# EDGAR Filing Document

**Accession Number:** 0000051120
**File Stem:** 0001628280-26-035455
**Filing Date:** 2026-5
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## Filing Content

## Filing Summary
**0001628280-26-035455.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001628280-26-035455

**CONFORMED SUBMISSION TYPE**: QRTLYRPT

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** QRTLYRPT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 083-00003
- **FILM NUMBER:** 26985252

**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

![image_0.jpg](image_0.jpg)

Management's Discussion & Analysis

and

Condensed Quarterly Financial Statements

## March 31, 2026
(Unaudited)

IBRD Management's Discussion and Analysis: March 31, 2026 1

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

**Contents**

---

| | | |
|:---|:---|:---|
| [Section I: Overview](#i7230f5bd8a994b4ab62ba9b950a142a4_13) | [Financial Business Model](#i7dec664e05da461886e34cb2e86ab2ac_4347) | [3](#i7230f5bd8a994b4ab62ba9b950a142a4_16) |
|  | [Basis of Reporting](#id5d38f525fe74a27a8c797a99a415211_3624) | [4](#i7230f5bd8a994b4ab62ba9b950a142a4_19) |
| [Section II: Executive Summary](#iae4085fcfbd9427c9b1a4fbc2d183084_0-0-1-1-2003277) | [Summary of Financial Results](#i7230f5bd8a994b4ab62ba9b950a142a4_25) | [7](#i7230f5bd8a994b4ab62ba9b950a142a4_25) |
| [Section III: Financial Results](#i7230f5bd8a994b4ab62ba9b950a142a4_28) | [Portfolio Performance and Financial Results](#i7230f5bd8a994b4ab62ba9b950a142a4_31) | [9](#i7230f5bd8a994b4ab62ba9b950a142a4_28) |
| [Section IV: Risk Management](#i7230f5bd8a994b4ab62ba9b950a142a4_37) | [Risk Governance](#i7230f5bd8a994b4ab62ba9b950a142a4_40) | [19](#i7230f5bd8a994b4ab62ba9b950a142a4_40) |
|  | [Management of IBRD's Risks](#ie708fc808c094cccb3898d709c8f260c_20563) | [19](#i7230f5bd8a994b4ab62ba9b950a142a4_43) |
| [Section V: Governance](#i7230f5bd8a994b4ab62ba9b950a142a4_46) | [Senior Management Changes](#i7230f5bd8a994b4ab62ba9b950a142a4_49) | [29](#i7230f5bd8a994b4ab62ba9b950a142a4_49) |
| [Section VI: Reconciliations of Components of](#i7230f5bd8a994b4ab62ba9b950a142a4_52)<br>[Allocable Income](#i7230f5bd8a994b4ab62ba9b950a142a4_52)<br>| [Statements of Income](#i7230f5bd8a994b4ab62ba9b950a142a4_55) | [30](#i7230f5bd8a994b4ab62ba9b950a142a4_52) |

---

**Tables**

---

| | |
|:---|:---|
| Table 1: Selected Financial Data | [6](#if8335cffeb214f3faa2f0de1459fbf9e_524) |
| Table 2: Condensed Balance Sheets | [9](#i4854145a53714947a26ea82368eb9f5a_2316) |
| Table 3: Condensed Statements of Income | [10](#i4854145a53714947a26ea82368eb9f5a_2319) |
| Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses | [10](#i4854145a53714947a26ea82368eb9f5a_2317) |
| Table 5: Statement of Allocable Income (non-GAAP Measures) | [11](#i4854145a53714947a26ea82368eb9f5a_2320) |
| Table 6: Reconciliation of Net Income to Allocable Income | [11](#i4854145a53714947a26ea82368eb9f5a_2318) |
| Table 7: Gross Disbursements by Region | [13](#i09d324acdbc3460da7205bcdb049ecf1_0-0-1-10-2003277) |
| Table 8: Net Commitments by Region | [14](#i95b75d01a70d44e191550f720eeba9b4_0-0-1-10-2003277) |
| Table 9: Net Non-Interest Expenses | [16](#ic27055cc8aca40c6a1bb4a112f915b6d_0-0-1-1-2003277) |
| Table 10: Unrealized Mark-to-Market Gains / (Losses) on Non-trading Portfolios, Net | [17](#i8a3520ed3c2441ccb4ee4689970d0285_0-0-1-6-2003277) |
| Table 11: Board of Governors-approved Transfers and Allocations | [18](#ibef45917c29443ce9351a1e67c92beed_9845) |
| Table 12: Equity-to-Loans Ratio | [21](#i6ed017da5ceb433aa0199ddaa12b109a_0-0-1-1-2003277) |
| Table 13: Usable Paid-In Capital | [21](#i0df2b2cecb154209aae4470f8b1320d6_0-0-1-1-2003277) |
| Table 14: Credit Enhancements Received | [23](#i615d241dd9e14644af63afb18c618a2d_0-0-1-4-2003277) |
| Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating | [24](#i84ca86de65324655b837a823b28483d8_0-0-1-10-2003277) |
| Table 16: Non-Commercial Counterparty Credit Risk | [25](#i9d3346181804435eb3a9cf67bd03eaea_0-0-1-6-2003277) |
| Table 17: Effect of Credit on IBRD Portfolios | [26](#i02b1f4be32ee49f8ac2b1fad9c7d968b_0-0-1-1-2003277) |
| Table 18: Effect of Interest Rates on IBRD Portfolios | [26](#i3ca3a62707bd475a9147f8b695fe1b44_0-0-1-1-2003277) |
| Table 19: Liquidity Levels for FY26 | [28](#i897fc491798a42f5bdc6d1d24b9934aa_0-0-1-1-2003277) |
| Table 20: Interest Revenue, Net of Borrowings Expenses | [30](#i534b38d627764e6ca1bc0788aab9f4ef_0-0-1-1-2003277) |
| Table 21: Total Revenue on Interest Earning Assets, Net | [30](#i4ba56ee6b54c4adb9b0d0a5582e7106b_0-0-1-1-2003277) |

---

**Figures**

---

| | |
|:---|:---|
| Figure 1: Sources and Uses of Revenue | [4](#i7dec664e05da461886e34cb2e86ab2ac_4348) |
| Figure 2: Loan Interest Revenue and Borrowing Expenses (Including Related Derivatives) | [12](#ibef45917c29443ce9351a1e67c92beed_9842) |
| Figure 3: Loan Interest Revenue, Net of Borrowing Expenses | [12](#ibef45917c29443ce9351a1e67c92beed_9835) |
| Figure 4: Change in Net Loans Outstanding | [13](#ibef45917c29443ce9351a1e67c92beed_9839) |
| Figure 5: Net Loans Outstanding | [13](#ibef45917c29443ce9351a1e67c92beed_9836) |
| Figure 6: Net Investment Revenue | [15](#ibef45917c29443ce9351a1e67c92beed_9837) |
| Figure 7: Investments - Trading | [15](#ibef45917c29443ce9351a1e67c92beed_9843) |
| Figure 8: Borrowings (Original Maturities) | [15](#ibef45917c29443ce9351a1e67c92beed_9838) |
| Figure 9: Net Non-Interest Expenses | [16](#ibef45917c29443ce9351a1e67c92beed_9840) |
| Figure 10: Country Exposures as of March 31, 2026 | [22](#ie708fc808c094cccb3898d709c8f260c_20564) |
| Figure 11: Sensitivity to Interest Rates | [27](#ie708fc808c094cccb3898d709c8f260c_20562) |

---

<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.*

2 IBRD Management's Discussion and Analysis: March 31, 2026

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

**Section I: Overview**<br>

**Introduction**

International Bank for Reconstruction and Development (IBRD), an international organization owned by

its 189 member countries, is one of the five institutions of the World Bank Group (WBG<sup>1</sup>). 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 primarily to

middle-income and creditworthy lower-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 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 on key 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.

IBRD's mission - as one of the WBG entities - is to end extreme poverty and boost shared prosperity on a

livable planet. Central to this mission is job creation, recognized as a key driver of sustainable

development. The WBG's approach to job creation is anchored in three pillars in five high-impact sectors.

The three pillars are: establishing critical infrastructure as a foundation for employment, fostering a

business-enabling regulatory environment that sets clear, predictable and consistent policies and

regulations, and mobilizing private capital to supplement public finance and catalyze investment at scale.

The five sectors are: infrastructure and energy, smallholder agriculture and agribusiness, health, tourism,

and value-added manufacturing. To achieve these ambitions, IBRD is adapting its ways of working by

deepening collaboration across the WBG, leveraging data and knowledge solutions. These efforts include

maximizing impact, tailoring approaches to country-specific contexts, strengthening investor engagement,

upskilling in key areas, and enhancing its capacity to manage both financial and non-financial risks

through the Knowledge Bank that integrates the WBG's global public and private sector expertise.

IBRD remains committed to delivering impact at scale by proactively adapting to the evolving global

landscape while leveraging its unique strengths within the WBG to create opportunities and improve living

standards for millions worldwide. Ongoing geopolitical conflicts, including those in the Middle East,

continue to create a challenging environment for growth and development across emerging markets and

developing economies. In response, the WBG is actively engaging with governments, the private sector,

development partners, and other stakeholders to address these challenges, including through targeted

crisis response and emergency financing instruments where warranted.

<sup>2</sup> *Other exposures include deferred drawdown options (DDO), irrevocable commitments, exposures to member countries' derivatives* 

*and guarantees.*

IBRD Management's Discussion and Analysis: March 31, 2026 3

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

**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 grow 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, loans with maturities

up to 35 years. For some projects, the maximum loan maturity can be extended to up to 50 years.

Borrowers may customize their repayment terms to meet their debt management or project needs in

multiple currencies. 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, catastrophe derivatives 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 largely financed through its equity and from borrowings raised in the capital

markets and from shareholders. 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 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.

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.

**Sources and Uses of Revenue** 

IBRD's primary sources of revenue are from loans and investments, both net of borrowing expenses

(Figure 1). These revenues cover administrative expenses, provisions 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.

4 IBRD Management's Discussion and Analysis: March 31, 2026

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

**Figure 1: Sources and Uses of Revenue**

![sourcesuses.jpg](sourcesuses.jpg)

**Basis of Reporting**

**Reported Basis**

IBRD's financial statements are prepared in accordance with accounting principles generally accepted in

the United States of America (U.S. GAAP) and are independently audited on an annual basis. Generally,

Investments - Trading, Borrowings, and Derivatives are reported at fair value in the Balance Sheets, with

changes in fair value reported in the Statements of Income. Changes in IBRD's own credit are reflected in

Other Comprehensive Income. Hybrid capital and IBRD's loans are reported at amortized cost in the

Balance Sheets.

The variability in IBRD's reported net income is inherently driven by the unrealized mark-to-market gains

and losses on the financial instruments in IBRD's non-trading portfolios as not all financial instruments are

reported on the same measurement basis. 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 its assets and liabilities. IBRD has elected not to designate any hedging relationships

for accounting purposes.

**Non-GAAP Measures**

Management uses certain non-GAAP financial measures to evaluate the underlying operations and

financial performance of IBRD. A non-GAAP financial measure is a measure that is adjusted to exclude,

include, or reclassify certain items or components from the most directly comparable measure calculated

in accordance with U.S. GAAP and reported in the audited financial statements.

**Allocable Income** 

IBRD's Articles of Agreement (the Articles) require that the Board of Governors determine the allocation of

income at the end of every fiscal year. Allocable income is a non-GAAP measure that reflects income

available for allocation. IBRD defines allocable income as net income after certain adjustments. 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 transfers, which primarily relate to the

allocation of the prior year's net income.

IBRD Management's Discussion and Analysis: March 31, 2026 5

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | Section I: Overview |

---

In line with its financial risk management policies, for the non-trading portfolios, unrealized mark-to-market

gains and losses from instruments reported at fair value (borrowing portfolio, and derivatives in the loans

and other Asset/Liability Management (ALM) portfolios) are excluded from allocable income.

For trading securities, allocable income generally 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 an asset held at amortized cost.

See Section III: Financial Results and Table 6, for details of the adjustments to reported net income to

calculate allocable income.

**Usable Equity**

IBRD's Usable Equity represents the amount of equity that is available to support IBRD's lending

operations.

See Section IV: Risk Management and Table 12 for the components of Usable Equity.

**Equity-to-Loans Ratio**

IBRD's capital adequacy model mandates that IBRD hold capital for credit risk, market risk, and

operational risk covering all activities and assets on its books. The Equity-to-Loans ratio is a key indicator

of IBRD's capital adequacy, representing IBRD's Usable Equity as a percentage of its total loans,

guarantees and other exposures.

See Section IV: Risk Management and Table 12 for more details on the Equity-to-Loans ratio.

6 IBRD Management's Discussion and Analysis: March 31, 2026

---

| | |
|:---|:---|
| **Management's Discussion and Analysis**  | Section II: Executive Summary |

---

**Section II: Executive Summary**<br>

This Management's Discussion and Analysis (MD&A) reflects the results of IBRD's financial performance

for the nine months ended March 31, 2026 (FY26 YTD). This document should be read in conjunction

with IBRD's Financial Statements and MD&A for the fiscal year ended June 30, 2025 (FY25). 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.

**Table 1: Selected Financial Data**

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

---

| | | | |
|:---|:---|:---|:---|
|  | *As of and for the nine months*<br>*ended March 31,* | *As of and for the nine months*<br>*ended March 31,* | *As of and for the* <br>*fiscal year ended* <br>*June 30,*<br>|
|  | *2026* | *2025* | *2025* |
| **Lending Highlights (Section III)** |  |  |  |
| **Loans and Guarantees** |  |  |  |
| Net commitments <sup>a</sup> | $33050 | $27723 | $40885 |
| Gross disbursements | 18599 | 22102 | 30779 |
| Net disbursements | 5210 | 11907 | 14794 |
| **Income Statement (Section III)** |  |  |  |
| Board of Governors-approved transfers | $(1097) | $(815) | $(815) |
| Net income | 1721 | 1236 | 2100 |
| **Balance Sheet (Section III)** |  |  |  |
| Total assets  | $400721 | $390145 | $399511 |
| Investments-Trading <sup>b</sup> | 95749 | 100515 | 102674 |
| Net loans outstanding | 283617 | 272532 | 280043 |
| Borrowings <sup>b</sup> | 306860 | 296327 | 306161 |
| Total equity | 72342 | 66519 | 72012 |
| **Non-GAAP Measures:** |  |  |  |
| Allocable Income (Section III) <sup>c</sup> | $1686 | $1790 | $2384 |
| Usable Equity (Section IV) | 58568 | 55595 | 57878 |
| Equity-to-Loans Ratio (Section IV) | 21.4% | 21.3% | 21.6% |
| *a. Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document) and are net of* <br>*full terminations and cancellations relating to commitments approved in the same fiscal year.*  | *a. Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document) and are net of* <br>*full terminations and cancellations relating to commitments approved in the same fiscal year.*  | *a. Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document) and are net of* <br>*full terminations and cancellations relating to commitments approved in the same fiscal year.*  | *a. Commitments that have been approved by the Executive Directors (referred to as "the Board" in this document) and are net of* <br>*full terminations and cancellations relating to commitments approved in the same fiscal year.*  |
| *b. See Notes to the Condensed Quarterly Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Condensed Quarterly Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Condensed Quarterly Financial Statements: Note C - Investments, Note E - Borrowings.* | *b. See Notes to the Condensed Quarterly Financial Statements: Note C - Investments, Note E - Borrowings.* |
| *c. Refer to Table 6 for a reconciliation of net income to allocable income.*  | *c. Refer to Table 6 for a reconciliation of net income to allocable income.*  | *c. Refer to Table 6 for a reconciliation of net income to allocable income.*  | *c. Refer to Table 6 for a reconciliation of net income to allocable income.*  |

---

IBRD Management's Discussion and Analysis: March 31, 2026 7

---

| | |
|:---|:---|
| **Management's Discussion and Analysis**  | Section II: Executive Summary |

---

**Summary of Financial Results**

**Net Income** 

IBRD's net income was $1,721 million for the first nine months of FY26, compared with a net income of

$1,236 million during the same period in FY25. The $485 million increase was primarily due to the

increase in mark-to-market gains on trading securities of $798 million and the increase in unrealized

mark-to-market gains on non-trading portfolios of $119 million. These were partially offset by the $282

million increase in Board of Governors-approved transfers and the net increase in the provision for losses

on loans and other exposures by $220 million. The $1,097 million of Board of Governors-approved

transfers in FY26 YTD were expensed as grants upon approval by the Board of Governors and were

funded from IBRD's prior years' allocable income.

**Allocable Income** 

Allocable income is a non-GAAP measure that IBRD uses for making net income allocation decisions.

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. In addition,

Board of Governors-approved transfers are also excluded from IBRD's allocable income since these

amounts relate to allocations out of prior year allocable income, surplus, or restricted retained earnings.

During FY26 YTD, allocable income was $1,686 million, a decrease of $104 million from the same period

in FY25. The decrease was primarily due to the higher provision for losses on loans and other exposures,

partially offset by the higher loan interest margin in FY26 YTD compared to FY25 YTD (Section III and

Section IV).

**Lending Operations**

IBRD's lending operations during the first nine months of FY26 provided $33.1 billion of net commitments,

$18.6 billion of gross loan disbursements (Table 7), and $5.2 billion of net loan disbursements. Net loans

outstanding were $283.6 billion as of March 31, 2026.

*In billions of U.S. dollars*

**Disbursements YTD**

![chart-9a5f38d720d445c2946.gif](chart-9a5f38d720d445c2946.gif)

![chart-bb0b50e34c014f218c7.gif](chart-bb0b50e34c014f218c7.gif)

![chart-ece9ce8717b6473d9af.gif](chart-ece9ce8717b6473d9af.gif)

Net commitments were higher by $5.3 billion compared with the same period in FY25, primarily due to the

higher commitments in the South Asia region (Table 8). The regions with the largest share of

commitments in the first nine months of FY26 were Latin America and the Caribbean with 32% and

Europe and Central Asia with 28%.

**Other development activities - Private Capital Mobilization (PCM)**

PCM commitments reflect the assessed amount of private financial resources committed alongside

IBRD's commitments, whether through financing, guarantees or technical assistance. PCM is included in

the WBG's scorecard and is in accordance with the methodology harmonized across Multilateral

Development Banks and European Development Financial Institutions. Amounts mobilized are generally

not recorded as IBRD's financial transactions. PCM was $14,059 million in FY26 YTD compared to

$5,702 million in FY25 YTD.

8 IBRD Management's Discussion and Analysis: March 31, 2026

---

| | |
|:---|:---|
| **Management's Discussion and Analysis**  | Section II: Executive Summary |

---

**Investments - Trading**

IBRD's Investments - Trading decreased by $6.9

billion, from $102.7 billion as of June 30, 2025 to

$95.7 billion as of March 31, 2026. The

decrease was consistent with net loan

disbursements and liquidity needs (Section III).

*In billions of U.S. dollars*

**Investments - Trading**

![chart-b2393d578217419fa1c.gif](chart-b2393d578217419fa1c.gif)

**Borrowings** 

*Borrowings reported at fair value:* As of

March 31, 2026, the borrowings reported at fair

value were $306.2 billion, $0.5 billion higher

than June 30, 2025. The increase was mainly

due to net new debt issuances that financed the

growing development and lending operations,

and satisfied liquidity requirements.

*Borrowings reported at amortized cost:* As of

March 31, 2026, the borrowings reported at

amortized cost were $664 million, compared to

$482 million as of June 30, 2025, all related to

IBRD's issuances of hybrid capital (Section III

and Section IV).

*In billions of U.S. dollars*

**Borrowings**

![chart-316ec4e45513456d9de.gif](chart-316ec4e45513456d9de.gif)

**Equity-to-Loans Ratio**

The Equity-to-Loans ratio decreased from 21.6%

as of June 30, 2025 to 21.4% as of March 31,

2026, primarily due to the increase in loan

exposures outpacing the increase in usable

equity (Section IV) and remained above the

policy minimum of 18%. In line with IBRD's

currency management approach, exchange rate

movements during the period did not have an

impact on IBRD's Equity-to-Loans ratio.

The subscription periods for the 2018 General

and Selective Capital Increases (GCI and SCI)

ended on October 1, 2025. On January 8, 2026,

the Board of Governors approved the

reallocation of unsubscribed shares from the

capital increases to member countries that did

not complete their subscription, providing an

option to subscribe by April 16, 2026. Of the

$7.5 billion expected from members as part of

the paid-in portion of subscribed capital,

cumulative subscription payments received

totaled $7.0 billion as of March 31, 2026 and

$7.2 billion as of April 16, 2026.

*Ratio in percentages*

**Equity-to-Loans Ratio**

![chart-09738fd64e834368881.gif](chart-09738fd64e834368881.gif)

IBRD Management's Discussion and Analysis: March 31, 2026 9

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

---

**Section III: Financial Results**<br>

**Portfolio Performance and Financial Results**

The following table shows IBRD's Condensed Balance Sheets as of March 31, 2026 and June 30, 2025

and the key factors driving these financial results.

**Table 2: Condensed Balance Sheets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
| *As of* | *March 31, 2026* | *June 30, 2025* | *Decrease* | *Increase* |
| Investments and due from banks | $96328 | $103173 |  |  |
| Net loans outstanding <sup>a</sup> | 283617 | 280043 |  |  |
| Derivative assets, net | 408 | 666 |  |  |
| Other assets | 20368 | 15629 |  |  |
| **Total Assets** | **$400721** | **$399511** |  |  |
| Borrowings | 306860 | 306161 |  |  |
| Derivative liabilities, net | 10984 | 12454 |  |  |
| Other liabilities | 10535 | 8884 |  |  |
| Total equity | 72342 | 72012 |  |  |
| **Total Liabilities and Equity** | **$400721** | **$399511** |  |  |
| *a. The fair value of IBRD's loans was $282,466 million as of March 31, 2026 ($278,883 million – June 30, 2025).* | *a. The fair value of IBRD's loans was $282,466 million as of March 31, 2026 ($278,883 million – June 30, 2025).* | *a. The fair value of IBRD's loans was $282,466 million as of March 31, 2026 ($278,883 million – June 30, 2025).* | *a. The fair value of IBRD's loans was $282,466 million as of March 31, 2026 ($278,883 million – June 30, 2025).* | *a. The fair value of IBRD's loans was $282,466 million as of March 31, 2026 ($278,883 million – June 30, 2025).* |

---

![chart-2ff7399c6f8f4889b65.gif](chart-2ff7399c6f8f4889b65.gif)

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

• Decrease in investments and due from banks consistent with net loan disbursements and liquidity

needs;

• Increase in net loans outstanding was primarily from net loan disbursements of $5.2 billion,

partially offset by translation adjustment losses during FY26 YTD;

• Increase in other assets was primarily due to the purchase of assets at amortized cost associated

with forward contracts;

• Increase in borrowings was primarily due to net new issuances;

• Decrease in derivative liabilities, net was primarily due to the translation adjustment gains on

investment-related derivatives;

• Increase in other liabilities was mainly due to investment securities purchased that have not

settled as of March 31, 2026; and

• Increase in total equity was primarily due to the net income and paid-in capital subscriptions

received during the period, partially offset by the decrease in accumulated other comprehensive

income (AOCI) driven by the lower Debit Valuation Adjustment (DVA) on Fair Value Option

elected liabilities due to changes in IBRD's own credit during FY26 YTD.

10 IBRD Management's Discussion and Analysis: March 31, 2026

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

---

**Net Income**

IBRD's net income was $1,721 million in FY26 YTD compared with net income of $1,236 million in FY25

YTD. The increase was primarily due to $798 million higher mark-to-market gains on trading securities,

net and $119 million higher unrealized mark-to-market gains on non-trading portfolios. This was partially

offset by the $282 million increase in Board of Governors-approved transfers and the increase in the

provision for losses on loans and other exposures by $220 million.

**Table 3: Condensed Statements of Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *Impact on income* | *Impact on income* |
| *For the nine months ended March 31,* | *2026* | *2025* | *Decrease* | *Increase* |
| **Interest revenue** |  |  |  |  |
| Loans, net (Table 20) | $10485 | 11678 |  |  |
| Other asset / liability management derivatives, net | (645) | (1031) |  |  |
| Investments-Trading, net (Table 20) | 2903 | 3338 |  |  |
| Other, net | 1 | 1 |  |  |
| Borrowing expenses, net (Table 20) | (10117) | (11337) |  |  |
| **Interest revenue, net of borrowing expenses (Table 21)** | **$2627** | **$2649** |  |  |
| **Provision for losses on loans and other exposures**  | (232) | (12) |  |  |
| **Non-interest revenue** |  |  |  |  |
| Revenue from externally funded activities (Table 9) | 655 | 631 |  |  |
| Commitment charges (Table 5) | 98 | 116 |  |  |
| Other, net (Table 5) | 91 | 169 |  |  |
| **Non-interest expenses** |  |  |  |  |
| Administrative <sup>a</sup>(Table 9) | (1760) | (1732) |  |  |
| Contributions to special programs (Table 9) | (16) | (17) |  |  |
| Other, net <sup>b</sup> | 177 | 109 |  |  |
| Board of Governors-approved transfers | (1097) | (815) |  |  |
| Currency remeasurement gains (losses), net | 63 | (60) |  |  |
| Mark-to-market gains (losses) on trading securities, net | 731 | (67) |  |  |
| Unrealized mark-to-market gains on non-trading portfolios, net (Table 10) | 384 | 265 |  |  |
| **Net Income** | **$1721** | **$1236** |  |  |
| *a. Includes pension service cost of $182 million for the nine months ended March 31, 2026 ($213 million – nine months ended* <br>*March 31, 2025). See Table 9.* | *a. Includes pension service cost of $182 million for the nine months ended March 31, 2026 ($213 million – nine months ended* <br>*March 31, 2025). See Table 9.* | *a. Includes pension service cost of $182 million for the nine months ended March 31, 2026 ($213 million – nine months ended* <br>*March 31, 2025). See Table 9.* | *a. Includes pension service cost of $182 million for the nine months ended March 31, 2026 ($213 million – nine months ended* <br>*March 31, 2025). See Table 9.* | *a. Includes pension service cost of $182 million for the nine months ended March 31, 2026 ($213 million – nine months ended* <br>*March 31, 2025). See Table 9.* |
| *b. Includes income from net pension cost, other than service cost, of $203 million for the nine months ended March 31, 2026 ($129* <br>*million – nine months ended March 31, 2025). See Table 9.* | *b. Includes income from net pension cost, other than service cost, of $203 million for the nine months ended March 31, 2026 ($129* <br>*million – nine months ended March 31, 2025). See Table 9.* | *b. Includes income from net pension cost, other than service cost, of $203 million for the nine months ended March 31, 2026 ($129* <br>*million – nine months ended March 31, 2025). See Table 9.* | *b. Includes income from net pension cost, other than service cost, of $203 million for the nine months ended March 31, 2026 ($129* <br>*million – nine months ended March 31, 2025). See Table 9.* | *b. Includes income from net pension cost, other than service cost, of $203 million for the nine months ended March 31, 2026 ($129* <br>*million – nine months ended March 31, 2025). See Table 9.* |

---

![chart-4b1cc39fa1584d25991.gif](chart-4b1cc39fa1584d25991.gif)

Table 4 below provides an interest rate and volume analysis of IBRD's interest revenue and borrowing

expenses. The variance reflects the year-over-year change in interest income on loans, investments-

trading, and borrowing expenses between FY25 YTD and FY26 YTD.

