# EDGAR Filing Document

**Accession Number:** 0000051120
**File Stem:** 0001193125-23-038925
**Filing Date:** 2023-2
**Character Count:** 298463
**Document Hash:** ea2143ad6174a5d5947825c7adc036d8
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## Filing Content

## Filing Summary
**0001193125-23-038925.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001193125-23-038925

**CONFORMED SUBMISSION TYPE**: QRTLYRPT

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT
- **CENTRAL INDEX KEY:** 0000051120
- **STANDARD INDUSTRIAL CLASSIFICATION:** INTERNATIONAL AFFAIRS [9721]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** QRTLYRPT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 083-00003
- **FILM NUMBER:** 23628162

**BUSINESS ADDRESS:**
- **STREET 1:** 1818 H STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20433
- **BUSINESS PHONE:** 2024771234

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORLD BANK
- **DATE OF NAME CHANGE:** 20000101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IBRD
- **DATE OF NAME CHANGE:** 20000101

International Bank for Reconstruction and

Development

![LOGO](g460172g01g01.jpg)

Management's Discussion & Analysis

and

Condensed Quarterly Financial Statements

December 31, 2022

(Unaudited)

------

<br> **Management's Discussion and Analysis**<br>

**International Bank for Reconstruction and Development (IBRD)** 

**Management's Discussion and Analysis** 

**December 31, 2022** 

**Contents** 

---

| | | |
|:---|:---|:---|
|  [Section I: Executive Summary](#tx460172_1) | Summary Financial Results | 4 |
|  [Section II: Overview](#tx460172_2) | Financial Business Model | 6 |
|  | Basis of Reporting | 7 |
|  [Section III: Financial Results](#tx460172_3) | Financial Results and Portfolio Performance | 9 |
|  | Net Income | 10 |
|  [Section IV: Risk Management](#tx460172_4) | Risk Governance | 16 |
|  | Management of IBRD's Risks | 16 |
|  [Section V: Governance](#tx460172_5) | Senior Management Changes | 24 |
|  [List of Tables, Figures and Box](#tx460172_6) | Tables | 25 |
|  | Figures | 25 |
|  | Box | 25 |

---

IBRD Management's Discussion and Analysis: December 31, 2022

------

---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section I: Executive Summary |

---

This Management's Discussion and Analysis (MD&A) reflects the results of the International Bank for Reconstruction and Development's (IBRD's) financial performance for the six months ended December 31, 2022 (FY23 YTD). This document should be read in conjunction with IBRD's Financial Statements and MD&A for the fiscal year ended June 30, 2022 (FY22). IBRD undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years' information have been made to conform with the current year's presentation. For information relating to IBRD's development operations' results and corporate performance, refer to the World Bank Corporate Scorecard and Sustainability Review.

**Box 1: Selected Financial Data** 

*In millions of U.S. dollars, except ratios which are in percentages* 

---

| | | | |
|:---|:---|:---|:---|
|  | *As of and for the six months*<br>*ended December 31,* | *As of and for the six months*<br>*ended December 31,* | *As of and for the*<br>*fiscal year ended*<br>*June 30,* |
|  | *2022* | *2021* | *2022* |
|  **Lending Highlights (Section III)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net commitments <sup>a</sup> | $9952 | $10070 | $33072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross disbursements | 15289 | 15193 | 28168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net disbursements | 8839 | 7719 | 14876 |
|  **Income Statement (Section III)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Governors-approved and other transfers | $(221) | $(354) | $(354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 720 | 538 | 3990 |
|  **Balance Sheet (Section III)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $322757 | $317147 | $317542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment portfolio | 74508 | 84435 | 82057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans outstanding | 236706 | 223953 | 227092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing portfolio <sup>b</sup> | 257706 | 257687 | 256909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 58072 | 48152 | 55320 |
|  **Non-GAAP Measures** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocable Income (Section III) | $791 | $519 | $806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Usable Equity <sup>c</sup> (Section IV) | 51405 | 50011 | 50481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-to-Loans Ratio <sup>d</sup> (Section IV) | 21.6% | 22.1% | 22.0% |

---

------

*a.* *Amounts include guarantee commitments and guarantee facilities that have been approved by the Executive Directors (referred to as "the Board" in this document) and are net of full terminations and cancellations relating to commitments approved in the same fiscal year.* 

*b.* *Includes associated derivatives.* 

*c.* *Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative translation adjustments.* 

*d.* *Ratio is computed using usable equity and excludes the respective periods' income. Full fiscal year usable equity includes the transfer to the General Reserve.* 

IBRD Management's Discussion and Analysis: December 31, 2022

------

---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section I: Executive Summary |

---

**Section I: Executive Summary** 

With its many years of experience and its depth of knowledge in international development, IBRD plays a key role in achieving the World Bank Group's (WBG<sup>1</sup>) goal of helping countries achieve better development outcomes. IBRD contributes to both the WBG's twin goals of ending extreme poverty and promoting shared prosperity by providing countries with loans, guarantees, advisory services, analytical support and other products. IBRD's operations are underpinned by the Green, Resilient and Inclusive Development (GRID) approach, which provides the longer-term framework for enabling the needed economic and social transformations.

IBRD and its affiliated organizations seek to help countries in reducing poverty and inequality, achieve improvements in growth, job creation, governance, the environment, climate adaptation, mitigation and resilience, human capital, infrastructure and debt transparency, among others. To meet its development goals, the WBG implements country programs to improve growth and development outcomes. Further, new and ongoing challenges continue to influence the global outlook. These include high inflation, the rise in food insecurity, growing inequality, global fragility, the coronavirus disease (COVID-19) pandemic, the Russian invasion of Ukraine and other geopolitical events, rising debt, climate change, and macroeconomic imbalances. In response, IBRD, as part of the WBG efforts, continues to work with partners at global and country levels to support its borrowing countries in addressing the impact of these multiple crises, to enhance resilience, and lay the groundwork for rebuilding better. To further enhance these efforts, in January 2023, the Board and Management discussed an Evolution Roadmap for the WBG to better address the scale of development challenges that affect the WBG's ability to achieve its mission. The roadmap provides a basis for Management and the Board to exchange views on priorities, identify areas for deeper engagement over the coming months, and begin implementation in the three building blocks of this process: vision and mission, operating model, and enhancing financial capacity and model.

------

<sup>1</sup> *The other WBG institutions are the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). The World Bank consists of IBRD and IDA.* 

IBRD Management's Discussion and Analysis: December 31, 2022

------

---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section I: Executive Summary |

---

**Summary Financial Results** 

**Net Income** 

IBRD recorded net income of $720 million for the first six months of FY23, compared with net income of $538 million during the same period in FY22. The $182 million increase was primarily due to higher net loan interest revenue, partially offset by the increase in provision for losses on loans and other exposures, and lower unrealized mark-to-market gains on IBRD's non-trading portfolios. Given IBRD's intention to maintain its non-trading portfolio positions to maturity, unrealized mark-to-market gains and losses for these portfolios are not included in IBRD's allocable income.

**Allocable Income** 

Allocable income is the measure IBRD uses for making net income allocation decisions. During the first six months of FY23, allocable income was $791 million, an increase of $272 million from the same period in FY22. The increase was primarily due to higher net loan interest revenue, partially offset by the increase in provision for losses on loans and other exposures, primarily due to the higher loss given default (severity) due to the greater increase in the implied forward interest rates during the first six months of FY23, compared with the same period in FY22 (see Section III and Section IV).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*In millions of U.S. dollars – YTD*

![LOGO](g460172g01g05.jpg)

**Lending Operations** 

IBRD's lending operations during the first six months of FY23 provided $10.0 billion of net commitments, $15.3 billion of gross loan disbursements, and $8.8 billion of net loan disbursements. Net loans outstanding were $236.7 billion as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*In billions of U.S. dollars* |  |  |
| ![LOGO](g460172g02g05.jpg) | ![LOGO](g460172g03g05.jpg) | ![LOGO](g460172g04g05.jpg) |

---

Net commitments were slightly lower by $0.1 billion compared with the same period in FY22 (see Table 5). The regions with the largest share of commitments in the first six months of FY23 were Latin America and the Caribbean with 42%, and Europe and Central Asia with 25%.

IBRD Management's Discussion and Analysis: December 31, 2022

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---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section I: Executive Summary |

---

**Net Investment Portfolio** 

---

| | |
|:---|:---|
| IBRD's net investment portfolio decreased by $7.6 billion, from $82.1 billion as of June 30, 2022 to $74.5 billion as of December 31, 2022. The decrease was primarily due to net loan disbursements during the period and is consistent with the lower target liquidity level in FY23 compared to FY22 (see Section IV). Fifty-eight percent of the investments are rated AA or above (see Table 11), reflecting IBRD's objective of principal protection and its preference for high-quality investments. | *In billions of U.S. dollars*<br>![LOGO](g460172g01g06.jpg)  |

---

**Borrowing Portfolio** 

---

| | |
|:---|:---|
| As of December 31, 2022, the borrowing portfolio was $257.7 billion, relatively stable compared to June 30, 2022, as the new issuances were largely offset by the maturities during the period. | *In billions of U.S. dollars*<br>![LOGO](g460172g02g06.jpg)  |

---

**Equity-to-Loans Ratio** 

---

| | |
|:---|:---|
| The Equity-to-Loans ratio decreased from 22.0% as of June 30, 2022 to 21.6% as of December 31, 2022, primarily due to the increase in loan exposures. In line with IBRD's currency management policy, exchange rate movements during the period did not have an impact on IBRD's Equity-to-Loans ratio.<br>During the first six months of FY23, IBRD received $667 million of paid-in capital subscribed under the 2018 General and Selective Capital Increases (GCI and SCI), bringing the cumulative amounts received to $4.7 billion, representing 63% of the total amount expected over the subscription period. | *Ratio in percentages*<br>![LOGO](g460172g03g06.jpg)  |

---

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section II: Overview |

---

**Section II: Overview** 

IBRD, an international organization owned by its 189 member countries, is one of the five institutions of the WBG. Each institution is legally and financially independent, with separate assets and liabilities. IBRD is not liable for the obligations of the other institutions.

IBRD is a Multilateral Development Bank (MDB) that combines knowledge services and financing with a global reach. IBRD's value is derived from its ability to help eligible borrowing members address their development challenges and meet their rising demand for innovative products. IBRD provides loans, guarantees, and other financial products for development-focused projects and programs to creditworthy middle-income and low-income countries to support sustainable development. By operating across a full range of country clients, IBRD maintains a depth of development knowledge, uses its convening power to promote development and advance the global public goods agenda, and coordinates responses to regional and global challenges.

Member countries use IBRD's technical advice and analysis and convening power to develop or implement better policies, programs, and reforms that help sustain development over the long term. The products delivered range from development data, to reports in key social economic and social issues at the local, country, regional and global levels. The products also include knowledge-sharing workshops focused on local issues, flagship events and fora to address the most pressing global development challenges.

**Financial Business Model** 

IBRD's objective is not to maximize profits, but to earn adequate income to ensure that it has the long-term financial capacity necessary to support its development activities. IBRD seeks to generate sufficient revenue to finance its operations as well as to be able to set aside funds in reserves to strengthen its financial position. It also seeks to provide support to IDA and trust funds through income transfers for other developmental purposes.

IBRD's financial strength rests on the support it receives from its shareholders, and on its array of financial policies and practices. Shareholder support for IBRD is reflected in the capital backing it continues to receive from its members and in the record of its borrowing member countries in meeting their debt service obligations to IBRD. Sound financial and risk management policies and practices have enabled IBRD to maintain adequate capital, diversify its funding sources, hold a portfolio of liquid investments to meet its financial commitments, and limit its risks, including credit and market risks.

IBRD offers its borrowers, in middle income and creditworthy low-income countries, long-term loans with maturities up to 35 years. Borrowers may customize their repayment terms to meet their debt management or project needs in multiple currencies on variable spread and previously on fixed spread terms. Borrowers have generally preferred loans denominated in U.S. dollars and euros. IBRD also supports its borrowers by providing access to risk management products such as derivative instruments, including currency and interest rate swaps and interest rate caps and collars.

To meet its development goals, IBRD intermediates funds for lending from the international capital markets. IBRD's loans are also financed through its equity. IBRD is rated triple-A by the major rating agencies and its bonds are viewed as high-quality securities by investors. IBRD's funding strategy is aimed at achieving the best long-term value on a sustainable basis for its borrowing members. This strategy has enabled IBRD to borrow at favorable market terms and pass the savings on to its borrowing members. IBRD's annual funding volumes vary from year to year, and funds raised are used to finance IBRD's development projects and programs in member countries. Funds not deployed for lending are maintained in IBRD's investment portfolio to supply liquidity for its operations.

IBRD uses derivatives to manage its exposure to various market risks from the above activities. These are used to align the interest and currency composition of its assets (loan and investment portfolios) with that of its liabilities (borrowing portfolio), and to stabilize earnings on the portion of the loan portfolio funded by equity. See Section IV: Risk Management for additional details on how IBRD uses derivatives.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section II: Overview |

---

Management believes that these risk management strategies, taken together, effectively manage market risk in IBRD's operations from an economic perspective. However, these strategies entail the use of derivatives, which introduces volatility in net income through unrealized mark-to-market gains and losses (particularly given the long-term nature of some of IBRD's assets and liabilities). Accordingly, Management makes decisions on income allocation without reference to unrealized mark-to-market gains and losses on risk management instruments in the non-trading portfolios – see Basis of Reporting – Allocable Income.

**Financial Performance** 

IBRD's primary sources of revenue are from loans and investments, both net of funding costs (see Figure 1). This revenue is used for administrative expenses, provision for losses on loans and other exposures<sup>2</sup> (LLP), as well as transfers to Reserves, Surplus, and for other development purposes including transfers to IDA.

In addition, other development activities generate non-interest revenue that is classified as *Revenue from externally funded activities*. These external funds include trust fund fees, reimbursable funds, and revenues from fee-based services to member countries. Non-interest revenue from externally funded activities provides additional capacity to support the development needs of client countries.

**Figure 1: Sources and Uses of Revenue**![LOGO](g460172g01g08.jpg)

**Basis of Reporting** 

IBRD's financial statements conform with accounting principles generally accepted in the United States of America (U.S. GAAP). All financial instruments in the investment and borrowing portfolios and all derivatives are reported at fair value, with changes in fair value reported in the Statements of Income, except for changes in IBRD's own credit, which are reflected in Other Comprehensive Income. IBRD's loans are reported at amortized cost, except for loans with embedded derivatives, if any, which are reported at fair value. Management uses net income as the basis for deriving allocable income, as discussed below.

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*<sup>2</sup>* *Other exposures include signed loan commitments (including deferred drawdown options – DDOs and irrevocable commitments) and guarantees.* 

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section II: Overview |

---

**Allocable Income** 

IBRD's Articles of Agreement (the Articles) require that the Governors determine the allocation of income at the end of every fiscal year. Allocable income, which is a non-GAAP financial measure, is an internal management measure that reflects income available for allocation. IBRD defines allocable income as net income after certain adjustments, that are approved by the Board at the end of every fiscal year. These adjustments primarily relate to unrealized mark-to-market gains and losses associated with the non-trading portfolios, as well as Board of Governors-approved and other transfers, which primarily relate to the allocation of the prior year's net income.

See Financial Results Section (Section III) and Table 1, for details of the adjustments to reported net income to calculate allocable income.

The volatility in IBRD's net income is often driven by the unrealized mark-to-market gains and losses on the derivative instruments in IBRD's non-trading portfolios: loans, borrowings, and other asset/liability management (ALM). IBRD's risk management strategy entails the use of derivatives to manage market risk. These derivatives are primarily used to align the interest rate and currency bases of IBRD's assets and liabilities. IBRD has elected not to designate any hedging relationships for accounting purposes. Rather, all derivative instruments are reported at fair value on the Balance Sheets, with changes in fair values reflected in the Statements of Income.

In line with its financial risk management policies, for the non-trading portfolios, unrealized mark-to-market gains and losses from instruments carried at fair value (borrowing portfolio, and derivatives in the loans and Other ALM portfolios) are excluded from allocable income.

For the trading portfolio (investment portfolio), allocable income includes both realized and unrealized mark-to-market gains and losses. In some cases, the unrealized mark-to-market gains and losses on certain trades are excluded from allocable income when the underlying item is a physical asset held at amortized cost.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

---

**Section III: Financial Results** 

**Financial Results and Portfolio Performance** 

The following is a discussion of the key drivers of IBRD's financial performance, including a reconciliation between IBRD's net income and allocable income.

**Table 1: Condensed Statements of Income** 

*In millions of U.S. dollars* 

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *Impact on income* |
| *For the six months ended December 31,* | *2022* | *2021* | *Decrease /Increase* |
|  Revenue on interest earning assets, net of funding costs |  |  | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan interest revenue, net | $1845 | $897 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ALM derivatives, net | (184) | 333 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment revenue, net <sup>a</sup> | 96 | 27 | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |
|  Total revenue on interest earning assets, net | $1757 | $1257 | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for losses on loans and other exposures <sup>b</sup> | (363) | (198) | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net non-interest expenses (Table 7) | (720) | (717) | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net pension cost, other than service cost (Table 7) | 101 | 137 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net other revenue (Table 6) | 91 | 118 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Governors-approved and other transfers | (221) | (354) | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-functional currency translation adjustment (losses) gains<sup>,</sup> net | (28) | 56 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized mark-to-market gains on non-trading portfolios, net <sup>c</sup> | 103 | 239 | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |
|  **Net income** | $**720** | $**538** | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |
|  Adjustments to reconcile net income to allocable income: |  |  | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension <sup>d</sup> and other adjustments | (75) | (78) | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Governors-approved and other transfers | 221 | 354 | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-functional currency translation adjustment losses (gains), net | 28 | (56) | <br> ![LOGO](g460172g1.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized mark-to-market gains on non-trading portfolios, net <sup>c</sup> | (103) | (239) | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |
|  **Allocable income** | $**791** | $**519** | <br> ![LOGO](g460172g1.jpg)  |
|  |  |  | <br> ![LOGO](g460172g1.jpg)  |

---

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*a.* *Includes unrealized mark-to-market gains on the Investments-trading portfolio of $47 million in FY23 YTD (unrealized mark-to-market gains of $22 million in FY22 YTD) and excludes Post Employment Benefit Plan (PEBP) and Post Retirement Contribution Reserve Fund (PCRF) gains of $21 million in FY23 YTD ($50 million gains for FY22 YTD) reported in Net other revenue (Table 6).* 

*b.* *Includes changes on recoverable asset relating to Guarantee received under the Exposure Exchange Agreements (EEAs).* 

*c.* *Adjusted to exclude amounts reclassified to realized gains (losses).* 

*d.* *Adjustment to pension accounting expense to arrive at pension plan contributions. Pension plan and PCRF contributions were $130 million in FY23 YTD and $123 million in FY22 YTD.* 

**Table 2: Condensed Balance Sheets** 

*In millions of U.S. dollars* 

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| | | | |
|:---|:---|:---|:---|
| *As of* | *December 31,<br>2022* | *June 30,<br>2022* | *Decrease / Increase* |
|  Investments and due from banks | $76964 | $82299 | ![LOGO](g460172g2.jpg) |
|  Net loans outstanding <sup>a</sup> | 236706 | 227092 | ![LOGO](g460172g2.jpg) |
|  Derivative assets, net | 294 | 804 | ![LOGO](g460172g2.jpg) |
|  Other assets | 8793 | 7347 | ![LOGO](g460172g2.jpg) |
|  |  |  | ![LOGO](g460172g2.jpg) |
|  **Total Assets** | $**322757** | $**317542** | ![LOGO](g460172g2.jpg) |
|  |  |  | ![LOGO](g460172g2.jpg) |
|  Borrowings | 227654 | 235173 | ![LOGO](g460172g2.jpg) |
|  Derivative liabilities, net | 29582 | 20041 | ![LOGO](g460172g2.jpg) |
|  Other liabilities | 7449 | 7008 | ![LOGO](g460172g2.jpg) |
|  Equity | 58072 | 55320 | ![LOGO](g460172g2.jpg) |
|  |  |  | ![LOGO](g460172g2.jpg) |
|  **Total Liabilities and Equity** | $**322757** | $**317542** | ![LOGO](g460172g2.jpg) |
|  |  |  | ![LOGO](g460172g2.jpg) |

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*a.* *The fair value of IBRD's loans was $234,152 million as of December 31, 2022 ($225,046 million - June 30, 2022).* 

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

---

The main drivers of the change in the Balance Sheets items are below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in net loans outstanding primarily from net loan disbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decrease in investments and due from banks primarily due to net loan disbursements, in line with the decrease
in the target liquidity level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in other assets mainly from higher accrued interest receivable on loans consistent with the increase
in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decrease in borrowings from mark-to-market gains as a result of the increase in interest rates, with offsetting losses on derivatives that decreased derivative assets and increased derivative
liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in equity, mostly from the increase in accumulated other comprehensive income due to the increase in
the Debit Valuation Adjustment (DVA) on fair value option elected liabilities.

**Net Income** 

IBRD's net income was $720 million for the first six months of FY23, compared with net income of $538 million during the same period in FY22. The $182 million increase in net income in FY23 YTD was primarily due to higher net loan interest revenue, partially offset by the increase in provision for losses on loans and other exposures and lower unrealized mark-to-market gains on non-trading portfolios (see Table 1).

**Results from Lending activities** 

Loan Interest Revenue, net

Under IBRD's pricing policy, the lending rates for all loans are based on the underlying cost of the borrowings funding these loans. After the effect of related derivatives, the loan and borrowing portfolios are based on variable interest rates. The portion of the loan portfolio funded by equity is sensitive to changes in interest rates.

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| | |
|:---|:---|
|  **Figure 2: Loan interest revenue and funding cost (including derivatives)**<br> *In millions of U.S. dollars, YTD*<br>![LOGO](g460172g01g11.jpg)  | **Figure 3: Loan interest revenue, net**<br> *In millions of U.S. dollars, YTD*<br>![LOGO](g460172g02g11.jpg)  |

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For the first six months of FY23, IBRD's loan interest revenue, net of funding costs was $1,845 million, an increase of $948 million compared with the same period in FY22 (Figure 3). Other ALM derivatives moderate the impact of interest rate changes on the portion of the loan portfolio that is sensitive to interest rate movements, thereby partially stabilizing the net interest revenue earned from these loans (see Figure 3). Other ALM derivatives comprise interest rate swaps which are used to convert the variable rate cash flows from these loans to fixed rate cash flows. The combined effect of the increase in loan interest revenue, net of $948 million and the decrease in interest revenue from Other ALM derivatives, net of $517 million from FY22 YTD to FY23 YTD, resulted in a total increase in net loan interest revenue of $431 million. The increase was primarily due to the higher average loan balance and the lag between the SOFR-based loans resetting and the mixed 6-month LIBOR and SOFR based debt funding portfolio.

Provision for losses on loans and other exposures

IBRD recorded a provision for losses on loans and other exposures of $363 million in FY23 YTD, $165 million higher than the same period in FY22, primarily driven by the increase in the loss given default (severity), due to the greater increase in the implied forward interest rates in FY23 YTD compared to FY22 YTD. The severity reflects the expected losses from delays in receiving interest payments since IBRD does not charge interest on overdue interest. As the majority of IBRD's loans carry a variable interest rate, increases in forward interest rates increase the expected losses that are recorded through the provision for losses on loans and other exposures in the statements of income.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

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| | | |
|:---|:---|:---|
| **Table 3: Change in Net Loans Outstanding**<br> *In millions of U.S. dollars* | | **Figure 4: Net Loans Outstanding**<br> *In billions of U.S. dollars* |
|  Net Loans outstanding as of June 30, 2022 | $227092 | ![LOGO](g460172g01g12.jpg) |
|  Activity during the period: |  | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross loan disbursements | 15289 | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan repayments | (6450) | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accumulated provision for loan losses <sup>a</sup> | (306) | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred loan income | 5 | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation adjustments | 1076 | ![LOGO](g460172g01g12.jpg) |
|  |  | ![LOGO](g460172g01g12.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total change | $9614 | ![LOGO](g460172g01g12.jpg) |
|  |  | ![LOGO](g460172g01g12.jpg) |
|  **Net Loans outstanding as of December 31, 2022** | $**236706** | ![LOGO](g460172g01g12.jpg) |
|  |  | ![LOGO](g460172g01g12.jpg) |

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*a.* *See Notes to Condensed Quarterly Financial Statements, Note D: Loans and Other Exposures*.

As of December 31, 2022, 81% of IBRD's total loans outstanding after derivatives were denominated in U.S. dollars, and 18% were denominated in euro. For the regional presentation of loans outstanding, see Notes to Condensed Quarterly Financial Statements, Note D: Loans and other exposures, Table D6.

Gross disbursements were $15.3 billion in FY23 YTD, marginally higher compared with the same period in FY22 (Table 4). The increase in Development Policy Financing (DPF) disbursements and Program for Results (PforR) disbursements were largely offset by the decrease in Investment Project Financing (IPF) disbursements.

**Table 4: Gross Disbursements by Region** 

*In millions of U.S. dollars* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *For the six months ended December 31,* | *2022* | *% of total* | *2021* | *% of total* | *Variance* |
|  Eastern and Southern Africa  | $1045 | 7% | $1052 | 7% | $(7) |
|  Western and Central Africa | 69 | \* | 84 | 1 | (15) |
|  East Asia and Pacific | 2386 | 16 | 2761 | 18 | (375) |
|  Europe and Central Asia | 3263 | 21 | 2060 | 13 | 1203 |
|  Latin America and the Caribbean | 5817 | 38 | 5897 | 39 | (80) |
|  Middle East and North Africa | 1535 | 10 | 1694 | 11 | (159) |
|  South Asia | 1174 | 8 | 1645 | 11 | (471) |
|  **Total** | $**15289** | **100%** | $**15193** | **100%** | $**96** |

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*\** *Indicates percentage less than 0.5%.* 

Net commitments were $10.0 billion in FY23 YTD, marginally lower by $0.1 billion compared with the same period in FY22 (Table 5). In FY23 YTD, lower PforR and DPF commitments were largely offset by higher IPF commitments.

**Table 5: Net Commitments by Region** 

*In millions of U.S. dollars* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *For the six months ended December 31,* | *2022* | *% of total* | *2021* | *% of total* | *Variance* |
|  Eastern and Southern Africa | $715 | 7% | $185 | 2% | $530 |
|  Western and Central Africa |  |  | 84 | 1 | (84) |
|  East Asia and Pacific | 700 | 7 | 2580 | 26 | (1880) |
|  Europe and Central Asia | 2477 | 25 | 1760 | 17 | 717 |
|  Latin America and the Caribbean | 4172 | 42 | 2806 | 28 | 1366 |
|  Middle East and North Africa | 1108 | 11 | 1110 | 11 | (2) |
|  South Asia | 780 | 8 | 1545 | 15 | (765) |
|  **Total** | $**9952** | **100%** | $**10070** | **100%** | $**(118)** |

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IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

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**Results from Investing Activities** 

Net Investment Portfolio

IBRD's net investment portfolio was $74.5 billion as of December 31, 2022 ($82.1 billion as of June 30, 2022). Of this amount, $71.0 billion related to the liquid asset portfolio ($78.8 billion as of June 30, 2022). See Notes to Condensed Quarterly Financial Statements, Note C: Investments. The decrease in the liquid asset portfolio is primarily due to the net loan disbursements during the period and in line with the lower target liquidity level in FY23.

Net Investment Revenue

IBRD's net investment revenue increased by $69 million in FY23 YTD compared to FY22 YTD. This was primarily due to higher net interest revenue and higher unrealized mark-to-market gains on forward contracts due to foreign currency changes.

