROSS OPERATING INCOME 389 369 AND EXPENSES (IN € MILLION) - Custodian services 255 234 - Promotion 158 327 - Taxes 746 533 11,574 11,356 11,342 11,247 10,533 11,016 Net depreciation and amortization 1,464 2,289

2,512

0,149

-0,508 -1,311 -2,121

Gross operating income Region of Occitanie, Operating expenses and amortization -10,995 TER regional express train

2015 2016 2017 2018 2019 2020

BUSINESS OVERVIEW 2020 AFL 23 Finistère (29) of , municipality of , municipality Brest Metropolitan Area, suburban community of of Mandres-aux-Quatre-Tours, municipality of Morlaix, municipality of Brest, municipality of Montigny-sur-Chiers, municipality of , Lesneven, municipality of Plouzané, municipality of municipality of Pagney-derrière-Barine, municipality Plouvorn of , municipality of Richardménil, municipality of , municipality of , 430 LOCAL AUTHORITIES Ile-et-Vilaine (35) municipality of Vennezey, municipality of , Municipality of Le Ferré, municipality of Fleurigné, municipality of Waville, municipality of municipality of Langouet, municipality of Le Verger, SHAREHOLDERS OF THE AFL GROUP municipality of Lieuron, municipality of Saint-Marc- Meuse (55) le-Blanc, municipality of Visseiche Departmental Council of Meuse, municipality of Pretz-en-Argonne AT APRIL 30, 2021 Morbihan (56) Municipality of Malestroit, municipality of Saint- Moselle (57) Armel, municipality of Saint-Avé Suburban community of Val de Fensch, municipality community of Warndt, municipality of Corny- sur-Moselle, municipality of Jouy-aux-Arches, Rhône (69) municipality of Metz, municipality of Morhange, Auvergne-Rhône-Alpes Lyon Metropolitan Area, municipality community Centre-Val de Loire municipality of Roussy-le-Village, municipality of of Pays Mornantais, municipality community Ain (01) Eure-et-Loir (28) Scy-Chazelles of Vallée du Garon, municipality of Chassieu, Suburban community of the Bourg-en-Bresse Municipality of La Saucelle municipality of La Mulatière, municipality of basin, municipality community of Rives de l'Ain, Bas-Rhin (67) Millery, municipality of Villeurbanne Pays du Cerdon, municipality of Pont d'Ain, Indre (36) European metropolitan area of Strasbourg, municipality of Sainte-Euphémie, municipality Municipality community of the Region of Levroux, municipality of Mundolsheim, municipality of of Thil, municipality of Thoiry, municipality of Savoie (73) municipality of Gargilesse-Dampierre Schiltigheim, municipality of Strasbourg Valserhône Departmental Council of Savoie, suburban community of Greater Chambéry, municipality Indre-et-Loire (37) Haut-Rhin (68) Municipality of Francueil, municipality of Municipality community of Pays de Rouffach, Allier (03) community of Cœur de Savoie, municipality Rochecorbon, municipality of Tours municipality community of the Guebwiller Region, Departmental Council of Allier, suburban of Challes-les-Eaux, municipality of Corbel, municipality community of Sundgau, municipality of community of Vichy Communauté, municipality municipality of La Motte-Servolex, municipality Buschwiller, municipality of Huningue, municipality of Arfeuilles, municipality of Cusset, of Montmélian, municipality of Motz, Loir-et-Cher (41) Suburban community of Blois - Agglopolys, of Wittenheim municipality of Domérat, municipality of municipality of Pont-de-Beauvoisin, municipality municipality of Vendôme Espinasse-Vozelle, municipality of Saint-Marcel- of Saint-Béron, municipality of Saint-Pierre- en-Marcillat, municipality of Vichy d'Entremont Vosges (88) Loiret (45) Suburban community of Epinal, municipality Municipality community of Plaine du Nord Loiret, community of Ballons des Hautes-Vosges, Ardèche (07) Haute-Savoie (74) municipality of Gidy, municipality of Pannes municipality of Rupt-sur-Moselle, municipality of Suburban community of Annemasse-Les Voivres Municipality community of Pays Beaume Drobie, Voirons, inter-municipal joint drinking water Municipality community of DRAGA, municipality conveyance authority of Combloux Domancy, of Ailhon, municipality of Aubenas, municipality Corse (Corsica) Hauts-de-France