**Table 4: Rate and Volume Analysis of Changes in Interest Revenue and Borrowing Expenses**

*In millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
| *For the nine months ended March 31,* | *2026 versus 2025*  | *2026 versus 2025*  | *2026 versus 2025*  |
|  |  | *Variance due to changes in* | *Variance due to changes in* |
|  | *Total Variance* | *Volume* | *Rate* |
| **Increase (decrease) in Interest revenue related to:** |  |  |  |
| Loans | $(1193) | $979 | $(2172) |
| Investments-Trading | (435) | 546 | (981) |
| **Decrease (increase) in Interest expense related to:** |  |  |  |
| Borrowings | $1220  | $(1243)  | $2463  |

---

IBRD Management's Discussion and Analysis: March 31, 2026 11

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

---

As illustrated in Figure 1, investments are funded by borrowings, and loans are funded by borrowings and

equity. Under IBRD's pricing policy, the lending rates for IBRD's loans are based on the underlying cost of

the borrowings funding these loans, therefore, interest revenue, net of borrowing expenses provides an

overall view of IBRD's net income generation. Table 5 below shows revenue on interest earning assets

net of interest expenses from borrowings funding these assets and the other components of allocable

income.

**Table 5: Statement of Allocable Income (non-GAAP Measures)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* | *Impact on income* | *Impact on income* |
| *For the nine months ended March 31,* | *2026* | *2025* | *Decrease* | *Increase* |
| **Revenue on interest earning assets** |  |  |  |  |
| Loan interest margin <sup>a</sup> | $1874 | $1719 |  |  |
| Loan interest revenue from loans funded by equity | 1632 | 1916 |  |  |
| **Loan interest revenue, net of borrowing expenses (Table 20)** | **$3506** | **$3635** |  |  |
| Other asset / liability management (ALM) derivatives, net (Table 3) | (645) | (1031) |  |  |
| Investment revenue, net of borrowing expenses (Table 20) | 50 | 44 |  |  |
| **Total revenue on interest earning assets, net (Table 21)** | **$2911** | **$2648** |  |  |
| Provision for losses on loans and other exposures (Table 3) | (232) | (12) |  |  |
| Net non-interest expenses (Table 9) | (1156) | (1111) |  |  |
| Commitment charges (Table 3) | 98 | 116 |  |  |
| Non-interest revenue - Other, net (Table 3) | 91 | 169 |  |  |
| Non-interest expenses - Other | (26) | (20) |  |  |
| **Allocable Income** | **$1686** | **$1790** |  |  |
| *a. Represents the margin between loan interest revenue and associated debt cost.* | *a. Represents the margin between loan interest revenue and associated debt cost.* | *a. Represents the margin between loan interest revenue and associated debt cost.* | *a. Represents the margin between loan interest revenue and associated debt cost.* | *a. Represents the margin between loan interest revenue and associated debt cost.* |

---

![chart-6df357f73bf8497aa0c.gif](chart-6df357f73bf8497aa0c.gif)

See Section VI: Reconciliations of Components of Allocable Income and Table 6 below for a reconciliation

of net income (Table 3) to allocable income (Table 5).

**Table 6: Reconciliation of Net Income to Allocable Income**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
| *For the nine months ended March 31,* | *2026* | *2025* |
| **Net Income (Table 3)** | **$1721** | **$1236** |
| **Adjustments to Reconcile Net Income to Allocable Income:** |  |  |
| Board of Governors-approved transfers (Table 3) | 1097 | 815 |
| Currency remeasurement (gains) losses, net <sup>a</sup> (Table 3) | (63)  | 60  |
| Unrealized mark-to-market (gains) losses on non-trading portfolios, net <sup>b</sup> | (383)  | (263)  |
| Pension adjustment | (238)  | (124)  |
| Income from Post Employment Benefit Plan (PEBP) and Post-Retirement Contribution <br>Reserve Fund (PCRF) investment holdings<br>| (88)  | (63)  |
| Mark-to-market (gains) losses on certain forward contracts related to assets held at <br>amortized cost <sup>c</sup><br>| (344)  | 145  |
| EFO, RAMP, LPF1, and GFPP <sup>d</sup> | (16)  | (16)  |
| **Allocable Income (Table 5)** | **$1686**  | **$1790**  |
| *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* | *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* | *a. Currency remeasurements relating to assets and liabilities denominated in non-functional currencies.* |
| *b. Adjusted to exclude amounts reclassified to realized gains/losses—$1 million gains for the nine months ended March 31, 2026* <br>*($2 million gains for the nine months ended March 31, 2025).* | *b. Adjusted to exclude amounts reclassified to realized gains/losses—$1 million gains for the nine months ended March 31, 2026* <br>*($2 million gains for the nine months ended March 31, 2025).* | *b. Adjusted to exclude amounts reclassified to realized gains/losses—$1 million gains for the nine months ended March 31, 2026* <br>*($2 million gains for the nine months ended March 31, 2025).* |
| *c. This adjustment applies to trades where the unrealized gains and losses on derivative forward contracts are recorded in the* <br>*Mark-to-market losses on trading securities, net line of the Condensed Statements of Income.*  | *c. This adjustment applies to trades where the unrealized gains and losses on derivative forward contracts are recorded in the* <br>*Mark-to-market losses on trading securities, net line of the Condensed Statements of Income.*  | *c. This adjustment applies to trades where the unrealized gains and losses on derivative forward contracts are recorded in the* <br>*Mark-to-market losses on trading securities, net line of the Condensed Statements of Income.*  |
| *d. Includes Externally Financed Outputs (EFO) income subject to contractual donor restrictions and transferred to Restricted* <br>*Retained Earnings; Reserve Advisory and Management Partnership (RAMP)-related revenue and expenses excluded under a* <br>*Board-approved framework to ensure use solely for program delivery; and unrealized mark-to-market gains on IBRD Surplus-*<br>*Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP) investments, representing funds* <br>*restricted for the specified uses, if any.* | *d. Includes Externally Financed Outputs (EFO) income subject to contractual donor restrictions and transferred to Restricted* <br>*Retained Earnings; Reserve Advisory and Management Partnership (RAMP)-related revenue and expenses excluded under a* <br>*Board-approved framework to ensure use solely for program delivery; and unrealized mark-to-market gains on IBRD Surplus-*<br>*Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP) investments, representing funds* <br>*restricted for the specified uses, if any.* | *d. Includes Externally Financed Outputs (EFO) income subject to contractual donor restrictions and transferred to Restricted* <br>*Retained Earnings; Reserve Advisory and Management Partnership (RAMP)-related revenue and expenses excluded under a* <br>*Board-approved framework to ensure use solely for program delivery; and unrealized mark-to-market gains on IBRD Surplus-*<br>*Funded Livable Planet Fund (LPF1) and Grant Facility for Project Preparation (GFPP) investments, representing funds* <br>*restricted for the specified uses, if any.* |

---

12 IBRD Management's Discussion and Analysis: March 31, 2026

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

---

**Results from Lending Activities**

**Loan Interest Revenue**

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 (Figure 2). The portion of loans funded by equity (Figure 1) is

sensitive to changes in short-term interest rates.

**Figure 2: Loan Interest Revenue and Borrowing** 

**Expenses (Including Related Derivatives)**

*In millions of U.S. dollars, YTD*

![chart-7b51938023bf4da39aa.gif](chart-7b51938023bf4da39aa.gif)

**Figure 3: Loan Interest Revenue, Net of** 

**Borrowing Expenses**

*In millions of U.S. dollars, YTD*

![chart-b9e6b7d2057a4bcf8f6.gif](chart-b9e6b7d2057a4bcf8f6.gif)

*a.Includes related derivatives.*

For the first nine months of FY26, IBRD's loan interest revenue, net of borrowing expenses was $3,506

million, a decrease of $129 million compared with the same period in FY25 (Figure 3), due to the

decrease in average relevant interest rates. This was partially offset by the higher average loan balance

during the period (Table 4). Other ALM derivatives moderate the impact of interest rate changes on the

loans that are funded by equity and sensitive to interest rate movements, thereby partially stabilizing the

net interest revenue earned from these loans (as illustrated in 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 decrease in loan interest revenue, net of borrowing expenses of

$129 million (Table 5) and the decrease in interest expense from Other ALM derivatives, net of $386

million (Table 5) from FY25 YTD to FY26 YTD, resulted in an overall increase in net loan interest revenue

of $257 million.

**Provision for losses on loans and other exposures**

IBRD recorded a provision for losses on loans and other exposures of $232 million in FY26 YTD

compared to $12 million in FY25 YTD. As the majority of IBRD's loans carry variable interest rates,

changes in forward interest rates impact the expected losses that are recorded through the provision for

losses on loans and other exposures in the Condensed Statements of Income. Accordingly, the higher

provision was primarily driven by the higher loss given default (severity) in FY26 YTD due to the increase

in relevant implied forward interest rates in FY26 YTD as compared to a decrease in FY25 YTD. The

severity reflects the expected losses from delays in receiving interest payments since IBRD does not

charge interest on overdue interest.

IBRD Management's Discussion and Analysis: March 31, 2026 13

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

---

**Figure 4: Change in Net Loans Outstanding**

*In billions of U.S. dollars*

![chart-b712f36c24ce43fba79.gif](chart-b712f36c24ce43fba79.gif)

**Figure 5: Net Loans Outstanding**

*In billions of U.S. dollars*

![chart-6e61f803cbfe4c29959.gif](chart-6e61f803cbfe4c29959.gif)

As of March 31, 2026, 79% of IBRD's total loans outstanding, after derivatives, were denominated in U.S.

dollars, and 20% 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 D5.

Gross disbursements were $18.6 billion in FY26 YTD, a $3.5 billion decrease compared with the same

period in FY25, primarily due to the lower disbursements in the Europe and Central Asia region (Table 7).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 7: Gross Disbursements by Region** | **Table 7: Gross Disbursements by Region** | **Table 7: Gross Disbursements by Region** | **Table 7: Gross Disbursements by Region** | **Table 7: Gross Disbursements by Region** | **Table 7: Gross Disbursements by Region** |
| *In millions of U.S. dollars* |  |  |  |  |  |
| *For the nine months ended March 31,* | *2026* | *% of total* | *2025* | *% of total* | *Variance* |
| Eastern and Southern Africa | $1699 | 9% | $772 | 4% | $927 |
| Western and Central Africa | 188 | 1 | 845 | 4  | (657) |
| East Asia and Pacific | 3904 | 21 | 2870 | 13  | 1034 |
| Europe and Central Asia | 3657 | 20 | 6927 | 31  | (3270) |
| Latin America and the Caribbean | 5948 | 32 | 5480 | 25  | 468 |
| Middle East, North Africa, Afghanistan and Pakistan <sup>a</sup> | 1885 | 10 | 2304 | 10  | (419) |
| South Asia <sup>a</sup> | 1318 | 7 | 2904 | 13  | (1586) |
| **Total** | **$18599** | **100%** | **$22102** | **100%** | **$(3503)** |
| *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* |

---

<sup>3</sup> *Eligible borrowers are IBRD Small State Economies, members of the Small States Forum, and Small Island Developing States as* 

*defined by the United Nations.*

14 IBRD Management's Discussion and Analysis: March 31, 2026

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

---

Net commitments were $33.1 billion in FY26 YTD, a $5.3 billion increase compared with the same period

in FY25 (Table 8).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 8: Net Commitments by Region** | **Table 8: Net Commitments by Region** | **Table 8: Net Commitments by Region** | **Table 8: Net Commitments by Region** | **Table 8: Net Commitments by Region** | **Table 8: Net Commitments by Region** |
| *In millions of U.S. dollars* |  |  |  |  |  |
| *For the nine months ended March 31,* | *2026* | *% of total* | *2025* | *% of total* | *Variance* |
| Eastern and Southern Africa | $3162 | 9% | $1304 | 5% | $1858 |
| Western and Central Africa | 610 | 2 | 744 | 3 | (134) |
| East Asia and Pacific | 3714 | 11 | 3580 | 13 | 134 |
| Europe and Central Asia | 9281 | 28 | 8897 | 32 | 384 |
| Latin America and the Caribbean | 10542 | 32 | 8556 | 31 | 1986 |
| Middle East, North Africa, Afghanistan and Pakistan <sup>a</sup> | 1267 | 4 | 2868 | 10 | (1601) |
| South Asia <sup>a</sup> | 4474 | 14 | 1774 | 6 | 2700 |
| **Total** | **$33050** | **100%** | **$27723** | **100%** | **$5327** |
| *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *a. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* |

---

**Climate Resilient Debt Clause (CRDC)**

IBRD offers CRDCs for eligible new and existing loans (with a minimum remaining maturity of five years),

for certain borrowers<sup>3</sup>. CRDCs allow eligible borrowing countries to defer payments of principal and/or

interest (and other loan charges) for up to two years after an eligible event. After the deferral period, the

borrower will restart payments of the deferred amounts according to a modified amortization schedule that

maintains the original weighted average maturity of the loan and does not extend the final maturity date.

IBRD's loans outstanding as of March 31, 2026 for the 24 countries (including Blend countries) that are

eligible for CRDCs was $6.1 billion, representing 2% of the total loans outstanding.

**Results from Investing Activities**

**Net Investment Revenue**

IBRD's net investment revenue represents investment revenue, net of borrowing expenses (Table 5). Net

investment revenue was $50 million for the nine months ended March 31, 2026, $6 million higher in FY26

YTD compared to FY25 YTD. The increase was primarily driven by the higher mark-to-market gains

during the period.

**Investments - Trading** 

IBRD's investments - trading was $95.7 billion as of March 31, 2026 ($102.7 billion as of June 30, 2025).

See Figure 7 below and Note C: Investments in the Notes to Condensed Quarterly Financial Statements.

The decrease in the investments - trading was consistent with net loan disbursements and liquidity needs.

IBRD Management's Discussion and Analysis: March 31, 2026 15

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

---

**Figure 6: Net Investment Revenue**

*In millions of U.S. dollars, YTD*

![chart-41bb18f1c5cc45e999c.gif](chart-41bb18f1c5cc45e999c.gif)

**Figure 7: Investments - Trading**

*In billions of U.S. dollars*

![chart-1cecf2d8cc694485920.gif](chart-1cecf2d8cc694485920.gif)

**Results from Borrowing Activities**

As of March 31, 2026, total borrowings outstanding were $306.9 billion, a $0.7 billion increase compared

with June 30, 2025 (Notes to Condensed Quarterly Financial Statements, Note E - Borrowings). The

increase was primarily due to $2.8 billion debt issuances, net of maturities during the period. New

issuances of medium-and long-term debt of $33.7 billion during the first nine months of FY26 were highly

diversified by investor profile and location, with an average maturity of 5.8 years. The funds raised

financed development lending operations and satisfied liquidity requirements.

**Figure 8**: **Borrowings (Original Maturities)**

*In billions of U.S. dollars*![chart-bf3798526c38413eaaf.gif](chart-bf3798526c38413eaaf.gif)

**Net Non-Interest Expenses**

As shown in Table 9, IBRD's net non-interest expenses are primarily comprised of administrative

expenses, net of revenue from externally funded activities, and include costs related to Bank-executed

activities for trust funds and other externally funded activities. IBRD and IDA's administrative budget is a

single resource envelope that funds the combined work programs of both entities. 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.

16 IBRD Management's Discussion and Analysis: March 31, 2026

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

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**Figure 9**: **Net Non-Interest Expenses**

*In millions of U.S. dollars, YTD*

![chart-6d7aff5895d64ad095b.gif](chart-6d7aff5895d64ad095b.gif)

The decrease in net non-interest expenses from FY25 YTD to FY26 YTD was primarily due to the

decrease in the net pension and post retirement benefit costs due to the higher amortization of

unrecognized actuarial gains during FY26 YTD compared to FY25 YTD. This is attributable to changes in

the actuarial assumptions and the higher-than-expected returns on plan assets in FY25. On a non-GAAP

basis, the increase in net non-interest expenses was primarily driven by higher staff costs (Table 9).

---

| | | | |
|:---|:---|:---|:---|
| **Table 9: Net Non-Interest Expenses** |  |  |  |
| *In millions of U.S. dollars* |  |  |  |
| *For the nine months ended March 31,* | *2026* | *2025* | *Variance* |
| Administrative expenses |  |  |  |
| Staff costs | $945 | $901 | $44 |
| Travel | 102 | 107 | (5) |
| Consultant fees and contractual services | 315 | 323 | (8) |
| Pension service cost <sup>a</sup> | 182 | 213 | (31) |
| Communications and technology | 57 | 72 | (15) |
| Premises and equipment | 120 | 89 | 31 |
| Other expenses | 39 | 27 | 12 |
| **Total administrative expenses** <sup>b</sup>(Table 3) | **$1760** | **$1732** | **$28** |
| Contributions to special programs | 16 | 17 | (1) |
| Revenue from externally funded activities: |  |  |  |
| Reimbursable revenue – Bank-executed activities for trust funds (BETF) | (416) | (402) | (14) |
| Other revenue | (239) | (229) | (10) |
| **Total Revenue from externally funded activities** | **$(655)** | **$(631)** | **$(24)** |
| Net non-interest expenses | 1121 | 1118 | 3 |
| Add: Inclusion of Net pension cost, other than service cost <sup>c</sup> (Table 3) | (203) | (129) | (74) |
| **Net non-interest expenses** | **$918** | **$989** | **$(71)** |
| **Adjustments to arrive at net non-interest expenses - non-GAAP measure** |  |  |  |
| Less: Exclusion of Pension, Externally Financed Outputs (EFO) and Reserve Advisory <br>and Management Partnership (RAMP) adjustments <sup>d</sup><br>| 238 | 122 | 116 |
| **Net non-interest expenses - non-GAAP measure** (Table 5) | **$1156** | **$1111** | **$45** |
| *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the* <br>*period. See Notes to Condensed Quarterly Financial Statements, Note K - Pension and Other Postretirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the* <br>*period. See Notes to Condensed Quarterly Financial Statements, Note K - Pension and Other Postretirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the* <br>*period. See Notes to Condensed Quarterly Financial Statements, Note K - Pension and Other Postretirement Benefits.* | *a. The pension service cost represents the cost of benefits attributable to services performed by employees for the Bank during the* <br>*period. See Notes to Condensed Quarterly Financial Statements, Note K - Pension and Other Postretirement Benefits.* |
| *b. Includes expenses related to BETF of $416 million for FY26 YTD and $402 million for FY25 YTD.* | *b. Includes expenses related to BETF of $416 million for FY26 YTD and $402 million for FY25 YTD.* | *b. Includes expenses related to BETF of $416 million for FY26 YTD and $402 million for FY25 YTD.* | *b. Includes expenses related to BETF of $416 million for FY26 YTD and $402 million for FY25 YTD.* |
| *c. Amount is included in Other Non-interest expenses, net in the Condensed Statements of Income (Table 3).* | *c. Amount is included in Other Non-interest expenses, net in the Condensed Statements of Income (Table 3).* | *c. Amount is included in Other Non-interest expenses, net in the Condensed Statements of Income (Table 3).* | *c. Amount is included in Other Non-interest expenses, net in the Condensed Statements of Income (Table 3).* |
| *d. Components of this adjustment are included in Table 6.*  | *d. Components of this adjustment are included in Table 6.*  | *d. Components of this adjustment are included in Table 6.*  | *d. Components of this adjustment are included in Table 6.*  |

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IBRD Management's Discussion and Analysis: March 31, 2026 17

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

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**Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net**

For the first nine months of FY26, net unrealized mark-to-market gains were $384 million ($265 million net

unrealized mark-to-market gains for same period in FY25) (Table 3). The gains in FY26 YTD were mainly

driven by the unrealized mark-to-market gains on loan-related derivatives, primarily due to the increase in

relevant interest rates.

---

| | | | |
|:---|:---|:---|:---|
| **Table 10: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 10: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 10: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** | **Table 10: Unrealized Mark-to-Market Gains (Losses) on Non-trading Portfolios, Net** |
| *In millions of U.S. dollars* |  |  |  |
| *For the nine months ended March 31,* | *2026* | *2025* | *Variance* |
| Loan-related derivatives | $506 | $(928) | $1434 |
| Other ALM derivatives, net | (119) | 1280 | (1399) |
| Borrowings, including derivatives | 9 | (119) | 128 |
| Client operations and other derivatives, net | (12) | 32 | (44) |
| **Unrealized mark-to-market gains on non-trading portfolios - Reported basis** <br>**(Table 3)**<br>| **$384** | **$265** | **$119** |

---

**Loan Portfolio**

Loans outstanding are reported at amortized cost on the Balance Sheets and therefore the mark-to-

market effect on loans is not reflected in reported net income. However, the derivatives used to convert

loans from fixed-rate to variable-rate instruments, for asset / liability management purposes, are reported

at fair value. From an economic perspective, IBRD's loans after the effect of derivatives carry variable

interest rates and have a low sensitivity to the change in interest rates. The unrealized mark-to-market

gains on loan related derivatives in the first nine months of FY26, as compared to unrealized mark-to-

market losses during the same period in FY25, were mainly due to the increase in relevant interest rates

in FY26 YTD compared to a decrease in relevant interest rates in FY25 YTD. See Section IV: Risk

Management for additional details on how IBRD uses derivatives in the loan portfolio.

**Other ALM Portfolio**

IBRD uses derivatives to stabilize its interest revenue from the portion of loans that is sensitive to

changes in short-term interest rates. The Other ALM portfolio consists of derivatives which convert a

portion of variable rate loan cash flows to fixed rate loan cash flows. In the first nine months of FY26,

IBRD recorded unrealized mark-to-market losses of $119 million, compared to gains of $1,280 million in

FY25 YTD on this portfolio. The unrealized mark-to-market losses were due to the increase in relevant

interest rate for the nine months ended March 31, 2026, compared to the decrease in relevant interest

rate in FY25 YTD. The duration of this portfolio was 4.6 years, within the Board established limit of 5

years.

**Borrowing Portfolio**

IBRD's borrowings and the related derivatives are reported at fair value, except for hybrid capital which is

reported at amortized cost on the balance sheet. IBRD recorded $9 million of net unrealized mark-to-

market gains on borrowings reported at fair value and associated derivatives, mainly driven by the

increase in relevant interest rates as of March 31, 2026, compared to June 30, 2025. The unrealized

mark-to-market gains of $2,114 million on borrowings at fair value were largely offset by the unrealized

mark-to-market losses of $2,105 million on the bond-related derivatives. The unrealized mark-to-market

gains on IBRD's borrowings at fair value exclude changes in IBRD's own credit, referred to as the DVA on

Fair Value Option elected liabilities, which is recorded in AOCI. For the first nine months of FY26, the DVA

was $1,311 million of unrealized mark-to-market losses, resulting mainly from the tightening of IBRD's

credit spreads relative to the applicable reference rate during the period, compared to unrealized mark-to-

market gains of $1,294 million due to the widening of IBRD's credit spreads in FY25 YTD. As of March 31,

2026, IBRD's Condensed Balance Sheets included a cumulative DVA of $353 million of mark-to-market

gains reflected in AOCI (see Notes to the Condensed Quarterly Financial Statements, Note J - Fair Value

Disclosures).

18 IBRD Management's Discussion and Analysis: March 31, 2026

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

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**Board of Governors-approved Transfers and Allocations**

During the first nine months of FY26, the Board of Governors approved the following transfers and

allocations as shown below:

**Table 11: Board of Governors-approved Transfers and Allocations**

*In millions of U.S. dollars*

---

| | | | |
|:---|:---|:---|:---|
| **Date of approval** | **Amount** <br>**($ in million)**<br>| **Retained Earnings** <br>**Source**<br>| **Beneficiary** |
| **Board of Governors-approved Transfers Reported in the Condensed Statements of Income:** | **Board of Governors-approved Transfers Reported in the Condensed Statements of Income:** | **Board of Governors-approved Transfers Reported in the Condensed Statements of Income:** | **Board of Governors-approved Transfers Reported in the Condensed Statements of Income:** |
| September 8, 2025 | $300<br> <sup>a</sup> | Surplus | Trust Fund for Gaza and West Bank  |
| September 8, 2025 | 782<br> <sup>a</sup> | FY25 allocable income | IDA  |
| Various | 15<br> <sup>b</sup> | Other Reserves | IBRD Surplus-Funded Livable Planet Fund <br>(LPF1) and Grant Facility for Project <br>Preparation (GFPP) <sup>c</sup><br>|
| Total | $1097  |  |  |
| **Board of Governors-approved Allocations Reported as Transfers Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Transfers Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Transfers Within Retained Earnings:** | **Board of Governors-approved Allocations Reported as Transfers Within Retained Earnings:** |
| September 8, 2025 | $20 | Surplus | LPF1 |
| September 8, 2025 | 100 | Surplus | GFPP |
| Total | $120 |  |  |
| *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  | *a. These transfers are unconditional and expensed upon approval.*  |
| *b. These amounts were previously approved by the Board of Governors and are expensed when the conditions are met. For the* <br>*nine months ended March 31, 2026, grants expensed by the LPF1 were $13 million, and grants expensed by the GFPP were $2* <br>*million.* | *b. These amounts were previously approved by the Board of Governors and are expensed when the conditions are met. For the* <br>*nine months ended March 31, 2026, grants expensed by the LPF1 were $13 million, and grants expensed by the GFPP were $2* <br>*million.* | *b. These amounts were previously approved by the Board of Governors and are expensed when the conditions are met. For the* <br>*nine months ended March 31, 2026, grants expensed by the LPF1 were $13 million, and grants expensed by the GFPP were $2* <br>*million.* | *b. These amounts were previously approved by the Board of Governors and are expensed when the conditions are met. For the* <br>*nine months ended March 31, 2026, grants expensed by the LPF1 were $13 million, and grants expensed by the GFPP were $2* <br>*million.* |
| *c. The GFPP provides grants to support preparation of World Bank financed lending operations. The GFPP is currently financed by* <br>*IBRD's surplus and is established for an initial period of 7 years.*  | *c. The GFPP provides grants to support preparation of World Bank financed lending operations. The GFPP is currently financed by* <br>*IBRD's surplus and is established for an initial period of 7 years.*  | *c. The GFPP provides grants to support preparation of World Bank financed lending operations. The GFPP is currently financed by* <br>*IBRD's surplus and is established for an initial period of 7 years.*  | *c. The GFPP provides grants to support preparation of World Bank financed lending operations. The GFPP is currently financed by* <br>*IBRD's surplus and is established for an initial period of 7 years.*  |

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IBRD Management's Discussion and Analysis: March 31, 2026 19

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

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**Section IV: Risk Management**<br>

**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 the Audit

Committee, periodically reviews 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 World Bank Group Chief Risk Officer (CRO) oversees financial, operational, and

Environmental & Social (E&S) risks. These include: (i) Country credit risks associated with the WBG's

sovereign-lending activities; (ii) Market and counterparty risks, encompassing liquidity, market and model

risks; (iii) Operational risks, related to people, process, and systems, or from external events; and (iv)

E&S risks associated with projects, which are managed through a dedicated second line of defense to

ensure sustainability, accountability, and alignment with WBG standards. The new integrated WBG E&S

structure became effective in January 2026, and the CRO now oversees a global WBG E&S risk

department.

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 risk governance and risk oversight and coverage, see IBRD's MD&A for the

fiscal year ended June 30, 2025, 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.

