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FINAL TERMS
EU MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ELIGIBLE
COUNTERPARTIES ONLY TARGET MARKET – Solely for the purposes of each manufacturer 's product approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 19 of the Guidelines published by ESMA on 3 August 2023 has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, " EU MiFID II "); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes ( a "distributor ") should take into consideration each manufacturer 's target market assessment; however, a distributor subject to EU MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining each manufacturer 's target market assessment) and determining appropriate distribution channels.
UK MIFIR PRODUCT GOVERNANCE / TARGET MARKET ASSESSMENT – Solely for the purposes of the
manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (" COBS "), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA (" UK MiFIR "); and (ii) all channels for distribution to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a " distributor ") should take into consideration the manufacturer 's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the " UK MiFIR Product Governance Rules ") is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refin ing the manufacturer 's target market assessment) and determining appropriate distribution channels.
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Final Terms dated 6 July 2026 Agence Française de Développement
Issue of GBP 300,000,000 4.500 per cent. Notes due 22 October 2029 under the Euro 70,000,000,000 Euro Medium Term Note Programme Legal Entity Identifier (LEI): 9695008K5N8MKIT4XJ91
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the base prospectus dated 19 December 2025 which received approval number 25-491 from the Autorité des marchés financiers (the " AMF ") on 19 December 2025 and the supplement dated 5 May 2026 which received approval number 26 -120 from the AMF on 5 May 2026 , which together constitute a base prospectus for the purposes of the EU Prospectus Regulation (the "Base Pro spectus "). The expression "EU Prospectus Regulation " means Regulation (EU) 2017/1129 as may be amended from time to time. This docu ment constitutes the Final Terms of the Notes described herein for the purposes of Article 8 of the EU Prospectus Regulation and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Final Terms and the Base Prospectus (including any supplement thereto) are available for viewing at and copies may be obtained from the Fiscal Agent and th e Paying Agents and will be available on the Issuer's website (www.afd.fr ) and on the AMF's website (www.amf -france.org).
1 Issuer: Agence Française de Développement 2 (i) Series Number: 196 (ii) Tranche Number: 1 (iii) Date on which the Notes become fungible: Not Applicable 3 Specified Currency: Sterling ("GBP") 4 Aggregate Nominal Amount:
(i) Series: GBP 300,000,000 (ii) Tranche: GBP 300,000,000 5 Issue Price: 99.730 per cent . of the Aggregate Nominal Amount 6 (i) Specified Denominations: GBP 200 ,000 7 (i) Issue Date: 8 July 2026 (ii) Interest Commencement Date: Issue Date 8 Maturity Date: 22 October 2029
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9 Interest Basis: 4.500 per cent. Fixed Rate (further particulars specified below ) 10 Redemption Basis: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed at 100 per cent. of their nominal amount on the Maturity Date.
11 Change of Interest Basis: Not Applicable 12 Put/Call Options: Not Applicable 13 (i) Status of the Notes: Senior Notes (ii) Date of Board approval for issuance of Notes obtained: Decision of the Conseil d’administration no.
C20260034 dated 29 January 2026
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14 Fixed Rate Note Provisions: Applicable (i) Rate of Interest: 4.500 per cent. per annum payable annually in arrear on each Interest Payment Date (ii) Interest Payment Date: 22 October in each year up to and including the Maturity Date and commencing on 22 October 2026 .
(iii) Fixed Coupon Amount: GBP 9,000 per Specified Denomination payable on each Interest Payment Date , subject to the Broken Amount specified below .
(iv) Broken Amount: There will be a short first coupon in respect of the first Interest Period, from and including the Interest Commencement Date up to but excluding 22 October 2026 , which amounts to GBP 2, 613.70 per Specified Denomination, payable on the Interest Payment Date falling on 22 October 2026 .
