INVESTORS PRESENTATION - SEPTEMBER 2018 #WORLDINCOMMON - AFD
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Investors presentation
September 2018
#WorldInCommon
AGENCE FRANÇAISE DE DÉVELOPPEMENT | FRENCH DEVELOPMENT AGENCY
AFD at a glance September 2018 2
AFD at
AFD: the French Development Agency
a glance
Established
in 1941
I
100%
owned
by the French State
is committed to improving day to day lives of
I local population by financing projects which:
EPIC subject to
banking regulation
I
AA rated Promote Reduce
Promote
by Fitch and S&P Reduce biodiversity, negative
sustainable
poverty and social and impacts
I economic
inequalities environmental of climate
growth responsibility
Qualified as change
“Advanced” by Vigeo
I
Rated Prime Status AFD finances, monitors and supports
by Oekom
more than 2,500 development projects
September 2018 3
AFD at
AFD operates in most of the developing and emerging markets
a glance
AFD operates also in French overseas territories
1.6Bn€ in 2017, representing 16% of the commitments of AFD group
85
Agencies
I
109
country of operations
I
2,500
Employees on
I
5
Continents
September 2018 4
AFD at
A fresh impetus to French development policy
a glance
A commitments increase
50%
climate
change
A crucial role in meeting France’s international 4BnB
+46
commitment to development and, +
since COP21, to fight against climate change n
14
10.3
AFD provides The French State French public aid 9.4
a large part has strengthened objective to reach 8.3 0,55%
GDP
of French AFD’s capital: 0.55% of GDP
commitments €2.4Bn by 2022 set +1Bn
to reduce green subordinated by President +1Bn yoy
yoy
house gases in loans (Tier2) Macron
the coming years turned into Core 5
Tier One capital 3 3.58 4
2015 2016 2017 By 2020
Total of AFD group balance sheet: Commitments concerning climate change projects
€39.7Bn as of 31 Dec. 2017 Total commitments in €Bn
To reach 0,55% of GDB
September 2018 5
AFD at
Appropriate financial tools 2017 commitments
a glance
€4Bn €4.3Bn
38% 41% Loans to companies and
Loans to States local authorities
€1.4Bn €0.6Bn
15% 6%
Grants
(projects grants to NGOs, C2D, Guarantees and
delegation of funds from other donors) equity investments
Guarantees : €250Mn
Equity Investment : €350Mn
September 2018 6
AFD at
AFD and its foreign partners
a glance
Since October 2017,
our CEO Remy Rioux
has honour of leading
the IDFC* which brings
together 23
development banks.
With $630Bn of
commitments per year,
they are trying to
reach ambitious goals
in terms of sustainable
development.
It makes this worldwide
organization the main
provider of public
finance for
development.
* International Development
Partnerships with IBRD, EIB, KFW, ADB, … Finance Club
AFD is a recognized institution amongst Development Banks
September 2018 7
Status & Credit profile September 2018 8
Status & AFD: a financial institution of strategic importance
Credit profile for the French State
A central role in the French government’s Fully publicly owned
cooperation and aid policy
Plays a major role in the government’s Official
Development Assistance policy
Funds part of the French State’s contribution
French State
to the IMF and World Bank
100%
A dual status
A banking institution as EPIC: Etablissement
Financing Company Public Industriel et
(Société de Financement) Commercial, immune to
private-sector
Regulated by the national bankruptcy laws
banking authority (ACPR),
subject to CRR/CRD IV By law, the French State
has ultimate Other
Risk weighting 20% responsibility for AFD’s Proparco
(ownership
subsidiaries
solvency (Law 80-539) (Socredo,
64.95%)
AFD is under domestic supervision of Sogefom…)
ACPR and Court of Auditors in
particular
September 2018 9
Status & AFD benefits from High Quality Ratings
Credit profile
AA/AA rating linked to dual-entity status and public nature of AFD’s mission
AA/Outlook Stable AA/Outlook Stable
Short-Term F1+ Short-Term A-1+
04/10/2017 20/02/2018
“AFD ratings are aligned with those of the French “Because AFD has EPIC status, we view the
state, reflecting its strong legal status as an EPIC, French government as ultimately responsible
strategic importance to France, strong control for AFD's solvency.”
by the French state and, to a lesser degree,
integration with the state.”