20 IBRD Management's Discussion and Analysis: March 31, 2026

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

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**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 12, IBRD's Equity-to-Loans ratio decreased from 21.6% as of June 30, 2025 to 21.4%

as of March 31, 2026, primarily due to the increase in total loan exposure exceeding the increase in

usable equity, and remained above the policy minimum of 18%. The higher usable equity reflects the

increase in usable paid-in capital and the release of PCRF assets. The PCRF was established by the

Board to stabilize contributions to the pension and post-retirement benefits plans. In February 2026,

IBRD's Board approved a release of PCRF assets to be used for general purposes. As a result, $225

million was transferred from the Pension Reserve to the General Reserve. For IDA's share of the PCRF

investments, IBRD's payable to IDA was reduced. The minimum Equity-to-Loans ratio policy continues to

support IBRD's triple-A rating and long-term financial sustainability.

In October 2024, the Board approved Enhanced Callable Capital (ECC), another shareholder support

instrument to expand IBRD's financing capacity. Shareholders can convert a portion of their existing

callable capital to the enhanced terms so that it can be called earlier when IBRD faces an imminent threat

of a rating downgrade, but not yet at a point where it is at risk of defaulting to its bondholders, which is

when a call on the current form of callable capital will be made. The ECC conversion is on a voluntary

basis and upon bilateral agreement between the shareholder and IBRD. In January 2026, IBRD signed an

agreement with one member country converting $50 million of the member country's existing callable

capital to ECC terms. This agreement became effective in January 2026. The ECC has no impact on the

total equity until the call is made, but is part of usable equity that is available to support IBRD's lending

operations.

For capital adequacy purposes, hybrid capital is a component of usable equity in the Equity-to-Loans ratio

(Table 12) in accordance with IBRD's financial policies. As of March 31, 2026, IBRD has signed bi-lateral

agreements for hybrid capital with 11 member countries for a total notional value of $989 million, out of

which, $664 million has been settled and reported in the balance sheet.

Portfolio guarantees are risk management instruments that support additional financing capacity for IBRD.

On IBRD's Balance Sheet, effective portfolio guarantees are recorded in Other assets measured based

on the expected credit losses on the underlying portfolio. As of March 31, 2026, portfolio guarantee

agreements with 2 member countries of $1.1 billion notional were effective. For capital adequacy

measures, effective portfolio guarantees are treated as reductions to loan exposures in the Equity-to-

Loans ratio to capture their first-loss and portfolio-wide loss-absorption features.

IBRD Management's Discussion and Analysis: March 31, 2026 21

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 12: Equity-to-Loans Ratio** | **Table 12: Equity-to-Loans Ratio** |  |  |  |  |
| *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* |
|  |  |  | *Variance* | *Variance* | *Variance* |
| *As of* | *March 31, 2026* | *June 30, 2025* | *Total* | *Due to* <br>*Activities*<br>| *Due to* <br>*Translation* <br>*Adjustments*<br>|
| Usable paid-in capital (Table 13) | $22367 | $21919 | $448 | $586 | $(138) |
| Special reserve | 293 | 293 |  |  |  |
| General reserve <sup>a</sup> | 35465 | 35240 | 225 | 225 |  |
| Cumulative translation adjustment <sup>b</sup> | (480) | (224) | (256) |  | (256) |
| Hybrid capital  | 664 | 482 | 182 | 185 | (3) |
| Other adjustments <sup>c</sup> | 259 | 168 | 91 | 38 | 53 |
| **Equity (usable equity)** | **$58568** | **$57878** | **$690** | **$1034** | **$(344)** |
| Loan exposures | $286806 | $283090 | $3716 | $5225 | $(1509) |
| Adjustments for third-party guarantees <br>received<br>| (13761) | (13620) | (141) | (157) | 16 |
| Adjustment for portfolio guarantees <br>received <sup>d</sup><br>| (4280) | (4280) |  |  |  |
| Present value of guarantees provided | 5275 | 3818 | 1457 | 1511 | (54) |
| Effective but undisbursed DDOs | 2580 | 2105 | 475 | 489 | (14) |
| Relevant accumulated provisions, net | (2974) | (2813) | (161) | (183) | 22 |
| Deferred loan income | (704) | (681) | (23) | (29) | 6 |
| Other exposures | 268 | 366 | (98) | (98) |  |
| **Loans (total exposure)** | **$273210** | **$267985** | **$5225** | **$6758** | **$(1533)** |
| **Equity-to-Loans Ratio** | **21.4%** | **21.6%** |  |  |  |
| *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* | *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* | *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* | *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* | *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* | *a. June 30, 2025 amount includes the transfer to the General Reserve from FY25 net income, which was approved by the Board* <br>*on August 7, 2025. The March 31, 2026 amount includes the transfer of $225 million from the Pension Reserve related to the* <br>*release of PCRF assets.* |
| *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* | *b. Excludes cumulative translation amounts associated with the unrealized mark-to-market gains/losses on non-trading portfolios,* <br>*net.* |
| *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* | *c. Includes cumulative remeasurement gains on non-functional currencies of $269 million ($216 million gains as of June 30, 2025),* <br>*and an adjustment of $38 million related to ECC (Nil*—*as of June 30, 2025).* |
| *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* | *d. The adjustment for portfolio guarantees received is management's estimate of the benefit of the Portfolio Guarantee Platform* <br>*(PGP), which covers losses on the entire portfolio (first loss), and also the counterparty credit risk.* |

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| | | | |
|:---|:---|:---|:---|
| **Table 13: Usable Paid-In Capital** |  |  |  |
| *In millions of U.S. dollars* |  |  |  |
| *As of* | *March 31, 2026* | *June 30, 2025* | *Variance* |
| Paid-in Capital | $23488 | $22911 | $577 |
| Deferred amounts to maintain value of currency holdings <sup>a</sup> | (619) | (298) | (321) |
| Adjustments for unreleased NCPIC: |  |  |  |
| Restricted cash | (50) | (61) | 11 |
| Nonnegotiable, noninterest-bearing demand obligations on<br>account of subscribed capital<br>| (230) | (313) | 83 |
| Receivable amounts to maintain value of currency holdings | (229) | (325) | 96 |
| MOV payable | 7 | 5 | 2 |
| Total Adjustments for unreleased NCPIC | (502) | (694) | 192 |
| **Usable paid-in capital** | **$22367** | **$21919** | **$448** |
| *a. The Maintenance-Of-Value (MOV) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The Maintenance-Of-Value (MOV) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The Maintenance-Of-Value (MOV) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* | *a. The Maintenance-Of-Value (MOV) on released National Currency Paid-In Capital (NCPIC) is considered to be deferred.* |

---

22 IBRD Management's Discussion and Analysis: March 31, 2026

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

---

The subscription period for the 2018 GCI and SCI ended on October 1, 2025. On January 8, 2026, the

Board of Governors approved the reallocation of unsubscribed shares from the capital increases to

member countries that did not complete their subscription, providing an option to subscribe by April 16,

2026. Of the $7.5 billion expected from members as part of the paid-in portion of subscribed capital,

cumulative subscription payments received totaled $7.0 billion as of March 31, 2026, and $7.2 billion as of

April 16, 2026.

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.

**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.

**Figure 10**: **Country Exposures as of March 31, 2026** 

*In billions of U.S. dollars*

![chart-888001c1a263459e95f.gif](chart-888001c1a263459e95f.gif)

*a.Exposure includes loans outstanding and guarantees provided and are net of guarantees received.* 

As of March 31, 2026, IBRD's loans outstanding to Ukraine were $16.8 billion and guarantees provided to

Ukraine were $0.4 billion. Guarantees and other credit enhancements received from third parties for the

benefit of Ukraine were $11.5 billion, bringing IBRD's net exposure to Ukraine to $5.7 billion.

**Credit enhancement arrangements** 

As of March 31, 2026, IBRD had $11.6 billion of outstanding loans under which bi-lateral guarantees were

received from member countries or other Multilateral Development Banks ($11.3 billion as of June 30,

2025).

In addition, as of March 31, 2026, IBRD received total notional value of $1.1 billion portfolio guarantees

from 2 member countries under its Portfolio Guarantee Platform ($1.1 billion from 2 member countries as

of June 30, 2025).

IBRD Management's Discussion and Analysis: March 31, 2026 23

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

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The bi-lateral guarantees and guarantees under the PGP serve as credit enhancements and reduce

IBRD's internal risk capital requirements. Guarantees that are contractually attached to the loan reduce

the associated risk in computing the loan loss provision. Guarantees that are not contractually attached to

the loan (including the PGP), are recorded as a recoverable asset and included in Other assets on the

Balance Sheet (see Notes to the Financial Statements, Note D - Loans and Other Exposures).

IBRD has also received other forms of credit enhancements for loans outstanding totaling $2.4 billion as

of March 31, 2026 ($2.5 billion as of June 30, 2025) that protect IBRD against the risk of loss on certain

loans in IBRD's portfolio. These credit enhancements are accounted for as derivatives at fair value and

are included in Other assets on IBRD's Balance Sheet as they do not meet the accounting definition of

guarantees.

---

| | | |
|:---|:---|:---|
| **Table 14: Credit Enhancements Received** | **Table 14: Credit Enhancements Received** | **Table 14: Credit Enhancements Received** |
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |
| *As of* | *March 31, 2026* | *June 30, 2025* |
| ***Bi-lateral Guarantees Received*** |  |  |
| Borrowing Country With Loan Guarantees |  |  |
| Brazil | $157 | $185 |
| Egypt, Arab Republic of | 133 | 138 |
| Indonesia | 337 | 350 |
| Iraq | 307 | 324 |
| Jordan | 325 | 333 |
| Morocco | 104 | 123 |
| Philippines | 183 | 200 |
| Ukraine | 10008 | 9685 |
| **Total Outstanding** | **$11554** | **$11338** |
| ***Portfolio Guarantees Received*** | **1070** | **1070** |
| ***Other Credit Enhancements Received*** |  |  |
| Borrowing Country With Other Credit Enhancements |  |  |
| India | 930 | 1000 |
| Ukraine | 1500 | 1500 |
| **Total Outstanding** | **$2430** | **$2500** |
| **Total Guarantees and Credit Enhancements Received** | **$15054** | **$14908** |

---

**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 57%

of IBRD's total exposure as of March 31, 2026.

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 provided, 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) or 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 FY26 SBL is

$31.7 billion for highly creditworthy countries below the GDI, and $22.6 billion for highly creditworthy

countries above the GDI.

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

As of March 31, 2026, IBRD's accumulated provision for losses on loans and other exposures was $3.2

billion (including $543 million of accumulated provision related to loan commitments, see Notes to

Condensed Quarterly Financial Statements - Note D - Loans and Other Exposures), which was less than

24 IBRD Management's Discussion and Analysis: March 31, 2026

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

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1% of the underlying exposures ($3.0 billion as of June 30, 2025, less than 1% of the underlying

exposures).

As of March 31, 2026, 0.5% of IBRD's total loans outstanding were in nonaccrual status, all related to

Zimbabwe and Belarus. During the first nine months of FY26, IBRD received payments of $1 million from

borrowers in nonaccrual status towards overdue principal ($1 million in FY25 YTD) and nil towards

overdue interest (nil in FY25 YTD). Accordingly, no interest income was recognized in the Condensed

Statements of Income for FY26 YTD or FY25 YTD. See Notes to Condensed Quarterly Financial

Statements, Note D - Loans and Other Exposures.

No loans in nonaccrual status to any borrowing country were restored to accrual status during the first

nine months of FY26.

**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).

As shown in Table 15, 71% 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 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** | **Table 15: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating** |
| *In millions of U.S. dollars* |  |  |  |  |  |
|  | *As of March 31, 2026* | *As of March 31, 2026* | *As of March 31, 2026* | *As of March 31, 2026* | *As of March 31, 2026* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating* <sup>a</sup> | *Sovereigns* | *Non-Sovereigns* | *Net Swap* <br>*Exposure*<br>| *Total Exposure* | *% of Total* |
| AAA | $3988 | $13175 | $— | $17163 | 18% |
| AA | 8194 | 41023 | 111 | 49328 | 53 |
| A | 5394 | 20972 | 140 | 26506 | 29 |
| BBB or lower/unrated | 5 | 42 | 1 | 48 | \*&nbsp;&nbsp;&nbsp;&nbsp;  |
| **Total** | **$17581** | **$75212** | **$252** | **$93045** | **100%** |
|  | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* | *As of June 30, 2025* |
|  | *Investments* | *Investments* |  |  |  |
| *Counterparty Rating* <sup>a</sup> | *Sovereigns* | *Non-Sovereigns* | *Net Swap* <br>*Exposure*<br>| *Total Exposure* | *% of Total* |
| AAA | $8334 | $12252 | $— | $20586 | 21% |
| AA | 6499 | 49688 | 114 | 56301 | 56 |
| A | 7524 | 15541 | 146 | 23211 | 23 |
| BBB or lower/unrated | 3 | 42 |  | 45 | \*&nbsp;&nbsp;&nbsp;&nbsp;  |
| **Total** | **$22360** | **$77523** | **$260** | **$100143** | **100%** |
| *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* | *a. Average rating is calculated using available ratings from the three major rating agencies; however, if ratings are not available* <br>*from each of the three rating agencies, IBRD uses the average of the ratings available from any of such rating agencies or a* <br>*single rating to the extent that an instrument or issuer (as applicable) is rated by only one rating agency.* |
| *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* | *\* Indicates percentage less than 0.5%.* |

---

IBRD Management's Discussion and Analysis: March 31, 2026 25

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

---

**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 (Table 16).

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 March 31, 2026, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table 16: Non-Commercial Counterparty Credit Risk** | **Table 16: Non-Commercial Counterparty Credit Risk** | **Table 16: Non-Commercial Counterparty Credit Risk** | **Table 16: Non-Commercial Counterparty Credit Risk** | **Table 16: Non-Commercial Counterparty Credit Risk** |
| *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* |
| *Exposures as of March 31, 2026* | *Exposures as of March 31, 2026* | *Exposures as of March 31, 2026* | *Exposures as of March 31, 2026* | *Exposures as of March 31, 2026* |
| *Non-Commercial* <br>*Counterparty*<br>| *Instrument* <br>*used*<br>| *Purpose of derivative transaction* | *Notional* | *Net Exposure* |
| Borrowing <br>Member Countries<br>| Derivatives | Assist borrowing member countries with managing risks | $5087 | $— |
| Non-Affiliated Organization | Derivatives | Assist IFFIm with managing financial risks | 1543 |  |
|  |  |  | **$6630** | **$—** |

---

**Changes in Credit Spreads**

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

in credit spreads.

◦ *Borrowings*: IBRD's own credit risk reflects the cost of funding relative to applicable reference

rates. Changes in IBRD's credit spreads result 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. The 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.

◦ *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, 2025) and a consultative loss limit.

◦ *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.

The sensitivity of IBRD's portfolios to changes in credit spreads is shown in Table 17, where the amount

represents the dollar change in fair value which corresponds to a one basis point parallel upward shift in

credit spreads.

26 IBRD Management's Discussion and Analysis: March 31, 2026

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

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---

| | |
|:---|:---|
| **Table 17: Effect of Credit on IBRD Portfolios** |  |
| *In millions of U.S. dollars* |  |
| *As of March 31, 2026* | *Credit Effect on Portfolio* <br>*Value* <sup>a</sup><br>|
| Borrowings  | $124  |
| Loans <sup>b</sup> | (8) |
| Investments <sup>c</sup> | (3) |
| **Total gains** | $**113**  |
| *a. Excludes Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment (DVA) on derivatives.*  | *a. Excludes Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment (DVA) on derivatives.*  |
| *b. If loans were measured at fair value* | *b. If loans were measured at fair value* |
| *c. Excludes PEBP and PCRF holdings and investments related to LPF1 and GFPP.* |  |

---

**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.

• *Loan and Borrowing Portfolios:* In line with IBRD's financial risk management strategies, the

sensitivity of IBRD's loan and borrowing portfolios to changes in interest rates is managed through

derivatives. As noted earlier, IBRD intends to maintain its positions in these portfolios until maturity

and thus manages these instruments on a cash flow basis. The resulting net unrealized mark-to-

market gains and losses on these portfolios, associated with the sensitivity to interest rates, are

therefore not expected to be realized.

• *Other ALM:* IBRD uses derivatives to convert the variable rate cash flows on loans funded by equity

back to fixed rate cash flows, thereby stabilizing loan interest revenue over time. Other ALM is

classified as a non-trading portfolio and these derivatives are recorded at fair value.

• *Investment Portfolio:* After the effects of derivatives, the duration of the investment trading portfolio

is less than three months. As a result, the portfolio has a low sensitivity to changes in interest rates,

resulting in small fair value adjustments to income.

The sensitivity of these portfolios to interest rate movements, after the effect of derivatives, is shown in

Table 18 below where the amount represents the change in fair value corresponding to a one basis point

parallel upward shift in interest rates as of March 31, 2026.

---

| | |
|:---|:---|
| **Table 18: Effect of Interest Rates on IBRD Portfolios** |  |
| *In millions of U.S. dollars* |  |
| *As of March 31, 2026* | *Net Interest Rates Effect on* <br>*Portfolio Value* <sup>a</sup><br>|
| Borrowing portfolio | $(1) |
| Loan portfolio <sup>b</sup> | 2  |
| Other ALM | (26) |
| Investment portfolio <sup>c</sup> | (1) |
| **Total losses** | $**(26)** |
| *a. After the effects of derivatives* | *a. After the effects of derivatives* |
| *b. If loans were measured at fair value.* | *b. If loans were measured at fair value.* |
| *c. Excludes PEBP and PCRF holdings and investments related to LPF1 and GFPP.* |  |

---

Figure 11 depicts the effect of derivatives on the overall sensitivity of the borrowing, loan, other ALM and

investment portfolios. It indicates the extent to which each portfolio is economically hedged. For example,

IBRD Management's Discussion and Analysis: March 31, 2026 27

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

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for the borrowing portfolio, a one basis point increase in interest rates would result in $116 million of

unrealized mark-to-market gains on bonds, which would be offset by $117 million of unrealized mark-to-

market losses on swaps. Loan sensitivities are illustrative as loans are reported at amortized cost on the

Balance Sheets.

**Figure 11: Sensitivity to Interest Rates**

*(Dollar change in fair value corresponding to a one-basis-point upward parallel shift in interest rates)*

*In millions of U.S. dollars* 

*As of March 31, 2026*

**Borrowing PortfolioLoan PortfolioOther ALMInvestment Portfolio** 

Swaps

Bonds

Loans

Swaps

Swaps

Investments

Swaps

![chart-0c73f93eda8d4f22b8c.gif](chart-0c73f93eda8d4f22b8c.gif)

![chart-6fd601225a274304aaf.gif](chart-6fd601225a274304aaf.gif)

![chart-448212a4b56f46109f2.gif](chart-448212a4b56f46109f2.gif)

![chart-962213704ba740ce802.gif](chart-962213704ba740ce802.gif)

**Fixed Spread Loan Refinancing Risk**

While IBRD's loans on fixed spread terms are suspended, refinancing risk for funding fixed-spread loans

in the portfolio relates to the potential impact of any future deterioration in IBRD's funding spread relative

to what was computed in the fixed-spread when the loan was initially disbursed. 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 by charging a risk premium.

**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.

**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 insulating IBRD's capital adequacy from the impact of exchange rate movements.

**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

28 IBRD Management's Discussion and Analysis: March 31, 2026

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

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150% of the Target Liquidity Level continues to function as a guideline rather than a hard ceiling (Table

19).

---

| | | |
|:---|:---|:---|
| **Table 19: Liquidity Levels for FY26** |  |  |
|  | *In billions of U.S. dollars* | *% of Target Liquidity Level* |
| Target Liquidity Level | $79.0 |  |
| Guideline Maximum Liquidity Level | 118.5 | 150% |
| Prudential Minimum Liquidity Level | 63.2 | 80% |
| Liquid Asset Portfolio as of March 31, 2026 <sup>a</sup> | $94.3 | 119% |
| *a.The Liquid Asset Portfolio is mainly comprised of investments-trading and associated derivatives.* | *a.The Liquid Asset Portfolio is mainly comprised of investments-trading and associated derivatives.* | *a.The Liquid Asset Portfolio is mainly comprised of investments-trading and associated derivatives.* |

---

The FY26 Target Liquidity Level is $14.0 billion higher than the prior year, due to the higher projected debt

service and net loan disbursements in FY26.

**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.

As part of its business activities, IBRD is exposed to a range of operational risks including physical

security, staff health and safety, information security and data privacy, business continuity, and third-party

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: March 31, 2026 29

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

---

**Section V: Governance**<br>

**Senior Management Changes**

Pamela O'Connell, Vice President and WBG Controller retired in September 2025.

As part of the ongoing efforts to scale impact, boost efficiency, and deliver greater value to our clients

across the World Bank Group, IBRD is implementing organizational changes to integrate certain functions

within WBG Vice Presidencies. IBRD will continue to operate as a separate legal entity, with its external

obligations unchanged. In line with these integration changes:

• Effective October 1, 2025, IBRD's Controllership function has been integrated into the WBG

Controllership Vice Presidency, with Zinga Venner appointed as WBG Vice President and

Controller.

• Effective January 1, 2026, IBRD's Treasury function has been integrated into the WBG Treasury

Vice Presidency, with Jorge Familiar Calderon appointed as WBG Vice President and Treasurer.

In parallel with these changes, and as part of the WBG's broader transformation, the Knowledge Bank

has been established to unify expertise of each WBG institution in a single structure and strengthen the

value proposition for both sovereign and private sector clients. To lead this effort, Paschal Donohoe was

appointed as Managing Director and WBG Chief Knowledge Officer effective November 24, 2025.

Through the Knowledge Bank, the WBG aims to empower clients with integrated public and private sector

solutions that enable impact at scale, accelerate thought leadership and innovation through a unified

offering, and equip frontline staff with timely, actionable knowledge to accelerate delivery and impact.

Axel van Trotsenburg, Senior Managing Director for Development & Policy retired in November 2025.

30 IBRD Management's Discussion and Analysis: March 31, 2026

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|:---|:---|
| **Management's Discussion and Analysis** | Section VI: Reconciliations of Components of Allocable Income |

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**Section VI: Reconciliations of Components of Allocable Income**<br>

As discussed in Section I: Overview and Section III: Financial Results, in addition to reported financial

measures determined in accordance with U.S. GAAP, IBRD also uses certain non-GAAP financial

measures to evaluate performance, make operating decisions, determine business strategy, develop

targeted financial goals, and allocate resources.

The tables below provide a reconciliation of key components of allocable income referenced in the MD&A

to the most directly comparable U.S. GAAP reported measures.

**Statements of Income**

IBRD presents interest revenue on loans, investments and other assets, interest expense on borrowings

and certain other items on a gross basis on its reported statements of income. However, IBRD assesses

the performance of its lending, investing and other activities on a net basis, which takes into consideration

interest expense on borrowings to fund these activities and the impact of realized gains and losses on

derivatives designated as economic hedges to manage interest rate and currency risk and other costs.

The presentation of amounts in Table 3 is intended to reflect how IBRD manages its lending, investing

and other activities and assesses the financial performance of these activities.

Table 20 and Table 21 provide reconciliations of the components of IBRD's statements of income (Table

3) for the specified periods to the non-GAAP amounts presented and discussed in the MD&A (Table 5).

---

| | | |
|:---|:---|:---|
| **Table 20: Interest Revenue, Net of Borrowings Expenses** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the nine months ended March 31,* | *2026* | *2025* |
| **Interest revenue — Loans, net (Table 3 – Reported Basis)** | **$10485** | **$11678** |
| Less: Borrowing expenses funding loans | (6979) | (8045) |
| Add: Others |  | 2 |
| **Loan interest revenue, net of borrowing expenses (Table 5)** | **$3506** | **$3635** |
| **Interest revenue—Investments-Trading, net (Table 3 – Reported Basis)** | **$2903** | **$3338** |
| Add: Reclassification of mark-to-market gains (losses) on trading securities, net (Table 3) | 731 | (67) |
| Less: Mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1, GFPP investment <br>holdings and other adjustments (Table 21)<br>| (448) | 64 |
| Less: Borrowing expenses funding investment-trading | (3136) | (3291) |
| **Investment revenue, net of borrowing expenses (Table 5)** | **$50** | **$44** |
| **Borrowing Expenses** |  |  |
| Borrowing expenses funding loans | 6979 | 8045 |
| Borrowing expenses funding investment-trading | 3136 | 3291 |
| Others | 2 | 1 |
| **Borrowing expenses, net (Table 3 – Reported Basis)**  | **$10117** | **$11337** |

---

---

| | | |
|:---|:---|:---|
| **Table 21: Total Revenue on Interest Earning Assets, Net** |  |  |
| *In millions of U.S. dollars* |  |  |
| *For the nine months ended March 31,* | *2026* | *2025* |
| **Interest revenue, net of borrowings expenses (Table 3 – Reported Basis)** | **$2627** | **$2649** |
| Add: Reclassification of mark-to-market gains (losses) on trading securities, net (Table 3) | 731 | (67) |
| Less: Mark-to-market (gains) losses attributable to PEBP, PCRF, LPF1, GFPP investment <br>holdings and other adjustments (Table 20)<br>| (448) | 64 |
| Add: Others | 1 | 2 |
| **Total revenue on interest earning assets, net (Table 5)** | **$2911** | **$2648** |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 31

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

(IBRD)

CONTENTS

*March 31, 2026*

CONDENSED QUARTERLY FINANCIAL STATEMENTS (UNAUDITED)

---

| | |
|:---|:---|
| **[CONDENSED BALANCE SHEET](#i7230f5bd8a994b4ab62ba9b950a142a4_67)S** | **[32](#i7230f5bd8a994b4ab62ba9b950a142a4_67)** |
| **[CONDENSED STATEMENTS OF INCOME](#i7230f5bd8a994b4ab62ba9b950a142a4_70)** | **[34](#i7230f5bd8a994b4ab62ba9b950a142a4_70)** |
| **[CONDENSED STATEMENTS OF COMPREHENSIVE INCOME](#i7230f5bd8a994b4ab62ba9b950a142a4_73)** | **[35](#i7230f5bd8a994b4ab62ba9b950a142a4_73)** |
| **[CONDENSED STATEMENTS OF CHANGES IN](#i7230f5bd8a994b4ab62ba9b950a142a4_76)EQUITY** | **[36](#i7230f5bd8a994b4ab62ba9b950a142a4_76)** |
| **[CONDENSED STATEMENTS OF CASH FLOWS](#i7230f5bd8a994b4ab62ba9b950a142a4_79)** | **[37](#i7230f5bd8a994b4ab62ba9b950a142a4_79)** |
| **[NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS](#i7230f5bd8a994b4ab62ba9b950a142a4_82)** | **[38](#i7230f5bd8a994b4ab62ba9b950a142a4_82)** |
| **[INDEPENDENT AUDITOR'S REVIEW REPORT](#i7230f5bd8a994b4ab62ba9b950a142a4_124)** | **[67](#i7230f5bd8a994b4ab62ba9b950a142a4_124)** |

---

32 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

CONDENSED BALANCE SHEETS

*Expressed in millions of U.S. dollars*

---

| | | |
|:---|:---|:---|
|  | *March 31, 2026* <br>*(Unaudited)*<br>| *June 30, 2025* <br>*(Unaudited)*<br>|
| **Assets** |  |  |
| ***Due from banks—Note J*** |  |  |
| Unrestricted cash | $487 | $412 |
| Restricted cash | 60 | 73 |
|  | 547 | 485 |
| ***Investments-Trading*** (including securities transferred under repurchase <br>or securities lending agreements—$549 as of March 31, 2026 and <br>$312 million—June 30, 2025)—***Notes C and J***<br>| 95749 | 102674 |
| ***Securities purchased under resale agreements—Notes C and J*** | 32 | 14 |
| ***Derivative assets, net—Notes F and J*** | 408 | 666 |
| ***Loans outstanding—Notes D and J*** |  |  |
| Total loans approved | 386130 | 375435 |
| Less: Undisbursed balance (including signed loan commitments of <br>$79,417 million—March 31, 2026 and $76,870 million—June 30, <br>2025)<br>| (99324)  | (92345)  |
| Loans outstanding | 286806 | 283090 |
| Less:  |  |  |
| Accumulated provision for loan losses | (2485)  | (2366)  |
| Deferred loan income | (704)  | (681)  |
| Net loans outstanding | 283617 | 280043 |
| ***Other assets—Notes D, H and J*** | 20368 | 15629 |
| **Total assets** | $400721 | $399511 |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 33