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| | |
|:---|:---|
| **Figure 5: Net Investment Portfolio**<br> *In billions of U.S. dollars*<br> ![LOGO](g460172g0208000115519.jpg)  | **Figure 6: Investment Revenue, net**<br> *In millions of U.S. dollars, YTD*<br> ![LOGO](g460172g0208000115807.jpg)  |

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**Results from Borrowing Activities** 

As of December 31, 2022, the borrowing portfolio was $257.7 billion, largely stable compared with June 30, 2022 (see Notes to Condensed Quarterly Financial Statements, Note E: Borrowings). Issuances of medium-and long-term debt of $12.1 billion during the period were highly diversified by investor profile and location, with an average maturity of 5 years. The funds raised financed development lending operations and satisfied the liquidity requirements.

**Figure 7: Borrowing Portfolio (original maturities)** 

*In billions of U.S. dollars*![LOGO](g460172g0208000117214.jpg)

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

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**Net Other Revenue** 

Net non-interest revenue was lower by $27 million in FY23 YTD, compared with the same period in FY22. The decrease was mainly due to the lower investment earnings from the PEBP and PCRF holdings, consistent with prevailing market conditions.

**Table 6: Net Other Revenue** 

*In millions of U.S. dollars* 

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| | | | |
|:---|:---|:---|:---|
| *For the six months ended December 31,* | *2022* | *2021* | *Variance* |
|  Loan commitment fees | $61 | $65 | $(4) |
|  Guarantee fees | 8 | 7 | 1 |
|  Net Earnings from PEBP and PCRF | 21 | 50 | (29) |
|  Others | 1 | (4) | 5 |
|  **Net other revenue (Table 1)** | $**91** | $**118** | $**(27)** |

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**Net Non-Interest Expenses** 

As shown in Table 7, IBRD's net non-interest expenses are primarily comprised of administrative expenses, net of revenue from externally funded activities. IBRD/IDA's administrative budget is a single resource envelope that funds the combined work programs of IBRD and IDA. The allocation of net administrative expenses between IBRD and IDA is based on an agreed cost and revenue-sharing methodology, approved by their Boards, which is primarily driven by the relative level of lending, knowledge services, and other services between the two entities. The administrative expenses shown in Table 7 include costs related to IBRD-executed trust funds and other externally funded activities.

**Figure 8: Net Non-Interest Expenses (GAAP basis)** 

*In millions of U.S. dollars, YTD*![LOGO](g460172g01g14.jpg)

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

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The increase in net non-interest expenses on both a GAAP basis and allocable income basis from FY22 YTD to FY23 YTD was primarily driven by higher staff costs and higher travel expenses. Travel expenses have been gradually increasing since the easing of the COVID-19-related travel restrictions and office closures and are now approximately 75% of the pre-COVID level (See Table 7):

**Table 7: Net Non-Interest Expenses** 

*In millions of U.S. dollars* 

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| | | | |
|:---|:---|:---|:---|
| *For the six months ended December 31,* | *2022* | *2021* | *Variance* |
|  Administrative expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staff costs | $542 | $507 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel | 55 | 15 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consultant fees and contractual services | 178 | 167 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and other postretirement benefits <sup>a</sup> | 173 | 220 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications and technology | 40 | 34 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premises and equipment | 63 | 56 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 15 | 18 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total administrative expenses** | $1066 | $1017 | $49 |
|  Grant making facilities | 15 | 14 | 1 |
|  Revenue from externally funded activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursable revenue – IBRD executed trust funds | (228) | (196) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenue | (133) | (118) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue from externally funded activities** | $(361) | $(314) | $(47) |
|  Net non-interest expenses (Table 1) | 720 | 717 | 3 |
|  Net pension cost, other than service cost <sup>b</sup> (Table 1) | (101) | (137) | 36 |
|  **Net non-interest expenses - GAAP basis** | $**619** | $**580** | $**39** |
|  **Adjustments to arrive at net non-interest expenses - allocable income basis** |  |  |  |
|  Pension, Externally Financed Outputs (EFO) and Reserve Advisory and Management Partnership (RAMP) adjustments <sup>c</sup> | 54 | 33 | 21 |
|  **Net non-interest expenses - Allocable income basis** | $**673** | $**613** | $**60** |

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*a.* *Represents the service cost component of net periodic pension cost. See Notes to Condensed Quarterly Financial Statements, Note H: Pension and Other Postretirement Benefits.* 

*b.* *Amount is included in Other Non-interest expenses in the Condensed Statements of Income (see Table 1).* 

*c.* *Adjustments are included in the Pension and other adjustments line in Table 1. The RAMP adjustment applies from June 30, 2022, prospectively.* 

**Unrealized mark-to-market gains and losses on non-trading portfolios** 

Unrealized mark-to-market gains and losses associated with the non-trading portfolios are excluded from reported net income to arrive at allocable income. As a result, from a long-term financial sustainability perspective, income allocations are generally based on amounts that have been realized (except for the Investments-Trading portfolio, as previously discussed). For the first six months of FY23, $103 million of net unrealized mark-to-market gains ($239 million net unrealized mark-to-market gains for same period in FY22) were excluded from reported net income to arrive at allocable income (see Table 1).

**Table 8: Unrealized Mark-to-market Gains and Losses on Non-trading Portfolios <sup>a</sup>** 

*In millions of U.S. dollars* 

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| | | | |
|:---|:---|:---|:---|
| *For the six months ended December 31,* | *2022* | *2021* | *Variance* |
|  Loan-related derivatives | $1955 | $663 | $1292 |
|  Other assets/liabilities management derivatives, net | (1789) | (589) | (1200) |
|  Borrowings, including derivatives | (62) | 162 | (224) |
|  Client operations derivatives |  | 3 | (3) |
|  Others, net | (1) |  | (1) |
|  **Total** | $**103** | $**239** | $**(136)** |

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*a.* *Adjusted to exclude amounts reclassified to realized mark-to-market gains (losses).* 

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section III: Financial Results |

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Loan Portfolio

Loans are reported at amortized cost, whereas the derivatives used to convert the loans from fixed-rate to variable-rate instruments for asset liability management purposes, are reported at fair value. As a result, while from an economic perspective, IBRD's loans after the effect of derivatives carry variable interest rates, and therefore have a low sensitivity to interest rates, the mark to market effect on loans is not reflected in the reported net income. Net income includes only the unrealized mark-to-market gains and losses on loan related derivatives, which for the first six months of FY23 were gains of $1,955 million, primarily due to the increase in interest rates for the six months ended December 31, 2022. See Section IV: Risk Management for additional details on how IBRD uses derivatives in the loan portfolio.

Borrowing Portfolio

IBRD's bonds and the related derivatives are reported at fair value. IBRD recorded $62 million of net unrealized mark-to-market losses on IBRD's bonds and associated derivatives, due to the increase in interest rates for the six months ended December 31, 2022. The losses on the bond-related derivatives exceeded the gains on the bonds. The net unrealized mark-to-market gains on IBRD's bonds exclude changes in IBRD's own credit, referred to as the DVA on Fair Value Option elected liabilities, which is recorded in Accumulated Other Comprehensive Income (AOCI). For the first six months of FY23, the DVA was $974 million of unrealized mark-to-market gains, resulting mainly from the widening of IBRD's credit spreads relative to the applicable reference rate during the period. As of December 31, 2022, IBRD's Condensed Balance Sheets included a cumulative DVA of $1,338 million of mark-to-market gains reflected in AOCI (see Notes to the Condensed Quarterly Financial Statements, Note K – Fair Value Disclosures).

Other ALM Portfolio

IBRD uses derivatives to stabilize its interest revenue from the portion of loans which are sensitive to changes in short-term interest rates. The Other ALM portfolio consists of derivatives which convert variable rate loan cash flows to fixed rate loan cash flows. In the first six months of FY23, IBRD recorded unrealized mark-to-market losses of $1,789 million on this portfolio, primarily due to the increase in interest rates for the six months ended December 31, 2022. As of December 31, 2022, the duration of this portfolio was 4.6 years, within the Board established limit of 5 years.

**Board of Governors-approved Transfers** 

On August 2, 2022, IBRD's Board of Governors approved a transfer of $80 million from Surplus to the Trust Fund for Gaza and the West Bank. The transfer was made on August 17, 2022.

During the three months ended December 31, 2022, $24 million was utilized out of the cumulative transfers of $85 million to the IBRD Fund for Innovative Global Public Goods Solutions (GPG Fund). Accordingly, Other reserves was reduced, as the conditions specified for the use by the beneficiaries had been met. As of December 31, 2022, the unutilized balance of the cumulative transfers to the GPG Fund was $61 million.

Since 1964, IBRD has made transfers to IDA out of its net income, upon approval by the Governors. Under a formula-based approach for IBRD's income support to IDA, the amount of income transfer recommended for IDA is a function of IBRD's financial results. On October 14, 2022, the Board of Governors approved a transfer of $117 million to IDA out of FY22 allocable income, which was made on October 20, 2022.

IBRD Management's Discussion and Analysis: December 31, 2022

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|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

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**Section IV: Risk Management** 

**Risk Governance** 

IBRD's risk management processes and practices evolve to reflect changes in activities in response to market, credit, product, operational, and other developments. The Board, particularly Audit Committee members, periodically review trends in IBRD's risk profiles and performance, and any major developments in risk management policies and controls. Management believes that effective risk management is critical for its overall operations. Accordingly, the risk management governance structure is designed to manage the principal risks IBRD assumes in its activities.

**Risk Oversight and Coverage** 

The Vice President and WBG Chief Risk Officer (CRO) oversees both financial and operational risks. These risks include (i) country credit risks in the core sovereign-lending business, (ii) market and counterparty risks, including liquidity risk, and (iii) operational risks relating to people, processes, and systems, or from external events.

The risk of IBRD's operations not meeting their development outcomes (development outcome risk) in IBRD's lending activities is monitored at the corporate level by Operations Policy and Country Services (OPCS). Where fraud and corruption risks may impact IBRD-financed projects, OPCS, the regions and practice groups, and the Integrity Vice Presidency jointly address such issues.

For a detailed discussion of the risk governance and risk oversight and coverage, see IBRD's MD&A for the fiscal year ended June 30, 2022, Section IX: Risk Management.

**Management of IBRD's Risks** 

IBRD assumes financial risks in order to achieve its development and strategic objectives. IBRD's financial risk management framework is designed to enable and support the institution in achieving its goals in a financially sustainable manner. IBRD manages credit, market and operational risks in its financial activities, which include lending, borrowing and investing. The primary financial risk to IBRD is the country credit risk inherent in its loan portfolio. IBRD is also exposed to risks in its liquid asset and derivative portfolios, where the major risks are interest rate, exchange rate, commercial counterparty credit, and liquidity risks. IBRD's operational risk management framework is based on a structured and uniform approach to identify, assess and monitor key operational risks across business units.

In an effort to maximize IBRD's capacity to lend to member countries for development purposes, IBRD limits its exposure to market and counterparty credit risks. In addition, to ensure that the financial risks associated with its loans and other exposures do not exceed its risk-bearing capacity, IBRD uses a strategic capital adequacy framework as a key medium-term capital planning tool.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

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**Geopolitical Events and Global Outlook** 

The Russian invasion of Ukraine that began in February 2022 negatively impacted regional and global financial markets and economic conditions. It also created significant needs for humanitarian and other critical support. From the outbreak of the conflict, through December 31, 2022, IBRD committed $2.2 billion to Ukraine. Over the same period, IBRD disbursed $2.1 billion (including commitments made prior to the start of the invasion) to help the government of Ukraine provide critical services.

As of December 31, 2022, IBRD's loans outstanding to Ukraine were $8.2 billion, with $1.7 billion guaranteed by third parties. In addition, IBRD provided $0.7 billion of guarantees to Ukraine that were outstanding as of December 31, 2022. As of December 31, 2022, there were no loans outstanding to the Russian Federation.

As of December 31, 2022, despite the broad impact of geopolitical events and other ongoing challenges to the global outlook, including high inflation, the rise in food insecurity, growing inequality, global fragility, the coronavirus disease (COVID-19) pandemic, rising debt, climate change, and macroeconomic imbalances, IBRD had sufficient resources to meet its liquidity requirements and continues to have access to capital market resources. The liquid asset portfolio was above the Target Liquidity Level (see Table 13).

Management remains vigilant in assessing funding needs in the medium and longer-term to manage the effect of possible severe market movements.

IBRD's capital adequacy, as indicated by the Equity-to-Loans ratio (Table 9) remains above the minimum level.

As of the reporting date, country credit risk and counterparty credit risk remain in line with the existing governance framework and established credit limits. The loan loss provisions include IBRD's current assessment of country credit risk. The fair values of related financial instruments reflect counterparty credit risk in IBRD's portfolios. Developments in the market continue to be closely monitored and managed.

**Capital Adequacy** 

IBRD holds capital to cover the credit, market and operational risks inherent in its operating activities and financial assets. Country credit risk is the most substantive risk covered by IBRD's equity.

IBRD's capital adequacy is the degree to which its equity is sufficient to withstand unexpected shocks. IBRD's Board monitors IBRD's capital adequacy within a strategic capital adequacy framework and uses the Equity-to-Loans ratio as a key indicator of capital adequacy. The framework seeks to ensure that IBRD's equity is aligned with the financial risk associated with its loan portfolio and other exposures over a medium-term capital-planning horizon.

As shown in Table 9, IBRD's Equity-to-Loans ratio was 21.6% as of December 31, 2022, a decrease from 22.0% as of June 30, 2022, mainly due to the increase in loan exposure outpacing the increase in equity, and remained above the 20% minimum ratio under the strategic capital adequacy framework. During the first six months of FY23, IBRD received $667 million of paid-in capital subscribed under the 2018 GCI and SCI, bringing the cumulative amounts received to $4.7 billion, 63% of the total amount of $7.5 billion expected over the subscription period. In line with IBRD's currency management policy, exchange rate movements during the period did not have an impact on IBRD's Equity-to-Loans ratio. Under the currency management policy, to minimize exchange rate risk, IBRD matches its borrowing obligations in any one currency (after derivatives) with assets in the same currency. In addition, IBRD periodically undertakes currency conversions to align the currency composition of its equity with that of its outstanding loans, across major currencies.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

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**Table 9: Equity-to-Loans Ratio** 

*In millions of U.S. dollars* 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | *Variance* | *Variance* | *Variance* |  |  |  |  |  |  |
| *As of* | *December 31,<br>2022* | *June 30,<br>2022* | *Total* | *Due to<br>Activities* | *Due to<br>Translation<br>Adjustments* |  |  |  |  |  |  |
| *As of* | *December 31,<br>2022* | *June 30,<br>2022* | *Total* | *Due to<br>Activities* | *Due to<br>Translation<br>Adjustments* | Usable paid-in capital (Table 10) | $20099.0 | $19352.0 | $747.0 | $671.0 | $76.0 |
|  Special reserve | 293 | 293 |  |  |  |  |  |  |  |  |  |
|  General reserve <sup>a</sup> | 32053 | 32053 |  |  |  |  |  |  |  |  |  |
|  Cumulative translation adjustment <sup>b</sup> | (1130) | (1342) | 212 |  | 212 |  |  |  |  |  |  |
|  Other adjustments <sup>b</sup> <sup>c</sup> | 90 | 125 | (35) |  | (35) |  |  |  |  |  |  |
|  **Equity (usable equity)** | $**51405** | $**50481** | $**924** | $**671** | $**253** |  |  |  |  |  |  |
|  Loans exposure | $239278 | $229344 | $9934 | $8839 | $1095 |  |  |  |  |  |  |
|  Present value of guarantees | 2823 | 2703 | 120 | 80 | 40 |  |  |  |  |  |  |
|  Effective but undisbursed DDOs | 398 | 598 | (200) | (200) |  |  |  |  |  |  |  |
|  Related accumulated provisions | (2526) | (2142) | (384) | (363) | (21) |  |  |  |  |  |  |
|  Deferred loan income | (507) | (510) | 3 | 5 | (2) |  |  |  |  |  |  |
|  Other exposures | (1042) | (743) | (299) | (295) | (4) |  |  |  |  |  |  |
|  **Loans (total exposure)** | $**238424** | $**229250** | $**9174** | $**8066** | $**1108** |  |  |  |  |  |  |
|  **Equity-to-Loans Ratio** | **21.6%** | **22.0%** |  |  |  |  |  |  |  |  |  |

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*a.* *June 30, 2022 amount includes the transfer to the General Reserve, which was approved by the Board on August 4, 2022.* 

*b.* *Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios, net.* 

*c.* *Includes cumulative translation gains on non-functional currencies of $138 million ($173 million gains for FY22).* 

**Table 10: Usable Paid-In Capital** 

*In millions of U.S. dollars* 

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| | | | |
|:---|:---|:---|:---|
| *As of* | *December 31,<br>2022* | *June 30,<br>2022* | *Variance* |
|  Paid-in Capital | $21166 | $20499 | $667 |
|  Adjustment on released NCPIC for net deferred MOV receivable <sup>a</sup> | (430) | (424) | (6) |
|  Adjustments for unreleased NCPIC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | (55) | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand notes | (322) | (316) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MOV receivable | (262) | (354) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MOV payable | 2 | 2 |  |
|  Total Adjustments for unreleased NCPIC | (637) | (723) | 86 |
|  Usable paid-in capital | $20099 | $19352 | $747 |

---

------

*a.* *The Maintenance-Of-Value (MOV) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* 

**Credit Risk** 

IBRD faces two types of credit risk: country credit risk and counterparty credit risk. Country credit risk is the risk of loss due to a country not meeting its contractual obligations, and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations. IBRD is exposed to commercial as well as non-commercial counterparty credit risk.

**Country Credit Risk** 

IBRD manages country credit risk by using individual country exposure limits and produces credit risk ratings for all its borrowing countries, which reflect country economic, financial, and political circumstances, and also considers environmental, social and governance (ESG) risk factors. In addition, IBRD conducts stress tests of the effects of changes in market variables and of potential geopolitical events on its portfolio to complement its capital adequacy framework.

IBRD Management's Discussion and Analysis: December 31, 2022

------

---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

---

**Figure 9: Country Exposures as of December 31, 2022** 

*In billions of U.S. dollars*![LOGO](g460172g01g20.jpg)

Portfolio Concentration Risk

Portfolio concentration risk, which arises when a small group of borrowers accounts for a large share of loans outstanding, is a key risk for IBRD. The ten countries with the highest exposures accounted for 60% of IBRD's total exposure as of December 31, 2022.

Concentration risk is carefully managed, in part, by applying an exposure limit to a single borrowing country for the aggregate balance of loans outstanding, the present value of guarantees, the undisbursed portion of DDOs, and other eligible exposures that have become effective. Under the current guidelines, IBRD's exposure to a single borrowing country is restricted to the lower of an Equitable Access Limit (EAL) and the Single Borrower Limit (SBL).

The SBL framework reflects a dual-SBL system, which differentiates between countries below the Graduation Discussion Income (GDI) threshold and those above it. Under this system, the FY23 SBL is $28.0 billion for highly creditworthy countries below the GDI, and $21.2 billion for highly creditworthy countries above the GDI.

Accumulated Provision for Losses on Loans and Other Exposures

As of December 31, 2022, IBRD's accumulated provision for losses on loans and other exposures was $2,550 million, including $409 million of accumulated provision related to loan commitments (see Notes to Condensed Quarterly Financial Statements, Note D: Loans and Other Exposures). This was less than 1% of the underlying exposures ($2,165 million as of June 30, 2022, less than 1% of total exposures).

As of December 31, 2022, 0.6% of IBRD's total loans outstanding were in nonaccrual status, all related to Zimbabwe and Belarus. During the first six months of FY23, IBRD received less than $1 million of payments towards amounts overdue from Zimbabwe ($1.5 million for FY22 YTD). See Notes to Condensed Quarterly Financial Statements, Note D: Loans and Other Exposures.

Effective October 17, 2022, all loans made to or guaranteed by Belarus were placed into nonaccrual status. The impact of this event was reflected in IBRD's September 30, 2022 financial statements. No loans to any borrowing country were restored to accrual status during the first six months of FY23.

**Counterparty Credit Risk** 

IBRD is exposed to commercial and non-commercial counterparty credit risk.

Commercial Counterparty Credit Risk

Commercial counterparty credit risk is the risk that counterparties fail to meet their payment obligations under the terms of the contract or other financial instruments. Effective management of counterparty credit risk is vital to the success of IBRD's funding, investment, and asset/liability management activities. The monitoring and management of these risks is continuous as the market environment evolves.

As a result of IBRD's use of collateral arrangements for swap transactions, its residual commercial counterparty credit risk is concentrated in the investment portfolio, in instruments issued by sovereign governments and non-sovereign holdings (including Agencies and Asset-backed securities, Corporates, and Time Deposits).

IBRD Management's Discussion and Analysis: December 31, 2022

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---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

---

As shown in Table 11, 58% of IBRD's investment portfolio is rated AA or above, and the remainder predominantly rated A. The exposures with AAA and AA rated counterparties primarily relate to sovereign debt and time deposits. The A rated counterparties principally consist of financial institutions (limited to short-term deposits and swaps) and sovereign debt.

**Table 11: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** 

*In millions of U.S. dollars* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *As of December 31, 2022* | *As of December 31, 2022* | *As of December 31, 2022* | *As of December 31, 2022* | *As of December 31, 2022* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating <sup>a</sup>* | *Sovereigns* | *Non-Sovereigns* | *Net Swap<br>Exposure* | *Total<br>Exposure* | *% of<br>Total* |
|  AAA | $13708 | $6039 | $— | $19747 | 26% |
|  AA | 1408 | 22277 | 14 | 23699 | 32 |
|  A | 17828 | 13127 | 67 | 31022 | 42 |
|  BBB |  | 38 |  | 38 | \* |
|  BB or lower/unrated | 36 | 4 |  | 40 | \* |
|  **Total** | $**32980** | $**41485** | $**81** | $**74546** | **100%** |
|  | *As of June 30, 2022* | *As of June 30, 2022* | *As of June 30, 2022* | *As of June 30, 2022* | *As of June 30, 2022* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating <sup>a</sup>* | *Sovereigns* | *Non-Sovereigns* | *Net Swap<br>Exposure* | *Total<br>Exposure* | *% of<br>Total* |
|  AAA | $21582 | $10398 | $— | $31980 | 40% |
|  AA | 1520 | 28413 | 68 | 30001 | 37 |
|  A | 6060 | 11890 | 88 | 18038 | 23 |
|  BBB |  | 48 |  | 48 | \* |
|  BB or lower/unrated | 39 | 5 | 2 | 46 | \* |
|  **Total** | $**29201** | $**50754** | $**158** | $**80113** | **100%** |

---

------

*a.* *Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* 

*\** *Indicates amount less than $0.5 million or percentage less than 0.5%.* 

Non-Commercial Counterparty Credit Risk

In addition to its derivative transactions with commercial counterparties, IBRD offers derivative-intermediation and other services to borrowing member countries, as well as to affiliated and non-affiliated organizations, to help meet their development needs and fulfill their development mandates (see Table 12).

IBRD has a master derivatives agreement with the International Finance Facility for Immunisation (IFFIm), under which several transactions have been executed. IBRD has the right to call for collateral above an agreed specified threshold. As of December 31, 2022, IBRD had not exercised this right, but may do so under the existing terms of the agreement. Rather than calling for collateral, IBRD and IFFIm have agreed to manage IBRD's exposure by applying a risk management buffer to the gearing ratio limit. The gearing ratio limit represents the maximum amount of IFFIm's net financial obligations less cash and liquid assets, as a percentage of the net present value of its financial assets.

IBRD Management's Discussion and Analysis: December 31, 2022

------

---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

---

**Table 12: Non-Commercial Counterparty Credit Risk** 

*In millions of U.S. dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Exposures as of December 31, 2022* | *Exposures as of December 31, 2022* | *Exposures as of December 31, 2022* | *Exposures as of December 31, 2022* | *Exposures as of December 31, 2022* |
| *Non-Commercial<br>Counterparty* | *Instrument<br>used* | *Purpose of derivative transaction* | *Notional* | *Net*<br>*Exposure* |
|  Borrowing Member Countries | Derivatives | Assist borrowing member countries with managing risks | $7206 | $— |
|  Affiliated Organization | Derivatives | Intermediation on behalf of IDA | 251 | 8 |
|  Non-Affiliated Organization | Derivatives | Assist IFFIm with managing financial risks | 3288 |  |
|  |  |  | $**10745** | $**8** |

---

**Changes in Credit Spreads** 

The sensitivity of IBRD's portfolios to credit represents the change in fair value corresponding to changes in credit spreads.

• *Investments:* IBRD purchases investment-grade securities for its liquid asset portfolio. Credit risk is
controlled through appropriate eligibility criteria (see investment eligibility criteria in IBRD's MD&A as of June 30, 2022) and a consultative loss limit.

• *Borrowings:* IBRD's own credit risk reflects the cost of funding relative to applicable reference
rates. Changes in IBRD's credit spreads results in unrealized mark-to-market gains/losses, recorded as Net Change in DVA on Fair Value Option elected liabilities in
the Condensed Statements of Comprehensive Income.

• *Loans.* IBRD's fair value model represents a hypothetical exit price of the loan portfolio. It
incorporates Credit Default Swaps (CDS) spreads as an indicator of the credit risk for each borrower. IBRD does not hedge its sovereign credit exposure, but Management assesses its credit risk through a loan-loss provisioning framework. Loan-loss
provision represents the expected losses inherent in its accrual and nonaccrual portfolios. IBRD's country credit risk is managed by using individual country exposure limits and by monitoring its credit-risk-bearing capacity.

• *Derivatives.* IBRD uses derivatives to manage exposures to currency and interest rate risks in its
investment, loan, other ALM and borrowing portfolios. It is therefore exposed to commercial counterparty credit risk on these instruments.

**Market Risk** 

IBRD is exposed to changes in interest and exchange rates, and it uses various strategies to minimize its exposure to market risk.

**Interest Rate Risk** 

Under its current interest rate risk management strategy, IBRD seeks to match the interest rate sensitivity of its assets (loan and investment trading portfolios) with those of its liabilities (borrowing portfolio) by using derivatives, such as interest rate swaps. These derivatives effectively convert IBRD's financial assets and liabilities into variable-rate instruments. After considering the effects of these derivatives, virtually the entire loan and borrowing portfolios are carried at variable interest rates.

*Loans to borrowing countries* 

Under IBRD's loan agreements, if an interest rate yields a negative rate, the interest rate charged is zero.

*Liquid Asset Portfolio* 

IBRD's existing guidelines allow for the investment in a wide variety of credit products in both developed and emerging market economies (see investment eligibility criteria in IBRD's MD&A as of June 30, 2022). During the first six months of FY23, IBRD's liquid asset portfolio recorded unrealized mark-to-market gains, mainly from foreign currency forward contracts.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

---

The interest rate risk on IBRD's liquid asset portfolio, including the risk that the value of assets in the portfolio will fluctuate in response to changes in market interest rates, is managed within specified duration-mismatch limits. The liquid asset portfolio has spread exposure because IBRD holds instruments other than the short-term bank deposits represented by the portfolio's London Interbank Bid Rate (LIBID) benchmark. These investments generally yield positive returns over the benchmark but can generate mark-to-market losses if their spreads relative to LIBOR widen.