“We therefore equalize our long-term rating on
“EPIC status reflects the ultimate responsibility of AFD with our long-term sovereign rating on
the French state for AFD’s solvency and liquidity France.”
under the law of 16 July 1980. “
“recent change of status does not affect the EPIC
status“
September 2018 10Status & AFD : a recognized Corporate Responsibility
Credit profile
AFD is rated by two of the world’s leading rating agencies in the segment of sustainable investments
Last update April 2018 Last update september 2017 - AFD 2nd in the panel of 15 Specific Purpose Banks & Agencies
September 2018 11Financial Performance
& Risk Management
September 2018 12Financial
perf. and
Key figures
IFRS (in €Mn)
Risk Manag.
Net Banking Income Loans Outstanding
755
724 31.123
Growth over 2 years Growth over 2 years
594 30.146
+27.1% +13.2%
27.504
2015 2016 2017 2015 2016 2017
Net Income Consolidated Capital
313 6.339
39.717
246
5.860
173 37.749
5.561
35.834
2015 2016 2017
2015 2016 2017 2015 2016 2017
Total balance sheet
September 2018 13Financial
perf. and
AFD Strong Capitalization
Risk Manag.
2
0
5.75%
1 Conversion of
14.57%
7 €2.4Bn of T2 into
CET1 in 2016
2
5.13%
CET1 Ratio 0
1
6 15.22%
2
0
4.50%
1
5 8.70% Minimum regulatory levels
Capital adequacy ratio T1 Ratio
2 2
0 9.25% 7.25%
0
1 1
7 16.44% 7 16.44%
2 2
0 8.63% 6.63%
0
1 1
16.82% 16.82%
6 6
2 2
0 8.00% 6.00%
0
1 1
5 16.72% 9.42%
5
September 2018 14Financial
perf. and
Solid asset quality
Risk Manag.
Total outstanding as of 31 Dec.17 €31.123Bn
Non-performing loans : 2.45%
Solid quality
CREDIT RISK and
provisioning
French
A very Overseas
conservative 17% A low risk
Non Sovereign
provisioning Of which:
2.4% non-performing portfolio
policy 33% 33% provision on n-p
loans
Of which:
4.8% non-performing
69% provision on n-p loans
Sovereign
50%
Reserve account
Of which: which works as an
1% non-performing
100% provision on n-p loans implicit guarantee
Country
from the French State
CONCENTRATION lending limit
RISK at 25% of
capital
September 2018 15Financial
perf. and
Conservative risk policy
Risk Manag.
All issues and Internal policy:
No speculative
loans swapped • Single currency trading
EXCHANGE / Minimized into Euros exposure < 1% of Consolidated
INTEREST by internal floating rate Capital
policy and
RATE RISK hedging • Global forex position
< 2% of Consolidated
Capital
Weekly ratings
Minimum A1/P1 for short term AAA/AA SSA euro zone for
COUNTERPARTY monitoring investments, except through the investment portfolio with small
and collateral UCITS (limited to 35% A2/P2) limit until BBB rating for dynamic
RISK
contracts portfolio
11%
Treasury ≥ Investment & 21%
Covered Bond
EUR Zone
Very limited 6 months LCR portfolio
LIQUIDITY RISK exposure Agencies
of cash of €1.83Bn
outflows eligible to repo 17%
market as of EUR Zone 40%
31 July 2018 Sovereign €1.83Bn French
Agencies
and
Municipalities
19%
OAT
September 2018 16Capital Market Activities September 2018 17
Capital Capital Market Highlights