---

| | | |
|:---|:---|:---|
|  | *March 31, 2026* <br>*(Unaudited)*<br>| *June 30, 2025* <br>*(Unaudited)*<br>|
| **Liabilities** |  |  |
| ***Borrowings—Notes E and J*** |  |  |
| Borrowings, at fair value | $306196 | $305679 |
| Borrowings, at amortized cost | 664 | 482 |
|  | 306860 | 306161 |
| ***Securities sold under repurchase agreements, securities lent under*** <br>***securities lending agreements, and payable for cash collateral*** <br>***received—Notes C and J***<br>| 549 | 312 |
| ***Derivative liabilities, net—Notes F and J*** | 10984 | 12454 |
| ***Other liabilities—Notes D, H and J*** | 9986 | 8572 |
| **Total liabilities** | 328379 | 327499 |
| **Equity** |  |  |
| ***Capital stock—Note B*** |  |  |
| Authorized capital (2,783,873 shares—March 31, 2026 and <br>June 30, 2025)<br>|  |  |
| Subscribed capital (2,744,501 shares—March 31, 2026, and <br>2,709,291 shares—June 30, 2025)<br>| 331083 | 326835 |
| Less: Uncalled portion of subscriptions | (307595)  | (303924)  |
| Paid-in capital | 23488 | 22911 |
| ***Nonnegotiable, non-interest-bearing demand obligations on*** <br>***account of subscribed capital***<br>| (230)  | (313)  |
| ***Receivable and deferred amounts to maintain value of currency*** <br>***holdings***<br>| (848)  | (623)  |
| ***Retained earnings—Note G*** | 42104 | 40383 |
| ***Accumulated other comprehensive income—Note I*** | 7828 | 9654 |
| **Total equity** | 72342 | 72012 |
| **Total liabilities and equity** | $400721 | $399511 |

---

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

34 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

CONDENSED STATEMENTS OF INCOME

*Expressed in millions of U.S. dollars*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Three Months Ended* <br>*March 31,* <br>*(Unaudited)* | *Three Months Ended* <br>*March 31,* <br>*(Unaudited)* | *Nine Months Ended* <br>*March 31,* <br>*(Unaudited)* | *Nine Months Ended* <br>*March 31,* <br>*(Unaudited)* |
|  | *2026* | *2025* | *2026* | *2025* |
| ***Interest revenue*** |  |  |  |  |
| Loans, net—*Notes D and L* | $3268 | $3599 | $10485 | $11678 |
| Other asset / liability management derivatives, net—*Notes F and J* | (167) | (270) | (645) | (1031) |
| Investments-Trading, net | 830 | 1042 | 2903 | 3338  |
| Other, net |  |  | 1 | 1  |
| ***Borrowing expenses, net—Note E*** | (3065) | (3482) | (10117)  | (11337) |
| ***Interest revenue, net of borrowing expenses*** | 866 | 889 | 2627 | 2649  |
| ***Provision for losses on loans and other exposures, (charge)*** <br>***release—Note D***<br>| (67) | 181 | (232) | (12) |
| ***Non-interest revenue*** |  |  |  |  |
| Revenue from externally funded activities—*Notes H and L* | 224 | 214 | 655 | 631  |
| Commitment charges—*Note D* | 30 | 36 | 98 | 116  |
| Other, net | 16 | 149 | 91 | 169  |
| Total | 270 | 399 | 844 | 916  |
| ***Non-interest expenses*** |  |  |  |  |
| Administrative—*Notes H and K* | (584) | (581) | (1760)  | (1732) |
| Contributions to special programs |  |  | (16) | (17) |
| Other, net—*Note K* | 57 | 38 | 177 | 109  |
| Total | (527) | (543) | (1599)  | (1640) |
| ***Board of Governors-approved transfers—Note G*** | (1) |  | (1097)  | (815) |
| ***Currency remeasurement gains (losses), net*** | 26 | (23) | 63 | (60) |
| ***Mark-to-market gains (losses) on trading securities, net—Notes C*** <br>***and F***<br>| 689 | (24) | 731 | (67) |
| ***Unrealized mark-to-market gains on non-trading portfolios, net—***<br>***Note F***<br>| 18 | 398 | 384 | 265  |
| **Net income** | $1274 | $1277 | $1721  | $1236 |

---

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

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 35

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

*Expressed in millions of U.S. dollars*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Three Months Ended* <br>*March 31, (Unaudited)* | *Three Months Ended* <br>*March 31, (Unaudited)* | *Nine Months Ended* <br>*March 31, (Unaudited)* | *Nine Months Ended* <br>*March 31, (Unaudited)* |
|  | *2026* | *2025* | *2026* | *2025* |
| **Net income** | $1274 | $1277 | $1721  | $1236  |
| **Other comprehensive (loss) income—*Note I*** |  |  |  |  |
| Currency translation adjustments on functional currency, <br>(losses) gains <br>| (357) | 513 | (329) | 122  |
| Net change in Debit Valuation Adjustment (DVA) on Fair <br>Value Option elected liabilities—*Note J*<br>| 317 | (113) | (1311)  | 1294  |
| Amortization of unrecognized net actuarial gains on <br>pension plans—*Note K*<br>| (63) | (16) | (188)  | (48) |
| Amortization of unrecognized prior service costs on <br>pension plans—*Note K*<br>| 1 | 2 | 2  | 6  |
| Total other comprehensive (loss) income | (102) | 386 | (1826)  | 1374  |
| **Total comprehensive income (loss)** | $1172 | $1663 | $(105)  | $2610  |

---

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

36 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

CONDENSED STATEMENTS OF CHANGES IN EQUITY

*Expressed in millions of U.S. dollars*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Nine Months Ended March 31, 2026 (Unaudited)* | *Nine Months Ended March 31, 2026 (Unaudited)* | *Nine Months Ended March 31, 2026 (Unaudited)* | *Nine Months Ended March 31, 2026 (Unaudited)* | *Nine Months Ended March 31, 2026 (Unaudited)* | *Nine Months Ended March 31, 2026 (Unaudited)* |
|  | *Paid-in* <br>*Capital*<br>| *Nonnegotiable,* <br>*non-interest-*<br>*bearing* <br>*demand* <br>*obligations on* <br>*account of* <br>*subscribed* <br>*capital* <br>| *Receivable* <br>*and deferred* <br>*amounts to* <br>*maintain* <br>*value of* <br>*currency* <br>*holdings*<br>| *Retained* <br>*earnings*<br>| *Accumulated* <br>*other* <br>*comprehensive* <br>*income* <br>| *Total* <br>*equity*<br>|
| **As of June 30, 2025** | $22911 | $(313) | $(623) | $40383 | $9654 | $72012 |
| Net income |  |  |  | 1721 |  | 1721 |
| Other comprehensive loss |  |  |  |  | (1826) | (1826) |
| Subscriptions received | 577 |  |  |  |  | 577 |
| Demand obligations <br>(received) encashed, net<br>|  | (37) |  |  |  | (37) |
| Currency remeasurement <br>changes, net<br>|  | 120 | (262) |  |  | (142) |
| Receipts of MOV |  |  | 37 |  |  | 37 |
| **As of March 31, 2026** | $23488 | $(230) | $(848) | $42104 | $7828 | $72342 |
|  | *Nine Months Ended March 31, 2025 (Unaudited)* | *Nine Months Ended March 31, 2025 (Unaudited)* | *Nine Months Ended March 31, 2025 (Unaudited)* | *Nine Months Ended March 31, 2025 (Unaudited)* | *Nine Months Ended March 31, 2025 (Unaudited)* | *Nine Months Ended March 31, 2025 (Unaudited)* |
|  | *Paid-in* <br>*Capital*<br>| *Nonnegotiable,* <br>*non-interest-*<br>*bearing* <br>*demand* <br>*obligations on* <br>*account of* <br>*subscribed* <br>*capital*<br>| *Receivable* <br>*and deferred* <br>*amounts to* <br>*maintain* <br>*value of* <br>*currency* <br>*holdings*<br>| *Retained* <br>*earnings*<br>| *Accumulated* <br>*other* <br>*comprehensive* <br>*income*<br>| *Total* <br>*equity*<br>|
| **As of June 30, 2024** | $22452 | $(310) | $(895) | $38283 | $3954 | $63484 |
| Net income |  |  |  | 1236 |  | 1236 |
| Other comprehensive <br>income<br>|  |  |  |  | 1374 | 1374 |
| Subscriptions received | 334 |  |  |  |  | 334 |
| Demand obligations <br>(received) encashed, net<br>|  |  |  |  |  |  |
| Currency remeasurement <br>changes, net<br>|  | 1 | 90 |  |  | 91 |
| Receipts of MOV |  |  |  |  |  |  |
| **As of March 31, 2025** | $22786 | $(309) | $(805) | $39519 | $5328 | $66519 |

---

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

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 37

CONDENSED STATEMENTS OF CASH FLOWS

*Expressed in millions of U.S. dollars*

---

| | | |
|:---|:---|:---|
|  | *Nine Months Ended March 31,* <br>*(Unaudited)* | *Nine Months Ended March 31,* <br>*(Unaudited)* |
|  | *2026* | *2025* |
| **Cash flows from investing activities** |  |  |
| Loans |  |  |
| Disbursements | $(18415)  | $(21915)  |
| Principal repayments | 11464  | 10001 |
| Principal prepayments | 1925  | 194 |
| Loan origination fees received | 37  | 24 |
| Net derivatives-loans | 48  | 48 |
| Other investing activities, net | (205)  | (177)  |
| Net cash used in investing activities | (5146)  | (11825)  |
| **Cash flows from financing activities** |  |  |
| Medium and long-term borrowings |  |  |
| New issues | 33704  | 51604 |
| Retirements | (31455)  | (27090)  |
| Short-term borrowings (original maturities greater than 90 days) |  |  |
| New issues | 20369  | 19162 |
| Retirements | (20756)  | (17304)  |
| Net short-term borrowings (original maturities less than 90 days) | 978  | 4878 |
| Net derivatives-borrowings | (207)  | 246 |
| Capital subscriptions | 577  | 334 |
| Other financing activities, net | (159)  | (9)  |
| Net cash provided by financing activities | 3051  | 31821 |
| **Cash flows from operating activities** |  |  |
| Net income | 1721  | 1236 |
| Adjustments to reconcile net income to net cash (used in) provided by <br>operating activities:<br>|  |  |
| Unrealized mark-to-market gains on non-trading portfolios, net | (384)  | (265) |
| Currency remeasurement (gains) losses, net | (63)  | 60 |
| Depreciation, amortization and capitalized interest on loans, net | 342  | 326 |
| Provision for losses on loans and other exposures | 232  | 12 |
| Changes in:  |  |  |
| Investment portfolio | 5817  | (16435)  |
| Other assets and liabilities | (5502)  | (5002)  |
| Net cash provided by (used in) operating activities | 2163  | (20068)  |
| **Effect of exchange rate changes on unrestricted and restricted cash** | (6)  | (2)  |
| **Net increase (decrease) in unrestricted and restricted cash** | 62  | (74) |
| **Unrestricted and restricted cash at the beginning of the fiscal year** | 485  | 490 |
| **Unrestricted and restricted cash at the end of the period** | $547 | $416 |
| **Supplemental disclosure** |  |  |
| (Decrease) increase in ending balances resulting from exchange rate <br>fluctuations<br>|  |  |
| Loans outstanding | (1509)  | $469  |
| Investment portfolio | (52)  | 80 |
| Borrowing portfolio | (1297)  | 577 |
| Capitalized interest and loan origination fees in total loans | 184  | 187 |
| Interest paid on borrowing portfolio | 11195  | 12950 |

---

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

38 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (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, 2025 audited financial statements and notes included therein. The condensed comparative

information that has been derived from the June 30, 2025 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

nine 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**

**Evaluated Accounting Standards**

In October 2023, the FASB issued ASU 2023-06, *Disclosure Improvements: Codification Amendments in* 

*Response to the SEC's Disclosure Update and Simplification Initiative*. The new guidance is intended to

align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all

entities. The effective date for each amendment in the ASU will be the date on which the SEC's removal

of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027,

the SEC has not removed the related disclosure requirement, the corresponding amendment in the ASU

will not become effective. IBRD does not expect the ASU to have a material impact on its financial

statements.

In September 2025, the FASB issued ASU 2025-07, *Derivatives and Hedging (Topic 815) and Revenue* 

*from Contracts with Customers (Topic 606) Derivatives Scope Refinements and Scope Clarification for* 

*Share-Based Noncash Consideration from a Customer in a Revenue Contract*. The ASU adds a scope

exception that excludes from derivative accounting certain non-exchange-traded contracts with underlying

settlement variables that are based on operations or activities specific to one of the parties to the contract.

The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption

permitted. IBRD early adopted the ASU on a modified retrospective basis on October 1, 2025, as of July

1, 2025. The adoption did not have a material impact on IBRD's financial statements.

**Accounting Standards Under Evaluation**

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270): Narrow-Scope* 

*Improvements,* to improve the navigability of interim reporting requirements by clarifying what disclosures

are required for interim periods and specifying the form and content of interim financial statements. For

IBRD, the ASU will be effective for the quarter ending September 30, 2028. Early adoption is permitted.

IBRD is currently evaluating the impact of the ASU on its financial statements.

In December 2025, the FASB issued ASU 2025-10, *Government Grants (Topic 832): Accounting for* 

*Government Grants Received by Business Entities,* to establish authoritative guidance on the recognition,

measurement, and presentation guidance for government grants received by business entities. For IBRD,

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 39

the ASU will be effective for the quarter ending September 30, 2029. Early adoption is permitted. IBRD is

currently evaluating the impact of the ASU on its financial statements.

In September 2025, the FASB issued ASU 2025-06, *Intangibles—Goodwill and Other— Internal-Use* 

*Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which

modernizes the accounting model for internal use software by eliminating consideration of software

development stages. Instead, capitalization of software costs would begin when (i) management has

authorized and committed to funding the project and (ii) it is probable the project will be completed, and

the software will be used to perform its intended function. For IBRD, the ASU will be effective for the

quarter ending September 30, 2028. Early adoption is permitted. IBRD is currently evaluating the impact

of the ASU on its financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive* 

*Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement* 

*Expenses,* which requires public business entities to disclose disaggregated information about certain

applicable specified expense categories (i.e., employee compensation, depreciation, intangible asset

amortization). For IBRD, the ASU will be effective for the annual period ending June 30, 2028, and for

interim periods thereafter. Early adoption is permitted. IBRD is currently evaluating the impact of the ASU

on its financial statements.

**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, 2024 | 2783873 | 2678098 |
| General Capital Increase/Selective Capital Increase (GCI/SCI) | – | 31193 |
| As of June 30, 2025 | 2783873 | 2709291 |
| GCI/SCI | – | 35210 |
| As of March 31, 2026 | 2783873 | 2744501 |

---

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* |  |  |  |
|  | *Subscribed capital* | *Uncalled portion of* <br>*subscriptions* <sup>a</sup><br>| *Paid-in capital* |
| As of June 30, 2024 | $323072 | $(300620) | $22452 |
| GCI/SCI | 3763 | (3304) | 459 |
| As of June 30, 2025 | 326835 | (303924) | 22911 |
| GCI/SCI | 4248 | (3671) | 577 |
| As of March 31, 2026 | $331083 | $(307595) | $23488 |
| *a.The March 31, 2026 amount includes enhanced callable capital of $50 million which became effective in January 2026.* | *a.The March 31, 2026 amount includes enhanced callable capital of $50 million which became effective in January 2026.* | *a.The March 31, 2026 amount includes enhanced callable capital of $50 million which became effective in January 2026.* | *a.The March 31, 2026 amount includes enhanced callable capital of $50 million which became effective in January 2026.* |

---

The uncalled portion of subscriptions is subject to call when required to meet the obligations incurred by

IBRD arising from borrowings (excluding hybrid capital) or guaranteeing loans. Shareholders can convert

a portion of their existing callable capital to enhanced terms so that it can be called earlier when IBRD

faces an imminent threat of a rating downgrade, but not yet at a point where it is at risk of defaulting to its

bondholders, which is when a call on the current form of callable capital will be made. In January 2026,

IBRD signed the first agreement with one member country converting $50 million of the member country's

existing callable capital to ECC terms. This agreement became effective on January 23, 2026.

40 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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. On May 23, 2023, the Board approved the extension

of the subscription period for GCI and SCI from October 1, 2023 to October 1, 2025. On January 8, 2026,

the Board of Governors approved the reallocation of unsubscribed shares from the 2018 Capital Increase

to member countries that did not complete their subscription, providing an option to subscribe by April 16,

2026. Of the $7.5 billion expected from members as part of the paid-in portion of subscribed capital,

cumulative subscription payments received totaled $7.0 billion as of March 31, 2026 and $7.2 billion as of

April 16, 2026.

**NOTE C—INVESTMENTS**

Investments held by IBRD are designated as trading and reported at fair value or at face value which

approximates fair value. As of March 31, 2026, Investments were primarily comprised of time deposits

(53%) and government, agency and corporate obligations (40%), with all of the instruments classified as

Level 1 or Level 2 within the fair value hierarchy.

IBRD's investments include the liquid asset portfolio and holdings relating to the Post Employment Benefit

Plan (PEBP) and the Post-Retirement Contribution Reserve Fund (PCRF), the IBRD Surplus-Funded

Livable Planet Fund (LPF1), and the Grant Facility for Project Preparation (GFPP).

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

**Table C1: Investments - Trading composition**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *March 31, 2026* | *June 30, 2025* |
| Time deposits | $51003 | $52283 |
| Government, agency and corporate obligations | 38329 | 44151 |
| Asset-backed Securities (ABS) | 3151 | 3210 |
| Other fund investments <sup>a</sup> | 3002 | 2775 |
| Equity securities <sup>b</sup> | 264 | 255 |
| Total | $95749 | $102674 |
| *a. Includes $2,481 million of PEBP holdings as of March 31, 2026, as investments in hedge funds, private equity funds,* <br>*commingled funds, credit strategy funds and real asset funds, at net asset value (NAV) ($2,359 million—June 30, 2025) and* <br>*$521 million as of March 31, 2026, of investments held by the IBRD Surplus-Funded LPF1 and GFPP at fair value ($416 million*<br>*—June 30, 2025).*  | *a. Includes $2,481 million of PEBP holdings as of March 31, 2026, as investments in hedge funds, private equity funds,* <br>*commingled funds, credit strategy funds and real asset funds, at net asset value (NAV) ($2,359 million—June 30, 2025) and* <br>*$521 million as of March 31, 2026, of investments held by the IBRD Surplus-Funded LPF1 and GFPP at fair value ($416 million*<br>*—June 30, 2025).*  | *a. Includes $2,481 million of PEBP holdings as of March 31, 2026, as investments in hedge funds, private equity funds,* <br>*commingled funds, credit strategy funds and real asset funds, at net asset value (NAV) ($2,359 million—June 30, 2025) and* <br>*$521 million as of March 31, 2026, of investments held by the IBRD Surplus-Funded LPF1 and GFPP at fair value ($416 million*<br>*—June 30, 2025).*  |
| *b. Relates to PEBP holdings.* | *b. Relates to PEBP holdings.* | *b. Relates to PEBP holdings.* |

---

As of March 31, 2026, the largest holdings of Investments - Trading from a single counterparty was the

U.S. Treasury (9%).

**Table C2: Mark-to-market gains (losses) on trading securities, net**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Three months ended* <br>*March 31,* | *Three months ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* |
|  | *2026* | *2025* | *2026* | *2025* |
| Net gains (losses) recognized during the period on trading securities <sup>a</sup> | $689 | $(24)  | 731 | $(67)  |
| Less: Net gains recognized on trading securities sold / matured during the period | 137  | 46  | 270  | 70  |
| Net gains (losses) recognized on trading securities still held at the reporting date | $552 | $(70)  | $461  | $(137)  |
| *a.Includes amounts related to investments-trading derivatives.* |  |  |  |  |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 41

IBRD uses derivative instruments to manage the associated currency and interest rate risks in the

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.

**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 which 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. 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 C3: Collateral received**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *March 31, 2026* | *June 30, 2025* |
| Collateral received |  |  |
| Cash | $52 | $32 |
| Securities | 240 | 488 |
| Total collateral received | $292 | $520 |
| Collateral permitted to be repledged | $292 | $520 |
| Amount of collateral repledged |  |  |
| Amount of cash collateral invested | 50 | 32 |

---

**Securities Financing Activities**

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 March 31, 2026 and June 30, 2025, there were no

amounts that could potentially be offset as a result of legally enforceable master netting arrangements.

Securities lending and repurchase agreements expose IBRD to several risks, including counterparty risk,

reinvestment risk, and risk of a collateral gap (due to increases 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

42 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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 March 31, 2026, securities purchased under resale agreements were $32 million ($14 million—

June 30, 2025) and securities sold under repurchase agreements, securities lent under securities lending

agreements, and payable for cash collateral received were $601 million ($344 million—June 30, 2025).

As of March 31, 2026, liabilities relating to securities transferred under repurchase or securities lending

agreements were $549 million ($312 million—June 30, 2025) and there were no unsettled trades relating

to repurchase or securities lending agreements (Nil—June 30, 2025). There were no replacement trades

entered into in anticipation of maturing trades of a similar amount (Nil—June 30, 2025). As of March 31,

2026 and June 30, 2025, the remaining contractual maturity of these agreements was up to 30 days. The

securities transferred were mainly comprised of government and agency obligations.

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 March 31, 2026 and June 30, 2025, there were

no unsettled trades pertaining to securities purchased under resale agreements. For resale agreements,

IBRD received securities with a fair value of $32 million as of March 31, 2026 ($15 million—June 30,

2025). As of March 31, 2026 and June 30, 2025, none of these securities had been transferred under

repurchase or security lending agreements.

**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 such as Deferred Drawdown Options (DDOs) and irrevocable commitments and

guarantees. As of March 31, 2026, all of 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. Accrued interest receivable on loans of $3,405 million as of March 31, 2026 ($3,297 million—

June 30, 2025) is included in Other assets on the Condensed Balance Sheets.

As of March 31, 2026, 0.5% of IBRD's loans were in nonaccrual status. The total accumulated provision

for losses on loans in accrual status and nonaccrual status accounted for 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**

Sovereign loans constitute the substantial majority of IBRD's exposures.

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 risks; external debt and liquidity; fiscal

policy and public debt burden; balance of payments risks; economic structure and growth prospects;

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 43

monetary and exchange rate policy; financial sector risks; and corporate sector debt and vulnerabilities.

The analysis also takes into account Environmental, Social, and Governance (ESG) factors.

Based on the borrower risk ratings, IBRD classifies loans into three credit quality categories—Low Risk,

Medium Risk, and High Risk. These categories, which are described below, are intended to differentiate

between varying levels of borrower credit risk and the associated likelihood of non-timely debt service

across IBRD's loan portfolio.

*Low Risk*: Exposures in this group generally exhibit strong credit characteristics with minimal uncertainty

around repayment. Borrowers in this category typically demonstrate solid financial performance,

consistent and stable cash flows, and a history of timely debt service. The likelihood of non-timely debt

service is considered low.

*Medium Risk*: Exposures in this group display satisfactory credit profiles, but may be subject to moderate

risk factors, such as country-specific volatility or operational challenges. Borrowers in this category

usually exhibit adequate financial performance, though their resilience to adverse conditions may be more

limited. The likelihood of non-timely debt service is considered moderate to low.

*High Risk*: Exposures in this category exhibit signs of elevated credit risk. Borrowers in this category may

show weak or deteriorating financial indicators, irregular or delayed payment history, or limited capacity to

absorb external shocks. While these loans remain on accrual status, the likelihood of non-timely debt

service is considered heightened.

IBRD's borrowers' country risk ratings are key determinants in the provision for losses. Country risk

ratings are grouped into pools of borrowers with similar credit ratings for 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.

**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 March 31, 2026, $5 million of principal (Nil—June 30, 2025) and $1 million (Nil—June 30, 2025) of

interest were overdue by more than three months on loans in accrual status.

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

**Table D1: Loans outstanding aging structure**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |  |  |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past* <br>*Due*<br>| *Current ᵃ* | *Total* |
| Risk Class |  |  |  |  |  |  |  |  |
| Low | $– | $– | $– | $– | $– | $– | $5597 | $5597 |
| Medium | – | – | – | – | – | – | 128834 | 128834 |
| High  | 3 | – | – | 5 | – | 8 | 150938 | 150946 |
| Loans in accrual status | 3 | – | – | 5 | – | 8 | 285369 | 285377 |
| Loans in nonaccrual status | 11 | – | – | 38 | 879 | 928 | 501 | 1429 |
| Total | $14 | $– | $– | $43 | $879 | $936 | $285870 | $286806 |

---

44 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

**Table D1.1**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
| *Days past due* | *Up to 45* | *46-60* | *61-90* | *91-180* | *Over 180* | *Total Past* <br>*Due*<br>| *Current ᵃ* | *Total* |
| Risk Class |  |  |  |  |  |  |  |  |
| Low | $– | $– | $– | $– | $– | $– | $5903 | $5903 |
| Medium | – | – | – | – | – | – | 130396 | 130396 |
| High  | 14 | – | – | – | – | 14 | 145340 | 145354 |
| Loans in accrual status | 14 | – | – | – | – | 14 | 281639 | 281653 |
| Loans in nonaccrual status | – | 1 | 42 | 22 | 794 | 859 | 578 | 1437 |
| Total | $14 | $1 | $42 | $22 | $794 | $873 | $282217 | $283090 |
| *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* | *a. Represents the principal amounts not yet contractually due.* |
| *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* | *b.The total amount of loans at amortized cost which contain principal past due was $1,478 million ($1,648 million—June 30,* <br>*2025)* |

---

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

status:

**Table D2: Loans in nonaccrual status**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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* |
|  |  | *March 31, 2026* | *March 31, 2026* | *June 30, 2025* | *June 30, 2025* |
| *Borrower* | *Nonaccrual since* | *Loans* <br>*outstanding* | *Accumulated* <br>*Provision for* <br>*loan losses* <sup>a</sup> | *Loans* <br>*outstanding* | *Accumulated* <br>*Provision for* <br>*loan losses* |
| Belarus | October 2022 | 1005 | 104 | 1012 | 99 |
| Zimbabwe | October 2000 | 424 | 212 | 425 | 213 |
| Total | Total | 1429 | 316 | 1437 | 312 |
| *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* | *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* | *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* | *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* | *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* | *a. There were no loans in nonaccrual status without an individual accumulated loan loss provision as of March 31, 2026 and* <br>*June 30, 2025.* |

---

During the three and nine months ended March 31, 2026, interest and other revenue not recognized as a

result of loans being in nonaccrual status was $18 million and $56 million, respectively ($18 million and

$59 million —three and nine months ended March 31, 2025 respectively).

In addition, during the three and nine months ended March 31, 2026 and March 31, 2025, no interest

income was recognized on loans in nonaccrual status. Loan income from countries in nonaccrual status is

recognized upon receipt of payment.

