AFD_REGISTRATION_DOCUMENT_2017

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CORPORATE SOCIAL RESPONSIBILITY

Report by one of the statutory auditors

2.4 REPORT FROM ONE OF THE STATUTORY AUDITORS, AS A DESIGNATED INDEPENDENT THIRD PARTY, ON THE INCLUSION OF CONSOLIDATED CORPORATE, ENVIRONMENTAL AND SOCIAL DATA IN THE MANAGEMENT REPORT This is a free English translation of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English- speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France. In our capacity as Statutory Auditors, designated as a third-party body independent of Agence Française de Développement, accredited by the COFRAC under the number 3-1049b (1) , we submit to you our report on the consolidated corporate, environmental and social data (hereafter, the “CSR Information”) included in the management report for the year ended 31 December 2017 in compliance with Article L. 225-102-1 of the French Commercial Code. The company’s responsibility Agence Française de Développement’s Board of Directors is responsible for preparing a management report that includes CSR Information as set out in Article R. 225-105-1 of the French Commercial Code, prepared in accordance with the standards chosen by the Agency (the “Standards”), a summary of which is included in the management report and is available on request at the Agency’s head office. Independence and quality control Our independence is defined by regulatory documents, our professional code of ethics and the provisions set out in Article L.822-11- 3 of the French Commercial Code. In addition, we have established a quality control system that includes documented policies and documented procedures aimed at ensuring compliance with the code of ethics and all applicable legal and regulatory texts. Responsibility of the independent third-party body It is our responsibility, based on our work: P to certify that the required CSR Information is included in the management report, or, if omitted, that such omission is explained in accordance with the third Paragraph of Article R. 225-105 of the French Commercial Code (Certificate of Inclusion of CSR Information); P to formulate an opinion with a moderate degree of certainty that the CSR Information as a whole is presented in all its material aspects in a fair and truthful manner in compliance with the Standards (Reasoned opinion on the reliability of CSR Information). However, it is not our role to give our opinion on compliance with other applicable legal provisions, in particular those provided for by the Sapin II Act n° 2016-1691 of 9 December 2016 (anti-corruption). This work leveraged the skills of a six-person team and was carried out between December 2017 and April 2018 over a total period of around two weeks. To assist us in carrying out our work, we called on our experts in the area of CSR. We carried out the following work in accordance with the Decree of 13 May 2013, which defines the procedures an independent third party must follow to carry out its work, and in accordance with the professional guidance of the French Institute of Statutory Auditors, and, with respect to the reasoned opinion on reliability, in compliance with international standard ISAE 3000b (2) . 1. Certificate of inclusion of CSR Information Nature and scope of work Based on interviews with the heads of the departments concerned, we have verified that the report presents the strategic priorities for sustainable development as they relate to the social and environmental impacts of the Company’s activities and its societal commitments and, when applicable, any resulting measures or programmes. We compared the CSR Information in the management report with the list provided in Article R. 225-105-1 of the French Commercial Code. We verified that any omission of consolidated data is explained in accordance with the provisions of the third Paragraph of Article R. 225-105 of the French Commercial Code. We verified that the CSR Information covered the entire consolidated scope, namely the Agency as well as its subsidiaries as defined by Article L. 233-1 and the companies it controls as defined by Article L. 233-3 of the French Commercial Code, within the limits set out in the notes on methods in Chapter 4 of the management report. Year ended 31bDecember 2017 To the Shareholders,

(1) For which the scope is available at www.cofrac.fr. (2) ISAE 3000 - Assurance engagements other than audits or reviews of historical financial information.

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REGISTRATION DOCUMENT 2017

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