Markets In €Mn
AFD's disbursements (loans) Funding program
10 000 12 000
10 000
8 100
10 000
8 000 7 300 8 500
6 500 7 500
8 000 7 400
5 597 5 800 5 800 6 770
6 000 6 233
4 463 6 000 5 100
4 200 4 800 4 892
4 000 3 400
4 000
2 000 2 000
- -
2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022
Forecast Forecast
An increasing trend towards funding :
An increase in the commitments of €1Bn per year until 2020 will impact disbursements
Upward trend to support disbursements growth
Amortization of older loans will partly finance this growth
September 2018 18Capital Our peers expected funding program in 2018
Markets In €Bn
AFD in the French Agencies universe AFD in the Development Banks universe
6,77
19,5 20
5 5
4 4,2
3,5
9
8
6,77
1 3,5
September 2018 19Capital AFD’s funding strategy
Markets
Public benchmarks on main debt
markets to build a solid curve :
Debt Public Markets EUR : across the curve potentially up to 20 years
USD: focus on short and medium term tenors
Programme
Climate bonds
€40Bn
EMTN program
Private Placements Proactive and flexible in currency
Medium term
Neu MTN €2Bn Upon request
funding
Neu CP €4Bn Short term funding For any adjustments
September 2018 20Capital AFD’s funding strategy
Markets
3 main priorities will feed into the development of volumes
Explore less used segments of the curve
Short end (1 to 3 years)
Long end (>12 years)
More active approach to the private placements market
Weekly prices on PPs
Non-vanilla coupon structures
Climate bond
New framework has been designed since 2017
Issuances every 12 to 18 months
September 2018 21Capital 2018 funding program
Markets
Amount Currency Coupon Tenor Maturity Type vs. OAT
24
100
EUR
EUR
1,63%
1,00%
25Y
9,5Y
juil-43
janv-28
Private
Tap
21
22
2018 funding program
100
25
EUR
EUR
1,38%
1,60%
14Y
25Y
juil-32
juil-43
Tap
Private
25
22
€6.77Bn
25 EUR 1,60% 25Y juil-43 Private 22
2018
500 USD FRN 2Y juin-20 Private
100 EUR 0,38% 5,9Y avr-24 Tap 20
1 500 USD 2,75% 3Y mars-21 Public
1 400 EUR 1% 10Y janv-28 Public 25
50 EUR 1,59% 20Y janv-38 Private 15
200 EUR 0% 2Y janv-20 Private 19,5
3 658 €Mn eq.
60% to 80%
200 USD FRN 1,8Y sept-19 Tap
20% to 40%
100 EUR 1,11% 13,5Y juin-31 Private 24
750
205
EUR
EUR
0,13%
1,72%
6Y
20Y
nov-23
oct-37
Climate
Private
24
24
Public issues Private
500
150
USD
EUR
FRN
1,38%
2Y
15Y
sept-19
juil-32
Private
Tap 28 EUR 1Y → 15Y placements
2017 1 250 USD 1,88% 3Y sept-20 Public USD 2Y → 5Y
350 EUR 1,38% 15Y juil-32 Tap 29
50 AUD 3,54% 10Y juil-27 Private
300 USD FRN 2Y juil-19 Private
1 000 EUR 1,38% 15Y juil-32 Public 33
250 EUR 0,38% 7Y avr-24 Tap 15
1 500 EUR 0,13% 5Y avr-22 Public 18
6 233 €Mn eq.
1 000 EUR 0,13% 5Y avr-21 Public 23
150 EUR 0,00% 2,5Y déc-18 Private 19
50 EUR FRN 2Y févr-18 Tap 18
2016
200
250
USD
EUR
FRN
0,88%
2Y
15Y
mars-18
juin-31
Private
Private 16,8
Ticker AGFRNC
1 500 EUR 0,25% 10Y juil-26 Public 17
1 000 USD 1,38% 3Y août-19 Public
850 EUR 0,38% 7Y avr-24 Public 15
4 892 €Mn eq.
