# EDGAR Filing Document

**Accession Number:** 0000895027
**File Stem:** 0001387131-23-002309
**Filing Date:** 2023-2
**Character Count:** 36312
**Document Hash:** 4a657c63a08f67886ce1892650a46d29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002309.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001387131-23-002309

**CONFORMED SUBMISSION TYPE**: DSTRBRPT

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EUROPEAN BANK FOR RECONSTRUCTION & DEVELOPMENT
- **CENTRAL INDEX KEY:** 0000895027
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** DSTRBRPT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 083-00006
- **FILM NUMBER:** 23659223

**BUSINESS ADDRESS:**
- **STREET 1:** ONE EXCHANGE SQUARE
- **CITY:** LONDON EC3V 4EB UK
- **STATE:** X0

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 100 F Street, N.E.<br> Washington, D.C. 20549<br>**REPORT OF**<br> **EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT**

**In respect of the issue of**<br> **USD 10,000,000 (VND linked) 6.40 per cent. Notes due 27 August 2025** <br>

**by the European Bank for Reconstruction and Development pursuant to its**<br> **EUR 45,000,000,000 Global Medium Term Note Programme**<br>Filed pursuant to Rule 3 of Regulation EBRD<br> Dated 23 February 2023<br>

The following information is filed pursuant to Rule 3 of Regulation EBRD in respect of the issue of the United States Dollar ("**USD**") 10,000,000 (Vietnamese Dong linked) 6.40 per cent. Notes due 27 August 2025 (the "**Notes**") of the European Bank for Reconstruction and Development (the "**Bank**") pursuant to the Bank's EUR 45,000,000,000 Global Medium Term Note Programme. As authorized by Rule 4 of Regulation EBRD, certain information is to be provided in the form of an Offering Circular dated 3 July 2012, as supplemented by the Supplementary Offering Circular dated 22 July 2019 and a Pricing Supplement dated 23 February 2023 (together, the "**Offering Circular**").<br>Item 1. <u>Description of Obligations</u><br>The Notes, the terms of which are described in the Offering Circular, will constitute direct and unsecured obligations of the Bank and will rank *pari passu* without any preference among themselves, and, subject to certain conditions set forth in the Offering Circular, equally with all its other unsecured and unsubordinated obligations. Citibank, N.A. will act as Agent and Registrar of the Bank in respect of the Notes.

Item 2. <u>Distribution of Obligations</u><br>Further to a Purchaser's Confirmation dated 23 February 2023 (the "**Purchaser's Confirmation**") provided by Merrill Lynch International ("**Merrill Lynch**") pursuant to a Programme Agreement dated 3 July 2012 (the "**Programme Agreement**"), Merrill Lynch has agreed to purchase the Notes. The obligations of Merrill Lynch are subject to certain conditions as set forth in the Purchaser's Confirmation and the Programme Agreement.

Item 3. <u>Distribution Spread</u><br>

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Price to the Public</u> | <u>Selling Discounts and<br> Commissions</u> | <u>Net Proceeds to the Bank</u> |
| <br> Per Unit | <br> 100.00% | <br> 0.50% | <br> 99.50% |
| <br> Total<br>| <br> USD 10,000,000 | <br> USD 50,000 | <br> USD 9,950,000 |

---

Item 4. <u>Discounts and Commissions to Sub-Underwriters and Other Dealers</u><br>None.<br>

Item 5. <u>Other Expenses of Distribution</u><br>Merrill Lynch has agreed to pay the fees and expenses of its own legal advisers, the fees and expenses of Cleary Gottlieb Steen & Hamilton LLP, legal advisers to the Bank in connection with the necessary United States filing, the upfront fees and expenses of the Agent and any paying agents, and the fees and expenses of any calculation agents, all expenses in connection with the issue, authentication, packaging and initial delivery of the Notes and the preparation of the registered notes, the preparation and printing of the Notes (except definitive notes), the relevant Pricing Supplement and any amendments or supplements thereto, if any, and the cost of any publicity agreed by the Bank in connection with the issue of the Notes, as set forth in the Purchaser's Confirmation.<br>

Item 6. <u>Application of Proceeds</u><br>The net proceeds to the Bank from the sale of the Notes will be included in the ordinary capital resources of the Bank and used in its ordinary operations as described in the Offering Circular.