municipality of Combloux, municipality of Municipality of Monacia-d'Aullène of Bourg-Saint-Andéol, municipality of Chirols, Étrembières, municipality of Saint-Julien-en- Aisne (02) municipality of Planzolles, municipality of Saint- Genevois. Departmental Council of Aisne Just-d'Ardèche, municipality of de Saint-Mélany, municipality of Valgorge Grand Est )Region of Grand Est Nord (59) Drôme (26) Bourgogne-Franche-Comté European metropolitan area of Lille, urban Municipality community of Val de Drôme, community of Dunkerque, suburban community municipality of Cliousclat Ardennes (08) Côte-d'Or (21) of Valenciennes, municipality community of Cœur Municipality community of Plaine Dijonnaise, Municipality community of Ardenne Rives de Meuse, de l’Avesnois, municipality community of Pévèle municipality of Collonges-et-Premieres, Isère (38) municipality of Aubrives, municipality of Foisches, Carembault, municipality of Anzin, municipality of municipality of Grosbois-en-Montagne, municipality of Hargnies Attiches, municipality of Aulnoy-lez-Valenciennes, Grenoble Metropolitan Area, Municipality municipality of Izier, municipality of Longvic, Aube (10) municipality of Cysoing, municipality of Croix, community of Cœur de Chartreuse, municipality municipality of Tart Municipality community of Portes de Romilly-sur- municipality of Genech, municipality of Landas, of Bourgoin-Jallieu, municipality of Grenoble, Seine, municipality of Spoy municipality of Mons-en-Pévèle, municipality of municipality of Jarrie, municipality of Saint- Doubs (25) Montrécourt, municipality of Raimbeaucourt, Pierre-d'Entremont Urban community of Greater Besançon, Marne (51) municipality of Sailly-lez-Lannoy, municipality of Loire (42) municipality of Huanne-Montmartin, Municipality of Gueux Saint-Saulve, municipality of Saulzoir, municipality of Municipality of Boën-sur-Lignon, municipality municipality of Rigney Thun l’Evêque, municipality of Waziers, municipality of Bourg-Argental, municipality of Saint-Jean- Meurthe-et-Moselle (54) of Wavrin Bonnefonds, municipality of Saint-Sauveur-en- Jura (39) Greater Nancy metropolitan area, municipality Rue, municipality of Usson-en-Forez Municipality of Lons-le-Saunier community of Bassin de Pompey, municipality Oise (60) community of Mad et Moselle, municipality municipality community of Pays Noyonnais, Saône-et-Loire (71) community of Moselle et Madon, municipality municipality of Grandvilliers, municipality of Noyon, Haute-Loire (43) Departmental Council of Saône-et-Loire, urban Municipality of Chadron community of Pays-Haut-Val-d’Alzette, municipality municipality of Plailly community of Creusot Montceau, suburban community of -en-Piemont, inter- community of Grand-Chalon, municipality municipal joint water utility authority of Euron Pas-de-Calais (62) Puy-de-Dôme (63) of Autun, municipality of Chalon-sur-Saône, Mortagne, inter-municipal joint school district of Urban community of Arras, suburban community municipality of Cressy-sur-Somme, municipality Sanon, municipality of , municipality Urban community of Clermont Auvergne of Pays de Saint Omer, municipality of Carvin, of Mâcon, municipality of Saint Martin d'Auxy of , municipality of Bathelémont, Métropole, municipality of Billom, municipality municipality of Merlimont, municipality of Noyelles- municipality of , municipality of Bayon, of Clermont-Ferrand, municipality of La sous-Lens, municipality of Rang-du-Fliers, Bretagne municipality of Bernécourt, municipality of Bezange- Monnerie le Montel, municipality of Loubeyrat, municipality of Saint-Augustin la-Grande, municipality of , municipality municipality of Pontaumur, municipality of Puy- Côtes-d'Armor (22) of , municipality of Bures, municipality of Saint-Gulmier, municipality of Riom, municipality Somme (80) Municipality of Lannion , municipality of , municipality of of Teilhède, municipality of Youx Suburban community of the Amiens Metropolitan , municipality of , municipality of Area, municipality of Amiens, municipality of Hénaménil, municipality of , municipality Rumigny