September 2018 22Capital Redemption profile
Markets
Market debt outstanding under EMTN program as of 31 July 2018 : €30.99Bn
EUR USD Other
4 500,00 1% 22%
4 000,00
3 500,00
3 000,00
2 500,00
2 000,00
1 500,00
1 000,00 76%
500,00
-
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2031
2032
2037
2038
2043
September 2018 23Capital Investor Distribution Overview: Public Issues (2013-2017)
Markets
Breakdown by Geographic Region Breakdown by Investor Type
September 2018 24AFD Climate Bond Framework September 2018 25
Climate AFD Climate Bond Framework
Bond
Framework
Structured approach
− A framework set up in 2017
− Including Eligible Climate Projects, in a number of sectors addressing both mitigation and
adaptation needs
To ensure a more frequent presence on the green bond market
− Frequent presence (every 12 to 18 month minimum)
− Benchmark size
− Different tenors
A framework fully aligned with the Green Bond Principles and reviewed by CICERO as SPO
September 2018 26Climate
Bond
1. Use of proceeds
Framework
Projects taking place in all geographies covered by AFD Group
Future and existing projects initiated after January 1st 2011
Projects adressing climate divided into 3 categories
Mitigation projects Adaptation projects
Climate Bond
Resulting in a reduction
Framework
of GHG emissions by at
least 10Kt eq./year Limiting vulnerability to
climate change
Sectors financed: consequences
- Renewable energy Sectors financed:
- Energy efficiency
- Fuel switch - Water management
- Low carbon public - Waste management
transportation Mitigation Adaptation - Stress-resilient
- Biological Mixed
projects agricultural systems
sequestration projects projects
- Water management
- Waste management
September 2018 27Climate
Bond
1. Use of proceeds
Framework
Mitigation projects
− Renewable energy :
AFD participated in the cofinancing of Ouarzazate’s solar program (total power of more
than 500MW, among a Moroccan plan of 2 000MW) through two AFD loans totalizing EUR
150M, whose impact is evaluated at 1 200 Ktons eq / year
https://www.afd.fr/fr/la-plus-grande-centrale-solaire-du-monde-ouarzazate
− Low carbon public transportation :
Namma metro in Bengalore: A USD 1.3 billion program to build about 100 kilometers of
railway. AFD loaned EUR 110M toward the program, which is co-financed by Japan (JICA)
and the Asian Development Bank. After completion, the metro will carry 1.5 million
passengers per day. Impact : reduction of CO2 emissions by 230 Ktons eq / year
http://www.afd.fr/base-projets/consulterProjet.action?idProjet=CIN1062
September 2018 28Climate
Bond
1. Use of proceeds
Framework
Adaptation projects
− Water Management :
A 42M€ loan in Tunisia to depollute shorelines and improve sanitation service. Estimated
impacts : 60 000 new people connected to sanitation service, access to a better sanitation
service for 1 233 000 people, improved and installed water treatment capacity over 115 000
m3/day
https://www.afd.fr/en/depollutingmediterranean?origin=https%3A//www.afd.fr/fr/page-
region-pays/tunisie
− Water Management :
A 40M$ loan in Jordan to supply the governorates of Irbid, Ajloun and Jerash with water
https://www.afd.fr/fr/print/pdf/node/3265
September 2018 29Climate
Bond
2. Process for project evaluation and selection
Framework 1. A two layer scrutiny mechanism
General project evaluation and governance framework
This process applies to every AFD project regardless of the climate bond framework
Identification committee Credit committee Board Approval
Systematic carbon footprint computation Formal analysis of environmental Sustainable Development
performed by project team and reviewed
by climate experts
and social risks by specialized Opinion
Preliminary sustainable development experts, independent from project Independent from project
analysis by project team team team
Dedicated climate projects selection process
This governance has been specifically designed for the purpose of the climate bond framework
Selection committee: meets on a bi-annual basis
Supervision of the reporting and the
Supervision of the asset pool
production of indicators: New reporting methodologies
- New entries
- Availability Inclusion of new project lines
- Exclusion of projects
- Quality
September 2018 30Climate
Bond
2. Process for project evaluation and selection
Framework 2. Carbon footprint methodology
Gases measured : Carbon Dioxide (CO2), Methane (CH4), Nitrous Oxide (N2O), etc.
CO2 equivalent: a common measurement unit for GHG impacts – 100-year Global Warming Potential (GWP)
Sources of emissions : - Project ‘Construction Phase’ emissions sources
- Project ‘Operating Phase’ emissions sources
Scope The methodology used to measure the GHG emissions of AFD-financed projects accounts for direct and indirect
emissions, both up- and downstream from a project, as per Scopes 1, 2 and 3.
− Scope 1 = Direct GHG emissions, from sources directly related to a project’s activity, e.g., combustion, etc.
− Scope 2 = Electricity indirect GHG emissions, from the generation of purchased electricity and/or heat
needed for the project’s activity.
− Scope 3 = Other indirect GHG emissions, from the production of materials purchased from other parties and
used in the project’s activity, e.g., production and/or extraction of purchased materials, waste disposal, and
use of sold products and services.
Project lifetime
− Standard lifetimes are set as:
• 50 years for dams
• 30 years for transportation infrastructure
• 20 years for other projects
Reference situation
− Standard reference situation represents a situation without the project
− EXCEPT for renewables, where the reference situation represents the country’s energy mix, transportation
projects and energy efficiency where alternative scenarios are used.