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 45

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 show the balances of IBRD's

Loan portfolio, classified by the year the loan agreement was signed.

**Table D3: Loan portfolios outstanding 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* | *In millions of U.S. dollars* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* |  |  |  |
|  | *2026* | *2025* | *2024* | *2023* | *2022* | *Prior* <br>*Years*<br>| *CAT* <br>*DDOs* <br>*Disbursed* <br>*and* <br>*Revolving*<br>| *CAT* <br>*DDOs* <br>*Converted* <br>*to Term* <br>*Loans*<br>| *Loans* <br>*outstanding* <br>*as of* <br>*March 31,* <br>*2026*<br>|
| Risk Class |  |  |  |  |  |  |  |  |  |
| Low | $– | $18 | $260 | $– | $– | $5319 | $– | $– | $5597 |
| Medium | 3022 | 7493 | 9268 | 9726 | 7864 | 88092 | 938 | 2431 | 128834 |
| High | 3639 | 14144 | 16260 | 8814 | 13444 | 93680 | 86 | 879 | 150946 |
| Loans in accrual status | 6661 | 21655 | 25788 | 18540 | 21308 | 187091 | 1024 | 3310 | 285377 |
| Loans in nonaccrual status | – | – | – | – | – | 1429 | – | – | 1429 |
| Total | $6661 | $21655 | $25788 | $18540 | $21308 | $188520 | $1024 | $3310 | $286806 |

---

**Table D3.1**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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* | *In millions of U.S. dollars* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* | *Fiscal Year of Origination* |  |  |  |
|  | *2025* | *2024* | *2023* | *2022* | *2021* | *Prior* <br>*Years*<br>| *CAT* <br>*DDOs* <br>*Disbursed* <br>*and* <br>*Revolving*<br>| *CAT* <br>*DDOs* <br>*Converted* <br>*to Term* <br>*Loans*<br>| *Loans* <br>*outstanding* <br>*as of* <br>*June 30,* <br>*2025*<br>|
| Risk Class |  |  |  |  |  |  |  |  |  |
| Low | $15 | $148 | $– | $– | $– | $5740 | $– | $– | $5903 |
| Medium | 7159 | 8626 | 9501 | 7702 | 10850 | 83477 | 449 | 2632 | 130396 |
| High | 11095 | 14781 | 8294 | 13031 | 11124 | 86124 | 1 | 904 | 145354 |
| Loans in accrual status | 18269 | 23555 | 17795 | 20733 | 21974 | 175341 | 450 | 3536 | 281653 |
| Loans in nonaccrual status | – | – | – | – | – | 1437 | – | – | 1437 |
| Total | $18269 | $23555 | $17795 | $20733 | $21974 | $176778 | $450 | $3536 | $283090 |

---

During the three and nine months ended March 31, 2026 and March 31, 2025, there were no Catastrophe

Deferred Drawdown Options (CAT DDOs) converted to term loans.

**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

46 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

Condensed Statements of Income. An assessment is also performed to determine whether a qualitative

adjustment of the loan loss provision is needed, including consideration of global and macroeconomic

events.

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

**Table D4: Accumulated provision**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
|  | *Loans outstanding* | *Loan commitments* | *Other* <sup>a</sup> | *Total* |
| **Accumulated provision, beginning of the fiscal year** | $2366 | $510 | $88 | $2964 |
| Provision, net - charge | 133  | 40  | 59  | 232  |
| Translation adjustment | (14)  | (7)  | (1)  | (22)  |
| **Accumulated provision, end of the period** | $2485 | $543 | $146 | $3174 |
| **Composed of accumulated provision for losses on:** |  |  |  |  |
| Loans in accrual status | $2169 |  |  |  |
| Loans in nonaccrual status  | 316 |  |  |  |
| Total | $2485 |  |  |  |
| Loans |  |  |  |  |
| Loans in accrual status | $285377 |  |  |  |
| Loans in nonaccrual status  | 1429 |  |  |  |
| Total loans outstanding | $286806 |  |  |  |

---

**Table D4.1:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Loans outstanding* | *Loan commitments* | *Other* <sup>a</sup> | *Total* |
| **Accumulated provision, beginning of the fiscal year** | $2360 | $514 | $92 | $2966 |
| Provision, net - (release) | (44)  | (23)  | (8)  | (75)  |
| Translation adjustment | 50 | 19 | 4 | 73 |
| **Accumulated provision, end of the fiscal year** | $2366 | $510 | $88 | $2964 |
| **Composed of accumulated provision for losses on:** |  |  |  |  |
| Loans in accrual status | $2054 |  |  |  |
| Loans in nonaccrual status | 312 |  |  |  |
| Total | $2366 |  |  |  |
| Loans |  |  |  |  |
| Loans in accrual status | $281653 |  |  |  |
| Loans in nonaccrual status | 1437 |  |  |  |
| Total loans outstanding | $283090 |  |  |  |
| *a. Primarily relates to guarantees provided. For more details, see Guarantees section.* | *a. Primarily relates to guarantees provided. For more details, see Guarantees section.* | *a. Primarily relates to guarantees provided. For more details, see Guarantees section.* | *a. Primarily relates to guarantees provided. For more details, see Guarantees section.* | *a. Primarily relates to guarantees provided. For more details, see Guarantees section.* |

---

---

| | | |
|:---|:---|:---|
|  | ***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 <br>exposures<br>| Other liabilities | Provision for losses on loans and other exposures |

---

The accumulated provision for losses on loan and other exposures as of March 31, 2026 was $3,174

million, compared to $2,964 million as of June 30, 2025. The increase of $210 million is primarily driven

by the increase in severity primarily due to the increase in forward interest rates and the increase in

exposure.

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 47

**Guarantees**

IBRD issues guarantees to, and receives guarantees from third parties. These guarantees include

bilateral guarantees from third parties, exposure exchange agreements (EEAs) with other multilateral

development banks and portfolio guarantees from its shareholders. All these guarantees are accounted

for as financial guarantees.

**Guarantees provided**

As of March 31, 2026, the notional amount of guarantees provided was $11,927 million ($7,465 million—

June 30, 2025), including guarantees provided under the EEA. 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 23 years and expire in decreasing amounts through 2047.

As of March 31, 2026, liabilities related to IBRD's obligations under guarantees included the obligation to

stand ready of $584 million ($288 million—June 30, 2025), and the accumulated provision for guarantee

losses of $120 million ($63 million—June 30, 2025). These amounts are included in Other liabilities on the

Condensed Balance Sheets.

During the nine months ended March 31, 2026 and March 31, 2025, no guarantees provided by IBRD

were called.

**Guarantees received**

As of March 31, 2026, IBRD had received third-party financial guarantees, including guarantees received

under the EEAs and portfolio guarantees from its shareholders of $19,233 million ($16,017 million as of

June 30, 2025).

The original maturities range is between 8 and 36 years and expire in decreasing amounts through 2057.

Financial guarantees received protect IBRD against the risk of loss related to loans in IBRD's portfolio and

increase IBRD's lending capacity.

The accumulated provision for loan losses was reduced by $235 million as of March 31, 2026 ($226

million as of June 30, 2025) due to credit enhancements from guarantees that are not freestanding (those

that are contractually attached to the loans). The noncontingent and contingent recovery assets due to

credit enhancements from guarantees that are freestanding contracts (guarantees that are not

contractually attached to the loans) were $343 million and $200 million, respectively, as of March 31,

2026 ($120 million and $151 million, respectively, as of June 30, 2025), both of which are presented as

Other assets on the Condensed Balance Sheets.

During the nine months ended March 31, 2026 and March 31, 2025, no guarantees received by IBRD

were called.

**Waivers of Loan Charges**

The Executive Directors have approved waivers of certain charges on eligible loans. These include a

portion of interest on loans, a portion of the commitment charge on undisbursed balances, a portion of the

front-end fee, and prepayment premiums on existing loans, as applicable. The forgone income resulting

from these waivers was $1 million and $28 million for three and nine months ended March 31, 2026,

respectively ($2 million and $5 million—three and nine months ended March 31, 2025 respectively).

**Concentration risk**

Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premiums, net

of waivers. For the nine months ended March 31, 2026, there was no country that contributed more than

10% to the total loan revenue.

48 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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

table:

**Table D5: Loan revenue and associated outstanding loan balances by geographic region**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *For the nine months ended and as of* | *For the nine months ended and as of* | *For the nine months ended and as of* | *For the nine months ended and as of* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2025* | *March 31, 2025* |
| *Region* | *Loan Revenue* <sup>a</sup> | *Loans* <br>*Outstanding*<br>| *Loan Revenue* <sup>a</sup> | *Loans* <br>*Outstanding*<br>|
| Latin America and the Caribbean | $3073 | $86176 | $3403 | $83601 |
| East Asia and Pacific | 2049 | 54868 | 2253 | 53309 |
| Europe and Central Asia | 1919 | 62296 | 2123 | 59772 |
| Middle East, North Africa, Afghanistan and <br>Pakistan <sup>b</sup><br>| 1404 | 42074 | 1505 | 38931 |
| South Asia <sup>b</sup> | 986 | 24371 | 1143 | 25454 |
| Eastern and Southern Africa | 511 | 13568 | 469 | 11633 |
| Western and Central Africa | 103 | 3453 | 77 | 2867 |
| Total | $10045 | $286806 | $10973 | $275567 |
| *a. Excludes $538 million interest income from loan related derivatives for the nine months ended March 31, 2026 ($821 million—*<br>*nine months ended March 31, 2025). Includes commitment charges of $98 million for the nine months ended March 31, 2026* <br>*($116 million—nine months ended March 31, 2025).* | *a. Excludes $538 million interest income from loan related derivatives for the nine months ended March 31, 2026 ($821 million—*<br>*nine months ended March 31, 2025). Includes commitment charges of $98 million for the nine months ended March 31, 2026* <br>*($116 million—nine months ended March 31, 2025).* | *a. Excludes $538 million interest income from loan related derivatives for the nine months ended March 31, 2026 ($821 million—*<br>*nine months ended March 31, 2025). Includes commitment charges of $98 million for the nine months ended March 31, 2026* <br>*($116 million—nine months ended March 31, 2025).* | *a. Excludes $538 million interest income from loan related derivatives for the nine months ended March 31, 2026 ($821 million—*<br>*nine months ended March 31, 2025). Includes commitment charges of $98 million for the nine months ended March 31, 2026* <br>*($116 million—nine months ended March 31, 2025).* | *a. Excludes $538 million interest income from loan related derivatives for the nine months ended March 31, 2026 ($821 million—*<br>*nine months ended March 31, 2025). Includes commitment charges of $98 million for the nine months ended March 31, 2026* <br>*($116 million—nine months ended March 31, 2025).* |
| *b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* | *b. Effective July 1, 2025, Afghanistan and Pakistan have moved from the South Asia Region to the Middle East, North Africa,* <br>*Afghanistan and Pakistan Region. Prior period numbers have been reclassified for comparability.* |

---

**NOTE E—BORROWINGS**

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies in

capital markets. These borrowings are reported at fair value. In addition, IBRD has issued hybrid capital

to shareholders that is subordinated to borrowings at fair value, and is reported at amortized cost.

Variable rates are primarily based on exchange rates or market interest rates.

As of March 31, 2026, 99% of the borrowings at fair value were classified as Level 2 within the fair value

hierarchy. In addition, most of these instruments were denominated in U.S. dollars (61%) and euro (17%).

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.

A summary of IBRD's borrowings at fair value, is as follows (for details on principal due upon maturity, see

Note J—Fair Value Disclosures):

**Table E1: Borrowings and borrowing-related derivatives, at fair value**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *March 31, 2026* | *June 30, 2025* |
| Borrowings  | $306196 | $305679 |
| Currency swaps, net | 2130 | 1788 |
| Interest rate swaps, net | 12826 | 12277 |
| Total | $321152 | $319744 |

---

As of March 31, 2026, borrowings reported at amortized cost were $664 million ($482 million—June 30,

2025) related to IBRD's issuances of hybrid capital which represents the outstanding principal of these

instruments. The majority of holders of hybrid capital as of March 31, 2026 entered into separate

agreements with IBRD that allow them to redeem the hybrid capital to satisfy the payment condition for

their paid-in portion of any future capital increase.

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 49

For the nine months ended March 31, 2026, Borrowing expenses, net in the Condensed Statements of

Income were $10,117 million ($11,337 million—nine months ended March 31, 2025). This includes $2,246

million of interest expense, net related to derivatives associated with the Borrowing portfolio (interest

expense, net of $5,193 million—nine months ended March 31, 2025).

**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:

**Table F1: Use of derivatives in various financial portfolios**

---

| | | |
|:---|:---|:---|
| **Portfolio** | ***Derivative instruments used*** | ***Purpose / Risk being managed*** |
| Risk management purposes: |  |  |
| Investments | Currency swaps, forward contracts, interest <br>rate swaps, options, swaptions and futures <br>contracts, to-be-announced (TBA) securities<br>| Manage currency and interest rate risk |
| Loans | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk <br>between loans and borrowings <br>|
| Borrowings | Currency swaps and interest rate swaps | Manage currency risk and interest rate risk <br>between loans and borrowings <br>|
| Other asset / liability <br>management derivatives<br>| Currency swaps and interest rate swaps | Manage currency risk and the duration of IBRD's <br>equity <br>|
| Other purposes: |  |  |
| Client operations | Currency swaps, currency forward contracts, <br>and interest rate swaps<br>| 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 presentation in the Condensed Balance Sheets is shown in table F2.

**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 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.

50 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

**Table F2: Derivative assets and liabilities before and after netting adjustments**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |  |
| *March 31, 2026* |  |  | *June 30, 2025* |  |  |
|  | *Derivative* <br>*Assets*<br>| *Derivative* <br>*Liabilities*<br>|  | *Derivative* <br>*Assets*<br>| *Derivative* <br>*Liabilities*<br>|
| Interest rate swaps | $6862 | $17093 |  | $7559 | $17523 |
| Currency swaps <sup>a</sup> | 5728 | 6329 |  | 5115 | 7192 |
| Other <sup>b</sup> | – | 2 |  | 2 | – |
| **Gross Total** | $12590 | $23424 |  | $12676 | $24715 |
| Less: |  |  |  |  |  |
| Amounts subject to legally enforceable master netting <br>agreements<br>| 12130<br> <sup>d</sup> | 12440 | <sup>e</sup> | 11978<br> <sup>d</sup> | 12261<br> <sup>e</sup> |
| Cash collateral received <sup>c</sup> | 52 |  |  | 32 |  |
| **Net derivative position on the Condensed Balance Sheet** | $408 | $10984 |  | $666 | $12454 |
| Less: |  |  |  |  |  |
| Securities collateral received <sup>c</sup> | 197 |  |  | 442 |  |
| **Net derivative exposure after collateral** | $211 |  |  | $224 |  |
| *a. Includes forward contracts.* | *a. Includes forward contracts.* | *a. Includes forward contracts.* |  |  |  |
| *b. Relate to swaptions, options and futures contracts.* | *b. Relate to swaptions, options and futures contracts.* | *b. Relate to swaptions, options and futures contracts.* |  |  |  |
| *c. Does not include excess collateral received.* | *c. Does not include excess collateral received.* | *c. Does not include excess collateral received.* |  |  |  |
| *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* | *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* | *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* | *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* | *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* | *d. Includes $40 million Credit Valuation Adjustment (CVA) ($36 million—June 30, 2025).* |
| *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* | *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* | *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* | *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* | *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* | *e. Includes $350 million Debit Valuation Adjustment (DVA) ($319 million—June 30, 2025).* |

---

The following tables provide information about the credit risk exposures at fair value of IBRD's derivative

instruments by portfolio, before the effects of master netting arrangements and collateral:

**Table F3: Credit risk exposure of the derivative instruments** <sup>a</sup>

---

| | | | |
|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
| *Portfolio* | *Interest rate swaps* | *Currency swaps (including* <br>*forward contracts)*<br>| *Total* |
| Investments | $118 | $1292 | $1410 |
| Loans | 5145 | 971 | 6116 |
| Client operations | 71 | 149 | 220 |
| Borrowings | 1327 | 3316 | 4643 |
| Other asset / liability management derivatives | 201 |  | 201 |
| Total Exposure | $6862 | $5728 | $12590 |
| **Table F3.1** |  |  |  |
| *In millions of U.S. dollars* |  |  |  |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
| *Portfolio* | *Interest rate swaps* | *Currency swaps (including* <br>*forward contracts)*<br>| *Total* |
| Investments | $88 | $173 | $261 |
| Loans | 4986 | 1054 | 6040 |
| Client operations | 107 | 352 | 459 |
| Borrowings | 1985 | 3536 | 5521 |
| Other asset / liability management derivatives | 393 | – | 393 |
| Total Exposure | $7559 | $5115 | $12674 |
| *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*material credit risk.* | *a. Excludes exchange traded instruments as they are generally subject to daily margin requirements and are deemed to have no* <br>*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

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 51

the derivative instruments are determined. As of March 31, 2026, the notional amounts of IBRD's

derivative contracts outstanding were as follows: interest rate swaps $410,983 million ($445,827 million—

June 30, 2025), currency swaps $141,301 million ($129,923 million—June 30, 2025), long positions of

other derivatives $478 million ($304 million—June 30, 2025), and short positions of other derivatives $132

million ($115 million—June 30, 2025).

**Collateral** 

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 March 31, 2026 was $11,275 million ($12,627 million—

June 30, 2025). 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 March 31, 2026, the amount of collateral that would need

to be posted would be $7,860 million ($9,241 million—June 30, 2025). Subsequent triggers of contingent

features would require posting of additional collateral, up to a maximum of $11,275 million ($12,627

million—June 30, 2025). IBRD received collateral totaling $292 million as of March 31, 2026 ($520 million

—June 30, 2025), in relation to derivative transactions.

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 F4: Unrealized mark-to-market gains or 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* |  |  |
| *Type of instrument* <sup>a</sup> | *Reported as:* | *Three Months Ended* <br>*March 31,* | *Three Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* |
|  |  | *2026* | *2025* | *2026* | *2025* |
| Interest rate swaps | Unrealized mark-to-market <br>(losses) gains on non-<br>trading portfolios, net | $(673) | $1453 | $(1140) | $4644 |
| Currency swaps (including forward contracts <br>and structured swaps)<br>| Unrealized mark-to-market <br>(losses) gains on non-<br>trading portfolios, net | (371) | 336 | (729) | 1138 |
| **Total** |  | $(1044) | $1789 | $(1869) | $5782 |
| *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  | *a. For disclosures related to derivatives in trading portfolio, see Table F5.*  |

---

All of the instruments in IBRD's investment portfolio are held for trading purposes. Within the investment

portfolio, IBRD holds 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.

The following table provides information on mark-to-market gains and losses on the trading securities, net

and their location on the Condensed Statements of Income:

**Table F5: Mark-to-market gains or losses on Trading securities, 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* |  |  |
|  | *Reported as:* | *Three Months Ended* <br>*March 31,* | *Three Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* |
|  |  | *2026* | *2025* | *2026* | *2025* |
| Type of instrument <sup>a</sup> |  |  |  |  |  |
| Fixed income  | Mark-to-market gains <br>(losses) on Trading <br>securities, net | $55 | $45 | $206 | $28 |
| Equity and other fund investments <sup>b</sup> | Mark-to-market gains <br>(losses) on Trading <br>securities, net | 4 | (6) | 79 | 21 |
| Other forward contracts | Mark-to-market gains <br>(losses) on Trading <br>securities, net | 630 | (63) | 446 | (116) |
| **Total** |  | $689 | $(24) | $731 | $(67) |
| *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  | *a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and investment* <br>*securities.*  |
| *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* | *b. Related to PEBP holdings and investments related to LPF1 and GFPP.* |

---

52 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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

Retained earnings is comprised of the following components:

**Table G1: Retained earnings composition**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *March 31, 2026* | *June 30, 2025* |
| Special reserve | $293 | $293 |
| General reserve | 35465 | 34058 |
| Pension reserve | 1066 | 987 |
| Surplus |  |  |
| Cumulative fair value adjustments <sup>a</sup> | 1643 | 1390 |
| Unallocated net income | 2818 | 2915 |
| Restricted retained earnings | 7 | 11 |
| Other reserves <sup>b</sup> | 812 | 729 |
| Total | $42104 | $40383 |
| *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* | *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* | *a. Unrealized mark-to-market gains (losses), net related to non-trading portfolios reported at fair value.* |
| *b. Primarily comprised of $280 million of currency remeasurement gains/losses, net ($324 million - June 30, 2025), $330 million* <br>*($301 million - June 30, 2025) and $200 million ($100 million - June 30, 2025), balances available for LPF1 and the GFPP,* <br>*respectively.* | *b. Primarily comprised of $280 million of currency remeasurement gains/losses, net ($324 million - June 30, 2025), $330 million* <br>*($301 million - June 30, 2025) and $200 million ($100 million - June 30, 2025), balances available for LPF1 and the GFPP,* <br>*respectively.* | *b. Primarily comprised of $280 million of currency remeasurement gains/losses, net ($324 million - June 30, 2025), $330 million* <br>*($301 million - June 30, 2025) and $200 million ($100 million - June 30, 2025), balances available for LPF1 and the GFPP,* <br>*respectively.* |

---

In February 2026, IBRD's Board approved a release of Post-Retirement Contribution Reserve Fund

assets and as a result, $225 million was transferred from the Pension Reserve to the General Reserve.

Board of Governors-approved transfers that were expensed during the nine months period are included in

the following table:

**Table G2: Board of Governors-approved transfers expensed**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *Nine Months Ended March 31,* | *Nine Months Ended March 31,* |
| Beneficiary: | *2026* | *2025* |
| IDA | $782 | $515 |
| Trust fund for Gaza and West Bank | 300 | 300 |
| LPF1 | 13 |  |
| GFPP | 2 |  |
| Total | $1097 | $815 |

---

On September 8, 2025, IBRD's Board of Governors approved a transfer of $782 million to the

International Development Association (IDA) out of the net income earned in the fiscal year ended

June 30, 2025. The transfer to IDA was made on September 23, 2025, and is recorded in Board of

Governors-approved transfers on the Condensed Statements of Income.

On September 8, 2025, IBRD's Board of Governors approved contributions from Surplus of $300 million

to the Trust Fund for Gaza and the West Bank. This amount was paid on September 22, 2025.

Contributions to the Trust Fund for Gaza and West Bank are recorded in Board of Governors-approved

transfers on the Condensed Statements of Income.

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 53

**NOTE H—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS**

IBRD transacts with affiliated organizations by providing loans, administrative, derivative and investment

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 H1: 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* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *IDA* | *IFC* | *MIGA* | *Total* | *IDA* | *IFC* | *MIGA* | *Total* |
| Administrative services, net | $591 | $1 | $16 | $608 | $631 | $(64) | $17 | $584 |
| PCRF investments  | (630) | (436) |  | (1066) | (721) | (502) |  | (1223) |
| Pension and other postretirement <br>benefits<br>| (1336) | (913) | (37) | (2286) | (1086) | (859) | (34) | (1979) |
| Total | $(1375) | $(1348) | $(21) | $(2744) | $(1176) | $(1425) | $(17) | $(2618) |

---

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

Sheets as follows:

**Table H2: Presentation of IBRD receivables and payables to affiliated organizations in the balance** 

**sheet**

---

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

---

**Administrative Services**

**Expenses**

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 nine months ended March 31, 2026, IBRD's

administrative expenses exclude the share of expenses allocated to IDA of $445 million and $1,373

million, respectively ($465 million and $1,420 million—three and nine months ended March 31, 2025

respectively).

**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 nine months ended March 31, 2026, IBRD's Non-

interest revenue excludes revenue allocated to IDA of $88 million and $256 million respectively ($74

million and $230 million—three and nine months ended March 31, 2025 respectively). IBRD's share of

revenue jointly earned is included in Revenue from externally funded activities in the Condensed

Statements of Income. This revenue also includes revenue from contracts with clients that are not

affiliated with IBRD and are as follows:

54 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

**Table H3: Revenue from contracts with clients**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |  |
|  | *Three Months Ended March 31,* | *Three Months Ended March 31,* | *Nine Months Ended March 31,* | *Nine Months Ended March 31,* |
|  | *2026* | *2025* | *2026* | *2025* |
| Trust fund fees | $44 | $33 | $138 | $123 |
| Reimbursable advisory services | 28 | 22 | 57 | 57 |
| Asset management services | 10 | 9 | 29 | 26 |
| Total | $82 | $64 | $224 | $206 |
| Of which: |  |  |  |  |
| IBRD's share | $39 | $32 | $107 | $102 |
| IDA's share | 43 | 32 | 117 | 104 |

---

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 consideration is presented as a contract liability and is subsequently

recognized as revenue when the related performance obligation is satisfied.

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

with clients:

**Table H4: Receivables and contract liabilities related to revenue from contracts with clients**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
|  | *March 31, 2026* | *June 30, 2025* |
| Receivables | $114 | $137 |
| Contract liabilities | 157 | 158 |

---

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 H5: Fee revenue from affiliated organizations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* | *In millions of U.S. dollars* | *In millions of U.S. dollars* |  |  |
|  | *Three Months Ended March 31,* | *Three Months Ended March 31,* | *Nine Months Ended March 31,* | *Nine Months Ended March 31,* |
|  | *2026* | *2025* | *2026* | *2025* |
| Fees charged to IFC | $27 | $25 | $80 | $75 |
| Fees charged to MIGA | 2 | 2 | 5 | 5 |

---

**Post-Retirement Contribution Reserve Fund Investments**

These relate to investments that IBRD has made on behalf of IFC, associated with the PCRF, and are

included in Investments-Trading in IBRD's Condensed Balance Sheets. The corresponding payable to

IFC is included in Other liabilities in IBRD's Condensed Balance Sheets. As a result, there is no impact on

IBRD's net asset value from these transactions.

**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 pension 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 K—Pension and Other Postretirement Benefits.

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 55

**NOTE I—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.

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

**Table I1: AOCI 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* |
|  | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* |
|  | *Balance,* <br>*beginning of* <br>*the fiscal year*<br>| *Changes* <br>*in AOCI*<br>| *Amounts* <br>*reclassified* <br>*into net* <br>*income*<br>| *Net Changes* <br>*during the* <br>*period*<br>| *Balance, end* <br>*of the period*<br>|
| Cumulative Translation Adjustments | $836 | $(329) | $— | $(329) | $507 |
| DVA on Fair Value Option elected liabilities | 1664 | (1300) | (11) | (1311) | 353 |
| Unrecognized Net Actuarial Gains (Losses) on <br>Benefit Plans<br>| 7161 |  | (188) | (188) | 6973 |
| Unrecognized Prior Service (Costs) Credits on <br>Benefit Plans<br>| (7) |  | 2 | 2 | (5) |
| Total AOCI | $9654 | $(1629) | $(197) | $(1826) | $7828 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table I1.1:** | **Table I1.1:** | **Table I1.1:** | **Table I1.1:** | **Table I1.1:** | **Table I1.1:** |
| *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* |
|  | *Nine Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* |
|  | *Balance,* <br>*beginning of* <br>*the fiscal year*<br>| *Changes* <br>*in AOCI*<br>| *Amounts* <br>*reclassified* <br>*into net* <br>*income*<br>| *Net Changes* <br>*during the* <br>*period*<br>| *Balance, end* <br>*of the period*<br>|
| Cumulative Translation Adjustments | $(445) | $122 | $— | $122 | $(323) |
| DVA on Fair Value Option elected liabilities | 673 | 1306 | (12) | 1294 | 1967 |
| Unrecognized Net Actuarial Gains (Losses) on <br>Benefit Plans<br>| 3741 |  | (48) | (48) | 3693 |
| Unrecognized Prior Service (Costs) Credits on <br>Benefit Plans<br>| (15) |  | 6 | 6 | (9) |
| Total AOCI | $3954 | $1428 | $(54) | $1374 | $5328 |

---

56 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

**NOTE J— FAIR VALUE DISCLOSURES**

**Valuation Methods and Assumptions** 

As of March 31, 2026 and June 30, 2025, 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 March 31, 2026 or June 30, 2025. 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 March 31, 2026, 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, agency and corporate securities, mutual funds, exchange-traded equity

securities and ABS.