BUSINESS OVERVIEW 2020 AFL 25 Gard (30) Les Sorinières, municipality of Vertou Seine-Maritime (76) Municipality community of Cèze Cévennes, Île-de-France Rouen-Normandie Metropolitan Area, municipality community of Pont du Gard, Maine-et-Loire (49) municipality of Bois-Guillaume, municipality of Seine-et-Marne (77) joint local and regional water utility authority Suburban community of Saumur, municipality La Feuillie Municipality of Bernay-Vilbert, municipality of of the Signargues plateau, municipality of community of Loire Layon Aubance, joint Chelles Comps, municipality of Domazan, municipality water utility authority of Anjou, municipality of of Estézargues, municipality of Fournès, Beaucouzé, municipality of Epieds, municipality Yvelines (78) Nouvelle-Aquitaine municipality of Roquemaure, municipality of of Lion d'Angers, municipality of Rochefort-sur- Municipality of Meulan-en-Yvelines, municipality Saint-André d'Olérargues, municipality of Saint- Loire, municipality of Saint-Augustin-des-Bois, Charente-Maritime (17) of Vaux-sur-Seine Gilles, municipality of Saint-Victor-de-Malcap, municipality of Saumur Suburban community of La Rochelle, municipality of Valliguières, municipality of municipality community of Gémozac, Essonne (91) Vénéjan Mayenne (53) municipality of Bernay-Saint-Martin, Departmental Council of Essonne, municipality Municipality of Cossé-le-Vivien municipality of Gémozac, municipality of of Brunoy, municipality of Grigny, municipality Haute-Garonne (31) Jazennes, municipality of Matha of La Ferté-Alais, municipality of Viry-Châtillon Toulouse Metropolitan Area, municipality Sarthe (72) community of Coteaux du Girou, municipality Municipality community of Huisne Sarthoise, Creuse (23) Hauts-de-Seine (92) community of Hauts Tolosans, Tisséo municipality of Allonnes Municipality of Bourganeuf Municipality of Bagneux, municipality of Collectivités (a joint public transportation Gennevilliers authority), municipality of Aussonne, Vendée (85) Dordogne (24) municipality of Bagnères-de-Luchon, Suburban community of La Roche-sur-Yon, Suburban community of Grand Périgueux, Seine-Saint-Denis (93) municipality of Colomiers, municipality of municipality of La Faute-sur-Mer, municipality of municipality of Bergerac, municipality of Departmental Council of Seine-Saint-Denis, Empeaux, municipality of Flourens, municipality Saint-Hilaire-de-Riez Beynac-et-Cazenac, municipality of Château- territorial public entity Est Ensemble, territorial of Grenade , municipality of Larroque, L'Evêque, municipality of Peyrignac, public entity GPGE, territorial public entity municipality of Roquesérière, municipality of municipality of Saint-Martial-d'Albarède, Provence-Alpes-Côte d'Azur of the municipality of Plaine, municipality Toulouse, municipality of Villariès municipality of Sainte-Nathalène, municipality of Le Blanc-Mesnil, municipality of Bondy, Alpes de Haute-Provence (04) Municipality of Vitrac municipality of Clichy-sous-Bois, municipality of Gers (32) of Allons, municipality of Banon, municipality of Epinay-sur-Seine, municipality of Livry-Gargan, Municipality of Condom Entrepierres, municipality of Mison municipality of Montfermeil, municipality of Gironde (33) Bordeaux Metropolitan Area, municipality of Montreuil, municipality of Noisy-le-Grand, Hérault (34) Hautes-Alpes (05) Bordeaux, municipality of Bouscat, municipality municipality of Pré-Saint-Gervais, municipality Municipality community of Sète Agglopôle Suburban community of Cannes Pays de Lérins, of Castillon-la-Bataille, municipality of Créon, of Rosny-sous-Bois, municipality of Saint-Denis Méditerranée, municipality of Balaruc-les-Bains, municipality of Andon municipality of Moulis-en-Médoc, municipality municipality of Capestang, municipality of Inter-municipal joint drinking water authority of of Peujard, municipality of Saint-Louis-de- Val-de-Marne (94) Pomérols the great basin of Cannes (SICASIL) Territorial public entity Grand-Orly Seine Montferrand, municipality of Saint-Pierre- d'Aurillac, municipality of Saint-Romain-la- Bièvre, territorial public entity Grand Paris Sud Lot (46) Alpes-Maritimes (06) Virvée, municipality of Val-de-Livenne Est Avenir, Territorial public entity