September 2018 31Climate
Bond
2. Process for project evaluation and selection
Framework 3. Ensuring and promoting sustainable development in operations
Step 1 – Identification of the projects :
- Exclusion list
- Criteria for sustainable development (positive impacts of the projects):
• Sustainable and resilient growth
• Social well-being and inequalities reduction
• Gender equality and empowerment of women and girls
• Biodiversity protection and natural resources management
• Transition to a low carbon development (mitigation)
• Resilience to Climate Change (adaptation)
• Governance and lost lasting effects of the project
- E&S categorization that reflects the "level of E&S risk" of the project based on the nature of the
operation, location and sensitivity of the affected area, the severity of the potential E&S risks and
impacts, client’s capacity to manage them:
• Category A [High Risks]: Negative impacts may extend beyond the area of infrastructure right-
of-way or extend beyond the period of construction and operation.
• Category B + [Significant risks]: Negative impacts may extend beyond the area
of infrastructure right-of-way or extend beyond the period of construction and operation but
be easily identified and mitigated by appropriate measures.
• Category B [Moderate Risks]: Negative environmental or social impacts that are potentially
reversible, or limited in space and time, and whose sensitivity to the environment is less. They
can be easily identified and mitigated by appropriate measures.
• Category C [Low Risk]: Potential negative environmental or social impacts are minimal or non-
existent
September 2018 32Climate
Bond
2. Process for project evaluation and selection
Framework 3. Ensuring and promoting sustainable development in operations
Step 2 – Evaluation of the project :
- E&S Due-diligences and standards depending on the categorization:
• Different tools for the E&S assessment: E&S Impact Assessment, Resettlement Action Plan, E&S
audit, and specific studies depending on the risks (gender action plan, biodiversity plan,
vulnerability study…)
• In line with local regulations and World Bank Standards for A/B+ projects
• In coordination with the feasibility studies
• Before financing approval
Step 3 – Loan agreement
- E&S clauses are compliant with regulation and standards, reporting…
- E&S Commitment Plan for A/B+/B projects; will define specific E&S clauses to mitigate negative
impacts, based on the gaps identified during the Due-Diligence
Step 4 – Monitoring during the execution of the project
- Based on E&S reports, E&S audits, AFD E&S experts’ visits
- To ensure effective implementation of the defined measures of the ESMP, RAP and ESCP
- To identify any unforeseen event (accident, complaint…)
- To adapt if needed the E&S management system of the project
- To support the beneficiary in improving the E&S performances of the project
- Complaint mechanism
September 2018 33Climate
Bond
3. Management of proceeds
Framework
Assets and liabilities perspective
Volume of issues ≤ 75% asset pool
Insures immediate use of the sums invested
Allows the substitution of some assets in the pool, in case of controversies, or if data is insufficient for
example
Very flexible approach in terms of tenors and volume
September 2018 34Climate
Bond
4. Reporting
Framework
Reporting is published on a yearly basis
https://www.afd.fr/en/corporate-social-responsibility-csr-afd-
2017
In order to provide the investors with some context, it is
embedded into the corporate social responsibility report
Report on assets and liabilities
For mitigation projects : Carbon footprint by sectors and by
regions + examples
For adaptation projetcs : examples + output measures when
available and relevant
Budget support projects included in the pool if and only if
reporting methodology (still to be designed) is deemed sound
enough by the selection committee
September 2018 35Climate
Bond
4. Reporting
Framework 1. Pool of assets versus bonds
Climate Bonds
Climate Assets
September 2018 36Climate
Bond
4. Reporting
Framework 2. Pool of assets
September 2018 37Climate
Bond
4. Reporting
Framework 3. Mitigation
€4.6bn €2.4bn
100 Projects
Commitments Disbursments
September 2018 38Climate
Bond
4. Reporting
Framework 4. Adaptation
€522M €300Mn
15 Projects
Commitments Disbursments
Review of adaptation projects :
https://www.afd.fr/sites/afd/files/2018-07-09-37-24/reporting-climate-bond-afd-2017.pdf
September 2018 39Climate
Bond
External review
Framework
AFD’s Climate Bond Framework
https://www.afd.fr/sites/afd/files/2017-10/afd-climate-bond-framework.pdf
Climate Bond Framework reviewed by Cicero
- Overall assessment : « medium green »
- According to Cicero’s rating sectors, 66% of AFD’s projects in the 2016 Climate Bond reporting
would have been « dark green »
- Strong governance structure
- https://www.afd.fr/sites/afd/files/2017-10/cicero-second-opinion-afd-climate-bond-