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 and credit spreads.

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.

**Borrowings** 

*(i) 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.

*(ii) 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,

Generalized Forward 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

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 57

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.

*(iii) Borrowings, at amortized cost*

The fair value of borrowings measured at amortized cost would be classified as Level 3 within the fair

value hierarchy.

**Derivative instruments**

Derivative contracts include forward contracts, TBA securities, swaptions, options and futures contracts,

currency swaps and interest rate swaps. Currency swaps and interest rate swaps are either plain vanilla

or structured. 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 the valuation of structured bonds

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 (borrowings reported at fair value) 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 rates.

The table below presents IBRD's estimates of fair value of its financial assets and liabilities along with

their respective carrying amounts:

**Table J1: Fair value and carrying amount of financial assets and liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *March 31, 2026* | *March 31, 2026* | *June 30, 2025* | *June 30, 2025* |
|  | *Carrying Value* | *Fair Value* | *Carrying Value* | *Fair Value* |
| **Assets** |  |  |  |  |
| Due from banks | $547 | $547 | $485 | $485 |
| Investments-Trading (including Securities <br>purchased under resale agreements)<br>| 95781 | 95781 | 102688 | 102688 |
| Net loans outstanding | 283617 | 282466 | 280043 | 278883 |
| Derivative assets, net | 408 | 408 | 666 | 666 |
| Miscellaneous assets | 49 | 49 | 115 | 115 |
| **Liabilities** |  |  |  |  |
| Borrowings |  |  |  |  |
| Borrowings, at fair value | $306196 | $306196 | $305679 | $305679 |
| Borrowings, at amortized cost | 664 | 669 | 482 | 489 |
| Securities sold under repurchase agreements, <br>securities lent under securities lending <br>agreements, and payable for cash collateral <br>received<br>| 549 | 549 | 312 | 312 |
| Derivative liabilities, net | 10984 | 10984 | 12454 | 12454 |

---

As of March 31, 2026, IBRD's signed loan commitments were $79 billion ($77 billion—June 30, 2025) and

had a fair value of $0.1 billion ($(0.014) billion—June 30, 2025).

58 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (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 the investments included in the Other fund investments that are

measured using the NAV as a practical expedient are included in the table below but excluded from the

fair value hierarchy.

**Table J2: Fair value hierarchy of IBRD's 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* |
|  | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| **Assets:** |  |  |  |  |
| Investments–Trading |  |  |  |  |
| Government, agency and corporate obligations | $13374 | $24955 | $— | $38329 |
| Time deposits | 3790 | 47213 |  | 51003 |
| ABS |  | 3151 |  | 3151 |
| Other fund investments <sup>a</sup> |  | 521 |  | 3002 |
| Equity securities | 264 |  |  | 264 |
| Total Investments–Trading | $17428 | $75840 | $— | $95749 |
| Securities purchased under resale agreements | $32 | $— | $— | $32 |
| Derivative assets |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $5267 | $461 | $5728 |
| Interest rate swaps |  | 6785 | 77 | 6862 |
| Other <sup>c</sup> |  |  |  |  |
| Gross Total | $— | $12052 | $538 | $12590 |
| Miscellaneous assets | $— | $49 | $— | $49 |
| **Liabilities:** |  |  |  |  |
| Borrowings, at fair value | $— | $301672 | $4524 | $306196 |
| Securities sold under repurchase agreements and securities lent <br>under securities lending agreements <sup>d</sup><br>| $— | $549 | $— | $549 |
| Derivative liabilities |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $6232 | $97 | $6329 |
| Interest rate swaps |  | 17049 | 44 | 17093 |
| Other <sup>c</sup> | 2 |  |  | 2 |
| Gross Total | $2 | $23281 | $141 | $23424 |
| Accounts payable and miscellaneous liabilities | $— | $— | $— | $— |
| *a. Includes investments held by LPF1 and GFPP of $521 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,481 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $521 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,481 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $521 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,481 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $521 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,481 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $521 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,481 million carried at NAV, which are excluded from the fair value hierarchy.* |
| *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* |
| *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  | *c. Includes swaptions, options, and futures contracts.*  |
| *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 59

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table J2.1:** |  |  |  |  |
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* | *Fair Value Measurements on a Recurring Basis* |
|  | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* | *June 30, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| **Assets:** |  |  |  |  |
| Investments–Trading |  |  |  |  |
| Government, agency and corporate obligations | $15957 | $28194 | $— | $44151 |
| Time deposits | 2750 | 49533 |  | 52283 |
| ABS |  | 3210 |  | 3210 |
| Other fund investments <sup>a</sup> |  | 416 |  | 2775 |
| Equity securities | 255 |  |  | 255 |
| Total Investments–Trading | $18962 | $81353 | $— | $102674 |
| Securities purchased under resale agreements | $14 | $— | $— | $14 |
| Derivative assets |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $4926 | $189 | $5115 |
| Interest rate swaps |  | 7392 | 167 | 7559 |
| Other <sup>c</sup> | 2 |  |  | 2 |
| Gross Total | $2 | $12318 | $356 | $12676 |
| Miscellaneous assets | $— | $115 | $— | $115 |
| **Liabilities:** |  |  |  |  |
| Borrowings, at fair value | $— | $300845 | $4834 | $305679 |
| Securities sold under repurchase agreements and securities lent <br>under securities lending agreements <sup>d</sup><br>| $— | $312 | $— | $312 |
| Derivative liabilities |  |  |  |  |
| Currency swaps <sup>b</sup> | $— | $7097 | $95 | $7192 |
| Interest rate swaps |  | 17331 | 192 | 17523 |
| Gross Total | $— | $24428 | $287 | $24715 |
| Accounts payable and miscellaneous liabilities | $— | $5 | $— | $5 |
| *a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,359 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,359 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,359 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,359 million carried at NAV, which are excluded from the fair value hierarchy.* | *a. Includes investments held by LPF1 and GFPP of $416 million, carried at fair value, and investments in PEBP holdings of* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$2,359 million carried at NAV, which are excluded from the fair value hierarchy.* |
| *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* | *b. Includes forward contracts.* |
| *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* | *c. Includes swaptions, options, and futures contracts.* |
| *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* | *d. Excludes payable for cash collateral received.* |

---

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.

60 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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 nine months ended March 31, 2026, and the fiscal year ended June 30, 2025, the

interest rate volatilities for certain currencies were extrapolated for certain tenors and, thus, are

considered an unobservable input.

IBRD entered into transactions which have an embedded option associated with an equity index.

Valuation inputs of such transactions include, among other valuation inputs, volatilities of the equity

indices, that are the extent to which the level of equity index changes over time. These index volatility

levels are consistent with the respective index construction methodologies and historical movements.

Similar to the impact of the volatility of the other asset classes described above, an increase in the equity

index volatility will result in an increase in the value of the purchase option and vice versa.

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.

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 J3: Level 3 Borrowings and derivatives valuation technique and quantitative information** 

**regarding the significant unobservable inputs:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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* |
| *Portfolio* | *Fair Value as of* <br>*March 31, 2026*<br>| *Fair Value as of* <br>*June 30, 2025*<br>| *Valuation* <br>*Technique*<br>| *Unobservable* <br>*input*<br>| *Range (average),* <br>*March 31, 2026*<br>| *Range (average),*<br>*June 30, 2025*<br>|
| Borrowings | $4524 | $4834 | Discounted <br>Cash Flow | Correlations | -6% to 81% (10%) | -14% to 80% (10%) |
| Borrowings | $4524 | $4834 | Discounted <br>Cash Flow | Interest rate <br>volatilities<br>| 64% to 74% (70%) | 66% to 72% (70%) |
| Borrowings | $4524 | $4834 | Discounted <br>Cash Flow | Equity index <br>volatilities<br>| 5% to 15% (10%) | 5% to 15% (10%) |
| Derivative <br>&nbsp;&nbsp;&nbsp;&nbsp;assets/<br>&nbsp;&nbsp;&nbsp;&nbsp;(liabilities), <br>net | $397 | $69 | Discounted <br>Cash Flow | Correlations | -6% to 81% (10%) | -14% to 80% (10%) |
| Derivative <br>&nbsp;&nbsp;&nbsp;&nbsp;assets/<br>&nbsp;&nbsp;&nbsp;&nbsp;(liabilities), <br>net | $397 | $69 | Discounted <br>Cash Flow | Interest rate <br>volatilities<br>| 64% to 74% (70%) | 66% to 72% (70%) |
| Derivative <br>&nbsp;&nbsp;&nbsp;&nbsp;assets/<br>&nbsp;&nbsp;&nbsp;&nbsp;(liabilities), <br>net | $397 | $69 | Discounted <br>Cash Flow | Equity index <br>volatilities<br>| 5% to 15% (10%) | 5% to 15% (10%) |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 61

The tables below provide the details of transfers between Level 2 and Level 3 that are due to changes in

observable inputs.

**Table J4: 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 March 31, 2026* | *Three Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* |
|  | *Level 2* | *Level 3* | *Level 2* | *Level 3* |
| Borrowings |  |  |  |  |
| Transfer into (out of) | $— | $— | $209 | $(209) |
| Transfer (out of) into |  |  | $– | $– |
|  | $— | $— | $209 | $(209) |
| Derivative assets, net |  |  |  |  |
| Transfer into (out of) | $— | $— | $8 | $(8) |
| Transfer (out of) into |  |  | – | – |
|  |  |  | 8 | (8) |
| Derivative liabilities, net |  |  |  |  |
| Transfer (into) out of | $— | $— | $(18) | $18 |
| Transfer out of (into) |  |  | – | – |
|  |  |  | (18) | 18 |
| **Total Derivative Transfers, net** | $— | $— | $(10) | $10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Table J4.1:** |  |  |  |  |
| *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 March 31, 2025* | *Three Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* | *Nine Months Ended March 31, 2025* |
|  | *Level 2* | *Level 3* | *Level 2* | *Level 3* |
| Borrowings |  |  |  |  |
| Transfer into (out of) | $66 | $(66) | $92  | $(92) |
| Transfer (out of) into | – | –  | (75) | 75  |
|  | 66  | $(66)  | $17 | $(17) |
| Derivative assets, net |  |  |  |  |
| Transfer into (out of) | $8 | $(8) | $10  | $(10) |
| Transfer (out of) into | – | –  |  |  |
|  | 8 | (8) | 10  | (10) |
| Derivative liabilities, net |  |  |  |  |
| Transfer (into) out of | $– | $–  | $—  | $— |
| Transfer out of (into) | – | –  | 21  | (21) |
|  | – | –  | 21  | (21) |
| **Total Derivative Transfers, net** | $8 | $(8) | $31  | $(31) |

---

62 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

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

derivatives:

**Table J5: Borrowings Level 3 changes**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Three Months Ended March 31,* | *Three Months Ended March 31,* | *Nine Months Ended March 31,* | *Nine Months Ended March 31,* |
|  | *2026* | *2025* | *2026* | *2025* |
| Beginning of the fiscal year | $5033 | $4425  | $4834 | $4055  |
| Issuances | 23 | 125  | 425 | 702  |
| Settlements | (554) | (79) | (835) | (306) |
| Total realized/unrealized mark-to-market <br>losses (gains) in:<br>|  |  |  |  |
| Net income | 55 | 39  | 266 | 199  |
| Other comprehensive income (loss)  | (33) | 105  | 43 | (84) |
| Transfers to (from) Level 3, net |  | (66) | (209) | (17) |
| End of the period | $4524 | $4549  | $4524 | $4549  |

---

**Table J6: 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 March 31, 2026* | *Three Months Ended March 31, 2026* | *Three Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* | *Nine Months Ended March 31, 2026* |
|  | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* |
|  | *Currency* <br>*Swaps*<br>| *Interest* <br>*Rate Swaps*<br>| *Total* | *Currency* <br>*Swaps*<br>| *Interest* <br>*Rate Swaps*<br>| *Total* |
| Beginning of the period/fiscal year | $267 | $120 | $387 | $93 | $(24) | $69 |
| Issuances |  |  |  | (1) | 11 | 10 |
| Settlements | (6) | 2 | (4) | (36) | 177 | 141 |
| Total realized/unrealized mark-to-<br>market (losses) gains in:<br>|  |  |  |  |  |  |
| Net income (loss)  | 105 | (89) | 16 | 318 | (147) | 171 |
| Other comprehensive (loss) | (2) |  | (2) | (4) |  | (4) |
| Transfers (from) to Level 3, net |  |  |  | (6) | 16 | 10 |
| End of the period | $364 | $33 | $397 | $364 | $33 | $397 |
| **Table J6.1:** | **Table J6.1:** | **Table J6.1:** | **Table J6.1:** | **Table J6.1:** | **Table J6.1:** | **Table J6.1:** |
| *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 March 31, 2025* | *Three Months Ended March 31, 2025* | *Three Months Ended March 31, 2025* | *Nine Months ended March 31, 2025* | *Nine Months ended March 31, 2025* | *Nine Months ended March 31, 2025* |
|  | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* | *Derivatives, Assets/(Liabilities)* |
|  | *Currency* <br>*Swaps*<br>| *Interest* <br>*Rate Swaps*<br>| *Total* | *Currency* <br>*Swaps*<br>| *Interest* <br>*Rate Swaps*<br>| *Total* |
| Beginning of the period/fiscal year | $(97) | $1 | $(96) | $31 | $(62) | $(31) |
| Issuances | 2 |  | 2 | (2) |  | (2) |
| Settlements | 2 | (22) | (20) | 37 | 16 | 53 |
| Total realized/unrealized mark-to-<br>market gains (losses) in:<br>|  |  |  |  |  |  |
| Net (loss) income | (3) | 34 | 31 | (19) | 59 | 40 |
| Other comprehensive (loss) income  | 64 | (1) | 63 | (56) | (1) | (57) |
| Transfers (from) to Level 3, net | (8) |  | (8) | (31) |  | (31) |
| End of the period | $(40) | $12 | $(28) | $(40) | $12 | $(28) |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 63

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 J7: 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* |  |  |
|  | *Three Months Ended* <br>*March 31,* | *Three Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* |
|  | *2026* | *2025* | *2026* | *2025* |
| Reported as: |  |  |  |  |
| Borrowings |  |  |  |  |
| Net income (loss) <sup>a</sup> | $(94) | $(30) | $22 | $(129) |
| Other Comprehensive (loss) income <sup>b</sup> | 32 | (104) | (46) | 83 |
| Derivatives |  |  |  |  |
| Net income <sup>a</sup> | $102 | $36 | $9 | $168 |
| Other Comprehensive income (loss) <sup>c</sup> |  | 61 | 7 | (58) |
| *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements* <br>*of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements* <br>*of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements* <br>*of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements* <br>*of Income.* | *a. Amounts are included in Unrealized mark-to-market gains (losses) on non-trading portfolios, net on the Condensed Statements* <br>*of Income.* |
| *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option* <br>*elected liabilities, in the Condensed Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option* <br>*elected liabilities, in the Condensed Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option* <br>*elected liabilities, in the Condensed Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option* <br>*elected liabilities, in the Condensed Statements of Comprehensive Income.* | *b. Amounts are included in Currency translation adjustment on functional currency and Net Change in DVA on fair value option* <br>*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* <br>*Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of* <br>*Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of* <br>*Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of* <br>*Comprehensive Income.* | *c. Amounts are included in Currency translation adjustment on functional currency, in the Condensed Statements of* <br>*Comprehensive Income.* |

---

**Table J8: 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* <br>*Upon Maturity*<br>| *Difference* |
| March 31, 2026 | $306196 | $328968 | $(22772) |
| June 30, 2025 | $305679 | $325327 | $(19648) |

---

The following tables provide 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 J9: Changes in fair value due to IBRD's own credit risk**

---

| | | |
|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |
| *Unrealized mark-to-market gains (losses) due to DVA on fair value option* <br>*elected liabilities*<br>| *Three Months Ended* <br>*March 31, 2026*<br>| *Nine Months Ended* <br>*March 31, 2026*<br>|
| DVA on Fair Value Option Elected Liabilities | $328  | $(1300) |
| Amounts reclassified to net income upon derecognition of a liability | (11) | (11) |
| Net change in DVA on Fair Value Option Elected Liabilities | $317  | $(1311) |
| **Table J9.1:** |  |  |
| *In millions of U.S. dollars* |  |  |
| *Unrealized mark-to-market gains (losses) due to DVA on fair value option* <br>*elected liabilities*<br>| *Three Months Ended* <br>*March 31, 2025*<br>| *Nine Months Ended* <br>*March 31, 2025*<br>|
| DVA on Fair Value Option Elected Liabilities | $(114) | $1306 |
| Amounts reclassified to net income upon derecognition of a liability | 1 | (12) |
| Net change in DVA on Fair Value Option Elected Liabilities | $(113) | $1294 |

---

64 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

As of March 31, 2026, IBRD's Condensed Balance Sheets included a DVA of $353 million cumulative

gains ($1,664 million cumulative gains—June 30, 2025) in Accumulated other comprehensive income,

associated with the changes in IBRD's own credit for financial liabilities measured under the fair value

option.

**NOTE K—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 Pension Plans") that cover substantially all of their

staff members.

All costs, assets and liabilities associated with the Pension Plans are allocated between IBRD, IFC and

MIGA based upon their employees' respective participation in the Pension Plans. Costs allocated to IBRD

are then shared between IBRD and IDA based on an agreed cost-sharing methodology.

The following tables summarize the benefit costs associated with the Pension Plans for IBRD and IDA:

**Table K1: Pension Plans benefit costs**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $96 | $19 | $18 | $133 | $288 | $56 | $54 | $398 |
| Interest cost | 286 | 37 | 28 | 351 | 860 | 112 | 84 | 1056 |
| Expected return on plan assets | (371) | (68) |  | (439) | (1113) | (202) |  | (1315) |
| Amortization of unrecognized prior <br>service costs <sup>a</sup><br>|  | 1 |  | 1 |  | 2 |  | 2 |
| Amortization of unrecognized net <br>actuarial (gains) losses <sup>a</sup><br>| (30) | (32) | (1) | (63) | (89) | (96) | (3) | (188) |
| Net periodic pension cost | $(19) | $(43) | $45 | $(17) | $(54) | $(128) | $135 | $(47) |
| Of which: |  |  |  |  |  |  |  |  |
| IBRD's share  | $(8) | $(19) | $20 | $(7) | $(24) | $(58) | $61 | $(21) |
| IDA's share | (11) | (24) | 25 | (10) | (30) | (70) | 74 | (26) |
| **Table K1.1** |  |  |  |  |  |  |  |  |
| *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* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* |
|  | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $106 | $27 | $20 | $153 | $318 | $83 | $58 | $459 |
| Interest cost | 288 | 45 | 27 | 360 | 864 | 135 | 82 | $1081 |
| Expected return on plan assets | (374) | (66) |  | (440) | (1120) | (199) |  | $(1319) |
| Amortization of unrecognized prior <br>service costs <sup>a</sup><br>| 2 |  |  | 2 | 3 | 1 | 2 | $6 |
| Amortization of unrecognized net <br>actuarial (gains) losses <sup>a</sup><br>|  | (16) |  | (16) |  | (48) |  | $(48) |
| Net periodic pension cost | $22 | $(10) | $47 | $59 | $65 | $(28) | $142 | $179 |
| Of which: |  |  |  |  |  |  |  |  |
| IBRD's share  | $10 | $(3) | $22 | $29 | $30 | $(12) | $66 | $84 |
| IDA's share | 12 | (7) | 25 | 30 | 35 | (16) | 76 | $95 |
| *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* | *a. Included in amounts reclassified into net income in Note I—Accumulated Other Comprehensive Income.* |

---

IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited) 65

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.

The following tables provide the amounts of IBRD's pension service cost:

**Table K2: Pension service cost**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* |
|  | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* | *March 31, 2026* |
|  | *SRP* | *RSBP* | *PEBP* | *Total* | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $96 | $19 | $18 | $133 | $288 | $56 | $54 | $398 |
| Of which: |  |  |  |  |  |  |  |  |
| IBRD's share | $45 | $9 | $7 | $61 | $132 | $26 | $24 | $182 |
| IDA's share | 51 | 10 | 11 | 72 | 156 | 30 | 30 | 216 |
| **Table K2.1** |  |  |  |  |  |  |  |  |
| In millions of U.S. dollars |  |  |  |  |  |  |  |  |
|  | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Three Months Ended* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* | *Nine Months Ended* |
|  | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* | *March 31, 2025* |
|  | SRP | RSBP | PEBP | Total | *SRP* | *RSBP* | *PEBP* | *Total* |
| Service cost | $106 | $27 | $20 | $153 | $318 | $83 | $58 | $459 |
| Of which: |  |  |  |  |  |  |  |  |
| IBRD's share | $49 | $14 | $9 | $72 | $147 | $39 | $27 | $213 |
| IDA's share | 57 | 13 | 11 | 81 | 171 | 44 | 31 | 246 |

---

**NOTE L—SEGMENT REPORTING**

IBRD has determined that it has a single reportable operating segment. The President is the Chief

Operating Decision Maker (CODM), who regularly reviews operational performance and financial

measures of IBRD to assess performance and allocate resources.

The Administrative budget for IBRD and IDA is approved and managed as a single resource. The CODM

receives expense information on a combined basis for IBRD and IDA. As a result, no significant segment

expense amounts are presented separately for IBRD to the CODM. The measure of segment profit or

loss is at the entity level and is reported on the Condensed Statements of Income as Net income (loss).

The measure of segment assets is reported on the Balance Sheets as Total assets.

66 IBRD Condensed Quarterly Financial Statements: March 31, 2026 (Unaudited)

The following table presents IBRD's revenues by products/services:

**Table L1: Revenues by products/services** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of U.S. dollars* |  |  |  |  |
|  | *Three months ended* <br>*March 31,* | *Three months ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* | *Nine Months Ended* <br>*March 31,* |
| *Revenue* | *2026* | *2025* | *2026* | *2025* |
| Loan Revenue <sup>a</sup> | $3150 | $3424 | $10045 | $10973 |
| Revenue from externally funded activities | 224 | 214 | 655 | 631 |
| Guarantee fees <sup>b</sup> | 15 | 9 | 40 | 30 |
| Total | $3389 | $3647  | $10740 | $11634  |
| *a. Excludes interest income from loan related derivatives of $148 million and $538 million for the three and nine months ended* <br>*March 31, 2026 respectively ($211 million and $821 million –three and nine months ended March 31, 2025 respectively) and* <br>*includes commitment charges of $30 million and $98 million for the three and nine months ended March 31, 2026 respectively* <br>*($36 million and $116 million – three and nine months ended March 31, 2025 respectively)* | *a. Excludes interest income from loan related derivatives of $148 million and $538 million for the three and nine months ended* <br>*March 31, 2026 respectively ($211 million and $821 million –three and nine months ended March 31, 2025 respectively) and* <br>*includes commitment charges of $30 million and $98 million for the three and nine months ended March 31, 2026 respectively* <br>*($36 million and $116 million – three and nine months ended March 31, 2025 respectively)* | *a. Excludes interest income from loan related derivatives of $148 million and $538 million for the three and nine months ended* <br>*March 31, 2026 respectively ($211 million and $821 million –three and nine months ended March 31, 2025 respectively) and* <br>*includes commitment charges of $30 million and $98 million for the three and nine months ended March 31, 2026 respectively* <br>*($36 million and $116 million – three and nine months ended March 31, 2025 respectively)* | *a. Excludes interest income from loan related derivatives of $148 million and $538 million for the three and nine months ended* <br>*March 31, 2026 respectively ($211 million and $821 million –three and nine months ended March 31, 2025 respectively) and* <br>*includes commitment charges of $30 million and $98 million for the three and nine months ended March 31, 2026 respectively* <br>*($36 million and $116 million – three and nine months ended March 31, 2025 respectively)* | *a. Excludes interest income from loan related derivatives of $148 million and $538 million for the three and nine months ended* <br>*March 31, 2026 respectively ($211 million and $821 million –three and nine months ended March 31, 2025 respectively) and* <br>*includes commitment charges of $30 million and $98 million for the three and nine months ended March 31, 2026 respectively* <br>*($36 million and $116 million – three and nine months ended March 31, 2025 respectively)* |
| *b. Included in Non-interest revenue-Other, net on the Condensed Statements of Income and excludes changes in recoverable* <br>*assets related to guarantees received and other miscellaneous income of $1 million and $51 million net income for the three* <br>*and nine months ended March 31, 2026 respectively (Net income of $140 million and $139 million – three and nine months* <br>*ended March 31, 2025 respectively)* | *b. Included in Non-interest revenue-Other, net on the Condensed Statements of Income and excludes changes in recoverable* <br>*assets related to guarantees received and other miscellaneous income of $1 million and $51 million net income for the three* <br>*and nine months ended March 31, 2026 respectively (Net income of $140 million and $139 million – three and nine months* <br>*ended March 31, 2025 respectively)* | *b. Included in Non-interest revenue-Other, net on the Condensed Statements of Income and excludes changes in recoverable* <br>*assets related to guarantees received and other miscellaneous income of $1 million and $51 million net income for the three* <br>*and nine months ended March 31, 2026 respectively (Net income of $140 million and $139 million – three and nine months* <br>*ended March 31, 2025 respectively)* | *b. Included in Non-interest revenue-Other, net on the Condensed Statements of Income and excludes changes in recoverable* <br>*assets related to guarantees received and other miscellaneous income of $1 million and $51 million net income for the three* <br>*and nine months ended March 31, 2026 respectively (Net income of $140 million and $139 million – three and nine months* <br>*ended March 31, 2025 respectively)* | *b. Included in Non-interest revenue-Other, net on the Condensed Statements of Income and excludes changes in recoverable* <br>*assets related to guarantees received and other miscellaneous income of $1 million and $51 million net income for the three* <br>*and nine months ended March 31, 2026 respectively (Net income of $140 million and $139 million – three and nine months* <br>*ended March 31, 2025 respectively)* |

---

**NOTE M—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 co-defendant as of and for the nine months ended March 31, 2026 is not expected to

have a material adverse effect on IBRD's financial position, results of operations or cash flows.