Fixed Spread Loan Refinancing Risk

Refinancing risk for funding fixed-spread loans relates to the potential impact of any future deterioration in IBRD's funding spread relative to what was computed in the fixed-spread. IBRD does not match the maturity of its funding with that of its fixed spread loans as this would result in significantly higher financing costs for all loans. Instead, IBRD targets a shorter average funding maturity and manages the refinancing risk through two technical components of the fixed-spread loan pricing, both of which can be changed at Management's discretion for new loan offers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Projected funding cost:* Management's best estimate of average funding costs over the life of the
loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk premium:* A charge for the risk that actual funding costs are higher than projected Liquid Asset
Portfolio Spread Exposure

Effective April 1, 2021, IBRD's offering of loans on fixed spread terms was suspended.

Other Interest Rate Risks

Interest rate risk also arises from other variables, including differences in timing between the contractual maturities or re-pricing of IBRD's assets, liabilities, and derivative instruments. On variable-rate assets and liabilities, IBRD is exposed to timing mismatches between the reset dates on its variable-rate receivables and payables. IBRD monitors these exposures and may execute overlay interest rate swaps to reduce sizable timing mismatches.

Alternative Reference Rates

The Financial Conduct Authority (FCA), the regulator of LIBOR, confirmed that effective December 31, 2021, all the LIBOR settings, except for certain USD LIBOR, which will be available until June 30, 2023, would cease to be provided by any administrator or were no longer representative.

In consideration of the regulatory guidance and in preparation for the global markets' transition away from LIBOR, IBRD took the necessary steps to facilitate a smooth and orderly transition of its financial instruments to alternative reference rates. This transition started on January 1, 2022.

Out of the total loans outstanding as of December 31, 2022, approximately 59% have transitioned and 10% are still subject to transition to alternative reference rates. The remaining 31% of the total loans outstanding are not required to transition to alternative reference rates. The switch over of existing variable spread and non-USD fixed spread loans to alternative reference rates began in January 2022, at the loan reset dates, and was completed as of June 30, 2022. The USD fixed spread loans will begin transitioning in July 2023, as the loans reset.

Out of the total derivative portfolio notional as of December 31, 2022, less than 1% have transitioned and 73% are still subject to transition to alternative reference rates. The remaining 27% of the total derivative portfolio notional is not subject to transition to alternative reference rates. For the vast majority of the derivative portfolio subject to transition, IBRD either has sufficient provisions in the derivative agreements with its counterparties, has adhered to the International Swaps and Derivatives Association (ISDA) 2020 IBOR Fallbacks Protocol (IBOR Protocol) or works bilaterally with counterparties, to ensure a smooth transition to alternative reference rates.

As of December 31, 2022, about 98% of IBRD's borrowing portfolio either carries fixed interest rates or is not subject to transition to alternative reference rates.

IBRD will continue to work with key stakeholders, including internal subject matter experts, senior management, borrowers, industry groups and other market participants, to mitigate potential financial and operational risks to which IBRD is exposed, and to ensure an orderly transition to the alternative reference rates.

IBRD Management's Discussion and Analysis: December 31, 2022

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---

| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section IV: Risk Management |

---

**Exchange Rate Risk** 

IBRD holds the majority of its assets and liabilities in U.S. dollars and euro. However, the reported levels of its assets, liabilities, income, and expenses in the financial statements are affected by exchange rate movements in all the currencies in which IBRD transacts, relative to its reporting currency, the U.S. dollar. While IBRD's equity could be affected by exchange rate movements, IBRD's risk management policies work to minimize the exchange rate risk in its capital adequacy, by immunizing the Equity-to-Loans ratio against exchange rate movements.

To minimize exchange rate risk, IBRD matches its borrowing obligations in any one currency (after derivatives) with assets in the same currency. In addition, IBRD undertakes periodic currency conversions to align the currency composition of its equity with that of its outstanding loans across major currencies. Together, these policies are designed to minimize the impact of exchange rate fluctuations on the Equity-to-Loans ratio; thereby preserving IBRD's ability to better absorb unexpected losses from arrears on loan repayments, regardless of exchange movements. As a result, exchange rate movements during the period generally do not have an impact on the overall Equity-to-Loans ratio.

**Liquidity Risk** 

Liquidity risk arises in the general funding of IBRD's activities and in managing its financial position. It includes the risk of IBRD being unable to fund its portfolio of assets at appropriate maturities and rates, and the risk of being unable to liquidate a position in a timely manner at a reasonable price.

Under IBRD's liquidity management guidelines, liquid asset holdings are kept at or above a specified Prudential Minimum to safeguard against cash flow interruptions.

The Target Liquidity Level represents twelve-months' coverage as calculated at the start of every fiscal year. The Prudential Minimum is defined as 80% of the Target Liquidity Level. The maximum guideline of 150% of Target Liquidity Level continues to function as a guideline rather than a hard ceiling (see Table 13).

**Table 13: Liquidity Levels for FY23** 

---

| | | |
|:---|:---|:---|
|  | *In billions of U.S. dollars* | *% of Target Liquidity Level* |
|  Target Liquidity Level | 54.0 |  |
|  Guideline Maximum Liquidity Level | 81.0 | 150% |
|  Prudential Minimum Liquidity Level | 43.2 | 80% |
|  Liquid Asset Portfolio as of December 31, 2022 | 71.0 | 131% |

---

The FY23 Target Liquidity Level is $3.0 billion lower than the prior year, due to the lower projected debt service.

**Operational Risk** 

Operational risk is defined as the risk of financial loss or damage to IBRD's reputation resulting from inadequate or failed internal processes, people and systems, or from external events.

IBRD recognizes the importance of operational risk management activities, which are embedded in its financial operations. As part of its business activities, IBRD is exposed to a range of operational risks including physical security and staff health and safety, data and cyber security, business continuity, and third-party vendor risks. IBRD's approach to identifying and managing operational risk includes a dedicated program for these risks and a robust process that includes assessing and prioritizing operational risks, monitoring and reporting relevant key risk indicators, aggregating and analyzing internal and external events, and identifying emerging risks that may affect business units and developing risk response and mitigating actions.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| Section V: Governance |

---

**Section V: Governance** 

**Senior Management Changes** 

On January 26, 2023, the following senior management changes were announced:

• Mari Pangestu announced her retirement as Managing Director for Development Policy and Partnerships,
effective March 1, 2023. Axel van Trotsenburg, Managing Director for Operations (MDO), was appointed Senior Managing Director and will assume responsibility for the World Bank's Development Policy and Partnerships, effective
April 3, 2023. In the intervening period, Mamta Murthi, Vice President for Human Development, will be the Acting Managing Director for Development Policy and Partnerships.

• Anna Bjerde was appointed Managing Director for Operations (MDO), effective April 3, 2023.

IBRD Management's Discussion and Analysis: December 31, 2022

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| | |
|:---|:---|
| <br> **Management's Discussion and Analysis**<br>| List of Tables, Figures and Box |

---

**List of Tables, Figures and Box** 

**Tables** 

---

| | |
|:---|:---|
|  [Table 1: Condensed Statements of Income](#tx460172_100) | 9 |
|  [Table 2: Condensed Balance Sheets](#tx460172_101) | 9 |
|  [Table 3: Change in Net Loans Outstanding](#tx460172_102) | 11 |
|  [Table 4: Gross Disbursements by Region](#tx460172_103) | 11 |
|  [Table 5: Net Commitments by Region](#tx460172_104) | 11 |
|  [Table 6: Net Other Revenue](#tx460172_105) | 13 |
|  [Table 7: Net Non-Interest Expenses](#tx460172_106) | 14 |
|  [Table 8: Unrealized Mark-to-market Gains and Losses on Non-trading Portfolios](#tx460172_107) | 14 |
|  [Table 9: Equity-to-Loans Ratio](#tx460172_108) | 18 |
|  [Table 10: Usable Paid-In Capital](#tx460172_109) | 18 |
|  [Table 11: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating](#tx460172_110) | 20 |
|  [Table 12: Non-Commercial Counterparty Credit Risk](#tx460172_111) | 21 |
|  [Table 13: Liquidity Levels for FY23](#tx460172_112) | 23 |
|  **Figures** |  |
|  [Figure 1: Sources and Uses of Revenue](#tx460172_113) | 7 |
|  [Figure 2: Loan interest revenue and funding cost (including derivatives)](#tx460172_114) | 10 |
|  [Figure 3: Loan interest revenue, net](#tx460172_115) | 10 |
|  [Figure 4: Net Loans Outstanding](#tx460172_116) | 11 |
|  [Figure 5: Net Investment Portfolio](#tx460172_117) | 12 |
|  [Figure 6: Investment Revenue, net](#tx460172_118) | 12 |
|  [Figure 7: Borrowing Portfolio (original maturities)](#tx460172_119) | 12 |
|  [Figure 8: Net Non-Interest Expenses (GAAP basis)](#tx460172_120) | 13 |
|  [Figure 9: Country Exposures as of December 31, 2022](#tx460172_121) | 19 |
|  **Box** |  |
|  [Box 1: Selected Financial Data](#tx460172_122) | 2 |

---

IBRD Management's Discussion and Analysis: December 31, 2022

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INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)

CONTENTS

*December 31, 2022* 

CONDENSED QUARTERLY FINANCIAL STATEMENTS (UNAUDITED)

---

| | |
|:---|:---|
|  [CONDENSED BALANCE SHEETS](#tx460172_7) | 28 |
|  [CONDENSED STATEMENTS OF INCOME](#tx460172_8) | 30 |
|  [CONDENSED STATEMENTS OF COMPREHENSIVE INCOME](#tx460172_9) | 31 |
|  [CONDENSED STATEMENTS OF CHANGES IN RETAINED EARNINGS](#tx460172_10) | 31 |
|  [CONDENSED STATEMENTS OF CASH FLOWS](#tx460172_11) | 32 |
|  [NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS](#tx460172_12) | 33 |
|  [INDEPENDENT AUDITOR'S REVIEW REPORT](#tx460172_13) | 61 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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CONDENSED BALANCE SHEETS

*Expressed in millions of U.S. dollars* 

---

| | | |
|:---|:---|:---|
|  | *December 31, 2022<br>(Unaudited)* | *June 30, 2022<br>(Unaudited)* |
|  **Assets** |  |  |
|  Due from banks—Notes C and K |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrestricted cash | $524 | $392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 80 | 87 |
|  | 604 | 479 |
|  Investments-Trading (including securities transferred under repurchase or securities lending agreements of $30 million—December 31, 2022; $36 million—June 30, 2022)—Notes C and K | 76262 | 81783 |
|  Securities purchased under resale agreements—Notes C and K | 98 | 37 |
|  Derivative assets, net—Notes C, E, F, I and K | 294 | 804 |
|  Loans outstanding—Notes D, I and K |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans | 306607 | 303867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less undisbursed balance (including signed loan commitments of $56,792 million — December 31, 2022, and $56,951 million —June 30, 2022) | (67329) | (74523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans outstanding | 239278 | 229344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated provision for loan losses | (2065) | (1742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred loan income | (507) | (510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans outstanding | 236706 | 227092 |
|  Other assets—Notes C, D, E and I | 8793 | 7347 |
|  **Total assets** | $322757 | $317542 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *December 31, 2022<br>(Unaudited)* | *June 30, 2022<br>(Unaudited)* |
|  **Liabilities** |  |  |
|  Borrowings—Notes E and K | $227654 | $235173 |
|  Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received—Notes C and K | 31 | 37 |
|  Derivative liabilities, net—Notes C, E, F, I and K | 29582 | 20041 |
|  Other liabilities—Notes C, D and I | 7418 | 6971 |
|  **Total liabilities** | 264685 | 262222 |
|  **Equity** |  |  |
|  Capital stock—Note B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized capital (2,783,873 shares—December 31, 2022, and June 30, 2022) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscribed capital (2,593,354 shares—December 31, 2022, and 2,545,984 shares—June 30, 2022) | 312849 | 307135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less uncalled portion of subscriptions | (291683) | (286636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 21166 | 20499 |
|  Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital | (322) | (316) |
|  Receivable amounts to maintain value of currency holdings | (262) | (354) |
|  Deferred amounts to maintain value of currency holdings | (430) | (424) |
|  Retained earnings (Condensed Statements of Changes in Retained Earnings and Note G) | 35717 | 34997 |
|  Accumulated other comprehensive income—Note J | 2203 | 918 |
|  **Total equity** | 58072 | 55320 |
|  **Total liabilities and equity** | $322757 | $317542 |

---

***The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.***

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

CONDENSED STATEMENTS OF INCOME

*Expressed in millions of U.S. dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Three Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Three Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Six Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Six Months Ended*<br>*December 31,* <br>*(Unaudited)* |
|  | *2022* | *2021* | *2022* | *2021* |
|  **Interest revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net—Note D | $2489 | $488 | $4146 | $972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset/liability management derivatives, net | (155) | 167 | (184) | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments-Trading, net | 745 | 25 | 1163 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 1 | (5) | 1 | (3) |
|  **Borrowing expenses, net—Note E** | (2187) | (64) | (3403) | (137) |
|  **Interest revenue, net of borrowing expenses** | 893 | 611 | 1723 | 1224 |
|  **Provision for losses on loans and other exposures, release (charge)—Note D** | 30 | (127) | (364) | (199) |
|  **Non-interest revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from externally funded activities—Note I | 205 | 178 | 361 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment charges—Note D | 31 | 33 | 61 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 6 | 9 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 242 | 220 | 442 | 398 |
|  **Non-interest expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative—Notes H and I | (547) | (509) | (1066) | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions to special programs | (15) | (14) | (15) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net—Note H | 45 | 61 | 90 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (517) | (462) | (991) | (905) |
|  **Board of Governors-approved and other transfers—Note G** | (141) | (354) | (221) | (354) |
|  **Non-functional currency translation adjustment (losses) gains, net** | (28) | 40 | (28) | 56 |
|  **Unrealized mark-to-market gains on Investments-Trading portfolio, net—Notes F and K** | 69 | 63 | 56 | 73 |
|  **Unrealized mark-to-market (losses) gains on non-trading portfolios, net—Notes D, E, F and K** | (9) | (111) | 103 | 245 |
|  **Net income (loss)** | $539 | $(120) | $720 | $538 |

---

***The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.***

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

*Expressed in millions of U.S. dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Three Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Three Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Six Months Ended*<br>*December 31,* <br>*(Unaudited)* | *Six Months Ended*<br>*December 31,* <br>*(Unaudited)* |
|  | *2022* | *2021* | *2022* | *2021* |
|  **Net income (loss)** | $539 | $(120) | $720 | $538 |
|  **Other comprehensive income (loss)—Note J** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification to net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of unrecognized net actuarial (gains) losses on pension plans | (7) | 14 | (14) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of unrecognized prior service costs on pension plans | 5 | 6 | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in Debit Valuation Adjustment (DVA) on Fair Value Option elected liabilities | 685 | (116) | 974 | (485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translation adjustments on functional currency | 920 | (186) | 315 | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive income (loss) | 1603 | (282) | 1285 | (846) |
|  **Comprehensive income (loss)** | $2142 | $(402) | $2005 | $(308) |

---

CONDENSED STATEMENTS OF CHANGES IN RETAINED EARNINGS

*Expressed in millions of U.S. dollars* 

---

| | | |
|:---|:---|:---|
|  | *Six Months Ended December 31,<br>(Unaudited)* | *Six Months Ended December 31,<br>(Unaudited)* |
|  | *2022* | *2021* |
|  **Retained earnings at the beginning of the fiscal year** | $34997 | $31007 |
|  Net income for the period | 720 | 538 |
|  **Retained earnings at the end of the period** | $35717 | $31545 |

---

***The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.***

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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CONDENSED STATEMENTS OF CASH FLOWS

*Expressed in millions of U.S. dollars* 

---

| | | |
|:---|:---|:---|
|  | *Six Months Ended December 31,<br>(Unaudited)* | *Six Months Ended December 31,<br>(Unaudited)* |
|  | *2022* | *2021* |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | $(15270) | $(15158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal repayments | 6163 | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal prepayments | 287 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees received | 19 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net derivatives-loans | 39 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investing activities, net | (66) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (8828) | (7634) |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium and long-term borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New issues | 12059 | 24816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirements | (12221) | (19172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings (original maturities greater than 90 days) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New issues | 14258 | 12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirements | (12871) | (11043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net short-term borrowings (original maturities less than 90 days) | (1578) | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net derivatives-borrowings | (404) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions | 667 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financing activities, net | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) provided by financing activities | (86) | 6319 |
|  **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 720 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized mark-to-market gains on non-trading portfolios, net | (103) | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-functional currency translation adjustment gains (losses), net | 28 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 216 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for losses on loans and other exposures | 364 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment portfolio | 7675 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets and liabilities | 135 | (3460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 9035 | (77) |
|  **Effect of exchange rate changes on unrestricted and restricted cash** | 4 | (49) |
|  **Net increase (decrease) in unrestricted and restricted cash** | 125 | (1441) |
|  **Unrestricted and restricted cash at the beginning of the fiscal year** | 479 | 2347 |
|  **Unrestricted and restricted cash at the end of the period** | $604 | $906 |
|  **Supplemental disclosure** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in ending balances resulting from exchange rate fluctuations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans outstanding | $1095 | $(2382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment portfolio | 86 | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing portfolio | 927 | (1702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized loan origination fees included in total loans | 19 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid on borrowing portfolio | 1859 | 806 |

---

***The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.***

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS

**NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES** 

**Basis of Preparation** 

These unaudited condensed quarterly financial statements and notes should be read in conjunction with the June 30, 2022, audited financial statements and notes included therein. The condensed comparative information that has been derived from the June 30, 2022 audited financial statements has not been audited. In the opinion of management, the condensed quarterly financial statements reflect all adjustments necessary for a fair presentation of IBRD's financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed quarterly financial statements and the reported amounts of income and expenses during the reporting periods. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not limited to, the provision for losses on loans and other exposures, the valuation of certain instruments carried at fair value, and the valuation of pension and other postretirement plan-related liabilities. The results of operations for the first six months of the current fiscal year are not necessarily indicative of results for the full year.

Certain reclassifications of the prior year's information have been made to conform with the current year's presentation.

**Accounting and Reporting Developments** 

***Accounting Standards Evaluated:***

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2022-06—*Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848*. The ASU extended the timeline for temporary relief to certain contract modification guidance provided by ASU 2020-04 - *Reference Rate Reform (Topic 848)*: *Facilitation of the Effects of Reference Rate Reform on Financial Reporting* from December 31, 2022 to December 31, 2024. ASU 2022-06 was effective upon issuance, and the adoption did not have a material impact on IBRD's financial statements.

***Accounting Standards Under Evaluation:***

In June 2022, the FASB issued ASU 2022- 03, *Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and should not be factored in when measuring fair value. The ASU also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The ASU requires certain disclosures for equity securities subject to contractual sale restrictions. The ASU is effective from the quarter ending September 30, 2024 (fiscal year 2025), with early adoption permitted. IBRD is currently evaluating the impact of the ASU on its financial statements.

In March 2022, the FASB issued ASU 2022-02, *Troubled Debt Restructurings and Vintage Disclosures*, which eliminates the accounting guidance on troubled debt restructurings for creditors and amends the guidance on "vintage disclosures" to require disclosure of current-period gross write-offs by year of origination. This ASU is effective from the quarter ending September 30, 2023 (fiscal year 2024), with early adoption permitted. IBRD is currently evaluating the impact of the ASU on its financial statements.

In November 2021, the FASB issued ASU 2021-10, *Disclosure by Business Entities about Government Assistance*, which requires entities to make certain annual disclosures about government assistance transactions. This ASU is effective for the annual period ending June 30, 2023 (annual statements of fiscal year 2023), with early adoption permitted. IBRD is currently evaluating the impact of the ASU on its financial statements.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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**NOTE B—CAPITAL STOCK** 

The following table provides a summary of changes in IBRD's authorized and subscribed shares:

**Table B1: IBRD's shares** 

---

| | | |
|:---|:---|:---|
|  | *Authorized shares* | *Subscribed shares* |
|  As of June 30, 2021 | 2783873 | 2469065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Capital Increase/Selective Capital Increase (GCI/SCI) |  | 76919 |
|  As of June 30, 2022 | 2783873 | 2545984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCI/SCI |  | 47370 |
|  As of December 31, 2022 | 2783873 | 2593354 |

---

The following table provides a summary of the changes in subscribed capital, uncalled portion of subscriptions, and paid-in capital:

**Table B2: IBRD's capital** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Subscribed capital* | *Uncalled portion of subscriptions* | *Paid-in capital* |
|  As of June 30, 2021 | $297856 | $(278612) | $19244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCI/SCI | 9279 | (8024) | 1255 |
|  As of June 30, 2022 | 307135 | (286636) | 20499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCI/SCI | 5714 | (5047) | 667 |
|  As of December 31, 2022 | $312849 | $(291683) | $21166 |

---

The uncalled portion of subscriptions is subject to call only when required to meet the obligations incurred by IBRD as a result of borrowings or guaranteeing loans.

On October 1, 2018, IBRD's Board of Governors approved two resolutions that increased IBRD's authorized capital. The total increase in authorized capital was $57.5 billion, of which, $27.8 billion and $29.7 billion relate to the GCI and SCI, respectively. Under the terms of the 2018 GCI and SCI, paid-in capital is expected to increase by up to $7.5 billion. As of December 31, 2022, the cumulative subscription payments received under the 2018 capital increases were $4.7 billion.

**NOTE C—INVESTMENTS** 

As of December 31, 2022, IBRD's investments include the liquid asset portfolio, the Post Employment Benefit Plan (PEBP), the Post Retirement Contribution Reserve Fund (PCRF) and holdings relating to the Local Currency Market Development (LCMD) investments. LCMD investments are sovereign bonds denominated in the local currencies of less developed markets and funded by borrowings in the same currency with matching volume, payment and maturity characteristics.

Investments held by IBRD are designated as trading and reported at fair value, or at face value which approximates fair value. As of December 31, 2022, IBRD's investments were primarily comprised of government and agency obligations (49%), and time deposits (46%), with all of the instruments classified as either Level 1 or Level 2 within the fair value hierarchy. As of December 31, 2022, the largest holding of investments from a single counterparty was Japanese government instruments (20%).

A summary of IBRD's Investments-Trading is as follows:

**Table C1: Investments—Trading composition** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *June 30, 2022* |
|  Government and agency obligations | $37701 | $38727 |
|  Time deposits | 35257 | 39454 |
|  Asset-Backed Securities (ABS) | 1186 | 1603 |
|  Alternative investments <sup>a</sup> | 1843 | 1704 |
|  Equity securities <sup>a</sup> | 275 | 295 |
|  Total | $76262 | $81783 |

---

*a.* *Related to PEBP holdings. Alternative investments are comprised of investments in hedge funds, private equity funds and real estate funds, reported at net asset value (NAV).* 

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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IBRD manages its investments on a net portfolio basis. The following table summarizes IBRD's net portfolio position:

**Table C2: Net investment portfolio** 

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| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *December 31, 2022* | *June 30, 2022* |
|  **Investments-Trading** | $76262 | $81783 |
|  **Securities purchased under resale agreements** | 98 | 37 |
|  **Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received** <sup>a</sup> | (99) | (201) |
|  **Derivative assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps and forward contracts | 192 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 40 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | 2 |
|  Total | 233 | 962 |
|  **Derivative liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps and forward contracts | (1616) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | (419) | (523) |
|  Total | (2035) | (578) |
|  **Cash held in investment portfolio** <sup>b</sup> | 370 | 262 |
|  **Receivable from investment securities traded and other assets** <sup>c</sup> | 94 | 103 |
|  **Payable for investment securities purchased** <sup>d</sup> | (415) | (311) |
|  **Net investment portfolio** | $74508 | $82057 |

---

*a.* *Includes $68 million of cash collateral received from counterparties under derivative agreements ($164 million—June 30, 2022).* 

*b.* *Included in Unrestricted cash under Due from banks on the Condensed Balance Sheets.* 

*c.* *Included in Other assets on the Condensed Balance Sheets.* 

*d.* *Includes $321 million of liabilities related to PCRF payable, which is included in Other liabilities – Accounts payable and miscellaneous liabilities on the Condensed Balance Sheets ($260 million—June 30, 2022) and $59 million of liabilities related to short sales (Nil—June 30, 2022).* 

The composition of IBRD's net investment portfolio is as follows:

**Table C3: Net investment portfolio composition** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *June 30, 2022* |
|  Net Investment Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquid assets | $71013 | $78796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEBP holdings | 2536 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCRF holdings | 923 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCMD investments | 36 | 39 |
|  **Total** | $74508 | $82057 |

---

IBRD uses derivative instruments to manage the associated currency and interest rate risks in the investment portfolio. For details of these instruments, see Note F—Derivative Instruments. After considering the effects of these derivatives, IBRD's investment portfolio is predominantly denominated in U.S. dollars.

**Commercial Credit Risk** 

For the purpose of risk management, IBRD is party to a variety of financial transactions, certain of which involve elements of credit risk. Credit risk exposure represents the maximum potential loss due to possible non-performance by obligors and counterparties under the terms of the contracts. For all securities, IBRD limits trading to a list of authorized dealers and counterparties. In addition, IBRD may require collateral in connection with resale agreements and swap agreements. The collateral serves to mitigate IBRD's exposure to credit risk.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

***Swap Agreements:*** Credit risk is mitigated through the application of eligibility criteria and volume limits for transactions with individual counterparties and through the use of mark-to-market collateral arrangements for swap transactions. IBRD may require collateral in the form of cash or other approved liquid securities from individual counterparties in order to mitigate its credit exposure.

IBRD has entered into master derivative agreements that contain legally enforceable close-out netting provisions. These agreements may further reduce the gross credit risk exposure related to the swaps. Credit risk with financial assets subject to a master derivatives arrangement is further reduced under these agreements to the extent that payments and receipts with the counterparty are netted at settlement. The reduction in exposure as a result of these netting provisions can vary due to the impact of changes in market conditions on existing and new transactions. The extent of the reduction in exposure may therefore change substantially within a short period of time following the balance sheet date. For more information on netting and offsetting provisions, see Note F—Derivative Instruments.

The following is a summary of the collateral received by IBRD for swap transactions:

**Table C4: Collateral received** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *December 31, 2022* | *June 30, 2022* |
|  Collateral received |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $68 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 269 | 427 |
|  Total collateral received | $337 | $591 |
|  Collateral permitted to be repledged | $337 | $591 |
|  Amount of collateral repledged |  |  |
|  Amount of cash collateral invested | 67 | 143 |

---

***Securities Lending:*** IBRD may engage in securities lending and repurchases, against adequate collateral, as well as secured borrowing and reverse repurchases (resales) of government and agency obligations, corporate securities, ABS and Mortgage-backed securities (MBS). These transactions, if any, are conducted under legally enforceable master netting arrangements, which allow IBRD to reduce its gross credit exposure related to these transactions. IBRD presents its securities lending and repurchases, as well as resales, on a gross basis on the Condensed Balance Sheets. As of December 31, 2022, there were no amounts that could potentially be offset as a result of legally enforceable master netting arrangements (Nil—June 30, 2022).

Securities lending and repurchase agreements expose IBRD to several risks, including counterparty risk, reinvestment risk, and risk of a collateral gap (due to increase or decrease in the fair value of collateral pledged). IBRD has procedures in place to ensure that trading activity and balances under these agreements are below predefined counterparty and maturity limits, and to actively manage net counterparty exposure, after collateral, using daily market values. Whenever the collateral pledged by IBRD related to its borrowings under repurchase agreements and securities lending agreements declines in value, the transaction is re-priced as appropriate by returning cash or pledging additional collateral.