(v) Day Count Fraction: Actual/Actual - ICMA (vi) Determination Dates: 22 October in each year
15 Floating Rate Note Provisions: Not Applicable 16 Zero Coupon Note Provisions: Not Applicable 17 Currency Linked Interest Note Provisions: Not Applicable
PROVISIONS RELATING TO REDEMPTION
18 Call Option: Not Applicable 19 Put Option: Not Applicable 20 Final Redemption Amount of each Note: GBP 200 ,000 per Specified Denomination 21 Early Redemption Amount :
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Early Redemption Amount(s) of each Note payable on redemption for taxation reasons or on event of default: GBP 200 ,000 per Specified Denomination Early Redemption Amount(s) of each Note payable on redemption upon the occurrence of a Capital Event (Condition 6(d)), a Withholding Tax Event (Condition 6(c)(i)), a Gross -Up Event (Condition 6(c)(ii)) or a Tax Deductibility Event (Condition
6(c)(iii)):
Not Applicable
22 Currency Linked Redemption Note : Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
23 Form of Notes: Dematerialised Notes (i) Form of Dematerialised Notes: Bearer Notes ( au porteur ) (ii) Registration Agent: Not Applicable (iii) Temporary Global Certificate: Not Applicable 24 Financial Centre : T2 (TARGET ), Paris, London 25 Talons for future Coupons to be attached to Definitive Materialised Notes (and dates on which such Talons mature): No 26 Purchase in accordance with Article L.213 -0-1 and D.213 -0-1 of the French Code monétaire et
financier: Applicable
27 Possibility to request identification information of the Noteholders provided by Condition
1(a)(i): Applicable
28 Representation of Noteholder(s)/Masse Applicable The Representative shall be:
Yann Billand, avocat 99 rue de Prony 75017 Paris France
billand@bm.legal ; contact@bm.legal
The alternate Representative shall be :
Paul Messié, avocat 99 rue de Prony 75017 Paris France
messie@bm.legal
The Representative will be entitled to a remuneration of EUR 300 per year (VAT excluded).
The Issuer accepts responsibility for the information contained in these Final Terms.
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Signed on behalf of the Issuer By: Antoine Mannevy Responsable adjoint de la Division Financement et Opérations de Marché
Duly authorised
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PART B – OTHER INFORMATION
1 LISTING AND ADMISSION TO TRADING
Listing and admission to trading: Application has been made by the Issuer (or on its behalf) for the Notes to be listed and admitted to trading on Euronext Paris with effect as from 8 July
2026
Estimate of total expenses related to admission to trading: EUR 4,120
2 RATINGS
Ratings: The Notes to be issued have been rated :
S&P: A+
Fitch: A+
The credit ratings referred to above have been issued by S&P Global Ratings Europe Limited, (“S&P ”) and Fitch Ratings Ireland Limited, (“Fitch ”), each of which is established in the European Union, is registered under Regulation (EC) No 1060/2009, as amended (the " EU CRA Regulation ") and is included in the list of credit rating agencies registered in accordance with the EU CRA Regulation published on the European Securities and Markets Authority’s website (https://www.esma.europa.eu/credit -rating -age ncies/cra -authorisation ).
The credit ratings referred to above have been endorsed by Fitch Ratings Ltd and S&P Global Ratings UK Limited , each of which is established in the United Kingdom and is registered under Regulation (E C) No 1060/2009 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "UK CRA Regulation ").
Pursuant to S&P rating explanations, A ratings reflects a strong capacity to meet financial commitments but somewhat susceptible to economic conditions and changes in circumstances . The addition of a plus (+) or minus (-) sign shows relative standing within the rating categories.
Pursuant to Fitch rating explanations, A ratings denote s expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. The addition of the modifiers "+" or " –" are intended to denote relative status within major rating categories.
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3 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in section “Subscription and Sale ” of the Base Prospectus , so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the issue . The Joint Bookrunners and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business .
4 USE AND ESTIMATED NET AMOUNT OF THE PROCEEDS
Use of proceeds: The net proceeds of the Notes will be applied by the Issuer for its general corporate purposes .
Estimated net amount of the proceeds:
GBP 298,890,000.00
5 Fixed Rate Notes only – YIELD Indication of yield: 4.597 per cent. per annum The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.
6 OPERATIONAL INFORMATION
ISIN Code: FR0014019PG9
Common Code:
FISN Code:
CFI Code : 343538707
AGENCE FRANCAIS/4.5 MTN 20291022 SR
DTFNFB
Any clearing system(s) other than Euroclear France, Euroclear Bank SA/NV and Clearstream Banking SA and the relevant identification number(s): Not Applicable Delivery: Delivery against payment Names and addresses of additional Paying Agent(s) (if any): Not Applicable
7 DISTRIBUTION
(i) Method of distribution: Syndicated (ii) If syndicated:
(A) Name of Joint Bookrunners : Banco Santander, S.A.
NatWest Markets N.V.
Nomura Financial Product s Europe GmbH
(B) Stabilis ation Manager (s) (if any): Banco Santander, S.A.
(iii) If non syndicated, name of Dealer: Not Applicable (iv) US Selling Restrictions (Categories of potential investors to which the Notes are offered): Reg. S Compliance Category 1 applies to the Notes; TEFRA not applicable to Dematerialised