INDEPENDENT AUDITOR'S REVIEW REPORT

![deloitte1ibrdmar26.jpg](deloitte1ibrdmar26.jpg)

INDEPENDENT AUDITOR'S REVIEW REPORT

![deloitte2ibrdmar26.jpg](deloitte2ibrdmar26.jpg)

**Page 1 of 10**

---

| |
|:---|
| ***International Bank for Reconstruction and Development*** |
| **SEC Report - Changes in Borrowings**<br>**Medium & Long Term**<br>**January 01 2026 through March 31 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Australian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL AUD/IBRD/Callable MTN Non-Core (Non-<br>Ret/0136AUDSTR<br>| 1561948 | AUD | 28000000.00 | 19665800.00 | 23-Jan-26 | 30-Jan-26 | 30-Jan-36 |
|  | BOND/SELL AUD/IBRD/Callable MTN Non-Core (Non-<br>Ret/0236AUDSTR<br>| 1575123 | AUD | 20000000.00 | 14095000.00 | 10-Feb-26 | 20-Feb-26 | 20-Feb-36 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **48000000.00** | **33760800.00** |  |  |  |
| **<u>Brazilian Real</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0338BRL00.00<br>| 1566612 | BRL | 200000000.00 | 37931230.68 | 30-Jan-26 | 6-Feb-26 | 16-Mar-38 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0537BRL00.00<br>| 1593709 | BRL | 200000000.00 | 38102858.67 | 12-Mar-26 | 19-Mar-26 | 26-May-37 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0331BRL00.00<br>| 1601473 | BRL | 450000000.00 | 86001777.37 | 17-Mar-26 | 24-Mar-26 | 24-Mar-31 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/1127BRL10.00<br>| 1566007 | BRL | 250000000.00 | 47714931.91 | 29-Jan-26 | 5-Feb-26 | 8-Nov-27 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **1100000000.00** | **209750798.63** |  |  |  |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0228CNH01.60<br>| 1564857 | CNY | 200000000.00 | 28886706.34 | 29-Jan-26 | 9-Feb-26 | 9-Feb-28 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0229CNH01.61<br>| 1569156 | CNY | 200000000.00 | 28942722.35 | 4-Feb-26 | 11-Feb-26 | 11-Feb-29 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **400000000.00** | **57829428.69** |  |  |  |
| **<u>Colombian Pesos</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL COP/IBRD/PV MTN Non-Core (Non-<br>Retail)/0727COP12.00<br>| 1552785 | COP | 200000000000.00 | 54263628.99 | 9-Jan-26 | 16-Jan-26 | 16-Jul-27 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **200000000000.00** | **54263628.99** |  |  |  |

---

**Page 2 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL EUR/IBRD/European Retail (Structure)/0331EURSTR | 1604590 | EUR | 21386000.00 | 24506217.40 | 24-Mar-26 | 31-Mar-26 | 31-Mar-31 |
|  | BOND/SELL EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0333EURSTR<br>| 1586218 | EUR | 10000000.00 | 11557500.00 | 26-Feb-26 | 12-Mar-26 | 12-Mar-33 |
|  | BOND/SELL EUR/IBRD/PV MTN Core (Non-Retail)/0238EUR02.40A | 1555732 | EUR | 10000000.00 | 11831000.00 | 16-Jan-26 | 17-Feb-26 | 16-Feb-38 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **41386000.00** | **47894717.40** |  |  |  |
| **<u>Hong Kong Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0328HKD02.446<br>| 1590101 | HKD | 250000000.00 | 31939697.85 | 5-Mar-26 | 12-Mar-26 | 12-Mar-28 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0128HKD2.574<br>| 1548463 | HKD | 250000000.00 | 32051692.97 | 8-Jan-26 | 15-Jan-26 | 18-Jan-28 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0328HKD02.423<br>| 1590098 | HKD | 250000000.00 | 31938473.72 | 5-Mar-26 | 13-Mar-26 | 13-Mar-28 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0328HKD02.56<br>| 1590094 | HKD | 250000000.00 | 31938473.72 | 5-Mar-26 | 13-Mar-26 | 13-Mar-28 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0128HKD2.605<br>| 1548465 | HKD | 250000000.00 | 32051076.60 | 8-Jan-26 | 16-Jan-26 | 16-Jan-28 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **1250000000.00** | **159919414.86** |  |  |  |
| **<u>Kazakhstan Tenge</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-Retail)/0428KZT14.5 | 1584219 | KZT | 5000000000.00 | 10034619.44 | 23-Feb-26 | 2-Mar-26 | 25-Apr-28 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **5000000000.00** | **10034619.44** |  |  |  |
| **<u>Nigerian Naira</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL NGN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0229NGN14.00<br>| 1567302 | NGN | 14000000000.00 | 10295556.00 | 2-Feb-26 | 9-Feb-26 | 9-Feb-29 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **14000000000.00** | **10295556.00** |  |  |  |
| **<u>Pounds Sterling</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL GBP/IBRD/PV MTN Core (Non-Retail)/0228GBP03.676 | 1566020 | GBP | 40000000.00 | 54454000.00 | 29-Jan-26 | 5-Feb-26 | 5-Feb-28 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **40000000.00** | **54454000.00** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Other Structures (Non-Retail)/PRPUSDHCIS2 | 1269872 | USD | 1200000.00 | 1200000.00 | 24-Oct-24 | 15-Jan-26 | 15-Jan-75 |
|  | BOND/SELL USD/IBRD/Other Structures (Non-Retail)/<br>PRPUSDHCUK2<br>| 1596647 | USD | 64755000.00 | 64755000.00 | 13-Mar-26 | 31-Mar-26 | 31-Mar-76 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR05<br>| 1555723 | USD | 200000000.00 | 200000000.00 | 16-Jan-26 | 26-Jan-26 | 26-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0241USDSTR03<br>| 1573711 | USD | 110000000.00 | 110000000.00 | 6-Feb-26 | 13-Feb-26 | 13-Feb-41 |

---

**Page 3 of 10**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0346USDSTR04<br>| 1590890 | USD | 81764224.80 | 81764224.80 | 6-Mar-26 | 20-Mar-26 | 20-Mar-46 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR<br>| 1548479 | USD | 200000000.00 | 200000000.00 | 8-Jan-26 | 16-Jan-26 | 16-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0241USDSTR04<br>| 1573715 | USD | 110000000.00 | 110000000.00 | 6-Feb-26 | 13-Feb-26 | 13-Feb-41 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR06<br>| 1560495 | USD | 200000000.00 | 200000000.00 | 20-Jan-26 | 27-Jan-26 | 27-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0256USDSTR01<br>| 1563407 | USD | 200000000.00 | 200000000.00 | 26-Jan-26 | 2-Feb-26 | 2-Feb-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR10<br>| 1562566 | USD | 200000000.00 | 200000000.00 | 23-Jan-26 | 30-Jan-26 | 30-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR08<br>| 1561342 | USD | 200000000.00 | 200000000.00 | 21-Jan-26 | 28-Jan-26 | 28-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR03<br>| 1554539 | USD | 200000000.00 | 200000000.00 | 14-Jan-26 | 22-Jan-26 | 22-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR01<br>| 1552774 | USD | 200000000.00 | 200000000.00 | 9-Jan-26 | 16-Jan-26 | 16-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR02<br>| 1553431 | USD | 200000000.00 | 200000000.00 | 12-Jan-26 | 20-Jan-26 | 20-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0146USDSTR<br>| 1554541 | USD | 83682784.50 | 83682784.50 | 14-Jan-26 | 22-Jan-26 | 22-Jan-46 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR04<br>| 1555131 | USD | 200000000.00 | 200000000.00 | 15-Jan-26 | 23-Jan-26 | 23-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR09<br>| 1561930 | USD | 200000000.00 | 200000000.00 | 22-Jan-26 | 29-Jan-26 | 29-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0231USDSTR<br>| 1583722 | USD | 40000000.00 | 40000000.00 | 20-Feb-26 | 27-Feb-26 | 27-Feb-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0336USDSTR03<br>| 1593131 | USD | 38000000.00 | 38000000.00 | 11-Mar-26 | 18-Mar-26 | 7-Mar-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0346USDSTR05<br>| 1593728 | USD | 5000000.00 | 5000000.00 | 12-Mar-26 | 20-Mar-26 | 20-Mar-46 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR07<br>| 1561945 | USD | 60000000.00 | 60000000.00 | 23-Jan-26 | 30-Jan-26 | 30-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0336USDSTR04<br>| 1603637 | USD | 50000000.00 | 50000000.00 | 20-Mar-26 | 27-Mar-26 | 27-Mar-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR15<br>| 1555733 | USD | 50000000.00 | 50000000.00 | 16-Jan-26 | 28-Jan-26 | 28-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR16<br>| 1560483 | USD | 25000000.00 | 25000000.00 | 20-Jan-26 | 27-Jan-26 | 27-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR17<br>| 1560485 | USD | 25000000.00 | 25000000.00 | 20-Jan-26 | 27-Jan-26 | 27-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR18<br>| 1560487 | USD | 100000000.00 | 100000000.00 | 20-Jan-26 | 28-Jan-26 | 28-Jan-36 |

---

**Page 4 of 10**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR19<br>| 1560489 | USD | 50000000.00 | 50000000.00 | 20-Jan-26 | 28-Jan-26 | 28-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR20<br>| 1560502 | USD | 20000000.00 | 20000000.00 | 20-Jan-26 | 28-Jan-26 | 28-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0156USDSTR07<br>| 1561335 | USD | 50000000.00 | 50000000.00 | 21-Jan-26 | 28-Jan-26 | 28-Jan-56 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR21<br>| 1561337 | USD | 50000000.00 | 50000000.00 | 21-Jan-26 | 28-Jan-26 | 28-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR22<br>| 1561340 | USD | 50000000.00 | 50000000.00 | 21-Jan-26 | 28-Jan-26 | 28-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0731USDSTR<br>| 1561352 | USD | 100000000.00 | 100000000.00 | 21-Jan-26 | 28-Jan-26 | 28-Jul-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR23<br>| 1561928 | USD | 50000000.00 | 50000000.00 | 22-Jan-26 | 29-Jan-26 | 29-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR09<br>| 1553439 | USD | 20000000.00 | 20000000.00 | 12-Jan-26 | 20-Jan-26 | 20-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0336USDSTR02<br>| 1589684 | USD | 50000000.00 | 50000000.00 | 4-Mar-26 | 11-Mar-26 | 11-Mar-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR13<br>| 1554536 | USD | 25000000.00 | 25000000.00 | 14-Jan-26 | 22-Jan-26 | 22-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0141USDSTR02<br>| 1547514 | USD | 27500000.00 | 27500000.00 | 6-Jan-26 | 13-Jan-26 | 13-Jan-41 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR02<br>| 1547518 | USD | 50000000.00 | 50000000.00 | 6-Jan-26 | 13-Jan-26 | 13-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR02<br>| 1547520 | USD | 10000000.00 | 10000000.00 | 6-Jan-26 | 13-Jan-26 | 13-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR03<br>| 1547525 | USD | 105000000.00 | 105000000.00 | 6-Jan-26 | 13-Jan-26 | 13-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR04<br>| 1547527 | USD | 10000000.00 | 10000000.00 | 6-Jan-26 | 13-Jan-26 | 13-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR05<br>| 1547982 | USD | 50000000.00 | 50000000.00 | 7-Jan-26 | 14-Jan-26 | 14-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR06<br>| 1548467 | USD | 10000000.00 | 10000000.00 | 8-Jan-26 | 15-Jan-26 | 15-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR07<br>| 1548472 | USD | 30000000.00 | 30000000.00 | 8-Jan-26 | 15-Jan-26 | 15-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR04<br>| 1552772 | USD | 100000000.00 | 100000000.00 | 9-Jan-26 | 16-Jan-26 | 16-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR08<br>| 1552776 | USD | 30000000.00 | 30000000.00 | 9-Jan-26 | 16-Jan-26 | 16-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR05<br>| 1553433 | USD | 100000000.00 | 100000000.00 | 12-Jan-26 | 20-Jan-26 | 20-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR24<br>| 1562564 | USD | 50000000.00 | 50000000.00 | 23-Jan-26 | 30-Jan-26 | 30-Jan-36 |

---

**Page 5 of 10**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR06<br>| 1553840 | USD | 100000000.00 | 100000000.00 | 13-Jan-26 | 21-Jan-26 | 21-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR10<br>| 1553842 | USD | 90000000.00 | 90000000.00 | 13-Jan-26 | 21-Jan-26 | 21-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR12<br>| 1553846 | USD | 90000000.00 | 90000000.00 | 13-Jan-26 | 21-Jan-26 | 21-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR11<br>| 1553844 | USD | 60000000.00 | 60000000.00 | 13-Jan-26 | 21-Jan-26 | 21-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0136USDSTR14<br>| 1554543 | USD | 11000000.00 | 11000000.00 | 14-Jan-26 | 22-Jan-26 | 22-Jan-36 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0131USDSTR03<br>| 1548483 | USD | 25000000.00 | 25000000.00 | 8-Jan-26 | 15-Jan-26 | 15-Jan-31 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0133USDSTR01<br>| 1548470 | USD | 50000000.00 | 50000000.00 | 8-Jan-26 | 15-Jan-26 | 15-Jan-33 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **4507902009.30** | **4507902009.30** |  |  |  |
| **<u>Total New Borrowings</u>** |  |  |  |  | **5146104973.31** |  |  |  |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Brazilian Real</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126BRL05.00<br>| 54228 | BRL | (750000000.00) | (140984068.80) | 12-Jan-21 | 22-Jan-21 | 22-Jan-26 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126BRL05.00<br>| 156960 | BRL | (150000000.00) | (28196813.76) | 14-Jun-21 | 21-Jun-21 | 22-Jan-26 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126BRL05.00<br>| 146847 | BRL | (100000000.00) | (18797875.84) | 25-May-21 | 2-Jun-21 | 22-Jan-26 |
|  | BOND/SELL BRL/IBRD/Other Structures (Non-<br>Retail)/0326BRLSTR02<br>| 87255 | BRL | (171375000.00) | (32253359.43) | 2-Mar-21 | 23-Mar-21 | 23-Mar-26 |
|  | BOND/SELL BRL/IBRD/Other Structures (Non-Retail)/0226BRLSTR | 54944 | BRL | (53500000.00) | (10211580.12) | 13-Jan-21 | 4-Feb-21 | 4-Feb-26 |
|  | BOND/SELL BRL/IBRD/Other Structures (Non-<br>Retail)/0326BRLSTR01<br>| 83603 | BRL | (76020000.00) | (14263466.99) | 23-Feb-21 | 16-Mar-21 | 16-Mar-26 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126BRL11.50<br>| 633389 | BRL | (16360000.00) | (3046129.50) | 5-Jan-23 | 13-Jan-23 | 13-Jan-26 |
|  | BOND/SELL BRL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126BRL09.50<br>| 313581 | BRL | (45520000.00) | (8483515.66) | 11-Jan-22 | 20-Jan-22 | 20-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1362775000.00)** | **(256236810.10)** |  |  |  |
| **<u>Canadian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CAD/IBRD/PV MTN Core (Non-<br>Retail)/0226CAD00.57135<br>| 66280 | CAD | (25000000.00) | (18269511.84) | 29-Jan-21 | 5-Feb-21 | 5-Feb-26 |
|  | BOND/SELL CAD/IBRD/PV BM/0126CAD0.625 | 50242 | CAD | (1500000000.00) | (1080497028.63) | 5-Jan-21 | 14-Jan-21 | 14-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1525000000.00)** | **(1098766540.47)** |  |  |  |

---

**Page 6 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Chinese Yuan</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126CNH02.70<br>| 637803 | CNY | (300000000.00) | (43110261.68) | 11-Jan-23 | 20-Jan-23 | 20-Jan-26 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226CNH02.895<br>| 652355 | CNY | (340000000.00) | (49107400.77) | 31-Jan-23 | 7-Feb-23 | 9-Feb-26 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226CNH02.00<br>| 69761 | CNY | (200000000.00) | (28949215.84) | 4-Feb-21 | 18-Feb-21 | 18-Feb-26 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226CNH02.00<br>| 90570 | CNY | (100000000.00) | (14474607.92) | 8-Mar-21 | 22-Mar-21 | 18-Feb-26 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226CNH02.00<br>| 94965 | CNY | (150000000.00) | (21711911.88) | 16-Mar-21 | 23-Mar-21 | 18-Feb-26 |
|  | BOND/SELL CNY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226CNH02.00<br>| 155363 | CNY | (250000000.00) | (36186519.80) | 10-Jun-21 | 18-Jun-21 | 18-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | (1340000000.00) | (193539917.89) |  |  |  |
| **<u>Colombian Pesos</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL COP/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226COP03.375<br>| 70819 | COP | (60000000000.00) | (16376931.45) | 5-Feb-21 | 17-Feb-21 | 17-Feb-26 |
|  | BOND/SELL COP/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226COP03.375<br>| 492382 | COP | (65000000000.00) | (17741675.74) | 29-Jul-22 | 5-Aug-22 | 17-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(125000000000.00)** | **(34118607.19)** |  |  |  |
| **<u>Georgian Lari</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL GEL/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126GEL08.50<br>| 951628 | GEL | (67000000.00) | (24870081.66) | 11-Jan-24 | 22-Jan-24 | 22-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(67000000.00)** | **(24870081.66)** |  |  |  |
| **<u>Hong Kong Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0326HKD04.0175<br>| 999804 | HKD | (300000000.00) | (38372494.60) | 15-Mar-24 | 25-Mar-24 | 25-Mar-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0326HKD03.965<br>| 1006914 | HKD | (460000000.00) | (58715783.70) | 21-Mar-24 | 28-Mar-24 | 30-Mar-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226HKD03.7876<br>| 968348 | HKD | (500000000.00) | (63977479.93) | 5-Feb-24 | 14-Feb-24 | 17-Feb-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226HKD03.80<br>| 972991 | HKD | (200000000.00) | (25590991.97) | 7-Feb-24 | 16-Feb-24 | 17-Feb-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126HKD03.77<br>| 944648 | HKD | (750000000.00) | (96190225.79) | 4-Jan-24 | 11-Jan-24 | 12-Jan-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226HKD03.73<br>| 965336 | HKD | (850000000.00) | (108751975.13) | 31-Jan-24 | 7-Feb-24 | 9-Feb-26 |
|  | BOND/SELL HKD/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126HKD03.83<br>| 948599 | HKD | (500000000.00) | (64126817.19) | 5-Jan-24 | 12-Jan-24 | 12-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(3560000000.00)** | **(455725768.31)** |  |  |  |

---

**Page 7 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Indian Rupees</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL INR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226INR04.90<br>| 69763 | INR | (3000000000.00) | (33120808.15) | 4-Feb-21 | 12-Feb-21 | 12-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(3000000000.00)** | **(33120808.15)** |  |  |  |
| **<u>Indonesian Rupiah</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL IDR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226IDR04.60<br>| 67961 | IDR | (705000000000.00) | (41964285.71) | 2-Feb-21 | 9-Feb-21 | 9-Feb-26 |
|  | BOND/SELL IDR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226IDR04.60<br>| 250991 | IDR | (725000000000.00) | (43154761.90) | 21-Oct-21 | 28-Oct-21 | 9-Feb-26 |
|  | BOND/SELL IDR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226IDR04.60<br>| 373748 | IDR | (370000000000.00) | (22023809.52) | 6-Apr-22 | 13-Apr-22 | 9-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1800000000000.00)** | **(107142857.13)** |  |  |  |
| **<u>Mexican Peso</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126MXN04.25<br>| 54217 | MXN | (3500000000.00) | (200080032.01) | 12-Jan-21 | 22-Jan-21 | 22-Jan-26 |
|  | BOND/SELL MXN/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126MXN04.25<br>| 94970 | MXN | (500000000.00) | (28582861.72) | 16-Mar-21 | 23-Mar-21 | 22-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(4000000000.00)** | **(228662893.73)** |  |  |  |
| **<u>New Turkish Lira</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL TRY/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126TRY12.00A<br>| 54231 | TRY | (350000000.00) | (8084634.57) | 12-Jan-21 | 22-Jan-21 | 22-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(350000000.00)** | **(8084634.57)** |  |  |  |
| **<u>Norwegian Kroner</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL NOK/IBRD/PV BM/0326NOK01.25 | 91551 | NOK | (3000000000.00) | (308846920.02) | 9-Mar-21 | 16-Mar-21 | 16-Mar-26 |
|  | BOND/SELL NOK/IBRD/PV BM/0126NOKFRN | 50777 | NOK | (5000000000.00) | (496546518.96) | 6-Jan-21 | 13-Jan-21 | 13-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(8000000000.00)** | **(805393438.98)** |  |  |  |
| **<u>Philippine Pesos</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL PHP/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126PHP03.70<br>| 315812 | PHP | (2561500000.00) | (43402380.65) | 14-Jan-22 | 25-Jan-22 | 26-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(2561500000.00)** | **(43402380.65)** |  |  |  |

---

**Page 8 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Russian Ruble</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL RUB/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126RUB04.25<br>| 103840 | RUB | (2000000000.00) | (26451527.58) | 24-Mar-21 | 31-Mar-21 | 22-Jan-26 |
|  | BOND/SELL RUB/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126RUB04.25<br>| 54218 | RUB | (1293580000.00) | (17108583.52) | 12-Jan-21 | 22-Jan-21 | 22-Jan-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(3293580000.00)** | **(43560111.10)** |  |  |  |
| **<u>South African Rand</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226ZAR05.31<br>| 134835 | ZAR | (370000000.00) | (22912983.30) | 11-May-21 | 18-May-21 | 5-Feb-26 |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126ZAR04.50<br>| 54240 | ZAR | (250000000.00) | (15418773.90) | 12-Jan-21 | 22-Jan-21 | 22-Jan-26 |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0126ZAR04.50<br>| 156959 | ZAR | (500000000.00) | (30837547.80) | 14-Jun-21 | 21-Jun-21 | 22-Jan-26 |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226ZAR00.00<br>| 4516 | ZAR | (187560000.00) | (11692355.65) | 17-Feb-98 | 17-Feb-98 | 17-Feb-26 |
|  | BOND/SELL ZAR/IBRD/PV MTN Non-Core (Non-<br>Retail)/0226ZAR05.31<br>| 64954 | ZAR | (38000000.00) | (2353225.31) | 27-Jan-21 | 5-Feb-21 | 5-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1345560000.00)** | **(83214885.96)** |  |  |  |
| **<u>Swedish Kronor</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL SEK/IBRD/PV BM/0326SEK00.25 | 91549 | SEK | (2000000000.00) | (213223025.95) | 9-Mar-21 | 16-Mar-21 | 16-Mar-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(2000000000.00)** | **(213223025.95)** |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0126USDSTR01<br>| 54207 | USD | (10000000.00) | (10000000.00) | 12-Jan-21 | 20-Jan-21 | 21-Jan-26 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0226USDSTR06<br>| 67970 | USD | (400000000.00) | (400000000.00) | 2-Feb-21 | 10-Feb-21 | 10-Feb-26 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0226USDSTR06<br>| 74291 | USD | (5000000.00) | (5000000.00) | 11-Feb-21 | 22-Feb-21 | 10-Feb-26 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0226USDSTR04<br>| 74965 | USD | (300000000.00) | (300000000.00) | 12-Feb-21 | 24-Feb-21 | 24-Feb-26 |
|  | BOND/SELL USD/IBRD/Other (CAT)/0326USDCAR129 | 85117 | USD | (100000000.00) | (100000000.00) | 25-Feb-21 | 4-Mar-21 | 4-Mar-26 |
|  | BOND/SELL USD/IBRD/Callable MTN Core (Non-<br>Retail)/0226USDSTR05<br>| 70815 | USD | (300000000.00) | (300000000.00) | 5-Feb-21 | 18-Feb-21 | 18-Feb-26 |
|  | BOND/SELL USD/IBRD/Japanese Retail (Uridashi)/0326USD03.40 | 686384 | USD | (18700000.00) | (18700000.00) | 15-Mar-23 | 28-Mar-23 | 30-Mar-26 |
|  | BOND/SELL USD/IBRD/Other (CAT)/0326USDCAR131 | 692127 | USD | (350000000.00) | (350000000.00) | 17-Mar-23 | 24-Mar-23 | 31-Mar-26 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0326USD08.88 | 4501 | USD | (108308000.00) | (108308000.00) | 13-Mar-86 | 13-Mar-86 | 2-Mar-26 |
|  | BOND/SELL USD/IBRD/PV MTN Core (Non-Retail)/0326USD00.00 | 4498 | USD | -110000000 | -110000000 | 26-Feb-88 | 26-Feb-88 | 2-Mar-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(1702008000.00)** | **(1702008000.00)** |  |  |  |
| **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(5331070761.84)** |  |  |  |

---

**Page 9 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>Early Retirements</u>** |  |  |  |  |  |  |  |  |
| **<u>Australian Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY AUD/IBRD/PV MTN Core (Non-Retail)/0430AUD03.28 | 1577033 | AUD | (132000000.00) | (93020400.00) | 13-Feb-26 | 24-Feb-26 | 26-Apr-30 |
| **<u>Sub-total Early Retirements</u>** |  |  |  | **(132000000.00)** | **(93020400.00)** |  |  |  |
| **<u>Euro</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY EUR/IBRD/Callable MTN Core (Non-<br>Retail)/0231EURSTR<br>| 1562570 | EUR | (75000000.00) | (88942500.00) | 23-Jan-26 | 13-Feb-26 | 13-Feb-31 |
|  | BOND/BUY EUR/IBRD/European Retail (Structure)/0229EURSTR | 1573717 | EUR | (10000000.00) | (11733000.00) | 6-Feb-26 | 2-Mar-26 | 28-Feb-29 |
| **<u>Sub-total Early Retirements</u>** |  |  |  | (85000000.00) | (100675500.00) |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0355USDSTR03<br>| 1586210 | USD | (50000000.00) | (50000000.00) | 26-Feb-26 | 19-Mar-26 | 19-Mar-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0330USDSTR04<br>| 1589098 | USD | (20000000.00) | (20000000.00) | 3-Mar-26 | 24-Mar-26 | 24-Mar-30 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0355USDSTR04<br>| 1589099 | USD | (70000000.00) | (70000000.00) | 3-Mar-26 | 24-Mar-26 | 24-Mar-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0335USDSTR10<br>| 1592544 | USD | (20000000.00) | (20000000.00) | 10-Mar-26 | 31-Mar-26 | 31-Mar-35 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0329USDSTR03<br>| 1590902 | USD | (25000000.00) | (25000000.00) | 6-Mar-26 | 27-Mar-26 | 27-Mar-29 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0355USDSTR02<br>| 1585553 | USD | (50000000.00) | (50000000.00) | 25-Feb-26 | 18-Mar-26 | 18-Mar-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0330USDSTR03<br>| 1587698 | USD | (18000000.00) | (18000000.00) | 27-Feb-26 | 20-Mar-26 | 20-Mar-30 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0333USDSTR02<br>| 1574711 | USD | (35000000.00) | (35000000.00) | 9-Feb-26 | 3-Mar-26 | 3-Mar-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0355USDSTR<br>| 1577713 | USD | (50000000.00) | (50000000.00) | 17-Feb-26 | 10-Mar-26 | 10-Mar-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0233USDSTR07<br>| 1573721 | USD | (100000000.00) | (100000000.00) | 6-Feb-26 | 2-Mar-26 | 28-Feb-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0228USDSTR05<br>| 1553438 | USD | (50000000.00) | (50000000.00) | 12-Jan-26 | 3-Feb-26 | 3-Feb-28 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR<br>| 1564085 | USD | (50000000.00) | (50000000.00) | 27-Jan-26 | 18-Feb-26 | 18-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0233USDSTR05<br>| 1566629 | USD | (110000000.00) | (110000000.00) | 30-Jan-26 | 23-Feb-26 | 23-Feb-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0233USDSTR04<br>| 1566630 | USD | (100000000.00) | (100000000.00) | 30-Jan-26 | 23-Feb-26 | 22-Feb-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0230USDSTR01<br>| 1562571 | USD | (38800000.00) | (38800000.00) | 23-Jan-26 | 13-Feb-26 | 13-Feb-30 |