Transfers of securities by IBRD to counterparties are not accounted for as sales as the accounting criteria for the treatment as a sale have not been met. Counterparties are permitted to repledge these securities until the repurchase date.

As of December 31, 2022, liabilities relating to securities transferred under repurchase or securities lending agreements amounted to $31 million ($37 million —June 30, 2022) and there were no unsettled trades relating to repurchase or securities lending agreements. There were no replacement trades entered into in anticipation of maturing trades of a similar amount (Nil—June 30, 2022). As of December 31, 2022 and June 30, 2022, the remaining contractual maturity of these agreements were overnight and continuous. The securities transferred were mainly comprised of government and agency obligations and equity securities.

In the case of resale agreements, IBRD receives collateral in the form of liquid securities and is permitted to repledge these securities. While these transactions are legally considered to be true purchases and sales, the securities received are not recorded on IBRD's Condensed Balance Sheets as the accounting criteria for treatment as a sale have not been met. As of December 31, 2022 and June 30, 2022, there were no unsettled trades pertaining to securities purchased under resale agreements. For resale agreements, IBRD received securities with a fair value of $97 million as of December 31, 2022 ($38 million—June 30, 2022). As of December 31, 2022 and June 30, 2022, none of these securities had been transferred.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**NOTE D—LOANS AND OTHER EXPOSURES** 

IBRD's loans and other exposures (collectively, "exposures") are generally made to, or guaranteed by, member countries of IBRD. In addition, IBRD may also make loans to the International Finance Corporation (IFC), an affiliated organization, without any guarantee. Other exposures include signed loan commitments including deferred drawdown options (DDOs) and irrevocable commitments and guarantees. As of December 31, 2022, all IBRD's loans were reported at amortized cost.

IBRD uses derivatives to manage the currency risk and the interest rate risk between its loans and borrowings. For details regarding derivatives used in the loan portfolio, see Note F—Derivative Instruments.

IBRD excludes the interest receivable balance from the amortized cost basis and from the related disclosures as permitted by U.S. GAAP. Accrued interest receivable on loans of $2,533 million as of December 31, 2022 ($1,029 million—June 30, 2022) are included in Other assets on the Condensed Balance Sheets.

As of December 31, 2022, 0.6% of IBRD's loans were in nonaccrual status and related to two borrowers. The total accumulated provision for losses on loans was 0.9% of the total loan portfolio. Based on IBRD's internal credit quality indicators, the majority of loans outstanding are in the medium-risk and high-risk classes.

**Credit Quality of Sovereign Exposures** 

Based on an evaluation of IBRD's exposures, management has determined that IBRD has one portfolio segment – Sovereign Exposures. IBRD's loans constitute the majority of the Sovereign Exposures portfolio segment.

IBRD's country risk ratings are an assessment of its borrowers' ability and willingness to repay IBRD on time and in full. These ratings are internal credit quality indicators. Individual country risk ratings are derived on the basis of both quantitative and qualitative analysis. The components considered in the analysis can be grouped broadly into eight categories: political risk, external debt and liquidity, fiscal policy and public debt burden, balance of payment risks, economic structure and growth prospects, monetary and exchange rate policy, financial sector risks, and corporate sector debt and vulnerabilities. The analysis also takes into account environmental, social, and governance factors. For the purpose of analyzing the risk characteristics of IBRD's exposures, these exposures are grouped into three classes in accordance with assigned borrower risk ratings, which relate to the likelihood of loss: Low, Medium and High risk classes, as well as exposures in nonaccrual status.

IBRD's borrowers' country risk ratings are key determinants in the provision for losses. Country risk ratings of borrowers in accrual status are grouped into pools with similar credit ratings for the purpose of the calculation of the expected credit losses. Exposure for certain countries in accrual status may be individually assessed on the basis that they do not share common risk characteristics with an existing pool of exposures. All exposures for countries in nonaccrual status are individually assessed. Country risk ratings are determined in review meetings that take place several times a year. All countries are reviewed at least once a year, or more frequently, if circumstances warrant, to determine the appropriate ratings.

An assessment was also performed to determine whether a qualitative adjustment of the loan loss provision was needed as of December 31, 2022, including consideration of global and macroeconomic events. Management concluded that a qualitative adjustment beyond the regular application of IBRD's loan loss provision framework was not warranted.

The following tables provide an aging analysis of the loans outstanding:

**Table D1: Loan portfolio aging structure** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past Due* | *Current* | *Total* |
|  Risk Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low | $— | $— | $— | $— | $— | $— | $7423 | $7423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium |  |  |  |  |  |  | 116335 | 116335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High |  |  |  |  |  |  | 114100 | 114100 |
|  Loans in accrual status |  |  |  |  |  |  | 237858 | 237858 |
|  Loans in nonaccrual status |  | 1 | 39 | 26 | 466 | 532 | 888 | 1420 |
|  Total | $— | $1 | $39 | $26 | $466 | $532 | $238746 | $239278 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Table D1.1** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past Due* | *Current* | *Total* |
|  Risk Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low | $— | $— | $— | $— | $— | $— | $23428 | $23428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium |  |  |  |  |  |  | 96533 | 96533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High |  | 1 | 38 |  |  | 39 | 108916 | 108955 |
|  Loans in accrual status |  | 1 | 38 |  |  | 39 | 228877 | 228916 |
|  Loans in nonaccrual status |  |  |  |  | 428 | 428 |  | 428 |
|  Total | $— | $1 | $38 | $— | $428 | $467 | $228877 | $229344 |

---

IBRD considers the signature date of a loan agreement as the best indicator of the decision point in the origination process, rather than the disbursement date. The tables below disclose the outstanding balances of IBRD's loan portfolio, classified by the year the loan agreement was signed.

**Table D2: Loan portfolio vintage disclosure** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *CAT DDOs*<br>*Disbursed*<br>*and*<br>*Revolving* | *CAT DDOs*<br>*Converted to*<br>*Term Loans* | *Loans*<br>*outstanding as*<br>*of December 31,*<br>*2022* |
|  | *2023* | *2022* | *2021* | *2020* | *2019* | *Prior Years* | *CAT DDOs*<br>*Disbursed*<br>*and*<br>*Revolving* | *CAT DDOs*<br>*Converted to*<br>*Term Loans* | *Loans*<br>*outstanding as*<br>*of December 31,*<br>*2022* |
|  Risk Class |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low | $— | $250 | $— | $— | $— | $7173 | $— | $— | $7423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium | 4814 | 5819 | 8995 | 7153 | 4956 | 82199 | 503 | 1896 | 116335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High | 2756 | 9463 | 8455 | 7062 | 7278 | 78159 | 469 | 458 | 114100 |
|  Loans in accrual status | 7570 | 15532 | 17450 | 14215 | 12234 | 167531 | 972 | 2354 | 237858 |
|  Loans in nonaccrual status |  |  |  | 125 | 28 | 1267 |  |  | 1420 |
|  Total | $7570 | $15532 | $17450 | $14340 | $12262 | $168798 | $972 | $2354 | $239278 |

---

**Table D2.1** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |
|  | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *CAT DDOs*<br>*Disbursed*<br>*and*<br>*Revolving* | *CAT DDOs*<br>*Converted to*<br>*Term Loans* | *Loans*<br>*outstanding*<br>*as of June 30,<br>2022* |
|  | *2022* | *2021* | *2020* | *2019* | *2018* | *Prior Years* | *CAT DDOs*<br>*Disbursed*<br>*and*<br>*Revolving* | *CAT DDOs*<br>*Converted to*<br>*Term Loans* | *Loans*<br>*outstanding*<br>*as of June 30,<br>2022* |
|  Risk Class |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low | $250 | $100 | $196 | $1060 | $346 | $21476 | $— | $— | $23428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium | 5595 | 8298 | 6678 | 3577 | 4487 | 65788 | 203 | 1907 | 96533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High | 6416 | 7878 | 6588 | 7075 | 6663 | 73410 | 462 | 463 | 108955 |
|  Loans in accrual status | 12261 | 16276 | 13462 | 11712 | 11496 | 160674 | 665 | 2370 | 228916 |
|  Loans in nonaccrual status |  |  |  |  |  | 428 |  |  | 428 |
|  Total | $12261 | $16276 | $13462 | $11712 | $11496 | $161102 | $665 | $2370 | $229344 |

---

There were no Catastrophe Deferred Drawdown Options (CAT DDOs) converted to term loans during the three and six months ended December 31, 2022 ($453 million and $703 million—three and six months ended December 31, 2021).

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Accumulated Provision for Losses on Loans and Other Exposures** 

Management determines the appropriate level of accumulated provision for losses, which reflects the expected losses inherent in IBRD's exposures.

Delays in receiving loan payments result in economic losses to IBRD since it does not charge additional interest on any overdue interest or loan charges. These economic losses are estimated as the difference between the present value of payments of interest and charges made according to the related loan's contractual terms and the present value of its expected future cash flows. It is IBRD's practice not to write off its loans. Historically, all contractual obligations associated with exposures in nonaccrual status were eventually cleared, thereby allowing borrowers to emerge from nonaccrual status. To date, no loans have been written off by IBRD.

Management reassesses the adequacy of the accumulated provision on a quarterly basis and adjustments to the accumulated provision are recorded as a charge to or release of provision in the Condensed Statements of Income. In addition, the reasonableness of the inputs used is reassessed at least annually.

Changes to the accumulated provision for losses on loans and other exposures are summarized below:

**Table D3: Accumulated provision** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
|  | *Loans*<br>*outstanding* | *Loan*<br>*commitments* | *Other <sup>a</sup>* | *Total* |
|  **Accumulated provision, beginning of the fiscal year** | $1742 | $359 | $64 | $2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision—charge (release) | 306 | 47 | 11 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation adjustment | 17 | 3 | 1 | 21 |
|  **Accumulated provision, end of the period** | $2065 | $409 | $76 | $2550 |
|  **Composed of accumulated provision for losses on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in accrual status | $1757 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in nonaccrual status | 308 |  |  |  |
|  Total | $2065 |  |  |  |
|  Loans, end of the period: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in accrual status | $237858 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in nonaccrual status | 1420 |  |  |  |
|  Total loans outstanding | $239278 |  |  |  |

---

**Table D3.1:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
|  | *Loans*<br>*outstanding* | *Loan*<br>*commitments* | *Other <sup>a</sup>* | *Total* |
|  **Accumulated provision, beginning of the fiscal year** | $1270 | $326 | $51 | $1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision—charge (release) | 509 | 44 | 17 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation adjustment | (37) | (11) | (4) | (52) |
|  **Accumulated provision, end of the fiscal year** | $1742 | $359 | $64 | $2165 |
|  **Composed of accumulated provision for losses on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in accrual status | $1528 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in nonaccrual status | 214 |  |  |  |
|  Total | $1742 |  |  |  |
|  Loans, end of the fiscal year: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in accrual status | $228916 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans in nonaccrual status | 428 |  |  |  |
|  Total loans outstanding | $229344 |  |  |  |

---

*a.* *Primarily relates to guarantees and does not include recoverable asset relating to guarantees received under the Exposure Exchange Agreements (for more details see Guarantees section).* 

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | ***Reported as*** | ***Reported as*** |
|  | ***Condensed Balance Sheets*** | ***Condensed Statements of Income*** |
|  **Accumulated Provision for Losses on:** |  |  |
|  Loans outstanding | Accumulated provision for loan losses | Provision for losses on loans and other exposures |
|  Loan commitments and other exposures | Other liabilities | Provision for losses on loans and other exposures |

---

**Overdue Amounts** 

IBRD considers loans to be past due when a borrower fails to make payment on any principal, interest or other charges due to IBRD on the dates provided in the contractual loan agreement.

As of December 31, 2022, there were no principal or interest amounts on loans in accrual status that were overdue by more than three months.

The following tables provide a summary of selected financial information related to loans in nonaccrual status:

**Table D4: Loans in nonaccrual status** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | *Overdue amounts* | *Overdue amounts* |
| *Borrower* | *Nonaccrual<br>since* | *Recorded*<br>*investment* | *Accumulated<br>Provision for loan<br>losses* | *Average*<br>*recorded<br>investment* | *Principal* | *Charges* |
|  Belarus | October 2022 | $993 | $94 | $983 | $105 | $11 |
|  Zimbabwe | October 2000 | 427 | 214 | 427 | 427 | 647 |
|  Total—December 31, 2022 | Total—December 31, 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
|  Total—June 30, 2022 | Total—June 30, 2022 | $428 | $214 | $430 | $428 | $633 |

---

**Table D4.1** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31,* | *Three Months Ended December 31,* | *Six Months Ended December 31,* | *Six Months Ended December 31,* |
|  | *2022* | *2021* | *2022* | *2021* |
|  Interest and other revenue not recognized as a result of loans being in nonaccrual status | $15 | $6 | $34 | $13 |

---

Effective October 17, 2022, all loans made to or guaranteed by Belarus were placed in nonaccrual status. The impact of this event was reflected in IBRD's September 30, 2022 financial statements. No loans to any borrowing country were restored to accrual status during the six months ended December 31, 2022.

In addition, during the six months ended December 31, 2022, less than $1 million of interest income was recognized on loans in nonaccrual status (less than $1 million—six months ended December 31, 2021).

**Guarantees** 

Guarantees of $6,531 million were outstanding as of December 31, 2022 ($6,379 million—June 30, 2022). These amounts represent the maximum potential amount of undiscounted future payments that IBRD could be required to make under these guarantees and are not included in the Condensed Balance Sheets. These guarantees have original maturities ranging between 10 and 21 years and expire in decreasing amounts through 2042.

As of December 31, 2022, liabilities related to IBRD's obligations under guarantees included the obligation to stand ready of $320 million ($298 million—June 30, 2022), and the accumulated provision for guarantee losses of $72 million ($59 million—June 30, 2022). These have been included in Other liabilities on the Condensed Balance Sheets.

During the six months ended December 31, 2022 and December 31, 2021, no guarantees provided by IBRD were called.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

IBRD participates in Exposure Exchange Agreements (EEAs) which are recognized as financial guarantees in the financial statements. Information on the location and amounts associated with the EEAs executed with the Multilateral Investment Guarantee Agency (MIGA), African Development Bank (AfDB) and Inter-American Development Bank (IADB) included in the Condensed Balance Sheets and Condensed Statements of Income is presented in the following table:

**Table D5: Amounts associated with EEAs** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |  |
|  | *Notional<br>amount* | *(Stand<br>ready<br>obligation)<br>Asset* | *(Provision)<br>Recoverable<br>asset* | *Notional<br>amount* | *(Stand<br>ready<br>obligation)<br>Asset* | *(Provision)<br>Recoverable<br>asset* | *Location on<br>Condensed<br>Balance<br>Sheets* |
|  Guarantees provided <sup>a,c</sup> | $3625 | $(160) | $(28) | $3630 | $(170) | $(27) | Other<br>liabilities |
|  Guarantees received <sup>b</sup> | (3624) | 160 | 26 | (3630) | 170 | 25 | Other<br>assets |
|  | $1 | $— | $(2) | $— | $— | $(2) |  |

---

*a.* *For the six months ended December 31, 2022, Provisions for losses on loans and other exposures, line on the Condensed Statements of Income includes $1 million of increase in provision relating to Guarantees provided ($2 million —six months ended December 31, 2021).* 

*b.* *For the six months ended December 31, 2022, Non-interest revenue - Other, line on the Condensed Statements of Income includes $1 million of gain in relation to Recoverable asset relating to Guarantees received ($1 million— six months ended December 31, 2021).* 

*c.* *Notional amount, obligation to stand ready and provision for the guarantee provided are included in IBRD's total guarantees outstanding of $6,531 million, obligations to stand ready of $320 million and accumulated provision for guarantee losses of $72 million, respectively ($6,379 million, $298 million and $59 million, respectively—June 30, 2022).* 

**Waivers of Loan Charges** 

IBRD provides waivers on eligible loans, which include a portion of interest, a portion of the commitment charge on undisbursed balances and a portion of the front-end fee charged on all eligible loans. Waivers are approved annually by the Executive Directors of IBRD. As part of the COVID-19 Strategic Preparedness and Response Program (SPRP), the Executive Directors of IBRD approved the waiver of commitment/standby fees for health-related COVID-19 operations payable during the first year of each financing and a reduced front-end fee of 25 basis points for CAT DDOs approved under the Fast-Track COVID-19 Facility. Such waivers/reductions were available for financing approved on or prior to March 31, 2021. The Executive Directors also approved the waiver of commitment fees for COVID-19 vaccine related projects under the Additional Financing to the COVID-19 SPRP for the first 18 months, starting from the date of approval of financing for each project. Such waivers were available for financing approved on or prior to October 1, 2022.

The forgone income resulting from waivers of loan charges was $4 million and $9 million for three and six months ended December 31, 2022, respectively ($5 million and $11 million—three and six months ended December 31, 2021).

**Concentration risk** 

Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premiums, net of waivers. For the six months ended December 31, 2022, there was no country that contributed more than 10% to the total loan revenue.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

Information about IBRD's loan revenue and associated loans outstanding by geographic region is presented in the following table:

**Table D6: Loan revenue and associated outstanding loan balances** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *For the six months ended and as of* | *For the six months ended and as of* | *For the six months ended and as of* | *For the six months ended and as of* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2021* |
| *Region* | *Loan Revenue <sup>a</sup>* | *Loans<br>Outstanding* | *Loan Revenue <sup>a</sup>* | *Loans<br>Outstanding* |
|  Latin America and the Caribbean | $1476 | $76974 | $572 | $71099 |
|  Europe and Central Asia | 590 | 47835 | 214 | 47135 |
|  East Asia and Pacific | 971 | 49735 | 272 | 47920 |
|  Middle East and North Africa | 541 | 32850 | 199 | 31474 |
|  South Asia | 470 | 22479 | 107 | 21212 |
|  Eastern and Southern Africa | 173 | 7599 | 114 | 5421 |
|  Western and Central Africa | 22 | 1806 | 16 | 1636 |
|  Total | $4243 | $239278 | $1494 | $225897 |

---

*a.* *Does not include interest expenses, net from loan related derivatives. Includes commitment charges of $61 million for the six months ended December 31, 2022 ($65 million—six months ended December 31, 2021).* 

For the six months ended December 31, 2022, Interest revenue—Loans, net on the Condensed Statements of Income of $4,146 million ($972 million—six months ended December 31, 2021) includes $36 million of interest expense, net from loan related derivatives ($457 million—six months ended December 31, 2021).

**NOTE E—BORROWINGS** 

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies. Variable rates are primarily based on exchange rates or market interest rates.

Borrowings issued by IBRD are reported at fair value. As of December 31, 2022, 99% of the instruments were classified as Level 2 within the fair value hierarchy. In addition, most of these instruments were denominated in U.S. dollars and euro (65% and 11%, respectively).

IBRD uses derivatives, reported at fair value, to manage the currency risk and the interest rate risk between its loans and borrowings. For details regarding the derivatives used, see Note F—Derivative Instruments.

The following table summarizes IBRD's borrowing portfolio including derivatives:

**Table E1: Borrowings and borrowing-related derivatives** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31,<br>2022* | *June 30,<br>2022* |
|  Borrowings <sup>a</sup> | $227654 | $235173 |
|  Currency swaps, net | 9589 | 8162 |
|  Interest rate swaps, net | 20463 | 13574 |
|  Total | $257706 | $256909 |

---

*a.* *Includes $15 million of unsettled borrowings, representing a non-cash financing activity, for which there is a related receivable included in Other assets on the Condensed Balance Sheets as of December 31, 2022 (Nil—June 30, 2022).* 

For the six months ended December 31, 2022, Borrowing expenses, net in the Condensed Statements of Income of $3,403 million ($137 million—six months ended December 31, 2021) include $1,100 million of interest expense, net related to derivatives associated with the Borrowing portfolio (interest revenue, net of $1,757 million—six months ended December 31, 2021).

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**NOTE F—DERIVATIVE INSTRUMENTS** 

IBRD uses derivative instruments in its investment, loan and borrowing portfolios, and for asset/liability management purposes. It also offers derivative intermediation services to clients and, concurrently, enters into offsetting transactions with market counterparties.

The following table summarizes IBRD's use of derivatives in its various financial portfolios:

---

| | | |
|:---|:---|:---|
| **Portfolio** | ***Derivative instruments used*** | ***Purpose / Risk being managed*** |
|  Risk management purposes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | Currency swaps, currency forward contracts, interest rate swaps, options, swaptions and futures contracts, to-be-announced (TBA) securities | Manage currency and interest rate risk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk between loans and borrowings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk between loans and borrowings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset/liability management | Currency swaps and interest rate swaps | Manage currency risk and the duration of IBRD's equity |
|  Other purposes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Client operations | Currency swaps, currency forward contracts, and interest rate swaps | Assist clients in managing risks |

---

The derivatives in the related tables of Note F are presented on a net basis by instrument. A reconciliation to the Condensed Balance Sheets presentation is shown in table F1.

**Offsetting assets and liabilities** 

IBRD enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements with substantially all of its derivative counterparties. These legally enforceable master netting agreements give IBRD the right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty, in the event of default by the counterparty.

The following tables summarize the gross and net derivative positions by instrument type. Instruments that are in a net asset position are included in the Derivative Assets columns and instruments that are in a net liability position are included in the Derivative Liabilities columns. The gross columns represent the fair value of the instrument leg that is in an asset or liability position that are then netted with the other leg of the instrument in the gross offset columns. The effects of the ISDA master netting agreements are applied on an aggregate basis to the total derivative asset and liability positions and are presented net of any cash collateral received on the Condensed Balance Sheets. The net derivative asset positions in the tables below have been further reduced by any securities received as collateral to show IBRD's net exposure on its derivative asset positions.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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**Table F1: Derivative assets and liabilities before and after netting adjustments** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
|  | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* |
|  | *Derivative Assets* | *Derivative Assets* | *Derivative Assets* | *Derivative Liabilities* | *Derivative Liabilities* | *Derivative Liabilities* |
|  | *Gross<br>Amounts<br>Recognized* | *Gross<br>Amounts<br>Offset* | *Net<br>Amounts<br>Presented* | *Gross<br>Amounts<br>Recognized* | *Gross<br>Amounts<br>Offset* | *Net<br>Amounts<br>Presented* |
|  Interest rate swaps | $20919 | $(12573) | $8346 | $68491 | $(40482) | $28009 |
|  Currency swaps <sup>a</sup> | 21148 | (17330) | 3818 | 106237 | (92375) | 13862 |
|  Other <sup>b</sup> | 2 | (1) | 1 |  |  |  |
|  **Total** | $42069 | $(29904) | $12165 | $174728 | $(132857) | $41871 |
|  Less: |  |  |  |  |  |  |
|  Amounts subject to legally enforceable master netting agreements |  |  | 11803 <sup>c</sup> |  |  | 12289 <sup>d</sup> |
|  Cash collateral received |  |  | 68 |  |  |  |
|  **Net derivative position on the Condensed Balance Sheet** |  |  | 294 |  |  | 29582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities collateral received <sup>e</sup> |  |  | 237 |  |  |  |
|  **Net derivative exposure after collateral** |  |  | $57 |  |  |  |

---

*a.* *Includes currency forward contracts and structured swaps.* 

*b.* *These relate to swaptions, exchange traded options and futures contracts.* 

*c.* *Includes $32 million Credit Valuation Adjustment (CVA).* 

*d.* *Includes $518 million Debit Valuation Adjustment (DVA).* 

*e.* *Does not include excess collateral received.* 

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Table F1.1** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
|  | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* | *Location on the Condensed Balance Sheet* |
|  | *Derivative Assets* | *Derivative Assets* | *Derivative Assets* | *Derivative Liabilities* | *Derivative Liabilities* | *Derivative Liabilities* |
|  | *Gross<br>Amounts<br>Recognized* | *Gross<br>Amounts<br>Offset* | *Net<br>Amounts<br>Presented* | *Gross<br>Amounts<br>Recognized* | *Gross<br>Amounts<br>Offset* | *Net<br>Amounts<br>Presented* |
|  Interest rate swaps | $22624 | $(16087) | $6537 | $51028 | $(31334) | $19694 |
|  Currency swaps <sup>a</sup> | 46314 | (41361) | 4953 | 79504 | (68064) | 11440 |
|  Other <sup>b</sup> | 3 | (1) | 2 |  |  |  |
|  **Total** | $68941 | $(57449) | $11492 | $130532 | $(99398) | $31134 |
|  Less: |  |  |  |  |  |  |
|  Amounts subject to legally enforceable master netting agreements |  |  | 10524 <sup>c</sup> |  |  | 11093 <sup>d</sup> |
|  Cash collateral received |  |  | 164 |  |  |  |
|  **Net derivative position on the Condensed Balance Sheet** |  |  | 804 |  |  | 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities collateral received <sup>e</sup> |  |  | 366 |  |  |  |
|  **Net derivative exposure after collateral** |  |  | $438 |  |  |  |

---

*a.* *Includes currency forward contracts and structured swaps.* 

*b.* *These relate to swaptions, exchange traded options and futures contracts.* 

*c.* *Includes $2 million CVA.* 

*d.* *Includes $571 million DVA.* 

*e.* *Does not include excess collateral received.* 

The following tables provide information about the credit risk exposures of IBRD's derivative instruments by portfolio, before the effects of master netting arrangements and collateral:

**Table F2: Credit risk exposure of the derivative instruments <sup>a</sup>** 

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| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
| *Portfolio* | *Interest rate<br>swaps* | *Currency swaps (including<br>currency forward contracts)* | *Total* |
|  Investments | $40 | $192 | $232 |
|  Loans | 6083 | 1480 | 7563 |
|  Client operations | 276 | 584 | 860 |
|  Borrowings | 1497 | 1562 | 3059 |
|  Other asset/liability management derivatives | 450 |  | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exposure | $8346 | $3818 | $12164 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Table F2.1:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
| *Portfolio* | *Interest rate swaps* | *Currency swaps (including<br>currency forward contracts)* | *Total* |
|  Investments | $19 | $941 | $960 |
|  Loans | 4155 | 1374 | 5529 |
|  Client operations | 402 | 877 | 1279 |
|  Borrowings | 1728 | 1761 | 3489 |
|  Other asset/liability management derivatives | 233 |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exposure | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537 | $4953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490 |

---

*a.* *Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no material credit risk.* 

The volume of derivative contracts is measured using the U.S. dollar equivalent notional balance. The notional balance represents the face value, or reference value, on which the calculations of payments on the derivative instruments are determined. As of December 31, 2022, the notional amounts of IBRD's derivative contracts outstanding were as follows: interest rate contracts $441,095 million ($433,539 million—June 30, 2022), currency swaps $118,640 million ($117,856 million—June 30, 2022), long positions of other derivatives $189 million ($185 million—June 30, 2022), and short positions of other derivatives $136 million ($143 million—June 30, 2022).

IBRD is not required to post collateral under its derivative agreements as long as it maintains a triple-A credit rating. The aggregate fair value of all derivative instruments with credit-risk related contingent features that were in a liability position as of December 31, 2022 was $29,883 million ($20,203 million—June 30, 2022). IBRD has not posted any collateral with these counterparties due to its triple-A credit rating.

If the credit risk related contingent features underlying these agreements were triggered to the extent that IBRD would be required to post collateral as of December 31, 2022, the amount of collateral that would need to be posted would be $24,942 million ($16,141 million—June 30, 2022). Subsequent triggers of contingent features would require posting of additional collateral, up to a maximum of $29,883 million ($20,203 million—June 30, 2022). In contrast, IBRD received collateral totaling $337 million as of December 31, 2022 ($591 million—June 30, 2022), in relation to swap transactions (see Note C—Investments).