Item 7. <u>Exhibits</u>

---

| | |
|:---|:---|
| (a) | The Deed of Covenant dated 3 July 2012.\* |
| (b) | Copy of an opinion of counsel as to the legality of the Notes dated 3 July 2012.\* |
| (c) (i) | The Programme Agreement dated 3 July 2012.\* |
| [(ii)](ex-cii.htm) | [The Purchaser's Confirmation dated 23 February 2023.](ex-cii.htm) |
| (iii) | The Agency Agreement dated 3 July 2012.\* |
| (d) (i) | The Offering Circular dated 3 July 2012.\* |
| [(ii)](http://www.sec.gov/Archives/edgar/data/895027/999999999719006633/eurorpt082719.pdf) | [The Supplementary Offering Circular dated 22 July 2019.\*\*](http://www.sec.gov/Archives/edgar/data/895027/999999999719006633/eurorpt082719.pdf) |
| [(iii)](exd-iii.htm) | [The Pricing Supplement dated 23 February 2023.](exd-iii.htm) |

---

\*Previously filed with the Securities and Exchange Commission on 17 July 2012.

\*\* Previously filed with the Securities and Exchange Commission on 27 August 2019.

## Ex-99.(C)(Ii)

**Exhibit (c)(ii)**

![](boa_ltrhd.jpg)

23 February 2023

To: European Bank for Reconstruction and Development

Attention: Taro Morris

Dear Sirs,

**European Bank for Reconstruction and Development (the "Issuer")**

**USD 10,000,000 (VND linked) 6.40 per cent. Notes due 27 August 2025 (the "Notes") issued**

**pursuant to the European Bank for Reconstruction and Development**

**EUR 45,000,000,000 Global Medium Term Note Programme for the issue of notes**

We hereby confirm the following agreement for the issue to us of the Notes under the above Programme pursuant to the terms of issue set out in the completed Pricing Supplement.

We confirm that:

(i) We
agree to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
fees and expenses of our legal advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
fees and expenses of Cleary Gottlieb Steen & Hamilton LLP, legal advisers to the Issuer in connection with the necessary United
States filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
upfront fees and expenses of the Agent and any paying agents, and the fees and expenses of any calculation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
expenses in connection with the issue, authentication, packaging and initial delivery of the Notes and the preparation of the
Registered Notes, the preparation and printing of the Notes (except Definitive Notes), the relevant Pricing Supplement and any
amendments or supplements thereto, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
cost of any publicity agreed by the Issuer in connection with the issue of the Notes.

(ii) In
order to permit the Issuer to file with the U.S. Securities and Exchange Commission the report required by 17 C.F.R. § 290.3
no later than the date of this agreement, we confirm that the Notes are expected to be offered and sold in the United States.

(iii) The
provisions of Clause 3.2.6 of the Programme Agreement dated 3 July 2012 (the "**Programme Agreement**") will not
apply in relation to this issue of the Notes.

The net proceeds of the issue are USD 9,950,000 which, subject to the provisions of the Programme Agreement, will be paid to you or to your order on the Issue Date specified in the Pricing Supplement.

![](boa_footer.jpg)

![](boa.jpg)

Upon issue the Notes should be credited to our account with Euroclear Bank SA/NV, account number 92707.

Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:

(a) we
(the "**UK Manufacturer**") acknowledge that we understand the responsibilities conferred upon us under the UK
MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution
channels as applying to the Notes and the related information set out in the Pricing Supplement in connection with the Notes;
and

(b) we
note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified
as applying to the Notes by the UK Manufacturer and the related information set out in the Pricing Supplement in connection with
the Notes.

**Recognition of the U.S. Special Resolution Regimes**

(a) In
the event that we as Dealer as a Covered Entity become subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from us of the Programme Agreement and related letters, and any interest and obligation in or under the Programme Agreement and
related letters, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Programme Agreement and related letters, and any such interest and obligation, were governed by the laws of the United
States or a state of the United States.

(b) In
the event that we, as Dealer and as a Covered Entity, or a Covered Affiliate of ours becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Programme Agreement and related letters that may be exercised against us are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if the Programme Agreement and related letters were governed by the laws of the United States or a state of the United States.

"**Covered Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a
"covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
"covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
"covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

![](boa.jpg)

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

Please confirm your agreement to the terms of the issue by signing and sending back to us a copy of the Pricing Supplement.