framework.pdf
Annual reporting certificated by AFD’s auditors
https://www.afd.fr/sites/afd/files/2018-07-04-48-18/AFD-reporting-climate-bond-en.pdf
September 2018 40AFD Highlights
The French bilateral aid agency
- Established in 1941, entirely state-owned and controlled by the State, AFD benefits from the EPIC status
- Fulfil the ODA and Climate Change government policy
- Activity boosted with adding EUR 4Bn, + EUR 1Bn per year of commitments from 2016
Fully regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution)
- Strong Basel II Capital Adequacy Ratio at 16,44%
- Strong Tier One ratio at 14,57%
AA / AA ratings by Fitch and S&P
- Conservative credit risk and provisioning policy backed by French State guarantees for non-
performing sovereign loans
- Prudent market risk management framework
Recurrent EUR and USD Benchmark Issuer
- 20% risk weighting under Basel II
- Euro transactions are ECB eligible as “Recognised Agency”
https://www.ecb.europa.eu/ecb/legal/pdf/oj_jol_2016_014_r_0006_en_txt.pdf
https://www.ecb.europa.eu/mopo/assets/standards/marketable/html/index.en.html
“Advanced” overall CSR performance by Vigeo and “Prime status” by Oekom
Climate Bond Framework assessed “medium green” by Cicero
September 2018 41FINANCIAL DEPARTEMENT
Françoise LOMBARD
Chief Financial Officer
Bokar CHERIF
Head of Treasury and Capital Markets
Thibaut MAKAROVSKY
Head of Funding and Market Operations
Samia BEN MEBAREK
Deputy Head of Funding and Market Operations
Margaux ADIDA & Rudy NAKACHE
Funding Officers
_afd_funding@afd.fr
425, rue Roland Barthes 75598 PARIS CEDEX 12
www.afd.fr
43Disclaimer
The information, statements and opinions expressed in this presentation (the “Content”) do not constitute and shall not be
deemed to constitute: (i) any offer, invitation or inducement to sell a security or engage in investment, financial or other similar
activity; or (ii) a solicitation of an offer to buy any security; or (iii) any recommendation or advice in relation to any investment,
financial or other decision. Persons considering making any investment or financial decision should contact their qualified
financial adviser.
The Content contains financial information regarding the businesses and assets of AFD. Such financial information may not have
been audited, reviewed or verified by any independent accounting firm. The Content includes certain financial metrics which
constitute alternative performance measures (“APMs”), which are non-IFRS financial measures. The APMs, as defined by the
Company, may not be comparable to similarly titled financial measures as presented by other companies. Further, these APMs
should not be considered as alternatives to profit after tax, operating profit or other performance measures derived in
accordance with IFRS or as an alternative to cash flow from operating activities as a measure of AFD's activity.
The Content may include forward looking statements, in particular, in relation to future events, growth, future financial
performance, plans, strategies, expectations, aims, prospects, competitive environment, regulation and supply and demand.
Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are
used to identify these forward-looking statements. Such forward looking statements contain inherent risks and uncertainties and
actual outcomes may differ materially from those expressed or implied in the forward looking statements. To the maximum extent
permitted by law, no warranty or representation (express or implied) including, but not limited to, accuracy or completeness is
made in relation to the Content, including, but not limited to, any projections or statements about the prospects of AFD. Any
forward-looking statement contained in this presentation speaks only as of the date of this presentation. AFD makes no
commitment to update Content and expressly disclaims, to the extent lawful, liability for any errors or omissions in it.
This presentation is confidential and is being submitted to selected recipients only and may not be reproduced (in whole or in
part), distributed or transmitted to any other person without the prior written consent of AFD. The Content is not directed at, or
intended for distribution to, or use by any person or entity where such distribution or use is restricted by law or regulation. Persons
into whose possession the Content comes should inform themselves about and observe any such restrictions. In particular this
presentation is not intended for distribution in the United States or to U.S. persons (as defined in Regulation S) under the United
States Securities Act of 1933, as amended. In the United Kingdom this presentation is being made only to and is directed only at
persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and other persons to whom it may otherwise lawfully be
communicated in accordance with the Order.
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