The following table provides information on the unrealized mark-to-market gains and losses on the non-trading derivatives and their location on the Condensed Statements of Income:

**Table F3: Unrealized mark-to-market gains (losses) on non-trading derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Reported as:* | *Three Months Ended December 31,* | *Three Months Ended December 31,* | *Six Months Ended December 31,* | *Six Months Ended December 31,* |
|  | *Reported as:* | *2022* | *2021* | *2022* | *2021* |
|  Interest rate swaps | Unrealized mark-to-<br> market gains<br>(losses) on non-<br> trading portfolios,<br>net | $442 | $(1567) | $(5280) | $(1926) |
|  Currency swaps (including currency forward contracts and structured swaps) |  | 564 | (856) | (876) | (1695) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6156) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3621) |

---

All of the instruments in IBRD's investment portfolio are held for trading purposes. Within the investment portfolio, IBRD holds highly rated fixed income securities, equity securities and derivatives. The trading portfolio is primarily held to ensure the availability of funds to meet future cash flow requirements and for liquidity management purposes.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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The following table provides information on the amount of unrealized mark-to-market gains and losses on the net Investment–Trading portfolio and their location on the Condensed Statements of Income:

**Table F4: Unrealized mark-to-market gains (losses) on net investment-trading portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Reported as:* | *Three Months Ended<br>December 31,* | *Three Months Ended<br>December 31,* | *Six Months Ended<br>December 31,* | *Six Months Ended<br>December 31,* |
|  | *Reported as:* | *2022* | *2021* | *2022* | *2021* |
|  Type of instrument <sup>a</sup> |  |  |  |  |  |
|  Fixed income | Unrealized mark-to-market gains on<br>Investments-Trading portfolio, net | $22 | $28 | $28 | $23 |
|  Equity <sup>b</sup> |  | 47 | 35 | 28 | 50 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |

---

*a.* *Amounts associated with each type of instrument include gains and losses on both derivative instruments and non-derivative instruments.* 

*b.* *Related to PEBP holdings.* 

**NOTE G—RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS** 

IBRD makes net income allocation decisions on the basis of reported net income, adjusted to exclude unrealized mark-to-market gains and losses on the non-trading portfolios, net; restricted income; Board of Governors-approved and other transfers; non-functional currency translation adjustments; and the allocation to the pension reserve.

On August 4, 2022, IBRD's Executive Directors approved the following adjustments and allocations relating to the net income earned in the fiscal year ended June 30, 2022: an increase in the General Reserve of $589 million and an increase in the Pension Reserve by $46 million.

On August 2, 2022, IBRD's Board of Governors approved a transfer of $80 million from Surplus to the Trust fund for Gaza and the West Bank. The transfer was made on August 17, 2022.

On October 14, 2022, IBRD's Board of Governors approved a transfer of $117 million to the International Development Association (IDA) and a transfer of $100 million to Surplus out of the net income earned in the fiscal year ended June 30, 2022. The transfer to IDA was made on October 20, 2022.

During the three months ended December 31, 2022, $24 million was utilized out of the cumulative transfers of $85 million to the IBRD Fund for Innovative Global Public Goods Solutions (GPG Fund). Accordingly, Other reserves was reduced, as the conditions specified for the use by the beneficiaries had been met. As of December 31, 2022, the unutilized balance of the cumulative transfers to the GPG Fund was $61 million.

Retained earnings is comprised of the following components:

**Table G1: Retained earnings composition** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *June 30, 2022* |
|  Special reserve | $293 | $293 |
|  General reserve | 32053 | 31464 |
|  Pension reserve | 739 | 693 |
|  Surplus | 120 | 100 |
|  Cumulative fair value adjustments <sup>a</sup> | 1271 | (2085) |
|  Unallocated net income | 941 | 4343 |
|  Restricted retained earnings | 20 | 42 |
|  Other reserves <sup>b</sup> | 280 | 147 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34997 |

---

*a.* *Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* 

*b.* *Comprised of non-functional currency translation gains/losses, the unutilized portion of the cumulative transfers to the GPG Fund and revenue from prior years which is set aside for a dedicated purpose.* 

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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**NOTE H—PENSION AND OTHER POSTRETIREMENT BENEFITS** 

IBRD, IFC and MIGA participate in the defined benefit Staff Retirement Plan (SRP), a Retired Staff Benefits Plan (RSBP) and the PEBP (collectively "the Plans") that cover substantially all of their staff members.

All costs, assets and liabilities associated with these Plans are allocated between IBRD, IFC and MIGA based upon their employees' respective participation in the Plans. Costs allocated to IBRD are then shared between IBRD and IDA based on an agreed cost-sharing methodology.

The following table summarizes the benefit costs associated with the Plans for IBRD and IDA:

**Table H1: Pension plan benefit costs** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
|  Service cost | $127 | $35 | $23 | $185 | $255 | $70 | $46 | $371 |
|  Interest cost | 236 | 41 | 23 | 300 | 472 | 81 | 46 | 599 |
|  Expected return on plan assets | (346) | (60) |  | (406) | (693) | (119) |  | (812) |
|  Amortization of unrecognized prior service costs <sup>a</sup> | 1 | 4 |  | 5 | 2 | 7 | 1 | 10 |
|  Amortization of unrecognized net actuarial gains <sup>a</sup> |  | (7) |  | (7) |  | (14) |  | (14) |
|  Net periodic pension cost | $18 | $13 | $46 | $77 | $36 | $25 | $93 | $154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBRD's share | $9 | $6 | $21 | $36 | $17 | $12 | $43 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDA's share | 9 | 7 | 25 | 41 | 19 | 13 | 50 | 82 |

---

*a.* *Included in Amounts reclassified into net income in Note J—Accumulated Other Comprehensive Income.* 

**Table H1.1:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* |
|  | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
|  Service cost | $166 | $43 | $29 | $238 | $332 | $88 | $57 | $477 |
|  Interest cost | 165 | 29 | 16 | 210 | 330 | 59 | 32 | 421 |
|  Expected return on plan assets | (323) | (55) |  | (378) | (645) | (111) |  | (756) |
|  Amortization of unrecognized prior service costs <sup>a</sup> |  | 6 |  | 6 | 1 | 10 | 1 | 12 |
|  Amortization of unrecognized net actuarial losses <sup>a</sup> |  |  | 14 | 14 |  |  | 27 | 27 |
|  Net periodic pension cost | $8 | $23 | $59 | $90 | $18 | $46 | $117 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBRD's share | $4 | $10 | $26 | $40 | $8 | $21 | $54 | $83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDA's share | 4 | 13 | 33 | 50 | 10 | 25 | 63 | 98 |

---

*a.* *Included in Amounts reclassified into net income in Note J—Accumulated Other Comprehensive Income.* 

The components of net periodic pension cost, other than the service cost, are included in the Non-interest expenses — Other, net in the Condensed Statements of Income. The service cost component is included in the Non-interest expenses—Administrative in the Condensed Statements of Income.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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The following table provides the amounts of IBRD's pension service cost:

**Table H2: Pension service cost** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
|  Service cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBRD's share | $59 | $16 | $11 | $86 | $119 | $32 | $22 | $173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDA's share | 68 | 19 | 12 | 99 | 136 | 38 | 24 | 198 |

---

**Table H2.1:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* | *Six Months Ended* |
|  | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* | *December 31, 2021* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
|  Service cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBRD's share | $75 | $20 | $12 | $107 | $154 | $40 | $26 | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDA's share | 91 | 23 | 17 | 131 | 178 | 48 | 31 | 257 |

---

**NOTE I—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS** 

IBRD transacts with affiliated organizations by providing loans, administrative and derivative intermediation services, and through its pension and other postretirement benefit plans.

In addition, IBRD provides transfers to IDA out of its net income, upon approval by the Board of Governors (see Note G—Retained Earnings, Allocations and Transfers).

IBRD had the following receivables from (payables to) its affiliated organizations:

**Table I1: IBRD's receivables and payables with affiliated organizations** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *December 31, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* | *June 30, 2022* |
|  | *IDA* | *IFC* | *MIGA* | *Total* | *IDA* | *IFC* | *MIGA* | *Total* |
|  Administrative services, net | $552 | $(1) | $8 | $559 | $578 | $37 | $14 | $629 |
|  Payable for PCRF investments | (488) | (321) |  | (809) | (404) | (260) |  | (664) |
|  Derivative assets (liabilities), net <sup>a</sup> | 8 |  |  | 8 | 8 |  |  | 8 |
|  Pension and other postretirement benefits | (643) | (659) | (25) | (1327) | (602) | (640) | (25) | (1267) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1569) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1294) |

---

*a.* *Presented on a net basis by instrument. For details on derivative transactions relating to swap intermediation services provided by IBRD to IDA, see Note F—Derivative Instruments.* 

The receivables from (payables to) these affiliated organizations are reported on the Condensed Balance Sheets as follows:

---

| | |
|:---|:---|
| **Receivables / Payables related to:** | **Reported as:** |
| Administrative services | Other assets |
| PCRF investments | Other liabilities |
| Derivative transactions | Derivative assets/liabilities – net |
| Pension and other postretirement benefits | Other liabilities |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Loans and Other Exposures** 

IBRD has a Local Currency Loan Facility Agreement with IFC, which is capped at $300 million. As of December 31, 2022 and June 30, 2022, there were no loans outstanding under this facility.

During the fiscal year ended June 30, 2014, IBRD entered into an exposure exchange agreement with MIGA under which IBRD and MIGA exchanged selected exposures, with each divesting exposure in countries where their lending capacities are limited, in return for exposure in countries where they have excess lending capacity. Under the agreement, IBRD and MIGA have each exchanged $120 million of notional exposure as follows: MIGA assumes IBRD's loan principal and interest exposure in exchange for IBRD's assumption of principal and interest exposure of MIGA under its Non-Honoring of Sovereign Financial Obligation agreement. As of December 31, 2022, assets related to IBRD's right to be indemnified under this agreement amounted to less than $1 million ($1 million—June 30, 2022), while liabilities related to IBRD's obligation under this agreement amounted to less than $1 million ($1 million—June 30, 2022). These include an accumulated provision for guarantee losses of less than $1 million as of December 31, 2022 (less than $1 million—June 30, 2022).

**Administrative Services** 

Expenses jointly incurred by IBRD and IDA are allocated based on an agreed cost-sharing methodology, and amounts are settled quarterly. For the three and six months ended December 31, 2022, IBRD's administrative expenses exclude the share of expenses allocated to IDA of $442 million and $863 million, respectively ($421 million and $813 million—three and six months ended December 31, 2021).

**Revenue** 

Revenue jointly earned by IBRD and IDA is allocated based on an agreed revenue-sharing methodology and amounts are settled quarterly. For the three and six months ended December 31, 2022, IBRD's other revenue excludes revenue allocated to IDA of $72 million and $128 million, respectively ($61 million and $108 million—three and six months ended December 31, 2021), and is included in Revenue from externally funded activities on the Condensed Statements of Income. This revenue also includes revenue from contracts with clients, that are not affiliated with IBRD and are as follows:

**Table I2: Revenue from contracts with clients** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31,* | *Three Months Ended December 31,* | *Six Months Ended December 31,* | *Six Months Ended December 31,* |
|  | *2022* | *2021* | *2022* | *2021* |
|  Trust fund fees | $29 | $28 | $51 | $38 |
|  Reimbursable advisory services | 23 | 20 | 36 | 33 |
|  Asset management services | 8 | 6 | 16 | 14 |
|  Total | $60 | $54 | $103 | $85 |
|  Of which: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBRD's share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDA's share | 31 | 27 | 51 | 41 |

---

Each revenue stream represents compensation for services provided and the related revenue is recognized over time.

When IBRD performs services, its rights to consideration are deemed unconditional and are classified as receivables. IBRD also has an obligation to provide certain services for which it has received consideration in advance. Such considerations are presented as contract liabilities and are subsequently recognized as revenue when the related performance obligation is satisfied.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The following table shows IBRD's receivables and contract liabilities related to revenue from contracts with clients:

**Table I3: Receivables and contract liabilities related to revenue from contracts with clients** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *June 30, 2022* |
|  Receivables | $97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  Contract liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | 179 |

---

The amount of fee revenue associated with services provided to affiliated organizations that is included in Revenue from externally funded activities in the Condensed Statements of Income, is as follows:

**Table I4: Fee revenue from affiliated organizations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31,* | *Three Months Ended December 31,* | *Six Months Ended December 31,* | *Six Months Ended December 31,* |
|  | *2022* | *2021* | *2022* | *2021* |
|  Fees charged to IFC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
|  Fees charged to MIGA | 2 | 2 | 3 | 3 |

---

**Pension and Other Postretirement Benefits** 

The payable to IDA represents IDA's net share of prepaid costs for pension and other postretirement benefit plans and PEBP assets. These will be realized over the life of the plan participants. The payables to IFC and MIGA represent their respective share of PEBP assets.

The PEBP assets are managed by IBRD and are part of the investment portfolio. For Pension and Other Postretirement Benefits related disclosures, see Note H—Pension and Other Postretirement Benefits.

**Derivative Transactions** 

These relate to currency forward contracts entered into by IDA with IBRD acting as the intermediary with the market.

**Investments** 

These relate to investments that IBRD has made on behalf of IFC, associated with the PCRF and are included in Investments-Trading on IBRD's Condensed Balance Sheets. The corresponding payable to IFC is included in Other liabilities on IBRD's Condensed Balance Sheets. As a result, there is no impact on IBRD's net asset value from these transactions.

**NOTE J—ACCUMULATED OTHER COMPREHENSIVE INCOME** 

Comprehensive income or loss consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Other comprehensive income (loss) comprises currency translation adjustments on assets and liabilities denominated in euro, DVA on Fair Value Option elected liabilities, and pension related items. These items are presented in the Condensed Statements of Comprehensive Income.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The following tables present the changes in Accumulated Other Comprehensive Income (AOCI) and Accumulated Other Comprehensive Loss (AOCL):

**Table J1: AOCI/AOCL changes** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* |
|  | *Balance,<br>beginning of the<br>fiscal year* | *Changes<br>in AOCI* | *Amounts<br>reclassified into<br>net income* | *Net Changes<br>during the<br>period* | *Balance, end of<br>the period* |
|  Cumulative Translation Adjustments on functional currency | $(790) | $315 | $— | $315 | $(475) |
|  DVA on Fair Value option elected liabilities | 364 | 971 | 3 | 974 | 1338 |
|  Unrecognized Net Actuarial Gains (Losses) on Benefit Plans | 1387 |  | (14) | (14) | 1373 |
|  Unrecognized Prior Service (Costs) Credits on Benefit Plans | (43) |  | 10 | 10 | (33) |
|  Total Accumulated Other Comprehensive Income | $918 | $1286 | $(1) | $1285 | $2203 |

---

**Table J1.1:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* |
|  | *Balance,<br>beginning of the<br>fiscal year* | *Changes<br>in AOCL* | *Amounts<br>reclassified into<br>net income* | *Net Changes<br>during the<br>period* | *Balance, end of<br>the period* |
|  Cumulative Translation Adjustments on functional currency | $359 | $(400) | $— | $(400) | $(41) |
|  DVA on Fair Value option elected liabilities | (218) | (508) | 23 | (485) | (703) |
|  Unrecognized Net Actuarial (Losses) Gains on Benefit Plans | (1640) |  | 27 | 27 | (1613) |
|  Unrecognized Prior Service (Costs) Credits on Benefit Plans | (66) |  | 12 | 12 | (54) |
|  Total Accumulated Other Comprehensive Loss | $(1565) | $(908) | $62 | $(846) | $(2411) |

---

**NOTE K—FAIR VALUE DISCLOSURES** 

**Valuation Methods and Assumptions** 

As of December 31, 2022 and June 30, 2022, IBRD had no assets or liabilities measured at fair value on a non-recurring basis.

*Due from Banks* 

The carrying amount of unrestricted and restricted cash is considered a reasonable estimate of the fair value of these positions.

*Loans and Loan commitments* 

There were no loans carried at fair value as of December 31, 2022 and June 30, 2022. IBRD's loans and loan commitments would be classified as Level 3 within the fair value hierarchy.

Summarized below are the techniques applied in determining the fair values of IBRD's financial instruments.

*Investment securities* 

Investment securities are classified based on management's intention on the date of purchase, their nature, and IBRD's policies governing the level and use of such investments. As of December 31, 2022, all of the financial instruments in IBRD's investment portfolio were classified as trading. These securities are carried and reported at fair value, or at face value or NAV, which approximates fair value. Where available, quoted market prices are used to determine the fair value of trading securities. Examples include most government and agency securities, mutual funds, exchange-traded equity securities and ABS securities.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

For instruments for which market quotations are not available, fair values are determined using model-based valuation techniques, whether internally generated or vendor-supplied, that include the standard discounted cash flow method using observable market inputs such as yield curves, credit spreads, and conditional prepayment rates. Where applicable, unobservable inputs such as conditional prepayment rates, probability of default and loss severity are used. Unless quoted prices are available, time deposits are reported at face value, which approximates fair value, as they are short term in nature.

*Securities purchased under resale agreements, Securities sold under repurchase agreements, and Securities lent under securities lending agreements* 

These securities are of a short-term nature and reported at face value, which approximates fair value.

*Discount notes and vanilla bonds* 

Discount notes and vanilla bonds issued by IBRD are valued using the standard discounted cash flow method which relies on observable market inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads. Where available, quoted market prices are used to determine the fair value of short-term notes.

*Structured bonds* 

Structured bonds issued by IBRD have coupon or repayment terms linked to the level or the performance of interest rates, foreign exchange rates, equity indices, catastrophic events, or commodities. The fair value of the structured bonds is generally derived using the discounted cash flow method based on estimated future pay-offs determined by applicable models and computation of embedded optionality such as caps, floors and calls. A wide range of industry standard models such as one factor Hull-White, LIBOR Market Model and Black-Scholes are used depending on the specific structure. These models incorporate observable market inputs, such as yield curves, foreign exchange rates, basis spreads, funding spreads, interest rate volatilities, equity index volatilities and equity indices. Where applicable, the models also incorporate significant unobservable inputs such as correlations between relevant market data and long-dated interest rate volatilities. Generally, the movements in correlations are considered to be independent of movements in long-dated interest rate volatilities.

*Derivative instruments* 

Derivative contracts include currency forward contracts, TBA securities, swaptions, exchange traded options and futures contracts, currency swaps and interest rate swaps. Currency swaps and interest rate swaps are either plain vanilla or structured. Currency forward contracts and plain vanilla currency and interest rate swaps are valued using the standard discounted cash flow methods using observable market inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads. For structured currency and interest rate swaps, which primarily consist of callable swaps linked to interest rates, foreign exchange rates, and equity indices, valuation models and inputs similar to the ones applicable to structured bonds valuation are used. Where applicable, the models also incorporate significant unobservable inputs such as correlations and long-dated interest rate volatilities.

*Valuation adjustments on fair value option elected liabilities* 

The DVA on fair value option elected liabilities is measured by revaluing each liability to determine the changes in fair value of that liability arising from changes in IBRD's funding spread applicable to the relevant reference rate.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The table below presents IBRD's estimates of fair value of its financial assets and liabilities along with their respective carrying amounts:

**Table K1: Fair value and carrying amount of financial assets and liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *December 31, 2022* | *December 31, 2022* | *June 30, 2022* | *June 30, 2022* |
|  | *Carrying Value* | *Fair Value* | *Carrying Value* | *Fair Value* |
|  **Assets** |  |  |  |  |
|  Due from banks | $604 | $604 | $479 | $479 |
|  Investments-Trading (including Securities purchased under resale agreements) | 76360 | 76360 | 81820 | 81820 |
|  Net loans outstanding | 236706 | 234152 | 227092 | 225046 |
|  Derivative assets, net | 294 | 294 | 804 | 804 |
|  Miscellaneous assets | 54 | 54 | 55 | 55 |
|  **Liabilities** |  |  |  |  |
|  Borrowings | 227654 | 227654 | 235173 | 235173 |
|  Securities sold/lent under repurchase agreements/securities lending agreements and payable for cash collateral received | 31 | 31 | 37 | 37 |
|  Derivative liabilities, net | 29582 | 29582 | 20041 | 20041 |

---

As of December 31, 2022, IBRD's signed loan commitments were $57 billion ($57 billion—June 30, 2022) and had a fair value of $0.7 billion ($0.6 billion—June 30, 2022).

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The following tables present IBRD's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis. The fair value of alternative investments measured using the NAV as a practical expedient are included in the table below but excluded from the fair value hierarchy.

**Table K2: Fair value hierarchy of IBRD's assets and liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Fair Value Measurements on a Recurring Basis<br>December 31, 2022* | *Fair Value Measurements on a Recurring Basis<br>December 31, 2022* | *Fair Value Measurements on a Recurring Basis<br>December 31, 2022* | *Fair Value Measurements on a Recurring Basis<br>December 31, 2022* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  **Assets:** |  |  |  |  |
|  Investments-Trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government and agency obligations | $22460 | $15241 | $— | $37701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 1816 | 33441 |  | 35257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABS |  | 1186 |  | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative investments <sup>a</sup> |  |  |  | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 275 |  |  | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments-Trading | $24551 | $49868 | $— | $76262 |
|  Securities purchased under resale agreements | 38 | 60 |  | 98 |
|  Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps <sup>b</sup> | $— | $3774 | $44 | $3818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 8320 | 26 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>c</sup> | 1 |  |  | 1 |
|  | $1 | $12094 | $70 | $12165 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts subject to legally enforceable master netting agreements <sup>d</sup> |  |  |  | 11803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received |  |  |  | 68 |
|  Derivative assets, net |  |  |  | $294 |
|  Miscellaneous assets |  | 54 |  | 54 |
|  **Liabilities:** |  |  |  |  |
|  Borrowings | $— | $224299 | $3355 | $227654 |
|  Securities sold under repurchase agreements and securities lent under securities lending agreements |  | 31 |  | 31 |
|  Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps <sup>b</sup> |  | 13486 | 376 | 13862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 27753 | 256 | 28009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>c</sup> |  |  |  |  |
|  | $— | $41239 | $632 | $41871 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts subject to legally enforceable master netting agreements <sup>e</sup> |  |  |  | 12289 |
|  Derivative liabilities, net |  |  |  | $29582 |

---

*a.* *Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* 

*b.* *Includes currency forward contracts and structured swaps.* 

*c.* *These relate to swaptions, exchange traded options and futures contracts and TBA securities.* 

*d.* *Includes $32 million CVA.* 

*e.* *Includes $518 million DVA.* 

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Table K2.1:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Fair Value Measurements on a Recurring Basis<br>June 30, 2022* | *Fair Value Measurements on a Recurring Basis<br>June 30, 2022* | *Fair Value Measurements on a Recurring Basis<br>June 30, 2022* | *Fair Value Measurements on a Recurring Basis<br>June 30, 2022* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  **Assets:** |  |  |  |  |
|  Investments – Trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government and agency obligations | $14140 | $24587 | $— | $38727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 1502 | 37952 |  | 39454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABS |  | 1603 |  | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative investments <sup>a</sup> |  |  |  | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 295 |  |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments – Trading | $15937 | $64142 | $— | $81783 |
|  Securities purchased under resale agreements | 37 |  |  | 37 |
|  Derivative assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps <sup>b</sup> | $— | $4870 | $83 | $4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 6500 | 37 | 6537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>c</sup> | 2 |  |  | 2 |
|  | $2 | $11370 | $120 | $11492 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts subject to legally enforceable master netting agreements <sup>d</sup> |  |  |  | 10524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received |  |  |  | 164 |
|  Derivative asset, net |  |  |  | $804 |
|  Miscellaneous assets |  | 55 |  | 55 |
|  **Liabilities:** |  |  |  |  |
|  Borrowings | $— | $231241 | $3932 | $235173 |
|  Securities sold under repurchase agreements and securities lent under securities lending agreements |  | 37 |  | 37 |
|  Derivative liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps <sup>b</sup> |  | 10978 | 462 | 11440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 19492 | 202 | 19694 |
|  | $— | $30470 | $664 | $31134 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts subject to legally enforceable master netting agreements <sup>e</sup> |  |  |  | 11093 |
|  Derivative liabilities, net |  |  |  | $20041 |

---

*a.* *Investments at NAV related to PEBP holdings, not included in the fair value hierarchy.* 

*b.* *Includes currency forward contracts and structured swaps.* 

*c.* *These relate to swaptions, exchange traded options and futures contracts and TBA securities.* 

*d.* *Includes $2 million CVA.* 

*e.* *Includes $571 million DVA.* 

IBRD's Level 3 borrowings primarily relate to structured bonds. The fair value of these bonds is estimated using discounted cash flow valuation models that incorporate model parameters, observable market inputs, and unobservable inputs. The significant unobservable inputs used in the fair value measurement of structured bonds and swaps are correlations and long-dated market interest rate volatilities. Generally, the movements in correlations are considered to be independent of the movements in long-dated interest rate volatilities.

Correlation is the statistical measurement of the relationship between two variables. For contracts where the holder benefits from the convergence of the underlying index prices (e.g., market interest rates and foreign exchange rates), an increase in correlation would generally result in an increase in the fair value of the instrument. The magnitude and direction of the fair value adjustment would depend on whether the holder is short or long the option.

Interest rate volatility is the extent to which the level of interest rates changes over time. For purchased options, an increase in volatility will generally result in an increase in the fair value. In general, the volatility used to price the option depends on the maturity of the underlying instrument and the option strike price. During the six months ended December 31, 2022, and the fiscal year ended June 30, 2022 , the interest rate volatilities for certain currencies were extrapolated for certain tenors and, thus, are considered an unobservable input.

In certain instances, particularly for instruments with coupon or repayment terms linked to catastrophic events, management relies on instrument valuations supplied by external pricing vendors.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The following table provides a summary of the valuation technique applied in determining fair values of these Level 3 instruments and quantitative information regarding the significant unobservable inputs used. Level 3 instruments represent 1% of IBRD's borrowings.

**Table K3: Level 3 Borrowings and derivatives valuation technique and quantitative information regarding the significant unobservable inputs:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |
| *Portfolio* | *Fair Value<br>as of<br>December<br>31, 2022* | *Fair Value<br>as of<br>June 30,<br>2022* | *Valuation<br>Technique* | *Unobservable<br>input* | *Range<br>(average),<br>December<br>31, 2022* | *Range<br>(average),<br>June 30, 2022* |
|  Borrowings | $3355 | $3932 | Discounted<br>Cash Flow | Correlations | -21% to<br>99% (10%) | -18% to<br>99% (12%) |
|  Borrowings | $3355 | $3932 | Discounted<br>Cash Flow |  |  |  |
|  Borrowings | $3355 | $3932 | Discounted<br>Cash Flow | Interest rate<br>volatilities | 68% to<br>115% (94%) | 61% to<br>77% (68%) |
|  Derivative assets/(liabilities), net | (562 | (544 | Discounted<br>Cash Flow | Correlations | -21% to<br>99% (10%) | -18% to<br>99% (12%) |
|  Derivative assets/(liabilities), net | (562 | (544 | Discounted<br>Cash Flow |  |  |  |
|  Derivative assets/(liabilities), net | (562 | (544 | Discounted<br>Cash Flow | Interest rate<br>volatilities | 68% to<br>115% (94%) | 61% to<br>77% (68%) |

---

The tables below provide the summary of transfers between Level 2 and Level 3 that are due to changes in observable inputs.