---

| | |
|:---|:---|
| For: | **Merrill Lynch International** |
| By: | /s/ Oliver Johnson |
|  | Delegated signatory |
|  | Oliver Johnson |
|  | Managing Director |

---

The Issuer hereby acknowledges and agrees to the paragraphs under the heading "Recognition of the U.S. Special Resolution Regimes" in this letter.

---

| | |
|:---|:---|
| For: | **EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT** |
| By: | /s/ Giulia Franzutti |
|  | Duly Authorised Officer |

---

## Ex-99.(D)(Iii)

**Exhibit (d)(iii)**

**UK MIFIR product governance / Professional investors and ECPs only target market**

Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (**"COBS"**), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (**"UK MiFIR"**); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a **"distributor"**) should take into consideration the manufacturer's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the **"UK MiFIR Product Governance Rules"**) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, the expression **"manufacturer"** means the Dealer.

European Bank for Reconstruction and Development (the **"Issuer"**) does not fall under the scope of application of UK MiFIR. Consequently, the Issuer does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of UK MiFIR.

**Pricing** **Supplement**

23 February 2023

**European Bank for Reconstruction and Development<br> USD 10,000,000 (VND linked) 6.40 per cent. Notes due 27 August 2025 (the "Notes")<br> issued pursuant to the European Bank for Reconstruction and Development<br> EUR 45,000,000,000 Global Medium Term Note Programme<br> for the issue of notes**

**PART A – CONTRACTUAL TERMS**

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 3 July 2012, as supplemented by the Supplementary Offering Circular dated 22 July 2019 (together, the **"Offering Circular"**). This Pricing Supplement must be read in conjunction with such Offering Circular. Full information on the Notes is only available on the basis of the combination of this Pricing Supplement and the Offering Circular. The Offering Circular is available for viewing and copies may be obtained from the Issuer at 5 Bank Street, London, E14 4BG, United Kingdom.

**SUMMARY OF THE NOTES**

---

| | | |
|:---|:---|:---|
| **1** | **Specified Currency:** | &nbsp;&nbsp;**United States Dollar ("USD")** |
| **2** | **Nominal Amount:** | &nbsp;&nbsp;**USD 10,000,000** |
| **3** | **Type of Note:** | &nbsp;&nbsp;**Fixed Rate** |
| **4** | **Issue Date:** | &nbsp;&nbsp;27 February 2023 |

---

---

| | | |
|:---|:---|:---|
| **5** | **Issue Price:** | &nbsp;&nbsp;100.00 per cent. of the Nominal Amount |
| **6** | **Maturity Date:** | &nbsp;&nbsp;**27 August 2025, subject to adjustment in accordance with the Business Day Convention and the provisions set out in the Annex hereto.** |
| **7** | **Fungible with existing Notes:** | &nbsp;&nbsp;**No** |
| **FORM OF THE NOTES** | **FORM OF THE NOTES** | **FORM OF THE NOTES** |
| **8** | **Form of Note:** | &nbsp;&nbsp;**Registered** |
| **9** | **New Global Note:** | &nbsp;&nbsp;**No** |
| **10** | Specified Denomination: | &nbsp;&nbsp;USD 200,000 |
| **11** | **Exchange of Bearer Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **12** **(a)** | **Talons for future Coupons to be attached to definitive Bearer Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **(b)** | **Date(s) on which the Talons mature:** | &nbsp;&nbsp;**Not Applicable** |
| **13** **(a)** | **Depositary for and registered holder of Registered Global Note:** | &nbsp;&nbsp;**Registered Global Note to be deposited with a common depositary for Euroclear and Clearstream, Luxembourg and registered in the name of Citivic Nominees Limited as nominee for the common depositary.** |
| **(b)** | **Exchange of Registered Global Note:** | &nbsp;&nbsp;**Registered Global Note will only be exchangeable for definitive Registered Notes upon 45 days' written notice in the limited circumstances as described on page 42 of the Offering Circular.** |
| **PROVISIONS RELATING TO INITIAL PAYMENT** | **PROVISIONS RELATING TO INITIAL PAYMENT** | **PROVISIONS RELATING TO INITIAL PAYMENT** |
| **14** | **Partly Paid Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **PROVISIONS RELATING TO INTEREST** | **PROVISIONS RELATING TO INTEREST** | **PROVISIONS RELATING TO INTEREST** |
| **15** | **Interest Commencement Date:** | &nbsp;&nbsp;**Issue Date** |
| **16** | Fixed Rate Notes: | &nbsp;&nbsp; Applicable |
| (a) | Fixed Rate of Interest: | &nbsp;&nbsp;6.40 per cent. per annum, payable annually in arrear on each Fixed Interest Date. Subject to paragraph 16(c) below, the amount of interest payable per Specified Denomination on each Fixed Interest Date shall be an amount in USD calculated on the corresponding Specified VND Amount for the relevant Fixed Interest Period, as further detailed in the Annex hereto (the "**Interest Amount**"). |

