ACTIVITY REPORT 2021 PROXIMITY IN ACTION BRED is a preferred partner for some of the cash management activities of the European Investment Bank (EIB). It has an extensive and strong international network in its market activities. For several years, BRED has been one of our eight international dealers for commercial papers and in terms of volume was our fourth biggest counterparty for Euro Commercial Papers (ECP) at the end of 2021. There is of course a dynamic team at the heart of the relationship, but above all a connection that BRED has with investors that we cannot all contact directly, and in particular certain central banks. Beyond the flow of transactions, BRED provides a genuine diversification of the investor base and therefore contributes to the resilience of this means of short-term fund-raising for the cash requirements of the EIB. Éric Lamarcq Deputy Director General of the European Investment Bank 31 Open to the worldCapitalising on our success