**Table K4: Borrowings and derivatives inter level transfers** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31, 2022* | *Three Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* |
|  | *Level 2* | *Level 3* | *Level 2* | *Level 3* |
|  Borrowings |  |  |  |  |
|  Transfer into (out of) | $142 | $(142) | $142 | $(142) |
|  Transfer (out of) into |  |  | (118) | 118 |
|  | $142 | $(142) | $24 | $(24) |
|  Derivative assets, net |  |  |  |  |
|  Transfer into (out of) | $— | $— | $— | $— |
|  Transfer (out of) into |  |  |  |  |
|  Derivative liabilities, net |  |  |  |  |
|  Transfer (into) out of | $(321) | $321 | $(321) | $321 |
|  Transfer out of (into) |  |  | 324 | (324) |
|  | (321) | 321 | 3 | (3) |
|  **Total Derivative Transfers, net** | $(321) | $321 | $3 | $(3) |

---

**Table K4.1** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31, 2021* | *Three Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* |
|  | *Level 2* | *Level 3* | *Level 2* | *Level 3* |
|  Borrowings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer into (out of) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer (out of) into |  |  |  |  |
|  | $— | $— | $— | $— |
|  Derivative assets, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer into (out of) | $2 | $(2) | $2 | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer (out of) into |  |  |  |  |
|  | 2 | (2) | 2 | (2) |
|  Derivative liabilities, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer (into) out of | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer out of (into) |  |  |  |  |
|  **Total Derivative Transfers, net** | $2 | $(2) | $2 | $(2) |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

The following tables provide a summary of changes in the fair value of IBRD's Level 3 borrowings and derivatives:

**Table K5: Borrowings Level 3 changes** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Three Months Ended December 31* | *Three Months Ended December 31* | *Six Months Ended December 31* | *Six Months Ended December 31* |
|  | *2022* | *2021* | *2022* | *2021* |
|  Beginning of the period/fiscal year | $3588 | $4624 | $3932 | $4594 |
|  Issuances |  | 29 |  | 214 |
|  Settlements | (314) | (17) | (485) | (50) |
|  Total realized/unrealized mark-to-market losses (gains) in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 126 | 150 | (29) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | 97 | (91) | (39) | (137) |
|  Transfers to (from) Level 3, net | (142) |  | (24) |  |
|  End of the period | $3355 | $4695 | $3355 | $4695 |

---

**Table K6: Derivatives Level 3 changes** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31, 2022* | *Three Months Ended December 31, 2022* | *Three Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* | *Six Months Ended December 31, 2022* |
|  | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* |
|  | *Currency<br>Swaps* | *Interest<br>Rate<br>Swaps* | *Total* | *Currency<br>Swaps* | *Interest<br>Rate<br>Swaps* | *Total* |
|  Beginning of the period/fiscal year | $(861) | $(291) | $(1152) | $(379) | $(165) | $(544) |
|  Issuances |  |  |  |  |  |  |
|  Settlements | 93 | 2 | 95 | 78 | 2 | 80 |
|  Total realized/unrealized mark-to-market gains (losses) in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 58 | 67 | 125 | 6 | (63) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | 57 | (8) | 49 | (34) | (4) | (38) |
|  Transfers from (to) Level 3, net | 321 |  | 321 | (3) |  | (3) |
|  End of the period | $(332) | $(230) | $(562) | $(332) | $(230) | $(562) |

---

**Table K6.1:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended December 31, 2021* | *Three Months Ended December 31, 2021* | *Three Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* | *Six Months Ended December 31, 2021* |
|  | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* |
|  | *Currency<br>Swaps* | *Interest<br>Rate<br>Swaps* | *Total* | *Currency<br>Swaps* | *Interest<br>Rate<br>Swaps* | *Total* |
|  Beginning of the period/fiscal year | $48 | $156 | $204 | $154 | $179 | $333 |
|  Issuances |  |  |  |  | (15) | (15) |
|  Settlements |  |  |  | 8 | (1) | 7 |
|  Total realized/unrealized mark-to-market gains (losses) in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 80 | 49 | 129 | 8 | 43 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | (60) | (1) | (61) | (102) | (2) | (104) |
|  Transfers to (from) Level 3, net | (2) |  | (2) | (2) |  | (2) |
|  End of the period | $66 | $204 | $270 | $66 | $204 | $270 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

Information on the unrealized gains or losses included in the Condensed Statements of Income and Condensed Statements of Comprehensive Income relating to IBRD's Level 3 borrowings and derivatives that are still held at the reporting dates, is presented in the following table:

**Table K7: Unrealized gains or losses relating to IBRD's Level 3 borrowings and derivatives** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended<br>December 31,* | *Three Months Ended<br>December 31,* | *Six Months Ended<br>December 31,* | *Six Months Ended<br>December 31,* |
|  | *2022* | *2021* | *2022* | *2021* |
|  Reported as: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) <sup>a</sup> | $4 | $122 | $115 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Income <sup>b</sup> | (99) | 91 | 24 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) <sup>a</sup> | $26 | $(126) | $(86) | $(84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Comprehensive Income <sup>c</sup> | 51 | (61) | (23) | (104) |

---

*a.* *Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements of Income.* 

*b.* *Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option elected liabilities, in the Condensed Statements of Comprehensive Income* 

*c.* *Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of Comprehensive Income.* 

**Table K8: Borrowings fair value and contractual principal balance** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Fair Value* | *Principal Amount Due Upon Maturity* | *Difference* |
|  December 31, 2022 | $227654 | $256758 | $(29104) |
|  June 30, 2022 | $235173 | $256753 | $(21580) |

---

The following table provides information on the changes in fair value due to the change in IBRD's own credit risk for financial liabilities measured under the fair value option, included in the Condensed Statements of Other Comprehensive Income:

**Table K9: Changes in fair value due to IBRD's own credit risk** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *Unrealized mark-to-market gains due to DVA on fair value option elected liabilities* | *Three Months Ended<br>December 31, 2022* | *Six Months Ended<br>December 31, 2022* |
|  DVA on Fair Value Option Elected Liabilities | $683 | $971 |
|  Amounts reclassified to net income upon derecognition of a liability | 2 | 3 |
|  Net change in DVA on Fair Value Option Elected Liabilities | $685 | $974 |

---

**Table K9.1:** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *Unrealized mark-to-market losses due to DVA on fair value option elected liabilities* | *Three Months Ended<br>December 31, 2021* | *Six Months Ended<br>December 31, 2021* |
|  DVA on Fair Value Option Elected Liabilities | $(126) | $(508) |
|  Amounts reclassified to net income upon derecognition of a liability | 10 | 23 |
|  Net change in DVA on Fair Value Option Elected Liabilities | $(116) | $(485) |

---

The following table provides information on the cumulative changes in fair value due to the change in IBRD's own-credit risk for financial liabilities measured under the fair value option, as well as where those amounts are included in the Condensed Balance Sheets:

**Table K10: Cumulative changes in fair value due to the change in IBRD's own-credit risk** 

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *DVA on fair value option elected liabilities* | *December 31,<br>2022* | *June 30,<br>2022* |
|  Reported as: |  |  |
|  Accumulated other comprehensive income | $1338 | $364 |

---

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

**Table K11: Unrealized mark-to-market gains or losses on investments-trading, and non-trading portfolios, net** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended*<br>*December 31, 2022* | *Three Months Ended*<br>*December 31, 2022* | *Three Months Ended*<br>*December 31, 2022* | *Six Months Ended*<br>*December 31, 2022* | *Six Months Ended*<br>*December 31, 2022* | *Six Months Ended*<br>*December 31, 2022* |
|  | *Realized<br>gains<br>(losses)* | *Unrealized<br>gains<br>(losses)<br>excluding<br>realized<br>amounts <sup>a</sup>* | *Unrealized<br>gains<br>(losses)* | *Realized<br>gains<br>(losses)* | *Unrealized<br>gains<br>(losses)<br>excluding<br>realized<br>amounts <sup>a</sup>* | *Unrealized<br>gains<br>(losses)* |
|  **Investments-Trading** | $15 | $54 | $69 | $517 | $(461) | $56 |
|  **Non trading portfolios, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan-related derivatives—Note F |  | (23) | (23) |  | 1955 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets/liabilities management derivatives, net |  | (60) | (60) |  | (1789) | (1789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings, including derivatives —Notes E and F |  | 75 | 75 <sup>b</sup> |  | (62) | (62)<sup>b</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Client operations derivatives |  | (1) | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  |  |  | (1) | (1) |
|  **Total** | $— | $(9) | $(9) | $— | $103 | $103 |

---

**Table K11.1:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
|  | *Three Months Ended*<br>*December 31, 2021* | *Three Months Ended*<br>*December 31, 2021* | *Three Months Ended*<br>*December 31, 2021* | *Six Months Ended*<br>*December 31, 2021* | *Six Months Ended*<br>*December 31, 2021* | *Six Months Ended*<br>*December 31, 2021* |
|  | *Realized<br>gains<br>(losses)* | *Unrealized<br>gains<br>(losses)<br>excluding<br>realized<br>amounts <sup>a</sup>* | *Unrealized<br>gains<br>(losses)* | *Realized<br>gains<br>(losses)* | *Unrealized<br>gains<br>(losses)<br>excluding<br>realized<br>amounts <sup>a</sup>* | *Unrealized<br>gains<br>(losses)* |
|  **Investments-Trading** | $235 | $(172) | $63 | $436 | $(363) | $73 |
|  **Non trading portfolios, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan-related derivatives—Note F | 4 | 256 | 260 | 6 | 663 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets/liabilities management derivatives, net |  | (327) | (327) |  | (589) | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings, including derivatives —Notes E and F |  | (49) | (49)<sup>b</sup> |  | 162 | 162 <sup>b</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Client operations derivatives |  | 5 | 5 |  | 3 | 3 |
|  **Total** | $4 | $(115) | $(111) | $6 | $239 | $245 |

---

*a.* *Adjusted to exclude amounts reclassified to realized gains (losses).* 

*b.* *Includes $1,090 million of unrealized mark-to-market gains and $6,322 million of unrealized mark-to-market losses related to derivatives associated with borrowings for three and six months ended December 31, 2022, respectively (unrealized mark-to-market losses of $2,361 million and $3,704 million—three and six months ended December 31, 2021).* 

**NOTE L—CONTINGENCIES** 

From time to time, IBRD may be named as a defendant or co-defendant in legal actions on different grounds in various jurisdictions. The outcome of any existing legal action, in which IBRD has been named as a defendant or codefendant, as of and for the six months ended December 31, 2022, is not expected to have a material adverse effect on IBRD's financial position, results of operations or cash flows.

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

------

INDEPENDENT AUDITOR'S REVIEW REPORT

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**INDEPENDENT AUDITOR'S REVIEW REPORT** 

President and Board of Executive Directors

International Bank for Reconstruction and Development:

**Results of Review of Interim Financial Information** 

We have reviewed the accompanying condensed balance sheet of the International Bank for Reconstruction and Development ("IBRD") as of December 31, 2022, and the related condensed statements of income, and comprehensive income for the three-month and six-month periods ended December 31, 2022 and 2021, and the condensed statements of changes in retained earnings, and cash flows for the six-month periods ended December 31, 2022 and 2021, and the related notes (collectively referred to as the "interim financial information").

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in accordance with accounting principles generally accepted in the United States of America.

**Basis for Review Results** 

We conducted our reviews in accordance with auditing standards generally accepted in the United States of America (GAAS) applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. A review of interim financial information is substantially less in scope than an audit conducted in accordance with GAAS, the objective of which is an expression of an opinion regarding the financial information as a whole, and accordingly, we do not express such an opinion. We are required to be independent of IBRD and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our review. We believe that the results of the review procedures provide a reasonable basis for our conclusion.

**Responsibilities of Management for the Interim Financial Information** 

Management is responsible for the preparation and fair presentation of the interim financial information in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of interim financial information that is free from material misstatement, whether due to fraud or error.

**Report on Condensed Balance Sheet as of June 30, 2022** 

We have previously audited, in accordance with auditing standards generally accepted in the United States of America, the balance sheet as of June 30, 2022, and the related statements of income, comprehensive income, changes in retained earnings, and cash flows for the year then ended (not presented herein); and we expressed an unmodified audit opinion on those audited financial statements in our report dated August 5, 2022.

In our opinion, the accompanying condensed balance sheet of IBRD as of June 30, 2022, is consistent, in all material respects, with the audited financial statements from which it has been derived.

![LOGO](g460172g0210151019253.jpg)

February 14, 2023

IBRD Condensed Quarterly Financial Statements: December 31, 2022 (Unaudited)

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| | |
|:---|:---|
| ![LOGO](g460172dsp001.jpg) | ***International Bank for Reconstruction and Development*** |
| ![LOGO](g460172dsp001.jpg) |  |
| ![LOGO](g460172dsp001.jpg) | <br> **SEC Report - Changes in Borrowings** |
| ![LOGO](g460172dsp001.jpg) | **Medium & Long Term** |
| ![LOGO](g460172dsp001.jpg) | **October 01 2022 through December 31 2022** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Australian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL AUD/IBRD/PV MTN Core (Non-Retail)/1237AUD04.688 | 591977 | AUD | 50000000.00 | 33852500.00 | 16-Nov-22 | 1-Dec-22 | 1-Dec-37 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **50000000.00** | **33852500.00** |  |  |  |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-Retail)/1225CNH2.42 | 601958 | CNY | 300000000.00 | 41877216.00 | 23-Nov-22 | 5-Dec-22 | 5-Dec-25 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **300000000.00** | **41877216.00** |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/1027EURSTR01 | 554742 | EUR | 30000000.00 | 28883925.13 | 27-Sep-22 | 13-Oct-22 | 13-Oct-27 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/1027EURSTR03 | 565577 | EUR | 35000000.00 | 34009500.00 | 11-Oct-22 | 18-Oct-22 | 18-Oct-27 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/1137EURSTR | 575599 | EUR | 30000000.00 | 29421000.00 | 20-Oct-22 | 3-Nov-22 | 3-Nov-37 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/1234EURSTR | 606552 | EUR | 50000000.00 | 52187500.00 | 1-Dec-22 | 15-Dec-22 | 15-Dec-34 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-Retail)/1234EURSTR01 | 608733 | EUR | 50000000.00 | 52825000.00 | 5-Dec-22 | 15-Dec-22 | 15-Dec-34 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **195000000.00** | **197326925.13** |  |  |  |
| **<u>Indonesian Rupiah</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL IDR/IBRD/PV MTN Non-Core (Non-Retail)/1227IDR06.50 | 605642 | IDR | 400000000000.00 | 25426691.67 | 30-Nov-22 | 8-Dec-22 | 8-Dec-27 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **400000000000.00** | **25426691.67** |  |  |  |
| **<u>Norwegian Kroner</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL NOK/IBRD/PV BM/0627NOKFRN | 591974 | NOK | 5000000000.00 | 503190226.03 | 15-Nov-22 | 28-Nov-22 | 28-Jun-27 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **5000000000.00** | **503190226.03** |  |  |  |

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**Page 1 of 6** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/0133USDSTR | 625063 | USD | 15000000.00 | 15000000.00 | 21-Dec-22 | 6-Jan-23 | 6-Jan-33 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/0527USDSTR02 | 599283 | USD | 10000000.00 | 10000000.00 | 18-Nov-22 | 30-Nov-22 | 28-May-27 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/1037USDSTR | 565592 | USD | 15000000.00 | 15000000.00 | 12-Oct-22 | 26-Oct-22 | 26-Oct-37 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/1037USDSTR01 | 566250 | USD | 15000000.00 | 15000000.00 | 13-Oct-22 | 27-Oct-22 | 27-Oct-37 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/1227USDSTR02 | 606555 | USD | 15000000.00 | 15000000.00 | 1-Dec-22 | 27-Dec-22 | 27-Dec-27 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-Retail)/1237USDSTR01 | 612810 | USD | 50000000.00 | 50000000.00 | 8-Dec-22 | 22-Dec-22 | 22-Dec-37 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0124USD04.60 | 616019 | USD | 35000000.00 | 35000000.00 | 14-Dec-22 | 22-Dec-22 | 22-Jan-24 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **155000000.00** | **155000000.00** |  |  |  |
| **<u>Peso Uruguayo</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL UYU/IBRD/PV MTN Non-Core (Non-Retail)/1225UYU10.80 | 611313 | UYU | 850000000.00 | 21675379.32 | 6-Dec-22 | 14-Dec-22 | 14-Dec-25 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **850000000.00** | **21675379.32** |  |  |  |
| **<u>South African Rand</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-Retail)/1226ZAR08.25 | 604048 | ZAR | 500000000.00 | 29520208.06 | 29-Nov-22 | 6-Dec-22 | 21-Dec-26 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **500000000.00** | **29520208.06** |  |  |  |
| **<u>Total New Borrowings</u>** |  |  |  |  | **1007869146.22** |  |  |  |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Australian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL AUD/IBRD/PV MTN Core (Non-Retail)/1022AUD00.50 | 4641 | AUD | (42200000.00) | (26577560.00) | 2-Oct-12 | 23-Oct-12 | 24-Oct-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(42200000.00)** | **(26577560.00)** |  |  |  |
| **<u>Brazilian Real</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL BRL/IBRD/Japanese Retail (Uridashi)/1022BRL03.75 | 5765 | BRL | (49190000.00) | (9332549.14) | 9-Oct-19 | 23-Oct-19 | 20-Oct-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1222BRL06.70 | 5499 | BRL | (16000000.00) | (3023145.96) | 19-Nov-18 | 27-Dec-18 | 28-Dec-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1022BRL00.00 | 5135 | BRL | (12300000.00) | (2338981.12) | 1-Sep-17 | 13-Oct-17 | 14-Oct-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1222BRL00.00 | 4779 | BRL | (143120000.00) | (27514081.93) | 1-Dec-15 | 8-Dec-15 | 8-Dec-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1222BRL00.00 | 4795 | BRL | (30000000.00) | (5767345.29) | 26-Jan-16 | 2-Feb-16 | 8-Dec-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1222BRL00.00 | 4807 | BRL | (70000000.00) | (13457139.01) | 24-Feb-16 | 4-Mar-16 | 8-Dec-22 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-Retail)/1222BRL00.00 | 5505 | BRL | (10000000.00) | (1922448.43) | 28-Nov-18 | 6-Dec-18 | 8-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(330610000.00)** | **(63355690.89)** |  |  |  |

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**Page 2 of 6** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>Canadian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CAD/IBRD/PV MTN Core (Non-Retail)/1022CAD01.53 | 5756 | CAD | (15000000.00) | (10903143.74) | 25-Sep-19 | 3-Oct-19 | 3-Oct-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(15000000.00)** | **(10903143.74)** |  |  |  |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/Japanese Retail (Uridashi)/1122CNY02.50 | 5786 | CNY | (50000000.00) | (6833214.89) | 4-Nov-19 | 12-Nov-19 | 3-Nov-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(50000000.00)** | **(6833214.89)** |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/1022EUR01.30 | 4638 | EUR | (34000000.00) | (33034400.00) | 19-Sep-12 | 12-Oct-12 | 12-Oct-22 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/1222EUR00.50 | 4541 | EUR | (14200000.00) | (15113135.66) | 2-Dec-02 | 18-Dec-02 | 20-Dec-22 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/1222EUR01.19 | 4650 | EUR | (26000000.00) | (27274000.00) | 27-Nov-12 | 7-Dec-12 | 7-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(74200000.00)** | **(75421535.66)** |  |  |  |
| **<u>Pounds Sterling</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL GBP/IBRD/PV BM/0122GBP01.00 | 5251 | GBP | (1250000000.00) | (1523312500.00) | 17-Jan-18 | 24-Jan-18 | 19-Dec-22 |
|  | BOND/SELL GBP/IBRD/PV BM/1222GBPFRN | 5671 | GBP | (500000000.00) | (614500000.00) | 6-Jun-19 | 13-Jun-19 | 13-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1750000000.00)** | **(2137812500.00)** |  |  |  |
| **<u>Hong Kong Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-Retail)/1122HKD00.135 | 6044 | HKD | (200000000.00) | (25614262.02) | 13-Nov-20 | 20-Nov-20 | 21-Nov-22 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-Retail)/1222HKD00.13 | 6054 | HKD | (300000000.00) | (38533913.05) | 1-Dec-20 | 8-Dec-20 | 8-Dec-22 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-Retail)/1222HKD0.1175 | 31252 | HKD | (200000000.00) | (25663234.21) | 10-Dec-20 | 21-Dec-20 | 21-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(700000000.00)** | **(89811409.28)** |  |  |  |
| **<u>Indian Rupees</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1022INR04.18 | 5739 | INR | (112900000.00) | (1383603.87) | 5-Sep-19 | 3-Oct-19 | 4-Oct-22 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1022INR04.70 | 5763 | INR | (204300000.00) | (2477219.40) | 4-Oct-19 | 30-Oct-19 | 28-Oct-22 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1022INR04.81 | 5770 | INR | (3031700000.00) | (36670537.29) | 10-Oct-19 | 23-Oct-19 | 20-Oct-22 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1122INR04.60 | 5787 | INR | (181800000.00) | (2227395.25) | 7-Nov-19 | 27-Nov-19 | 28-Nov-22 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1222INR04.70 | 5810 | INR | (164200000.00) | (1982960.07) | 3-Dec-19 | 23-Dec-19 | 23-Dec-22 |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/1122INR04.05 | 5206 | INR | (80000000.00) | (980151.92) | 17-Nov-17 | 28-Nov-17 | 28-Nov-22 |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/1122INR04.81 | 5161 | INR | (233100000.00) | (2817071.62) | 22-Sep-17 | 30-Oct-17 | 2-Nov-22 |

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**Page 3 of 6** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/1222INR00.50 | 5486 | INR | (150000000.00) | (1811977.17) | 5-Nov-18 | 20-Dec-18 | 21-Dec-22 |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/1222INR05.00 | 5676 | INR | (150000000.00) | (1814761.27) | 10-Jun-19 | 17-Jun-19 | 16-Dec-22 |
|  | BOND/SELL INR/IBRD/Japanese Retail (Uridashi)/1122INR00.00 | 5758 | INR | (370000000.00) | (4568155.02) | 1-Oct-19 | 14-Nov-19 | 15-Nov-22 |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-Retail)/1222INR00.00 | 4776 | INR | (155000000.00) | (1872376.41) | 24-Nov-15 | 18-Dec-15 | 21-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(4833000000.00)** | **(58606209.29)** |  |  |  |
| **<u>Japanese Yen</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1022JPYSTR03 | 5160 | JPY | (1525000000.00) | (10246245.84) | 21-Sep-17 | 16-Oct-17 | 17-Oct-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1022JPYSTR04 | 5167 | JPY | (1995000000.00) | (13558976.45) | 28-Sep-17 | 25-Oct-17 | 26-Oct-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1022JPYSTR05 | 5174 | JPY | (962000000.00) | (6515628.70) | 4-Oct-17 | 30-Oct-17 | 28-Oct-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1022JPYSTR06 | 5178 | JPY | (2199000000.00) | (15029217.78) | 12-Oct-17 | 26-Oct-17 | 27-Oct-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1122JPYSTR02 | 5181 | JPY | (1346000000.00) | (9198072.91) | 19-Oct-17 | 7-Nov-17 | 8-Nov-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1122JPYSTR03 | 5190 | JPY | (1669000000.00) | (11931229.22) | 30-Oct-17 | 16-Nov-17 | 17-Nov-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1122JPYSTR04 | 5197 | JPY | (1527000000.00) | (11005008.83) | 6-Nov-17 | 29-Nov-17 | 30-Nov-22 |
|  | BOND/SELL JPY/IBRD/Other Structures (Non-Retail)/1222JPYSTR03 | 5217 | JPY | (1977000000.00) | (14779650.88) | 5-Dec-17 | 28-Dec-17 | 29-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(13200000000.00)** | **(92264030.63)** |  |  |  |
| **<u>Kazakhstan Tenge</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/1022KZT0.910 | 6010 | KZT | (21500000000.00) | (45153838.08) | 6-Oct-20 | 14-Oct-20 | 14-Oct-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(21500000000.00)** | **(45153838.08)** |  |  |  |
| **<u>Mexican Peso</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL MXN/IBRD/Japanese Retail (Uridashi)/1022MXN05.30 | 5766 | MXN | (420500000.00) | (20927738.34) | 9-Oct-19 | 23-Oct-19 | 20-Oct-22 |
|  | BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-Retail)/1222MXN00.50 | 4648 | MXN | (696400000.00) | (35092581.63) | 14-Nov-12 | 13-Dec-12 | 13-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1116900000.00)** | **(56020319.96)** |  |  |  |
| **<u>New Zealand Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL NZD/IBRD/PV MTN Core (Non-Retail)/1222NZD02.00 | 5502 | NZD | (4900000.00) | (3083570.00) | 26-Nov-18 | 20-Dec-18 | 22-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(4900000.00)** | **(3083570.00)** |  |  |  |
| **<u>Russian Ruble</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL RUB/IBRD/PV MTN Non-Core (Non-Retail)/1122RUB06.75 | 6034 | RUB | (2500000000.00) | (41449059.11) | 9-Nov-20 | 17-Nov-20 | 14-Nov-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(2500000000.00)** | **(41449059.11)** |  |  |  |

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**Page 4 of 6** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>Swedish Kronor</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL SEK/IBRD/PV MTN Non-Core (Non-Retail)/1222SEK00.250 | 5919 | SEK | (11500000000.00) | (1098906349.29) | 16-Apr-20 | 23-Apr-20 | 23-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(11500000000.00)** | **(1098906349.29)** |  |  |  |
| **<u>New Turkish Lira</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL TRY/IBRD/Other Structures (Non-Retail)/1222TRYSTR | 5208 | TRY | (16000000.00) | (857081.64) | 21-Nov-17 | 21-Dec-17 | 22-Dec-22 |
|  | BOND/SELL TRY/IBRD/Other Structures (Non-Retail)/1222TRYSTR01 | 5220 | TRY | (68600000.00) | (3679645.55) | 8-Dec-17 | 20-Dec-17 | 12-Dec-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(84600000.00)** | **(4536727.19)** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Other (CAT)/1222USDCAR123 | 5796 | USD | (75000000.00) | (75000000.00) | 15-Nov-19 | 22-Nov-19 | 2-Dec-22 |
|  | BOND/SELL USD/IBRD/PV BM/1022USD1.875 | 4772 | USD | (1250000000.00) | (1250000000.00) | 30-Sep-15 | 7-Oct-15 | 7-Oct-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1022USD01.526 | 4654 | USD | (38000000.00) | (38000000.00) | 4-Dec-12 | 21-Dec-12 | 21-Oct-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1022USD1.875 | 5159 | USD | (100000000.00) | (100000000.00) | 22-Sep-17 | 29-Sep-17 | 7-Oct-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1022USD1.875 | 5913 | USD | (100000000.00) | (100000000.00) | 8-Apr-20 | 20-Apr-20 | 7-Oct-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1122USD01.60 | 4770 | USD | (1000000.00) | (1000000.00) | 24-Sep-15 | 2-Nov-15 | 4-Nov-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1122USD02.13 | 5202 | USD | (25000000.00) | (25000000.00) | 14-Nov-17 | 21-Nov-17 | 21-Nov-22 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/1222USD00.50 | 4540 | USD | (152500000.00) | (152500000.00) | 12-Nov-02 | 5-Dec-02 | 5-Dec-22 |
|  | BOND/SELL USD/IBRD/Other Structures (Non-Retail)/1022USDSTR05 | 6249 | USD | (7165000.00) | (7165000.00) | 10-Sep-18 | 12-Oct-18 | 12-Oct-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1748665000.00)** | **(1748665000.00)** |  |  |  |
| **<u>South African Rand</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-Retail)/1122ZAR03.88 | 6036 | ZAR | (250000000.00) | (14450908.82) | 10-Nov-20 | 18-Nov-20 | 18-Nov-22 |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-Retail)/1122ZAR04.14 | 6043 | ZAR | (250000000.00) | (14367733.52) | 12-Nov-20 | 19-Nov-20 | 21-Nov-22 |
|  | BOND/SELL ZAR/IBRD/Japanese Retail (Uridashi)/1122ZAR00.00 | 5759 | ZAR | (19000000.00) | (1104461.73) | 1-Oct-19 | 14-Nov-19 | 15-Nov-22 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(519000000.00)** | **(29923104.07)** |  |  |  |
| **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(5589323262.07)** |  |  |  |
| **<u>Early Retirement</u>** |  |  |  |  |  |  |  |  |
| **<u>Japanese Yen</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY JPY/IBRD/FX_T (Non-Retail)/1037JPYSTR23 | 4559 | JPY | (1350000000.00) | (9083263.25) | 4-Oct-07 | 30-Oct-07 | 30-Oct-37 |
|  | BOND/BUY JPY/IBRD/FX_T (Non-Retail)/1137JPYSTR01 | 4562 | JPY | (6700000000.00) | (45691683.43) | 11-Oct-07 | 6-Nov-07 | 6-Nov-37 |
| **<u>Sub-total Early Retirement</u>** |  |  |  | **(8050000000.00)** | **(54774946.68)** |  |  |  |