---

---

| | | |
|:---|:---|:---|
| (b) | Fixed Interest Dates: | &nbsp;&nbsp;27 August in each year, from and including 27 August 2023 up to and including the Maturity Date, subject to adjustment in accordance with the Business Day Convention specified below. |
| (c) | Initial Broken Amount per Calculation Amount: | &nbsp;&nbsp;The amount due and payable on the first Fixed Interest Date shall be calculated on the Specified VND Amount as specified in the Annex hereto. |
| (d) | Final Broken Amount per Calculation Amount: | &nbsp;&nbsp;Not Applicable |
| (e) | Fixed Day Count Fraction: | &nbsp;&nbsp;Actual/365(Fixed) |
| (f) | Business Day Convention: | &nbsp;&nbsp;Following Business Day Convention |
| (g) | Business Day definition if different from that in Condition 4(a)(iii): | &nbsp;&nbsp;Condition 4(a)(iii) applies and, for the avoidance of doubt, New York City shall be the principal financial centre. London and Hanoi shall be additional business centres. |
| (h) | Calculation of interest to be adjusted in accordance with Business Day Convention specified above: | &nbsp;&nbsp;No |
| **17** | **Zero Coupon Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **18** | **Floating Rate Notes and Indexed Notes:** | &nbsp;&nbsp; Not Applicable |
| **PROVISIONS REGARDING PAYMENTS/DELIVERIES** | **PROVISIONS REGARDING PAYMENTS/DELIVERIES** | **PROVISIONS REGARDING PAYMENTS/DELIVERIES** |
| **19** | **Definition of "Payment Day" for the purpose of Condition 6(e) if different to that set out in Condition 6:** | &nbsp;&nbsp;**Condition 6(e) applies and, for the avoidance of doubt, New York City shall be the principal financial centre. London and Hanoi shall be additional business centres.** |
| **20** | **Dual Currency Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **21** | **Physically Settled Notes:** | &nbsp;&nbsp;**Not Applicable** |
| **PROVISIONS REGARDING REDEMPTION/MATURITY** | **PROVISIONS REGARDING REDEMPTION/MATURITY** | **PROVISIONS REGARDING REDEMPTION/MATURITY** |
| **22** **(a)** | **Redemption at Issuer's option:** | &nbsp;&nbsp;**Not Applicable** |
| **(b)** | **Redemption at Noteholder's option:** | &nbsp;&nbsp;**Not Applicable** |
| **23** **(a)** | **Final Redemption Amount per Specified Denomination (*other than* an Indexed or Formula Note where the index or formula applies to the redemption amount):** | &nbsp;&nbsp;**As set out in the Annex hereto.** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(b)** | **Final Redemption Amount for each Indexed Note where the Index or Formula applies to the Final Redemption Amount:** | &nbsp;&nbsp;**Not Applicable** |
| **24** | **Instalment Note:** | **Instalment Note:** | &nbsp;&nbsp;**Not Applicable** |
| **25** | **Early Redemption Amount for each Note payable on an event of default:** | **Early Redemption Amount for each Note payable on an event of default:** | &nbsp;&nbsp;Condition 5(d) applies, subject to the provisions set out in the Annex hereto |
| **DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS** | **DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS** | **DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS** | **DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS** |
| **26** | **Method of distribution:** | **Method of distribution:** | &nbsp;&nbsp;**Non-syndicated** |
| **27** | **If Syndicated, names and addresses of Managers or, if Non-Syndicated name and address of the Dealer:** | **If Syndicated, names and addresses of Managers or, if Non-Syndicated name and address of the Dealer:** | &nbsp;&nbsp; Merrill Lynch International<br> 2 King Edward Street<br> London, EC1A 1HQ<br> United Kingdom |
| **28** | **Date of Syndication Agreement:** | **Date of Syndication Agreement:** | &nbsp;&nbsp;**Not Applicable** |
| **29** | **Stabilising Manager(s):** | **Stabilising Manager(s):** |  |
| **30** | **Additional selling restrictions:** | **Additional selling restrictions:** | &nbsp;&nbsp; **The Socialist Republic of Vietnam:** <br>The Dealer acknowledges that the Notes may not be offered or sold directly or indirectly in Vietnam, or to, or for the benefit of, any resident of Vietnam (which term shall have the same meaning as that defined in the 2005 Ordinance of Foreign Exchange (National Assembly, December 13, 2005) including (a) any corporation or other entities incorporated under the laws of Vietnam and operating in Vietnam (a "Vietnamese entity"); (b) any Vietnamese entity's representative office established in any foreign country; (c) any Vietnamese citizen residing in Vietnam or residing abroad for a period of less than twelve months; and (d) foreigners residing in Vietnam for a period of twelve months or more, except for those who immigrate to Vietnam for study, medical treatment, tourism or working for diplomatic agencies, consulates or foreign organizations' representative offices in Vietnam). Unless permitted under the securities laws of Vietnam, no advertisement, invitation or documents relating to the Notes will be issued in Vietnam.  |