Paris-Est- Municipality community of Vallée du Lot et Suburban community of Cannes Pays de Lérins, Marne et Bois, municipality of Bry-sur-Marne, du Vignoble, municipality of Les Arques, municipality of Andon Landes (40) municipality of Créteil, municipality of Kremlin municipality of Castelfranc, municipality of Inter-municipal joint drinking water authority of the Municipality of Biscarosse, municipality of Bicêtre, municipality of Nogent-on-Marne, Duravel great basin of Cannes (SICASIL) municipality of Vincennes Commensacq, municipality of Léon, municipality of Mimizan, municipality of Pouillon, Hautes-Pyrénées (65) Bouches du Rhône (13) municipality of Saint-Martin-de-Seignanx Val-d'Oise (95) Municipality community of Adour Madiran, Aix-Marseille Provence Metropolitan Area, Suburban community of Val Parisis, municipality municipality of Capvern, municipality of Pujo municipality of Marseille, municipality of Peypin, Lot-et-Garonne (47) of Bessancourt, municipality of Garges-lès- municipality of Puy-Sainte-Reparade Municipality of Casseneuil, municipality of Saint- Gonesse, municipality of Gonesse, municipality Pyrénées-Orientales (66) Maurin of Saint-Brice-sous-Forêt, municipality of Municipality of Pollestres, municipality of Soler, Var (83) Taverny municipality of Théza Municipality community of Pays de Fayence, Pyrénées-Atlantiques (64) municipality of Gonfaron, municipality of Suburban community of Pau Béarn Pyrénées, Tarn (81) Roquebrune-sur-Argens, municipality of Seillans Normandie municipality of Guéthary, municipality of Municipality of Fiac Oloron-Sainte-Marie, municipality of Pau, Calvados (14) Vaucluse (84) municipality of Saint-Etienne-de-Baïgorry Departmental Council of Calvados, municipality Tarn-et-Garonne (82) Municipality of Mérindol, municipality of Pertuis of Fontenay le Pesnel, municipality of Giberville Municipality community of Quercy Caussadais Vienne (86) Urban community of Greater Poitiers, French overseas authorities Eure (27) municipality of Dissay, municipality of Les Pays de la Loire Municipality community of Pays de Conches, Réunion (974) Ormes municipality community of Roumois Seine, ILEVA joint authority, suburban community of municipality of Conches-en-Ouche, municipality ) Region of Pays de la Loire Le Sud, Suburban community of the West Coast of Evreux, municipality of Gisors, municipality Occitanie Territory, municipality of La Possession of Muzy, municipality of Saint-Pierre-des-Fleurs, Loire-Atlantique (44) municipality of Saint-Pierre-du-Bosguérard )Region of Occitanie Departmental Council of Loire-Atlantique, Saint-Pierre-et-Miquelon (975) Municipality of Le Thuit-de-l'Oison, municipality Nantes Metropolitan Area, the joint regional Overseas authority of Saint-Pierre-et-Miquelon of Vernon Ariège (09) and rural public entity (Pôle d'Équilibre Departmental Council of Ariège Territorial et Rural - PETR) of Segréen-Anjou Polynésie Française (French Polynesia) (987) Manche (50) Bleu, municipality of Ancenis-Saint-Géréon, Overseas authority of French Polynesia, Municipality of Cherbourg-en-Cotentin Aveyron (12) municipality of Bougenais, municipality municipality of Bora-Bora Municipality of Roquefort-sur-Soulzon of Loireauxence, municipality of Nantes, Orne (61) municipality of Le Pallet, municipality of Rezé, Urban community of Alençon, municipality of municipality of Saint-Nazaire, municipality of Alençon

BUSINESS OVERVIEW 2020 AFL 27 You are a local authority: You are an investor:

Philippe Rogier Thiébaut Julin Director of Membership and Credit Chief Financial Officer +33 (0)4 81 11 29 32 +33 (0)4 81 11 29 33 [email protected] [email protected]

Laurence Leydier Romain Netter Deputy Director of Membership and Credit Director of Medium- and Long-Term Financing +33 (0)4 81 11 29 37 +33 (0)4 26 07 60 91 [email protected] [email protected]

Astrée Boyet Maëlien Borel Local Authority Relations Officer Front-Office Operator - Medium- and Long-Term Financing +33 (0)4 69 84 81 02 +33 (0)4 26 07 60 90 [email protected] [email protected]

Mathieu Rosnarho Local Authority Relations Officer +33 (0)4 87 91 34 21 [email protected]

www.agence-france-locale.fr

Agence-France-Locale @AgenceFRLocale [email protected]