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**Page 5 of 6** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | **Currency Amount** | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>Russian Ruble</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY RUB/IBRD/PV MTN Non-Core (Non-Retail)/1122RUB06.75 | 560925 | RUB | (669000000.00) | (10514734.77) | 5-Oct-22 | 13-Oct-22 | 14-Nov-22 |
| **<u>Sub-total Early Retirement</u>** |  |  |  | **(669000000.00)** | **(10514734.77)** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0526USDSTR01 | 556275 | USD | (13000000.00) | (13000000.00) | 28-Sep-22 | 5-Oct-22 | 31-May-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0526USDSTR01 | 560406 | USD | (12000000.00) | (12000000.00) | 4-Oct-22 | 12-Oct-22 | 31-May-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0526USDSTR01 | 579260 | USD | (5000000.00) | (5000000.00) | 26-Oct-22 | 3-Nov-22 | 31-May-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0626USDSTR | 579264 | USD | (20000000.00) | (20000000.00) | 26-Oct-22 | 3-Nov-22 | 28-Jun-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0826USDSTR | 585001 | USD | (20488000.00) | (20488000.00) | 3-Nov-22 | 14-Nov-22 | 11-Aug-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0826USDSTR | 599279 | USD | (5000000.00) | (5000000.00) | 18-Nov-22 | 29-Nov-22 | 11-Aug-26 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/1128USDSTR01 | 554739 | USD | (2700000.00) | (2700000.00) | 27-Sep-22 | 4-Oct-22 | 30-Nov-28 |
|  | BOND/BUY USD/IBRD/Putable (Non-Retail)/0124USDSTR04 | 627617 | USD | (243750000.00) | (243750000.00) | 23-Dec-22 | 30-Dec-22 | 9-Jan-24 |
|  | BOND/BUY USD/IBRD/Other Structures (Non-Retail)/0725USDSTR01 | 560924 | USD | (50000000.00) | (50000000.00) | 5-Oct-22 | 13-Oct-22 | 3-Jul-25 |
| **<u>Sub-total Early Retirement</u>** |  |  |  | **(371938000.00)** | **(371938000.00)** |  |  |  |
| **<u>Total Early Retirement</u>** |  |  |  |  | **(437227681.45)** |  |  |  |

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**Page 6 of 6** 

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| | |
|:---|:---|
| ![LOGO](g460172dsp001.jpg) | ***International Bank for Reconstruction and Development*** |
| ![LOGO](g460172dsp001.jpg) |  |
| ![LOGO](g460172dsp001.jpg) | <br> **SEC Report - Changes in Borrowings** |
| ![LOGO](g460172dsp001.jpg) | **Short Term** |
| ![LOGO](g460172dsp001.jpg) | **October 01 2022 through December 31 2022** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 574529 | USD | 2000000.00 | 2000000.00 | 19-Oct-22 | 19-Oct-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 579918 | USD | 50000000.00 | 50000000.00 | 27-Oct-22 | 27-Oct-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 565561 | USD | 24122000.00 | 24122000.00 | 11-Oct-22 | 11-Oct-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 576318 | USD | 2000000.00 | 2000000.00 | 21-Oct-22 | 24-Oct-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 584323 | USD | 100000000.00 | 100000000.00 | 2-Nov-22 | 2-Nov-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 576319 | USD | 100000000.00 | 100000000.00 | 21-Oct-22 | 21-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 578589 | USD | 50000000.00 | 50000000.00 | 25-Oct-22 | 25-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 579257 | USD | 50000000.00 | 50000000.00 | 26-Oct-22 | 26-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 580731 | USD | 100000000.00 | 100000000.00 | 28-Oct-22 | 28-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 580732 | USD | 150000000.00 | 150000000.00 | 28-Oct-22 | 28-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 578592 | USD | 1000000.00 | 1000000.00 | 25-Oct-22 | 25-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 579255 | USD | 2000000.00 | 2000000.00 | 26-Oct-22 | 26-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 579917 | USD | 50000000.00 | 50000000.00 | 27-Oct-22 | 27-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221122 WB | 573826 | USD | 30188000.00 | 30188000.00 | 18-Oct-22 | 18-Oct-22 | 22-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 578590 | USD | 50000000.00 | 50000000.00 | 25-Oct-22 | 25-Oct-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 578591 | USD | 2000000.00 | 2000000.00 | 25-Oct-22 | 25-Oct-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 587446 | USD | 17000000.00 | 17000000.00 | 4-Nov-22 | 4-Nov-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221125 WB | 590216 | USD | 30000000.00 | 30000000.00 | 9-Nov-22 | 9-Nov-22 | 25-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 568827 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 17-Oct-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 579920 | USD | 100000000.00 | 100000000.00 | 27-Oct-22 | 27-Oct-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 580730 | USD | 80000000.00 | 80000000.00 | 28-Oct-22 | 1-Nov-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 587450 | USD | 20000000.00 | 20000000.00 | 4-Nov-22 | 7-Nov-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221201 WB | 579256 | USD | 50000000.00 | 50000000.00 | 26-Oct-22 | 26-Oct-22 | 1-Dec-22 |

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**Page 1 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 568820 | USD | 100000000.00 | 100000000.00 | 17-Oct-22 | 19-Oct-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 568824 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 17-Oct-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221206 WB | 568826 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 17-Oct-22 | 6-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221206 WB | 578594 | USD | 100000000.00 | 100000000.00 | 25-Oct-22 | 25-Oct-22 | 6-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 587445 | USD | 100000000.00 | 100000000.00 | 4-Nov-22 | 4-Nov-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 587449 | USD | 100000000.00 | 100000000.00 | 4-Nov-22 | 4-Nov-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221213 WB | 566938 | USD | 12000000.00 | 12000000.00 | 13-Oct-22 | 13-Oct-22 | 13-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 565568 | USD | 40000000.00 | 40000000.00 | 11-Oct-22 | 11-Oct-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 584328 | USD | 30000000.00 | 30000000.00 | 2-Nov-22 | 2-Nov-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 587451 | USD | 40000000.00 | 40000000.00 | 4-Nov-22 | 7-Nov-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 584327 | USD | 30000000.00 | 30000000.00 | 2-Nov-22 | 2-Nov-22 | 16-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 578588 | USD | 250000000.00 | 250000000.00 | 25-Oct-22 | 26-Oct-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 579921 | USD | 25000000.00 | 25000000.00 | 27-Oct-22 | 27-Oct-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 598136 | USD | 15000000.00 | 15000000.00 | 17-Nov-22 | 17-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 598138 | USD | 30000000.00 | 30000000.00 | 17-Nov-22 | 17-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 605630 | USD | 12000000.00 | 12000000.00 | 30-Nov-22 | 30-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 606545 | USD | 30000000.00 | 30000000.00 | 1-Dec-22 | 1-Dec-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221228 WB | 566940 | USD | 25700000.00 | 25700000.00 | 13-Oct-22 | 14-Oct-22 | 28-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221229 WB | 591966 | USD | 50000000.00 | 50000000.00 | 15-Nov-22 | 15-Nov-22 | 29-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221229 WB | 603078 | USD | 100000000.00 | 100000000.00 | 28-Nov-22 | 1-Dec-22 | 29-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 587447 | USD | 40000000.00 | 40000000.00 | 4-Nov-22 | 4-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 587454 | USD | 200000000.00 | 200000000.00 | 4-Nov-22 | 7-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 598137 | USD | 80000000.00 | 80000000.00 | 17-Nov-22 | 17-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 601213 | USD | 100000000.00 | 100000000.00 | 22-Nov-22 | 23-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 606546 | USD | 200000000.00 | 200000000.00 | 1-Dec-22 | 1-Dec-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230103 WB | 567671 | USD | 200000000.00 | 200000000.00 | 14-Oct-22 | 14-Oct-22 | 3-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230103 WB | 573829 | USD | 200000000.00 | 200000000.00 | 18-Oct-22 | 18-Oct-22 | 3-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230103 WB | 578593 | USD | 53222000.00 | 53222000.00 | 25-Oct-22 | 25-Oct-22 | 3-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230103 WB | 601211 | USD | 100000000.00 | 100000000.00 | 22-Nov-22 | 22-Nov-22 | 3-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230103 WB | 606547 | USD | 100000000.00 | 100000000.00 | 1-Dec-22 | 1-Dec-22 | 3-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230106 WB | 591967 | USD | 50000000.00 | 50000000.00 | 15-Nov-22 | 15-Nov-22 | 6-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230106 WB | 593159 | USD | 25000000.00 | 25000000.00 | 16-Nov-22 | 16-Nov-22 | 6-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230106 WB | 601217 | USD | 55000000.00 | 55000000.00 | 22-Nov-22 | 22-Nov-22 | 6-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 566941 | USD | 50000000.00 | 50000000.00 | 13-Oct-22 | 13-Oct-22 | 9-Jan-23 |

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**Page 2 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 566944 | USD | 25000000.00 | 25000000.00 | 13-Oct-22 | 14-Oct-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 574522 | USD | 200000000.00 | 200000000.00 | 19-Oct-22 | 19-Oct-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 576316 | USD | 50000000.00 | 50000000.00 | 21-Oct-22 | 21-Oct-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 584325 | USD | 200000000.00 | 200000000.00 | 2-Nov-22 | 2-Nov-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 611300 | USD | 100000000.00 | 100000000.00 | 6-Dec-22 | 6-Dec-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230109 WB | 612068 | USD | 15000000.00 | 15000000.00 | 7-Dec-22 | 8-Dec-22 | 9-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230110 WB | 565562 | USD | 15000000.00 | 15000000.00 | 11-Oct-22 | 11-Oct-22 | 10-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230110 WB | 598140 | USD | 30000000.00 | 30000000.00 | 17-Nov-22 | 17-Nov-22 | 10-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230110 WB | 612063 | USD | 30000000.00 | 30000000.00 | 7-Dec-22 | 8-Dec-22 | 10-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230112 WB | 573824 | USD | 150000000.00 | 150000000.00 | 18-Oct-22 | 19-Oct-22 | 12-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230112 WB | 612067 | USD | 50000000.00 | 50000000.00 | 7-Dec-22 | 7-Dec-22 | 12-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230113 WB | 566943 | USD | 50000000.00 | 50000000.00 | 13-Oct-22 | 13-Oct-22 | 13-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230117 WB | 565572 | USD | 12000000.00 | 12000000.00 | 11-Oct-22 | 11-Oct-22 | 17-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230117 WB | 612820 | USD | 75000000.00 | 75000000.00 | 8-Dec-22 | 8-Dec-22 | 17-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230117 WB | 623324 | USD | 60000000.00 | 60000000.00 | 19-Dec-22 | 19-Dec-22 | 17-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230118 WB | 565565 | USD | 100000000.00 | 100000000.00 | 11-Oct-22 | 11-Oct-22 | 18-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230123 WB | 587448 | USD | 50000000.00 | 50000000.00 | 4-Nov-22 | 4-Nov-22 | 23-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230123 WB | 601216 | USD | 50000000.00 | 50000000.00 | 22-Nov-22 | 22-Nov-22 | 23-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230124 WB | 574526 | USD | 25000000.00 | 25000000.00 | 19-Oct-22 | 20-Oct-22 | 24-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230124 WB | 603077 | USD | 20000000.00 | 20000000.00 | 28-Nov-22 | 29-Nov-22 | 24-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230124 WB | 605635 | USD | 12000000.00 | 12000000.00 | 30-Nov-22 | 1-Dec-22 | 24-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230125 WB | 606549 | USD | 45000000.00 | 45000000.00 | 1-Dec-22 | 2-Dec-22 | 25-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230125 WB | 611311 | USD | 12000000.00 | 12000000.00 | 6-Dec-22 | 6-Dec-22 | 25-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230126 WB | 611304 | USD | 30000000.00 | 30000000.00 | 6-Dec-22 | 6-Dec-22 | 26-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230126 WB | 612816 | USD | 25000000.00 | 25000000.00 | 8-Dec-22 | 8-Dec-22 | 26-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230127 WB | 587443 | USD | 40000000.00 | 40000000.00 | 4-Nov-22 | 9-Nov-22 | 27-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230127 WB | 587444 | USD | 200000000.00 | 200000000.00 | 4-Nov-22 | 7-Nov-22 | 27-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230127 WB | 611301 | USD | 150000000.00 | 150000000.00 | 6-Dec-22 | 6-Dec-22 | 27-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230131 WB | 576317 | USD | 50000000.00 | 50000000.00 | 21-Oct-22 | 26-Oct-22 | 31-Jan-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230201 WB | 568823 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 19-Oct-22 | 1-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230201 WB | 625057 | USD | 13462000.00 | 13462000.00 | 21-Dec-22 | 22-Dec-22 | 1-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230202 WB | 568822 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 19-Oct-22 | 2-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230202 WB | 584326 | USD | 300000000.00 | 300000000.00 | 2-Nov-22 | 3-Nov-22 | 2-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230203 WB | 584324 | USD | 150000000.00 | 150000000.00 | 2-Nov-22 | 3-Nov-22 | 3-Feb-23 |

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**Page 3 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230206 WB | 612069 | USD | 15000000.00 | 15000000.00 | 7-Dec-22 | 8-Dec-22 | 6-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230206 WB | 612070 | USD | 25000000.00 | 25000000.00 | 7-Dec-22 | 8-Dec-22 | 6-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230206 WB | 612815 | USD | 300000000.00 | 300000000.00 | 8-Dec-22 | 9-Dec-22 | 6-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230207 WB | 614597 | USD | 10000000.00 | 10000000.00 | 12-Dec-22 | 13-Dec-22 | 7-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230207 WB | 616794 | USD | 15000000.00 | 15000000.00 | 15-Dec-22 | 15-Dec-22 | 7-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230207 WB | 623325 | USD | 19500000.00 | 19500000.00 | 19-Dec-22 | 19-Dec-22 | 7-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230209 WB | 598139 | USD | 50000000.00 | 50000000.00 | 17-Nov-22 | 17-Nov-22 | 9-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230210 WB | 623326 | USD | 35500000.00 | 35500000.00 | 19-Dec-22 | 19-Dec-22 | 10-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230213 WB | 566942 | USD | 4000000.00 | 4000000.00 | 13-Oct-22 | 13-Oct-22 | 13-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230215 WB | 568825 | USD | 50000000.00 | 50000000.00 | 17-Oct-22 | 17-Oct-22 | 15-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230221 WB | 591968 | USD | 20000000.00 | 20000000.00 | 15-Nov-22 | 17-Nov-22 | 21-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230222 WB | 568821 | USD | 45000000.00 | 45000000.00 | 17-Oct-22 | 19-Oct-22 | 22-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230223 WB | 605637 | USD | 40000000.00 | 40000000.00 | 30-Nov-22 | 30-Nov-22 | 23-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230224 WB | 587453 | USD | 50000000.00 | 50000000.00 | 4-Nov-22 | 10-Nov-22 | 24-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230224 WB | 603074 | USD | 10000000.00 | 10000000.00 | 28-Nov-22 | 28-Nov-22 | 24-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230224 WB | 605639 | USD | 25000000.00 | 25000000.00 | 30-Nov-22 | 1-Dec-22 | 24-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230224 WB | 612817 | USD | 30000000.00 | 30000000.00 | 8-Dec-22 | 8-Dec-22 | 24-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230228 WB | 579922 | USD | 15000000.00 | 15000000.00 | 27-Oct-22 | 27-Oct-22 | 28-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230228 WB | 579923 | USD | 15000000.00 | 15000000.00 | 27-Oct-22 | 27-Oct-22 | 28-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230228 WB | 584329 | USD | 100000000.00 | 100000000.00 | 2-Nov-22 | 3-Nov-22 | 28-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230228 WB | 593160 | USD | 250000000.00 | 250000000.00 | 16-Nov-22 | 17-Nov-22 | 28-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230228 WB | 625983 | USD | 20000000.00 | 20000000.00 | 22-Dec-22 | 22-Dec-22 | 28-Feb-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230301 WB | 593162 | USD | 30000000.00 | 30000000.00 | 16-Nov-22 | 18-Nov-22 | 1-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230302 WB | 584322 | USD | 20000000.00 | 20000000.00 | 2-Nov-22 | 2-Nov-22 | 2-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230302 WB | 591970 | USD | 13000000.00 | 13000000.00 | 15-Nov-22 | 17-Nov-22 | 2-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230303 WB | 584321 | USD | 100000000.00 | 100000000.00 | 2-Nov-22 | 3-Nov-22 | 3-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230303 WB | 587452 | USD | 100000000.00 | 100000000.00 | 4-Nov-22 | 4-Nov-22 | 3-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230303 WB | 593161 | USD | 30000000.00 | 30000000.00 | 16-Nov-22 | 16-Nov-22 | 3-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230303 WB | 611306 | USD | 5000000.00 | 5000000.00 | 6-Dec-22 | 6-Dec-22 | 3-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230306 WB | 612071 | USD | 250000000.00 | 250000000.00 | 7-Dec-22 | 8-Dec-22 | 6-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230306 WB | 612814 | USD | 100000000.00 | 100000000.00 | 8-Dec-22 | 8-Dec-22 | 6-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230307 WB | 615310 | USD | 250000000.00 | 250000000.00 | 13-Dec-22 | 14-Dec-22 | 7-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230310 WB | 624126 | USD | 3507000.00 | 3507000.00 | 20-Dec-22 | 20-Dec-22 | 10-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230310 WB | 625982 | USD | 100000000.00 | 100000000.00 | 22-Dec-22 | 22-Dec-22 | 10-Mar-23 |

---

**Page 4 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230313 WB | 605631 | USD | 50000000.00 | 50000000.00 | 30-Nov-22 | 1-Dec-22 | 13-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230313 WB | 605632 | USD | 10000000.00 | 10000000.00 | 30-Nov-22 | 1-Dec-22 | 13-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230313 WB | 612064 | USD | 20000000.00 | 20000000.00 | 7-Dec-22 | 8-Dec-22 | 13-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230314 WB | 568828 | USD | 20000000.00 | 20000000.00 | 17-Oct-22 | 18-Oct-22 | 14-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230314 WB | 568829 | USD | 20000000.00 | 20000000.00 | 17-Oct-22 | 18-Oct-22 | 14-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230315 WB | 565569 | USD | 100000000.00 | 100000000.00 | 11-Oct-22 | 13-Oct-22 | 15-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230315 WB | 568830 | USD | 100000000.00 | 100000000.00 | 17-Oct-22 | 24-Oct-22 | 15-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230315 WB | 600474 | USD | 200000000.00 | 200000000.00 | 21-Nov-22 | 22-Nov-22 | 15-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230315 WB | 605638 | USD | 200000000.00 | 200000000.00 | 30-Nov-22 | 2-Dec-22 | 15-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230315 WB | 616795 | USD | 200000000.00 | 200000000.00 | 15-Dec-22 | 20-Dec-22 | 15-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230316 WB | 605634 | USD | 10000000.00 | 10000000.00 | 30-Nov-22 | 1-Dec-22 | 16-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 588811 | USD | 400000000.00 | 400000000.00 | 7-Nov-22 | 7-Nov-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 617890 | USD | 100000000.00 | 100000000.00 | 16-Dec-22 | 19-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 623327 | USD | 150000000.00 | 150000000.00 | 19-Dec-22 | 20-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 623328 | USD | 25000000.00 | 25000000.00 | 19-Dec-22 | 19-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 623334 | USD | 25000000.00 | 25000000.00 | 19-Dec-22 | 19-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 623338 | USD | 30000000.00 | 30000000.00 | 19-Dec-22 | 19-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 624125 | USD | 9500000.00 | 9500000.00 | 20-Dec-22 | 21-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230320 WB | 625055 | USD | 50000000.00 | 50000000.00 | 21-Dec-22 | 21-Dec-22 | 20-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230322 WB | 601214 | USD | 50000000.00 | 50000000.00 | 22-Nov-22 | 23-Nov-22 | 22-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230323 WB | 603079 | USD | 35000000.00 | 35000000.00 | 28-Nov-22 | 28-Nov-22 | 23-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230323 WB | 614598 | USD | 30000000.00 | 30000000.00 | 12-Dec-22 | 13-Dec-22 | 23-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230323 WB | 616796 | USD | 15000000.00 | 15000000.00 | 15-Dec-22 | 15-Dec-22 | 23-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230323 WB | 627597 | USD | 9000000.00 | 9000000.00 | 23-Dec-22 | 23-Dec-22 | 23-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230324 WB | 611302 | USD | 100000000.00 | 100000000.00 | 6-Dec-22 | 6-Dec-22 | 24-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230324 WB | 615313 | USD | 28000000.00 | 28000000.00 | 13-Dec-22 | 13-Dec-22 | 24-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230327 WB | 574524 | USD | 4550000.00 | 4550000.00 | 19-Oct-22 | 20-Oct-22 | 27-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230327 WB | 627598 | USD | 300000000.00 | 300000000.00 | 23-Dec-22 | 23-Dec-22 | 27-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230328 WB | 566239 | USD | 100000000.00 | 100000000.00 | 12-Oct-22 | 13-Oct-22 | 28-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230328 WB | 574523 | USD | 20000000.00 | 20000000.00 | 19-Oct-22 | 20-Oct-22 | 28-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230328 WB | 574528 | USD | 22000000.00 | 22000000.00 | 19-Oct-22 | 20-Oct-22 | 28-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230328 WB | 625984 | USD | 20000000.00 | 20000000.00 | 22-Dec-22 | 22-Dec-22 | 28-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230329 WB | 605629 | USD | 50000000.00 | 50000000.00 | 30-Nov-22 | 30-Nov-22 | 29-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230330 WB | 565574 | USD | 100000000.00 | 100000000.00 | 11-Oct-22 | 12-Oct-22 | 30-Mar-23 |

---

**Page 5 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230330 WB | 567672 | USD | 100000000.00 | 100000000.00 | 14-Oct-22 | 14-Oct-22 | 30-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 565570 | USD | 50000000.00 | 50000000.00 | 11-Oct-22 | 12-Oct-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 565573 | USD | 50000000.00 | 50000000.00 | 11-Oct-22 | 12-Oct-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 573828 | USD | 100000000.00 | 100000000.00 | 18-Oct-22 | 18-Oct-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 593164 | USD | 100000000.00 | 100000000.00 | 16-Nov-22 | 17-Nov-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 611307 | USD | 5000000.00 | 5000000.00 | 6-Dec-22 | 6-Dec-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 612062 | USD | 100000000.00 | 100000000.00 | 7-Dec-22 | 8-Dec-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 612065 | USD | 50000000.00 | 50000000.00 | 7-Dec-22 | 8-Dec-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230331 WB | 625056 | USD | 400000000.00 | 400000000.00 | 21-Dec-22 | 21-Dec-22 | 31-Mar-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230403 WB | 573827 | USD | 25000000.00 | 25000000.00 | 18-Oct-22 | 18-Oct-22 | 3-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230403 WB | 593163 | USD | 50000000.00 | 50000000.00 | 16-Nov-22 | 18-Nov-22 | 3-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230403 WB | 615315 | USD | 25000000.00 | 25000000.00 | 13-Dec-22 | 14-Dec-22 | 3-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230403 WB | 623329 | USD | 200000000.00 | 200000000.00 | 19-Dec-22 | 19-Dec-22 | 3-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230404 WB | 601212 | USD | 20000000.00 | 20000000.00 | 22-Nov-22 | 22-Nov-22 | 4-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230405 WB | 615311 | USD | 250000000.00 | 250000000.00 | 13-Dec-22 | 14-Dec-22 | 5-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230406 WB | 591971 | USD | 23000000.00 | 23000000.00 | 15-Nov-22 | 17-Nov-22 | 6-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230406 WB | 612819 | USD | 25000000.00 | 25000000.00 | 8-Dec-22 | 8-Dec-22 | 6-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230410 WB | 574527 | USD | 100000000.00 | 100000000.00 | 19-Oct-22 | 19-Oct-22 | 10-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230410 WB | 577068 | USD | 100000000.00 | 100000000.00 | 24-Oct-22 | 25-Oct-22 | 10-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230411 WB | 608713 | USD | 15000000.00 | 15000000.00 | 5-Dec-22 | 6-Dec-22 | 11-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230411 WB | 608714 | USD | 20000000.00 | 20000000.00 | 5-Dec-22 | 6-Dec-22 | 11-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230412 WB | 611309 | USD | 30000000.00 | 30000000.00 | 6-Dec-22 | 6-Dec-22 | 12-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230414 WB | 614596 | USD | 100000000.00 | 100000000.00 | 12-Dec-22 | 12-Dec-22 | 14-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230414 WB | 617888 | USD | 100000000.00 | 100000000.00 | 16-Dec-22 | 19-Dec-22 | 14-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230417 WB | 623335 | USD | 40000000.00 | 40000000.00 | 19-Dec-22 | 20-Dec-22 | 17-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230420 WB | 603075 | USD | 25000000.00 | 25000000.00 | 28-Nov-22 | 29-Nov-22 | 20-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230424 WB | 566939 | USD | 100000000.00 | 100000000.00 | 13-Oct-22 | 13-Oct-22 | 24-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230424 WB | 579924 | USD | 100000000.00 | 100000000.00 | 27-Oct-22 | 27-Oct-22 | 24-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230424 WB | 580733 | USD | 100000000.00 | 100000000.00 | 28-Oct-22 | 31-Oct-22 | 24-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230424 WB | 600472 | USD | 50000000.00 | 50000000.00 | 21-Nov-22 | 22-Nov-22 | 24-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230424 WB | 612066 | USD | 100000000.00 | 100000000.00 | 7-Dec-22 | 7-Dec-22 | 24-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230425 WB | 604044 | USD | 20000000.00 | 20000000.00 | 29-Nov-22 | 30-Nov-22 | 25-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230425 WB | 604047 | USD | 20000000.00 | 20000000.00 | 29-Nov-22 | 30-Nov-22 | 25-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230425 WB | 605633 | USD | 25000000.00 | 25000000.00 | 30-Nov-22 | 1-Dec-22 | 25-Apr-23 |