---

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| | | |
|:---|:---|:---|
| **31** | **Details of additional/alternative clearing system approved by the Issuer and the Agent:** | &nbsp;&nbsp;**Euroclear and Clearstream, Luxembourg only** |
| **32** | **Intended to be held in a manner which would allow Eurosystem eligibility:** | &nbsp;&nbsp;**No** |
| **33** | **Common Code:** | &nbsp;&nbsp;**259202752** |
|  | **ISIN:** | &nbsp;&nbsp;**XS2592027523** |
|  | **CUSIP Number:** | &nbsp;&nbsp;**Not Applicable** |
| **34** | **Listing:** | &nbsp;&nbsp;Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and trading on the Regulated Market of the London Stock Exchange plc. |
| **35** | In the case of Notes denominated in the currency of a country that subsequently adopts the euro in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, whether the Notes will include a redenomination clause providing for the redenomination of the Specified Currency in euro (a "Redenomination Clause"), and, if so specified, the wording of the Redenomination Clause in full and any wording in respect of redenominalisation and/or consolidation (provided they are fungible) with other Notes denominated in euro. | &nbsp;&nbsp;**Not Applicable** |
| **36** | Additional Information: <br>| &nbsp;&nbsp;The provisions set out in the Annex hereto shall apply to the Terms and Conditions in accordance herewith**.** |
| **37** | **Total Commissions:** | &nbsp;&nbsp;**0.50 per cent. of the Nominal Amount** |

---

This Pricing Supplement comprises the pricing supplement required for issue and admission to trading on the London Stock Exchange plc's Regulated Market of the Notes described herein pursuant to the Euro 45,000,000,000 Global Medium Term Note Programme of European Bank for Reconstruction and Development as from 27 February 2023, or as soon as practicable thereafter.

**RESPONSIBILITY**

The Issuer accepts responsibility for the information contained in this Pricing Supplement other than the information contained under the heading "UK MIFIR product governance / Professional investors and ECPs only target market".

For and on behalf of<br> **EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT**

---

| | |
|:---|:---|
| By: | /s/ Giulia Franzutti |
|  | Authorised signatory |

---

**PART B – OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| 1 | **LISTING** | **Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and trading on the London Stock Exchange plc's Regulated Market with effect from 27 February 2023 or as soon as practicable thereafter. No assurance can be given that such listing and admission to trading will be obtained on such date, or, if obtained, that it will be maintained.** |
| **2** | **RATINGS** | **The Issuer and/or its debt obligations have been assigned an AAA credit rating from S&P Global Ratings Europe Limited ("S&P"), an Aaa credit rating from Moody's Investors Service Ltd. ("Moody's") and an AAA credit rating from Fitch Ratings Ltd. ("Fitch"). As defined by S&P, an "AAA" rating means that the ability of the Issuer to meet its financial commitment on its obligations is extremely strong. As defined by Moody's, an "Aaa" rating means that the Issuer's ability to meet its financial obligations is judged to be of the highest quality, with minimal credit risk. As defined by Fitch, an "AAA" rating denotes the lowest expectation of credit risk and means that the Issuer has an exceptionally strong capacity for timely payment of its financial commitments.** |
| **3** | **INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE** | **INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE** |
|  | **Save as discussed in the section headed "Subscription and Sale" in the Offering Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.** | **Save as discussed in the section headed "Subscription and Sale" in the Offering Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.** |
| **4** | **REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES** | **REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES** |
| **(i)** | **Reasons for the offer:** | **The net proceeds of the issue of the Notes (which is expected to be USD 9,950,000) will be included in the ordinary capital resources of the Issuer and used in its ordinary operations.** |
| **(ii)** | **Estimated net proceeds:** | **USD 9,950,000** |
| **(iii)** | **Estimated total expenses:** | **£10,000** |
| **5** | **YIELD** | **YIELD** |
|  | **Indication of yield** | 6.40 per cent. per annum<br>As set out above, the yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield |
| **6** | **HISTORIC INTEREST RATES**<br>Not Applicable | **HISTORIC INTEREST RATES**<br>Not Applicable |

---

---

| | |
|:---|:---|
| **7** | **PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING** |
|  | **Not Applicable** |
| **8** | **PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT** |
|  | **In the circumstances described in the Annex hereto, the amount of principal and/or interest received by holders of the Notes is affected by the USD/VND foreign exchange rate. Information in respect of the USD/VND foreign exchange rate can be found on the Reuters Page VNDFIX=FN or any successor or replacement page.** |

---

**Annex** 

**Settlement, Disruption and Fallback Provisions**

The Final Redemption Amount per Specified Denomination or the Early Redemption Amount per Specified Denomination will be payable in USD on the Maturity Date or the Early Redemption Date, as applicable, and will be determined by the Calculation Agent (in its sole discretion, acting in good faith and in a commercially reasonable manner) as follows, on the corresponding Rate Fixing Date:

Specified VND Amount / Reference Rate on the applicable Rate Fixing Date, rounded to the nearest cent with USD 0.005 being rounded up

The Interest Amount per Specified Denomination will be payable in USD on each Fixed Interest Date and determined by the Calculation Agent (in its sole discretion, acting in good faith and in a commercially reasonable manner) as follows, on the corresponding Rate Fixing Date:

Specified VND Amount x Fixed Rate of Interest x Fixed Day Count Fraction / Reference Rate on the applicable Rate Fixing Date, rounded to the nearest cent with USD 0.005 being rounded up

The Calculation Agent shall promptly (but in no event later than 5:00 p.m. London time on the relevant Rate Fixing Date) notify the Issuer and the Agent of its determination of the Final Redemption Amount per Specified Denomination, the Early Redemption Amount per Specified Denomination and the Interest Amount payable per Specified Denomination on the Maturity Date, the Early Redemption Date or the relevant Fixed Interest Date (as applicable). The Agent shall in turn promptly (but in no event later than 11:00 a.m. London time on the Business Day immediately following the day when such determination is made) inform the Noteholders thereof (in accordance with Condition 13 of the Notes).

If the Reference Rate is not available for any reason on the Reuters Page VNDFIX=VN (or on any successor or replacement page) on any Rate Fixing Date, then the Calculation Agent shall determine that a price source disruption event (a **"Price Source Disruption Event")** has occurred, and shall promptly after making such determination (but in no event later than 5:00 p.m. London time on the day when such determination is made) inform the Issuer and the Agent of such occurrence, whereupon the Agent shall promptly (but in no event later than 11:00 a.m. London time on the Business Day immediately following the day when such determination is made) inform the Noteholders thereof (in accordance with Condition 13 of the Notes).

Following the determination of the occurrence of a Price Source Disruption Event, the Noteholders will not be entitled to any amounts in respect of the Notes until the earlier to occur of (i) the day falling two Business Days after the day on which the Issuer is notified by the Calculation Agent that a Price Source Disruption Event no longer subsists, and (ii) the Postponed Fixed Interest Date, the Postponed Maturity Date, or the Postponed Early Redemption Date, as the case may be.