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**Page 6 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230426 WB | 574525 | USD | 100000000.00 | 100000000.00 | 19-Oct-22 | 19-Oct-22 | 26-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230426 WB | 579258 | USD | 100000000.00 | 100000000.00 | 26-Oct-22 | 26-Oct-22 | 26-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230426 WB | 593165 | USD | 100000000.00 | 100000000.00 | 16-Nov-22 | 16-Nov-22 | 26-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230428 WB | 617887 | USD | 10000000.00 | 10000000.00 | 16-Dec-22 | 16-Dec-22 | 28-Apr-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230501 WB | 616793 | USD | 25000000.00 | 25000000.00 | 15-Dec-22 | 16-Dec-22 | 1-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230501 WB | 617889 | USD | 100000000.00 | 100000000.00 | 16-Dec-22 | 16-Dec-22 | 1-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230504 WB | 614599 | USD | 16000000.00 | 16000000.00 | 12-Dec-22 | 13-Dec-22 | 4-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230504 WB | 624127 | USD | 25000000.00 | 25000000.00 | 20-Dec-22 | 20-Dec-22 | 4-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230508 WB | 601215 | USD | 100000000.00 | 100000000.00 | 22-Nov-22 | 22-Nov-22 | 8-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230509 WB | 603076 | USD | 25000000.00 | 25000000.00 | 28-Nov-22 | 29-Nov-22 | 9-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230510 WB | 591969 | USD | 100000000.00 | 100000000.00 | 15-Nov-22 | 15-Nov-22 | 10-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230510 WB | 600476 | USD | 100000000.00 | 100000000.00 | 21-Nov-22 | 21-Nov-22 | 10-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230515 WB | 614593 | USD | 50000000.00 | 50000000.00 | 12-Dec-22 | 12-Dec-22 | 15-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230515 WB | 614595 | USD | 5000000.00 | 5000000.00 | 12-Dec-22 | 12-Dec-22 | 15-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230516 WB | 616797 | USD | 15000000.00 | 15000000.00 | 15-Dec-22 | 15-Dec-22 | 16-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230516 WB | 623336 | USD | 60000000.00 | 60000000.00 | 19-Dec-22 | 20-Dec-22 | 16-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230522 WB | 612061 | USD | 100000000.00 | 100000000.00 | 7-Dec-22 | 9-Dec-22 | 22-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230525 WB | 612821 | USD | 20000000.00 | 20000000.00 | 8-Dec-22 | 8-Dec-22 | 25-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230526 WB | 604045 | USD | 100000000.00 | 100000000.00 | 29-Nov-22 | 30-Nov-22 | 26-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230526 WB | 615312 | USD | 100000000.00 | 100000000.00 | 13-Dec-22 | 13-Dec-22 | 26-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230526 WB | 623337 | USD | 100000000.00 | 100000000.00 | 19-Dec-22 | 19-Dec-22 | 26-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230526 WB | 625981 | USD | 100000000.00 | 100000000.00 | 22-Dec-22 | 22-Dec-22 | 26-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230531 WB | 612818 | USD | 50000000.00 | 50000000.00 | 8-Dec-22 | 8-Dec-22 | 31-May-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230608 WB | 624129 | USD | 100000000.00 | 100000000.00 | 20-Dec-22 | 20-Dec-22 | 8-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230609 WB | 605636 | USD | 5000000.00 | 5000000.00 | 30-Nov-22 | 30-Nov-22 | 9-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230614 WB | 604046 | USD | 10000000.00 | 10000000.00 | 29-Nov-22 | 29-Nov-22 | 14-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230616 WB | 611308 | USD | 7000000.00 | 7000000.00 | 6-Dec-22 | 6-Dec-22 | 16-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230626 WB | 623339 | USD | 100000000.00 | 100000000.00 | 19-Dec-22 | 19-Dec-22 | 26-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230626 WB | 624124 | USD | 100000000.00 | 100000000.00 | 20-Dec-22 | 20-Dec-22 | 26-Jun-23 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20230630 WB | 624128 | USD | 7000000.00 | 7000000.00 | 20-Dec-22 | 20-Dec-22 | 30-Jun-23 |
|  **<u>Sub-total New Borrowings</u>** |  |  |  | **15384251000.00** | **15384251000.00** |  |  |  |
|  **<u>Total New Borrowings</u>** |  |  |  |  | **15384251000.00** |  |  |  |

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**Page 7 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 291788 | USD | (100000000.00) | (100000000.00) | 13-Dec-21 | 15-Dec-21 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 292275 | USD | (100000000.00) | (100000000.00) | 14-Dec-21 | 15-Dec-21 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 301635 | USD | (100000000.00) | (100000000.00) | 20-Dec-21 | 20-Dec-21 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 303330 | USD | (40000000.00) | (40000000.00) | 21-Dec-21 | 21-Dec-21 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 311181 | USD | (100000000.00) | (100000000.00) | 6-Jan-22 | 6-Jan-22 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 345685 | USD | (5500000.00) | (5500000.00) | 24-Feb-22 | 28-Feb-22 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 490085 | USD | (20000000.00) | (20000000.00) | 26-Jul-22 | 26-Jul-22 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 490086 | USD | (20000000.00) | (20000000.00) | 26-Jul-22 | 26-Jul-22 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221003 WB | 495319 | USD | (50000000.00) | (50000000.00) | 3-Aug-22 | 3-Aug-22 | 3-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221005 WB | 514311 | USD | (50000000.00) | (50000000.00) | 25-Aug-22 | 25-Aug-22 | 5-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221005 WB | 514325 | USD | (100000000.00) | (100000000.00) | 25-Aug-22 | 25-Aug-22 | 5-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221006 WB | 514980 | USD | (150000000.00) | (150000000.00) | 26-Aug-22 | 26-Aug-22 | 6-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221007 WB | 369620 | USD | (100000000.00) | (100000000.00) | 1-Apr-22 | 1-Apr-22 | 7-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 383959 | USD | (100000000.00) | (100000000.00) | 19-Apr-22 | 19-Apr-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 387992 | USD | (100000000.00) | (100000000.00) | 26-Apr-22 | 26-Apr-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 486745 | USD | (15000000.00) | (15000000.00) | 20-Jul-22 | 21-Jul-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 486746 | USD | (20000000.00) | (20000000.00) | 20-Jul-22 | 21-Jul-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 486747 | USD | (25000000.00) | (25000000.00) | 20-Jul-22 | 21-Jul-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 501011 | USD | (10000000.00) | (10000000.00) | 10-Aug-22 | 10-Aug-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221011 WB | 501829 | USD | (15000000.00) | (15000000.00) | 11-Aug-22 | 11-Aug-22 | 11-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221013 WB | 294127 | USD | (10000000.00) | (10000000.00) | 16-Dec-21 | 16-Dec-21 | 13-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221013 WB | 501822 | USD | (75000000.00) | (75000000.00) | 11-Aug-22 | 12-Aug-22 | 13-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221013 WB | 501823 | USD | (175000000.00) | (175000000.00) | 11-Aug-22 | 12-Aug-22 | 13-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221013 WB | 514326 | USD | (50000000.00) | (50000000.00) | 25-Aug-22 | 25-Aug-22 | 13-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221014 WB | 486734 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 20-Jul-22 | 14-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221014 WB | 486735 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 21-Jul-22 | 14-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221014 WB | 488262 | USD | (200000000.00) | (200000000.00) | 22-Jul-22 | 25-Jul-22 | 14-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 388910 | USD | (100000000.00) | (100000000.00) | 27-Apr-22 | 28-Apr-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 398760 | USD | (100000000.00) | (100000000.00) | 10-May-22 | 10-May-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 407800 | USD | (100000000.00) | (100000000.00) | 19-May-22 | 19-May-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 490900 | USD | (200000000.00) | (200000000.00) | 27-Jul-22 | 27-Jul-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 501008 | USD | (50000000.00) | (50000000.00) | 10-Aug-22 | 10-Aug-22 | 17-Oct-22 |

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**Page 8 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 501825 | USD | (50000000.00) | (50000000.00) | 11-Aug-22 | 12-Aug-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221017 WB | 514342 | USD | (25000000.00) | (25000000.00) | 25-Aug-22 | 26-Aug-22 | 17-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221018 WB | 489322 | USD | (50000000.00) | (50000000.00) | 25-Jul-22 | 25-Jul-22 | 18-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221018 WB | 514979 | USD | (150000000.00) | (150000000.00) | 26-Aug-22 | 26-Aug-22 | 18-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221019 WB | 398758 | USD | (25000000.00) | (25000000.00) | 10-May-22 | 13-May-22 | 19-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221019 WB | 514331 | USD | (50000000.00) | (50000000.00) | 25-Aug-22 | 25-Aug-22 | 19-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221020 WB | 421880 | USD | (50000000.00) | (50000000.00) | 7-Jun-22 | 7-Jun-22 | 20-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221021 WB | 487581 | USD | (5000000.00) | (5000000.00) | 21-Jul-22 | 21-Jul-22 | 21-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221021 WB | 489326 | USD | (5000000.00) | (5000000.00) | 25-Jul-22 | 25-Jul-22 | 21-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 346916 | USD | (100000000.00) | (100000000.00) | 28-Feb-22 | 1-Mar-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 375899 | USD | (100000000.00) | (100000000.00) | 12-Apr-22 | 12-Apr-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 486732 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 20-Jul-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 486733 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 20-Jul-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 486737 | USD | (50000000.00) | (50000000.00) | 20-Jul-22 | 20-Jul-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 486743 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 21-Jul-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 486744 | USD | (100000000.00) | (100000000.00) | 20-Jul-22 | 20-Jul-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221024 WB | 500278 | USD | (50000000.00) | (50000000.00) | 9-Aug-22 | 9-Aug-22 | 24-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221025 WB | 427535 | USD | (40000000.00) | (40000000.00) | 16-Jun-22 | 16-Jun-22 | 25-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221025 WB | 493512 | USD | (25000000.00) | (25000000.00) | 1-Aug-22 | 2-Aug-22 | 25-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221027 WB | 377447 | USD | (100000000.00) | (100000000.00) | 14-Apr-22 | 14-Apr-22 | 27-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221027 WB | 495878 | USD | (250000000.00) | (250000000.00) | 4-Aug-22 | 4-Aug-22 | 27-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221031 WB | 397554 | USD | (300000000.00) | (300000000.00) | 9-May-22 | 9-May-22 | 31-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221031 WB | 486739 | USD | (250000000.00) | (250000000.00) | 20-Jul-22 | 21-Jul-22 | 31-Oct-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221101 WB | 344312 | USD | (100000000.00) | (100000000.00) | 23-Feb-22 | 23-Feb-22 | 1-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221101 WB | 375900 | USD | (100000000.00) | (100000000.00) | 12-Apr-22 | 12-Apr-22 | 1-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221101 WB | 383961 | USD | (100000000.00) | (100000000.00) | 19-Apr-22 | 19-Apr-22 | 1-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221102 WB | 416546 | USD | (50000000.00) | (50000000.00) | 1-Jun-22 | 3-Jun-22 | 2-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221102 WB | 488260 | USD | (200000000.00) | (200000000.00) | 22-Jul-22 | 22-Jul-22 | 2-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221104 WB | 421879 | USD | (100000000.00) | (100000000.00) | 7-Jun-22 | 7-Jun-22 | 4-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221104 WB | 487577 | USD | (200000000.00) | (200000000.00) | 21-Jul-22 | 21-Jul-22 | 4-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 487579 | USD | (4000000.00) | (4000000.00) | 21-Jul-22 | 21-Jul-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 494787 | USD | (50000000.00) | (50000000.00) | 2-Aug-22 | 4-Aug-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 495869 | USD | (25000000.00) | (25000000.00) | 4-Aug-22 | 4-Aug-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 495879 | USD | (25000000.00) | (25000000.00) | 4-Aug-22 | 4-Aug-22 | 7-Nov-22 |

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**Page 9 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 495881 | USD | (25000000.00) | (25000000.00) | 4-Aug-22 | 4-Aug-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 501009 | USD | (100000000.00) | (100000000.00) | 10-Aug-22 | 10-Aug-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 520719 | USD | (30000000.00) | (30000000.00) | 6-Sep-22 | 6-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 525297 | USD | (100000000.00) | (100000000.00) | 9-Sep-22 | 12-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 534706 | USD | (100000000.00) | (100000000.00) | 20-Sep-22 | 20-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 534707 | USD | (100000000.00) | (100000000.00) | 20-Sep-22 | 20-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 536305 | USD | (100000000.00) | (100000000.00) | 22-Sep-22 | 23-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 537032 | USD | (50000000.00) | (50000000.00) | 23-Sep-22 | 23-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 557004 | USD | (150000000.00) | (150000000.00) | 29-Sep-22 | 29-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 557005 | USD | (150000000.00) | (150000000.00) | 29-Sep-22 | 29-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221107 WB | 557006 | USD | (200000000.00) | (200000000.00) | 29-Sep-22 | 29-Sep-22 | 7-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221109 WB | 425132 | USD | (100000000.00) | (100000000.00) | 13-Jun-22 | 13-Jun-22 | 9-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221110 WB | 495325 | USD | (30000000.00) | (30000000.00) | 3-Aug-22 | 3-Aug-22 | 10-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 486731 | USD | (50000000.00) | (50000000.00) | 20-Jul-22 | 20-Jul-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 509478 | USD | (5000000.00) | (5000000.00) | 17-Aug-22 | 18-Aug-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 520713 | USD | (19200000.00) | (19200000.00) | 6-Sep-22 | 6-Sep-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 534710 | USD | (300000.00) | (300000.00) | 20-Sep-22 | 20-Sep-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 536295 | USD | (100000000.00) | (100000000.00) | 22-Sep-22 | 22-Sep-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 574529 | USD | (2000000.00) | (2000000.00) | 19-Oct-22 | 19-Oct-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221114 WB | 579918 | USD | (50000000.00) | (50000000.00) | 27-Oct-22 | 27-Oct-22 | 14-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 491618 | USD | (200000000.00) | (200000000.00) | 28-Jul-22 | 28-Jul-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 494786 | USD | (150000000.00) | (150000000.00) | 2-Aug-22 | 2-Aug-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 565561 | USD | (24122000.00) | (24122000.00) | 11-Oct-22 | 11-Oct-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 576318 | USD | (2000000.00) | (2000000.00) | 21-Oct-22 | 24-Oct-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221115 WB | 584323 | USD | (100000000.00) | (100000000.00) | 2-Nov-22 | 2-Nov-22 | 15-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 486740 | USD | (30000000.00) | (30000000.00) | 20-Jul-22 | 22-Jul-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 576319 | USD | (100000000.00) | (100000000.00) | 21-Oct-22 | 21-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 578589 | USD | (50000000.00) | (50000000.00) | 25-Oct-22 | 25-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 579257 | USD | (50000000.00) | (50000000.00) | 26-Oct-22 | 26-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 580731 | USD | (100000000.00) | (100000000.00) | 28-Oct-22 | 28-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221116 WB | 580732 | USD | (150000000.00) | (150000000.00) | 28-Oct-22 | 28-Oct-22 | 16-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221117 WB | 294129 | USD | (10000000.00) | (10000000.00) | 16-Dec-21 | 16-Dec-21 | 17-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221117 WB | 495877 | USD | (20000000.00) | (20000000.00) | 4-Aug-22 | 4-Aug-22 | 17-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221117 WB | 496405 | USD | (25000000.00) | (25000000.00) | 5-Aug-22 | 5-Aug-22 | 17-Nov-22 |

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**Page 10 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221117 WB | 502715 | USD | (20000000.00) | (20000000.00) | 12-Aug-22 | 12-Aug-22 | 17-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221118 WB | 491622 | USD | (30000000.00) | (30000000.00) | 28-Jul-22 | 29-Jul-22 | 18-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 496404 | USD | (75000000.00) | (75000000.00) | 5-Aug-22 | 8-Aug-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 502720 | USD | (50000000.00) | (50000000.00) | 12-Aug-22 | 12-Aug-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 523421 | USD | (25000000.00) | (25000000.00) | 7-Sep-22 | 7-Sep-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 525294 | USD | (50000000.00) | (50000000.00) | 9-Sep-22 | 13-Sep-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 578592 | USD | (1000000.00) | (1000000.00) | 25-Oct-22 | 25-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 579255 | USD | (2000000.00) | (2000000.00) | 26-Oct-22 | 26-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221121 WB | 579917 | USD | (50000000.00) | (50000000.00) | 27-Oct-22 | 27-Oct-22 | 21-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221122 WB | 492376 | USD | (40000000.00) | (40000000.00) | 29-Jul-22 | 1-Aug-22 | 22-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221122 WB | 573826 | USD | (30188000.00) | (30188000.00) | 18-Oct-22 | 18-Oct-22 | 22-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 504456 | USD | (10000000.00) | (10000000.00) | 16-Aug-22 | 16-Aug-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 509471 | USD | (50000000.00) | (50000000.00) | 17-Aug-22 | 18-Aug-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 536306 | USD | (100000000.00) | (100000000.00) | 22-Sep-22 | 23-Sep-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 537045 | USD | (100000000.00) | (100000000.00) | 23-Sep-22 | 26-Sep-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 578590 | USD | (50000000.00) | (50000000.00) | 25-Oct-22 | 25-Oct-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 578591 | USD | (2000000.00) | (2000000.00) | 25-Oct-22 | 25-Oct-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221123 WB | 587446 | USD | (17000000.00) | (17000000.00) | 4-Nov-22 | 4-Nov-22 | 23-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221125 WB | 421881 | USD | (50000000.00) | (50000000.00) | 7-Jun-22 | 7-Jun-22 | 25-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221125 WB | 509476 | USD | (20000000.00) | (20000000.00) | 17-Aug-22 | 17-Aug-22 | 25-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221125 WB | 590216 | USD | (30000000.00) | (30000000.00) | 9-Nov-22 | 9-Nov-22 | 25-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221128 WB | 406041 | USD | (50000000.00) | (50000000.00) | 17-May-22 | 18-May-22 | 28-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221128 WB | 492379 | USD | (10000000.00) | (10000000.00) | 29-Jul-22 | 29-Jul-22 | 28-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221128 WB | 495872 | USD | (5000000.00) | (5000000.00) | 4-Aug-22 | 4-Aug-22 | 28-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221129 WB | 346915 | USD | (100000000.00) | (100000000.00) | 28-Feb-22 | 1-Mar-22 | 29-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221129 WB | 398761 | USD | (100000000.00) | (100000000.00) | 10-May-22 | 10-May-22 | 29-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 370829 | USD | (5000000.00) | (5000000.00) | 4-Apr-22 | 6-Apr-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 426607 | USD | (150000000.00) | (150000000.00) | 15-Jun-22 | 16-Jun-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 514341 | USD | (50000000.00) | (50000000.00) | 25-Aug-22 | 26-Aug-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 568827 | USD | (50000000.00) | (50000000.00) | 17-Oct-22 | 17-Oct-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 579920 | USD | (100000000.00) | (100000000.00) | 27-Oct-22 | 27-Oct-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 580730 | USD | (80000000.00) | (80000000.00) | 28-Oct-22 | 1-Nov-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221130 WB | 587450 | USD | (20000000.00) | (20000000.00) | 4-Nov-22 | 7-Nov-22 | 30-Nov-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221201 WB | 406050 | USD | (50000000.00) | (50000000.00) | 17-May-22 | 17-May-22 | 1-Dec-22 |

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**Page 11 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221201 WB | 495321 | USD | (150000000.00) | (150000000.00) | 3-Aug-22 | 3-Aug-22 | 1-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221201 WB | 495324 | USD | (50000000.00) | (50000000.00) | 3-Aug-22 | 4-Aug-22 | 1-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221201 WB | 579256 | USD | (50000000.00) | (50000000.00) | 26-Oct-22 | 26-Oct-22 | 1-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 426611 | USD | (100000000.00) | (100000000.00) | 15-Jun-22 | 15-Jun-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 492377 | USD | (100000000.00) | (100000000.00) | 29-Jul-22 | 29-Jul-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 568820 | USD | (100000000.00) | (100000000.00) | 17-Oct-22 | 19-Oct-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221205 WB | 568824 | USD | (50000000.00) | (50000000.00) | 17-Oct-22 | 17-Oct-22 | 5-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221206 WB | 568826 | USD | (50000000.00) | (50000000.00) | 17-Oct-22 | 17-Oct-22 | 6-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221206 WB | 578594 | USD | (100000000.00) | (100000000.00) | 25-Oct-22 | 25-Oct-22 | 6-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221207 WB | 449176 | USD | (100000000.00) | (100000000.00) | 21-Jun-22 | 21-Jun-22 | 7-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221207 WB | 504459 | USD | (30000000.00) | (30000000.00) | 16-Aug-22 | 17-Aug-22 | 7-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221207 WB | 556268 | USD | (94000000.00) | (94000000.00) | 28-Sep-22 | 28-Sep-22 | 7-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221208 WB | 513667 | USD | (10000000.00) | (10000000.00) | 24-Aug-22 | 24-Aug-22 | 8-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221208 WB | 525295 | USD | (250000000.00) | (250000000.00) | 9-Sep-22 | 9-Sep-22 | 8-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221208 WB | 525296 | USD | (250000000.00) | (250000000.00) | 9-Sep-22 | 9-Sep-22 | 8-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221209 WB | 504460 | USD | (30000000.00) | (30000000.00) | 16-Aug-22 | 17-Aug-22 | 9-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 425130 | USD | (100000000.00) | (100000000.00) | 13-Jun-22 | 13-Jun-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 425847 | USD | (100000000.00) | (100000000.00) | 14-Jun-22 | 15-Jun-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 427539 | USD | (100000000.00) | (100000000.00) | 16-Jun-22 | 16-Jun-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 489325 | USD | (100000000.00) | (100000000.00) | 25-Jul-22 | 25-Jul-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 491621 | USD | (100000000.00) | (100000000.00) | 28-Jul-22 | 28-Jul-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 493514 | USD | (50000000.00) | (50000000.00) | 1-Aug-22 | 1-Aug-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 554732 | USD | (3520000.00) | (3520000.00) | 27-Sep-22 | 27-Sep-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 587445 | USD | (100000000.00) | (100000000.00) | 4-Nov-22 | 4-Nov-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221212 WB | 587449 | USD | (100000000.00) | (100000000.00) | 4-Nov-22 | 4-Nov-22 | 12-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221213 WB | 490087 | USD | (30000000.00) | (30000000.00) | 26-Jul-22 | 26-Jul-22 | 13-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221213 WB | 566938 | USD | (12000000.00) | (12000000.00) | 13-Oct-22 | 13-Oct-22 | 13-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 294131 | USD | (4000000.00) | (4000000.00) | 16-Dec-21 | 16-Dec-21 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 501828 | USD | (30000000.00) | (30000000.00) | 11-Aug-22 | 11-Aug-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 515634 | USD | (150000000.00) | (150000000.00) | 29-Aug-22 | 29-Aug-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 565568 | USD | (40000000.00) | (40000000.00) | 11-Oct-22 | 11-Oct-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 584328 | USD | (30000000.00) | (30000000.00) | 2-Nov-22 | 2-Nov-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221215 WB | 587451 | USD | (40000000.00) | (40000000.00) | 4-Nov-22 | 7-Nov-22 | 15-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 489328 | USD | (50000000.00) | (50000000.00) | 25-Jul-22 | 26-Jul-22 | 16-Dec-22 |

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**Page 12 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 495871 | USD | (5000000.00) | (5000000.00) | 4-Aug-22 | 5-Aug-22 | 16-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 501827 | USD | (30000000.00) | (30000000.00) | 11-Aug-22 | 11-Aug-22 | 16-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 513666 | USD | (60400000.00) | (60400000.00) | 24-Aug-22 | 26-Aug-22 | 16-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221216 WB | 584327 | USD | (30000000.00) | (30000000.00) | 2-Nov-22 | 2-Nov-22 | 16-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 553818 | USD | (200000000.00) | (200000000.00) | 26-Sep-22 | 26-Sep-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 553819 | USD | (200000000.00) | (200000000.00) | 26-Sep-22 | 26-Sep-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 553822 | USD | (100000000.00) | (100000000.00) | 26-Sep-22 | 26-Sep-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 553823 | USD | (100000000.00) | (100000000.00) | 26-Sep-22 | 27-Sep-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 553825 | USD | (25000000.00) | (25000000.00) | 26-Sep-22 | 26-Sep-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221219 WB | 578588 | USD | (250000000.00) | (250000000.00) | 25-Oct-22 | 26-Oct-22 | 19-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221220 WB | 553820 | USD | (100000000.00) | (100000000.00) | 26-Sep-22 | 26-Sep-22 | 20-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221220 WB | 553821 | USD | (100000000.00) | (100000000.00) | 26-Sep-22 | 26-Sep-22 | 20-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221221 WB | 509472 | USD | (50000000.00) | (50000000.00) | 17-Aug-22 | 19-Aug-22 | 21-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221221 WB | 534708 | USD | (400000000.00) | (400000000.00) | 20-Sep-22 | 20-Sep-22 | 21-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221223 WB | 425849 | USD | (100000000.00) | (100000000.00) | 14-Jun-22 | 15-Jun-22 | 23-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221223 WB | 426610 | USD | (100000000.00) | (100000000.00) | 15-Jun-22 | 15-Jun-22 | 23-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221223 WB | 427538 | USD | (100000000.00) | (100000000.00) | 16-Jun-22 | 16-Jun-22 | 23-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221223 WB | 534713 | USD | (25000000.00) | (25000000.00) | 20-Sep-22 | 20-Sep-22 | 23-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 406790 | USD | (50000000.00) | (50000000.00) | 18-May-22 | 18-May-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 510302 | USD | (50000000.00) | (50000000.00) | 18-Aug-22 | 19-Aug-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 554728 | USD | (40000000.00) | (40000000.00) | 27-Sep-22 | 28-Sep-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 579921 | USD | (25000000.00) | (25000000.00) | 27-Oct-22 | 27-Oct-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 598136 | USD | (15000000.00) | (15000000.00) | 17-Nov-22 | 17-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 598138 | USD | (30000000.00) | (30000000.00) | 17-Nov-22 | 17-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 605630 | USD | (12000000.00) | (12000000.00) | 30-Nov-22 | 30-Nov-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221227 WB | 606545 | USD | (30000000.00) | (30000000.00) | 1-Dec-22 | 1-Dec-22 | 27-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221228 WB | 554727 | USD | (100000000.00) | (100000000.00) | 27-Sep-22 | 27-Sep-22 | 28-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221228 WB | 566940 | USD | (25700000.00) | (25700000.00) | 13-Oct-22 | 14-Oct-22 | 28-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221229 WB | 591966 | USD | (50000000.00) | (50000000.00) | 15-Nov-22 | 15-Nov-22 | 29-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221229 WB | 603078 | USD | (100000000.00) | (100000000.00) | 28-Nov-22 | 1-Dec-22 | 29-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 553817 | USD | (10000000.00) | (10000000.00) | 26-Sep-22 | 26-Sep-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 587447 | USD | (40000000.00) | (40000000.00) | 4-Nov-22 | 4-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 587454 | USD | (200000000.00) | (200000000.00) | 4-Nov-22 | 7-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 598137 | USD | (80000000.00) | (80000000.00) | 17-Nov-22 | 17-Nov-22 | 30-Dec-22 |

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**Page 13 of 14** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Borrowing Type** | **Description** | **Trade Id** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Amount**  | **US$ Equivalent** | **Trade Date** | **Settlement Date** | **Maturity Date** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 601213 | USD | (100000000.00) | (100000000.00) | 22-Nov-22 | 23-Nov-22 | 30-Dec-22 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20221230 WB | 606546 | USD | (200000000.00) | (200000000.00) | 1-Dec-22 | 1-Dec-22 | 30-Dec-22 |
|  **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(15340930000.00)** | **(15340930000.00)** |  |  |  |
|  **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(15340930000.00)** |  |  |  |

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**Page 14 of 14**