If, on the tenth Business Day following the original Rate Fixing Date, the Reference Rate is still unavailable on the Reuters Page VNDFIX=VN (or on any successor or replacement page), then the Reference Rate shall be the arithmetic mean of such firm quotes (expressed in VND per one USD) as the Calculation Agent is able to obtain from five Reference Dealers at or about 1.30 pm Hanoi time for the sale of the Reference VND Amount and the purchase of USD on the applicable Rate Fixing Date for settlement offshore on the date that is falling two Business Days thereafter, as calculated by the Calculation Agent. If five or four Reference Dealers provide such firm quotes, the highest and lowest of such quotes will be disregarded and the arithmetic mean of the remaining quotations shall be the Reference Rate. If three or two Reference Dealers provide such firm quotes, then the arithmetic mean of the quotes actually obtained shall be the Reference Rate, as calculated by the Calculation Agent. If only one Reference Dealer provides a firm quote, then such quote shall be the Reference Rate, and if no Reference Dealer provides such a firm quote, then the Calculation Agent shall determine the Reference Rate in its sole discretion, acting in good faith and in a commercially reasonable manner, which may result in a USD equivalent amount calculated as above to be zero. Notwithstanding the above, if the Calculation Agent executes a transaction for the sale of the Reference VND Amount at or about 1.30 pm Hanoi time at the Best Execution Rate, then such Best Execution Rate shall be the Reference Rate.

For the avoidance of doubt, no additional amounts shall be payable by the Issuer in respect of any delay in payment beyond the originally scheduled Fixed Interest Date, Maturity Date, or as the case may be, Early Redemption Date (in each case, as adjusted in accordance with the Following Business Day Convention) to the relevant Postponed Fixed Interest Date, Postponed Maturity Date or Postponed Early Redemption Date (as appropriate) because of the operation of the provisions of this Annex.

For the purposes of these provisions:

**"Best Execution Rate"** means the rate at which the Calculation Agent may execute a transaction for the sale of the Reference VND Amount and the purchase of USD at or about 1.30 pm Hanoi time on the day falling two Business Days prior to the relevant Postponed Fixed Interest Date, the Postponed Early Redemption Date (if any) or the Postponed Maturity Date (as the case may be) for settlement offshore on the date that is falling two Business Days thereafter where the resultant USD amount is greater than the sum calculated using a Reference Rate that is an arithmetic mean of firm quotations by Reference Dealers calculated as specified above;

**"Business Day"** means any day excluding Saturday and Sunday on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, New York City and Hanoi;

**"Calculation Agent"** means DLM Finance in accordance with the provisions of the Calculation Agency Agreement entered into between the Issuer and the Calculation Agent dated 23 October 2019 (as amended and/or supplemented from time to time). All references to the Calculation Agent shall include any successor or successors to DLM Finance as Calculation Agent in respect of the Notes;

**"Postponed Early Redemption Date"** means the tenth Business Day following the originally scheduled Early Redemption Date (if any);

**"Postponed Fixed Interest Date"** means the tenth Business Day following the originally scheduled Fixed Interest Date;

**"Postponed Maturity Date"** means the tenth Business Day following the originally scheduled Maturity Date;

**"Rate Fixing Date"** means the date which is two Business Days prior to each applicable Fixed Interest Date, the Maturity Date or the Early Redemption Date, as applicable. If a Price Source Disruption Event occurs or otherwise subsists on such day, the Rate Fixing Date shall be the earlier of (i) the Business Day on which the Issuer is notified by the Calculation Agent that a Price Source Disruption Event no longer subsists, and (ii) the tenth Business Day following the original Rate Fixing Date;

**"Reference Dealers"** means leading dealers, banks or banking corporations which regularly deal in the USD/VND exchange market, as selected by the Calculation Agent in its sole discretion, acting in good faith and in a commercially reasonable manner;

**"Reference Rate"** means the USD/VND spot rate (i.e. the rate at which banks buy VND and sell USD), expressed as the amount of VND per one USD, as published or reported on the Reuters Page VNDFIX=VN (or any successor or replacement page) at approximately 1.30 pm Hanoi time, on the applicable Rate Fixing Date. In the circumstances described in this Annex in relation to a Price Source Disruption Event, the Reference Rate shall be determined by the Calculation Agent in accordance with such provisions;

**"Reference VND Amount"** means an amount that is no greater than the applicable Relevant VND Amount multiplied by N, where "N" means the number obtained by dividing the Nominal Amount outstanding by the Specified Denomination;

**"Relevant VND Amount"** means: (i) for the Interest Amount, the Specified VND Amount x Fixed Rate of Interest x Fixed Day Count Fraction; and/or (ii) for the Final Redemption Amount, the Specified VND Amount; and/or (iii) for any Early Redemption Amount, the Specified VND Amount, as the case may be; and

**"Specified VND Amount"** means VND 4,757,800,000 per Specified Denomination, which is calculated per Specified Denomination using the initial USD/VND exchange rate of VND 23,789 per one USD set on 17 February 2023.