---

**Page 10 of 10**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR05<br>| 1568453 | USD | (50000000.00) | (50000000.00) | 3-Feb-26 | 25-Feb-26 | 25-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0735USDSTR04<br>| 1545396 | USD | (25000000.00) | (25000000.00) | 30-Dec-25 | 22-Jan-26 | 22-Jul-35 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0230USDSTR<br>| 1561937 | USD | (200000000.00) | (200000000.00) | 22-Jan-26 | 12-Feb-26 | 12-Feb-30 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR07<br>| 1569596 | USD | (50000000.00) | (50000000.00) | 5-Feb-26 | 27-Feb-26 | 27-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR08<br>| 1569597 | USD | (50000000.00) | (50000000.00) | 5-Feb-26 | 27-Feb-26 | 27-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR04<br>| 1564849 | USD | (50000000.00) | (50000000.00) | 28-Jan-26 | 19-Feb-26 | 19-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR03<br>| 1564850 | USD | (50000000.00) | (50000000.00) | 28-Jan-26 | 19-Feb-26 | 19-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0728USDSTR06<br>| 1548481 | USD | (50000000.00) | (50000000.00) | 8-Jan-26 | 30-Jan-26 | 30-Jul-28 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0233USDSTR06<br>| 1567306 | USD | (60000000.00) | (60000000.00) | 2-Feb-26 | 24-Feb-26 | 24-Feb-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/1055USDSTR20<br>| 1548477 | USD | (25000000.00) | (25000000.00) | 8-Jan-26 | 2-Feb-26 | 31-Oct-35 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0828USDSTR<br>| 1554552 | USD | (40000000.00) | (40000000.00) | 14-Jan-26 | 5-Feb-26 | 5-Aug-28 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0828USDSTR03<br>| 1554554 | USD | (40000000.00) | (40000000.00) | 14-Jan-26 | 5-Feb-26 | 5-Aug-28 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0134USDSTR03<br>| 1552781 | USD | (70000000.00) | (70000000.00) | 9-Jan-26 | 2-Feb-26 | 31-Jan-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0234USDSTR01<br>| 1552783 | USD | (500000000.00) | (500000000.00) | 9-Jan-26 | 2-Feb-26 | 1-Feb-34 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0233USDSTR03<br>| 1563405 | USD | (15000000.00) | (15000000.00) | 26-Jan-26 | 17-Feb-26 | 16-Feb-33 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR02<br>| 1563406 | USD | (50000000.00) | (50000000.00) | 26-Jan-26 | 17-Feb-26 | 14-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0130USDSTR<br>| 1541527 | USD | (30000000.00) | (30000000.00) | 24-Dec-25 | 20-Jan-26 | 17-Jan-30 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0129USDSTR01<br>| 1547101 | USD | (25000000.00) | (25000000.00) | 5-Jan-26 | 26-Jan-26 | 26-Jan-29 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0255USDSTR06<br>| 1568454 | USD | (50000000.00) | (50000000.00) | 3-Feb-26 | 26-Feb-26 | 26-Feb-55 |
|  | BOND/BUY USD/IBRD/Callable MTN Core (Non-<br>Retail)/0735USDSTR01<br>| 1541526 | USD | (10000000.00) | (10000000.00) | 24-Dec-25 | 16-Jan-26 | 16-Jul-35 |
| **<u>Sub-total Early Retirements</u>** |  |  |  | (2226800000.00) | (2226800000.00) |  |  |  |
| **<u>Total Early Retirements</u>** |  |  |  |  | (2420495900.00) |  |  |  |

---

**Page 1 of 12**

---

| |
|:---|
| ***International Bank for Reconstruction and Development*** |
| **SEC Report - Changes in Borrowings**<br>**Short Term**<br>**January 01 2026 through March 31 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>New Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260710 WB | 1576592 | USD | 50000000.00 | 50000000.00 | 12-Feb-26 | 13-Feb-26 | 10-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB | 1576594 | USD | 8000000.00 | 8000000.00 | 12-Feb-26 | 12-Feb-26 | 24-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260807 WB | 1582481 | USD | 50000000.00 | 50000000.00 | 18-Feb-26 | 18-Feb-26 | 7-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260506 WB | 1608489 | USD | 25000000.00 | 25000000.00 | 31-Mar-26 | 31-Mar-26 | 6-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB | 1608490 | USD | 50000000.00 | 50000000.00 | 31-Mar-26 | 31-Mar-26 | 4-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260514 WB | 1608492 | USD | 116000000.00 | 116000000.00 | 31-Mar-26 | 31-Mar-26 | 14-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB | 1608495 | USD | 50000000.00 | 50000000.00 | 31-Mar-26 | 31-Mar-26 | 14-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260708 WB | 1608504 | USD | 25000000.00 | 25000000.00 | 31-Mar-26 | 31-Mar-26 | 8-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB | 1608505 | USD | 290000.00 | 290000.00 | 31-Mar-26 | 31-Mar-26 | 30-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB | 1608506 | USD | 25000000.00 | 25000000.00 | 31-Mar-26 | 31-Mar-26 | 29-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261116 WB | 1608507 | USD | 30000000.00 | 30000000.00 | 31-Mar-26 | 31-Mar-26 | 16-Nov-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB | 1554546 | USD | 50000000.00 | 50000000.00 | 14-Jan-26 | 15-Jan-26 | 5-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB | 1554547 | USD | 50000000.00 | 50000000.00 | 14-Jan-26 | 16-Jan-26 | 12-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB | 1582482 | USD | 25000000.00 | 25000000.00 | 18-Feb-26 | 18-Feb-26 | 17-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB | 1583710 | USD | 25000000.00 | 25000000.00 | 20-Feb-26 | 20-Feb-26 | 1-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB | 1583711 | USD | 50000000.00 | 50000000.00 | 20-Feb-26 | 20-Feb-26 | 14-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260821 WB | 1583712 | USD | 50000000.00 | 50000000.00 | 20-Feb-26 | 20-Feb-26 | 21-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB | 1583713 | USD | 25000000.00 | 25000000.00 | 20-Feb-26 | 20-Feb-26 | 1-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260413 WB | 1583717 | USD | 25000000.00 | 25000000.00 | 20-Feb-26 | 20-Feb-26 | 13-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB | 1583718 | USD | 30500000.00 | 30500000.00 | 20-Feb-26 | 20-Feb-26 | 17-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1602175 | USD | 2800000.00 | 2800000.00 | 18-Mar-26 | 20-Mar-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB | 1602177 | USD | 200000000.00 | 200000000.00 | 18-Mar-26 | 19-Mar-26 | 15-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260720 WB | 1601458 | USD | 50000000.00 | 50000000.00 | 17-Mar-26 | 17-Mar-26 | 20-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260923 WB | 1588455 | USD | 50000000.00 | 50000000.00 | 2-Mar-26 | 2-Mar-26 | 23-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1588471 | USD | 20000000.00 | 20000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1588472 | USD | 20000000.00 | 20000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Jun-26 |

---

**Page 2 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1588473 | USD | 20000000.00 | 20000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1588474 | USD | 20000000.00 | 20000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1588475 | USD | 20000000.00 | 20000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260528 WB | 1602803 | USD | 45000000.00 | 45000000.00 | 19-Mar-26 | 25-Mar-26 | 28-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260730 WB | 1602804 | USD | 50000000.00 | 50000000.00 | 19-Mar-26 | 20-Mar-26 | 30-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260402 WB | 1555728 | USD | 37023000.00 | 37023000.00 | 16-Jan-26 | 16-Jan-26 | 2-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260629 WB | 1584210 | USD | 200000000.00 | 200000000.00 | 23-Feb-26 | 23-Feb-26 | 29-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB | 1584212 | USD | 36000000.00 | 36000000.00 | 23-Feb-26 | 24-Feb-26 | 29-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260630 WB | 1604122 | USD | 250000000.00 | 250000000.00 | 23-Mar-26 | 24-Mar-26 | 30-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB | 1604126 | USD | 15000000.00 | 15000000.00 | 23-Mar-26 | 23-Mar-26 | 22-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB | 1604129 | USD | 15000000.00 | 15000000.00 | 23-Mar-26 | 23-Mar-26 | 22-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB | 1604130 | USD | 15000000.00 | 15000000.00 | 23-Mar-26 | 23-Mar-26 | 22-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB | 1604131 | USD | 200000000.00 | 200000000.00 | 23-Mar-26 | 23-Mar-26 | 20-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260506 WB | 1604132 | USD | 25000000.00 | 25000000.00 | 23-Mar-26 | 27-Mar-26 | 6-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260422 WB | 1604133 | USD | 25000000.00 | 25000000.00 | 23-Mar-26 | 23-Mar-26 | 22-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260410 WB | 1560498 | USD | 4000000.00 | 4000000.00 | 20-Jan-26 | 21-Jan-26 | 10-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260526 WB | 1589097 | USD | 8938000.00 | 8938000.00 | 3-Mar-26 | 4-Mar-26 | 26-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260402 WB | 1561347 | USD | 25000000.00 | 25000000.00 | 21-Jan-26 | 26-Jan-26 | 2-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260417 WB | 1561348 | USD | 25000000.00 | 25000000.00 | 21-Jan-26 | 26-Jan-26 | 17-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB | 1561349 | USD | 24000000.00 | 24000000.00 | 21-Jan-26 | 26-Jan-26 | 24-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB | 1589688 | USD | 25000000.00 | 25000000.00 | 4-Mar-26 | 4-Mar-26 | 29-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260909 WB | 1590106 | USD | 50000000.00 | 50000000.00 | 5-Mar-26 | 5-Mar-26 | 9-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260422 WB | 1604573 | USD | 214000000.00 | 214000000.00 | 24-Mar-26 | 24-Mar-26 | 22-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1604574 | USD | 20000000.00 | 20000000.00 | 24-Mar-26 | 24-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1604579 | USD | 20000000.00 | 20000000.00 | 24-Mar-26 | 24-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1604580 | USD | 20000000.00 | 20000000.00 | 24-Mar-26 | 24-Mar-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260724 WB | 1604584 | USD | 140000000.00 | 140000000.00 | 24-Mar-26 | 24-Mar-26 | 24-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260511 WB | 1604600 | USD | 60000000.00 | 60000000.00 | 24-Mar-26 | 30-Mar-26 | 11-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260501 WB | 1604601 | USD | 12500000.00 | 12500000.00 | 24-Mar-26 | 26-Mar-26 | 1-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB | 1604602 | USD | 500000.00 | 500000.00 | 24-Mar-26 | 26-Mar-26 | 8-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1604603 | USD | 5930000.00 | 5930000.00 | 24-Mar-26 | 26-Mar-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261014 WB | 1602174 | USD | 85000000.00 | 85000000.00 | 18-Mar-26 | 20-Mar-26 | 14-Oct-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260401 WB | 1561934 | USD | 35969000.00 | 35969000.00 | 22-Jan-26 | 22-Jan-26 | 1-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB | 1590894 | USD | 10000000.00 | 10000000.00 | 6-Mar-26 | 6-Mar-26 | 5-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB | 1590895 | USD | 10000000.00 | 10000000.00 | 6-Mar-26 | 6-Mar-26 | 5-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB | 1604604 | USD | 25000000.00 | 25000000.00 | 24-Mar-26 | 27-Mar-26 | 22-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB | 1604606 | USD | 17000000.00 | 17000000.00 | 24-Mar-26 | 30-Mar-26 | 11-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260729 WB | 1563403 | USD | 50000000.00 | 50000000.00 | 26-Jan-26 | 30-Jan-26 | 29-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB | 1563404 | USD | 85917000.00 | 85917000.00 | 26-Jan-26 | 26-Jan-26 | 15-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB | 1585554 | USD | 50000000.00 | 50000000.00 | 25-Feb-26 | 2-Mar-26 | 8-May-26 |

---

**Page 3 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB | 1590896 | USD | 10000000.00 | 10000000.00 | 6-Mar-26 | 6-Mar-26 | 5-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1605759 | USD | 25000000.00 | 25000000.00 | 25-Mar-26 | 25-Mar-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB | 1605762 | USD | 200000000.00 | 200000000.00 | 25-Mar-26 | 25-Mar-26 | 11-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260415 WB | 1564084 | USD | 50000000.00 | 50000000.00 | 27-Jan-26 | 27-Jan-26 | 15-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB | 1564087 | USD | 40000000.00 | 40000000.00 | 27-Jan-26 | 27-Jan-26 | 24-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB | 1564090 | USD | 35921000.00 | 35921000.00 | 27-Jan-26 | 28-Jan-26 | 20-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260803 WB | 1586205 | USD | 50000000.00 | 50000000.00 | 26-Feb-26 | 27-Feb-26 | 3-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260522 WB | 1586206 | USD | 150000000.00 | 150000000.00 | 26-Feb-26 | 26-Feb-26 | 22-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260528 WB | 1586208 | USD | 200000000.00 | 200000000.00 | 26-Feb-26 | 26-Feb-26 | 28-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260604 WB | 1604605 | USD | 17000000.00 | 17000000.00 | 24-Mar-26 | 30-Mar-26 | 4-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260420 WB | 1564844 | USD | 5000000.00 | 5000000.00 | 28-Jan-26 | 2-Feb-26 | 20-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260413 WB | 1566617 | USD | 50000000.00 | 50000000.00 | 30-Jan-26 | 30-Jan-26 | 13-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260410 WB | 1566618 | USD | 50000000.00 | 50000000.00 | 30-Jan-26 | 30-Jan-26 | 10-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB | 1566619 | USD | 40000000.00 | 40000000.00 | 30-Jan-26 | 4-Feb-26 | 8-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB | 1566626 | USD | 15000000.00 | 15000000.00 | 30-Jan-26 | 30-Jan-26 | 8-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260527 WB | 1606337 | USD | 108738000.00 | 108738000.00 | 26-Mar-26 | 26-Mar-26 | 27-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261106 WB | 1605761 | USD | 50000000.00 | 50000000.00 | 25-Mar-26 | 27-Mar-26 | 6-Nov-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260408 WB | 1567310 | USD | 64000000.00 | 64000000.00 | 2-Feb-26 | 2-Feb-26 | 8-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260821 WB | 1567313 | USD | 5000000.00 | 5000000.00 | 2-Feb-26 | 3-Feb-26 | 21-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260729 WB | 1593711 | USD | 50000000.00 | 50000000.00 | 12-Mar-26 | 12-Mar-26 | 29-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260730 WB | 1593719 | USD | 50000000.00 | 50000000.00 | 12-Mar-26 | 12-Mar-26 | 30-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260730 WB | 1593720 | USD | 50000000.00 | 50000000.00 | 12-Mar-26 | 12-Mar-26 | 30-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260923 WB | 1607052 | USD | 50000000.00 | 50000000.00 | 27-Mar-26 | 27-Mar-26 | 23-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260930 WB | 1607053 | USD | 50000000.00 | 50000000.00 | 27-Mar-26 | 27-Mar-26 | 30-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260727 WB | 1607054 | USD | 50000000.00 | 50000000.00 | 27-Mar-26 | 27-Mar-26 | 27-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260902 WB | 1607055 | USD | 50000000.00 | 50000000.00 | 27-Mar-26 | 27-Mar-26 | 2-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260715 WB | 1569159 | USD | 50000000.00 | 50000000.00 | 4-Feb-26 | 6-Feb-26 | 15-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260427 WB | 1607064 | USD | 42000000.00 | 42000000.00 | 27-Mar-26 | 30-Mar-26 | 27-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260608 WB | 1607072 | USD | 5000000.00 | 5000000.00 | 27-Mar-26 | 30-Mar-26 | 8-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260715 WB | 1574710 | USD | 200000000.00 | 200000000.00 | 9-Feb-26 | 10-Feb-26 | 15-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260902 WB | 1594318 | USD | 85000000.00 | 85000000.00 | 13-Mar-26 | 13-Mar-26 | 2-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260930 WB | 1594319 | USD | 70000000.00 | 70000000.00 | 13-Mar-26 | 13-Mar-26 | 30-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260519 WB | 1605758 | USD | 48000000.00 | 48000000.00 | 25-Mar-26 | 25-Mar-26 | 19-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261028 WB | 1605760 | USD | 35000000.00 | 35000000.00 | 25-Mar-26 | 25-Mar-26 | 28-Oct-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260715 WB | 1547079 | USD | 200000000.00 | 200000000.00 | 5-Jan-26 | 5-Jan-26 | 15-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260424 WB | 1575268 | USD | 15000000.00 | 15000000.00 | 10-Feb-26 | 10-Feb-26 | 24-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260529 WB | 1575273 | USD | 64000000.00 | 64000000.00 | 10-Feb-26 | 10-Feb-26 | 29-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB | 1607526 | USD | 25000000.00 | 25000000.00 | 30-Mar-26 | 30-Mar-26 | 4-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260504 WB | 1607530 | USD | 20000000.00 | 20000000.00 | 30-Mar-26 | 30-Mar-26 | 4-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260513 WB | 1569161 | USD | 200000000.00 | 200000000.00 | 4-Feb-26 | 4-Feb-26 | 13-May-26 |

---

**Page 4 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261007 WB | 1602173 | USD | 50000000.00 | 50000000.00 | 18-Mar-26 | 18-Mar-26 | 7-Oct-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261021 WB | 1602180 | USD | 60000000.00 | 60000000.00 | 18-Mar-26 | 19-Mar-26 | 21-Oct-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260605 WB | 1575982 | USD | 50000000.00 | 50000000.00 | 11-Feb-26 | 13-Feb-26 | 5-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260511 WB | 1575984 | USD | 2700000.00 | 2700000.00 | 11-Feb-26 | 13-Feb-26 | 11-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1575985 | USD | 2900000.00 | 2900000.00 | 11-Feb-26 | 13-Feb-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260601 WB | 1575998 | USD | 50000000.00 | 50000000.00 | 11-Feb-26 | 12-Feb-26 | 1-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260611 WB | 1596642 | USD | 426000.00 | 426000.00 | 16-Mar-26 | 16-Mar-26 | 11-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260429 WB | 1575981 | USD | 113714000.00 | 113714000.00 | 11-Feb-26 | 11-Feb-26 | 29-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261001 WB | 1603639 | USD | 25000000.00 | 25000000.00 | 20-Mar-26 | 23-Mar-26 | 1-Oct-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260727 WB | 1601457 | USD | 50000000.00 | 50000000.00 | 17-Mar-26 | 17-Mar-26 | 27-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260612 WB | 1601462 | USD | 1000000.00 | 1000000.00 | 17-Mar-26 | 17-Mar-26 | 12-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1601463 | USD | 52028000.00 | 52028000.00 | 17-Mar-26 | 18-Mar-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260507 WB | 1589689 | USD | 95403000.00 | 95403000.00 | 4-Mar-26 | 6-Mar-26 | 7-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260916 WB | 1590105 | USD | 50000000.00 | 50000000.00 | 5-Mar-26 | 6-Mar-26 | 16-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260722 WB | 1562568 | USD | 50000000.00 | 50000000.00 | 23-Jan-26 | 28-Jan-26 | 22-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260406 WB | 1564092 | USD | 6000000.00 | 6000000.00 | 27-Jan-26 | 28-Jan-26 | 6-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260702 WB | 1585555 | USD | 45000000.00 | 45000000.00 | 25-Feb-26 | 25-Feb-26 | 2-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260616 WB | 1584987 | USD | 25000000.00 | 25000000.00 | 24-Feb-26 | 24-Feb-26 | 16-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260819 WB | 1588456 | USD | 50000000.00 | 50000000.00 | 2-Mar-26 | 2-Mar-26 | 19-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260617 WB | 1554548 | USD | 50000000.00 | 50000000.00 | 14-Jan-26 | 16-Jan-26 | 17-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260624 WB | 1554549 | USD | 50000000.00 | 50000000.00 | 14-Jan-26 | 16-Jan-26 | 24-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260626 WB | 1561345 | USD | 50000000.00 | 50000000.00 | 21-Jan-26 | 23-Jan-26 | 26-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260407 WB | 1569162 | USD | 18252000.00 | 18252000.00 | 4-Feb-26 | 5-Feb-26 | 7-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260423 WB | 1569165 | USD | 34898000.00 | 34898000.00 | 4-Feb-26 | 4-Feb-26 | 23-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260430 WB | 1575270 | USD | 64000000.00 | 64000000.00 | 10-Feb-26 | 10-Feb-26 | 30-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260915 WB | 1584211 | USD | 200000000.00 | 200000000.00 | 23-Feb-26 | 24-Feb-26 | 15-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260428 WB | 1562582 | USD | 20000000.00 | 20000000.00 | 23-Jan-26 | 28-Jan-26 | 28-Apr-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260520 WB | 1554545 | USD | 65000000.00 | 65000000.00 | 14-Jan-26 | 15-Jan-26 | 20-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20261102 WB | 1585552 | USD | 50000000.00 | 50000000.00 | 25-Feb-26 | 27-Feb-26 | 2-Nov-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260828 WB | 1586207 | USD | 60000000.00 | 60000000.00 | 26-Feb-26 | 26-Feb-26 | 28-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260710 WB | 1554551 | USD | 100000000.00 | 100000000.00 | 14-Jan-26 | 14-Jan-26 | 10-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB | 1583716 | USD | 100000000.00 | 100000000.00 | 20-Feb-26 | 20-Feb-26 | 14-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB | 1602176 | USD | 100000000.00 | 100000000.00 | 18-Mar-26 | 19-Mar-26 | 8-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260724 WB | 1555729 | USD | 100000000.00 | 100000000.00 | 16-Jan-26 | 16-Jan-26 | 24-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260925 WB | 1584207 | USD | 100000000.00 | 100000000.00 | 23-Feb-26 | 23-Feb-26 | 25-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260925 WB | 1584208 | USD | 100000000.00 | 100000000.00 | 23-Feb-26 | 23-Feb-26 | 25-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260826 WB | 1584213 | USD | 100000000.00 | 100000000.00 | 23-Feb-26 | 24-Feb-26 | 26-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260928 WB | 1604123 | USD | 100000000.00 | 100000000.00 | 23-Mar-26 | 23-Mar-26 | 28-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260710 WB | 1604124 | USD | 100000000.00 | 100000000.00 | 23-Mar-26 | 23-Mar-26 | 10-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260727 WB | 1560499 | USD | 100000000.00 | 100000000.00 | 20-Jan-26 | 21-Jan-26 | 27-Jul-26 |

---

**Page 5 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260803 WB | 1584988 | USD | 100000000.00 | 100000000.00 | 24-Feb-26 | 25-Feb-26 | 3-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260814 WB | 1584989 | USD | 100000000.00 | 100000000.00 | 24-Feb-26 | 25-Feb-26 | 14-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260710 WB | 1584990 | USD | 100000000.00 | 100000000.00 | 24-Feb-26 | 24-Feb-26 | 10-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260825 WB | 1590107 | USD | 100000000.00 | 100000000.00 | 5-Mar-26 | 5-Mar-26 | 25-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260928 WB | 1585556 | USD | 100000000.00 | 100000000.00 | 25-Feb-26 | 26-Feb-26 | 28-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260925 WB | 1590897 | USD | 100000000.00 | 100000000.00 | 6-Mar-26 | 6-Mar-26 | 25-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260909 WB | 1590898 | USD | 100000000.00 | 100000000.00 | 6-Mar-26 | 6-Mar-26 | 9-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260701 WB | 1564089 | USD | 100000000.00 | 100000000.00 | 27-Jan-26 | 28-Jan-26 | 1-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260508 WB | 1586209 | USD | 100000000.00 | 100000000.00 | 26-Feb-26 | 27-Feb-26 | 8-May-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260706 WB | 1566627 | USD | 100000000.00 | 100000000.00 | 30-Jan-26 | 2-Feb-26 | 6-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260706 WB | 1567309 | USD | 100000000.00 | 100000000.00 | 2-Feb-26 | 2-Feb-26 | 6-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260911 WB | 1593712 | USD | 100000000.00 | 100000000.00 | 12-Mar-26 | 12-Mar-26 | 11-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260826 WB | 1593716 | USD | 100000000.00 | 100000000.00 | 12-Mar-26 | 12-Mar-26 | 26-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260911 WB | 1607056 | USD | 100000000.00 | 100000000.00 | 27-Mar-26 | 27-Mar-26 | 11-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260717 WB | 1573718 | USD | 100000000.00 | 100000000.00 | 6-Feb-26 | 6-Feb-26 | 17-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260717 WB | 1575269 | USD | 100000000.00 | 100000000.00 | 10-Feb-26 | 10-Feb-26 | 17-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260724 WB | 1552780 | USD | 100000000.00 | 100000000.00 | 9-Jan-26 | 9-Jan-26 | 24-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260724 WB | 1596643 | USD | 100000000.00 | 100000000.00 | 16-Mar-26 | 17-Mar-26 | 24-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260615 WB | 1601456 | USD | 100000000.00 | 100000000.00 | 17-Mar-26 | 17-Mar-26 | 15-Jun-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260825 WB | 1601459 | USD | 100000000.00 | 100000000.00 | 17-Mar-26 | 18-Mar-26 | 25-Aug-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260724 WB | 1601460 | USD | 100000000.00 | 100000000.00 | 17-Mar-26 | 18-Mar-26 | 24-Jul-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260925 WB | 1601461 | USD | 100000000.00 | 100000000.00 | 17-Mar-26 | 17-Mar-26 | 25-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260901 WB | 1588467 | USD | 100000000.00 | 100000000.00 | 2-Mar-26 | 2-Mar-26 | 1-Sep-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1582478 | USD | 25000000.00 | 25000000.00 | 18-Feb-26 | 24-Feb-26 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1583048 | USD | 20000000.00 | 20000000.00 | 19-Feb-26 | 19-Feb-26 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260317 WB | 1569160 | USD | 18000000.00 | 18000000.00 | 4-Feb-26 | 4-Feb-26 | 17-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260317 WB | 1569591 | USD | 300000000.00 | 300000000.00 | 5-Feb-26 | 5-Feb-26 | 17-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260331 WB | 1583715 | USD | 25000000.00 | 25000000.00 | 20-Feb-26 | 23-Feb-26 | 31-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260319 WB | 1569593 | USD | 229000000.00 | 229000000.00 | 5-Feb-26 | 5-Feb-26 | 19-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260319 WB | 1575975 | USD | 200000000.00 | 200000000.00 | 11-Feb-26 | 11-Feb-26 | 19-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260324 WB | 1584209 | USD | 129000000.00 | 129000000.00 | 23-Feb-26 | 23-Feb-26 | 24-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1554550 | USD | 8869000.00 | 8869000.00 | 14-Jan-26 | 16-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1555722 | USD | 34000000.00 | 34000000.00 | 16-Jan-26 | 22-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1560500 | USD | 5000000.00 | 5000000.00 | 20-Jan-26 | 23-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1582479 | USD | 60000000.00 | 60000000.00 | 18-Feb-26 | 25-Feb-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260326 WB | 1555727 | USD | 50000000.00 | 50000000.00 | 16-Jan-26 | 16-Jan-26 | 26-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260326 WB | 1582483 | USD | 25000000.00 | 25000000.00 | 18-Feb-26 | 18-Feb-26 | 26-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260323 WB | 1561943 | USD | 10079000.00 | 10079000.00 | 22-Jan-26 | 23-Jan-26 | 23-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260325 WB | 1560496 | USD | 45000000.00 | 45000000.00 | 20-Jan-26 | 22-Jan-26 | 25-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1567307 | USD | 25000000.00 | 25000000.00 | 2-Feb-26 | 5-Feb-26 | 20-Mar-26 |

---

**Page 6 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569592 | USD | 20000000.00 | 20000000.00 | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569594 | USD | 20000000.00 | 20000000.00 | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569595 | USD | 20000000.00 | 20000000.00 | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260218 WB | 1566624 | USD | 250000000.00 | 250000000.00 | 30-Jan-26 | 30-Jan-26 | 18-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1564088 | USD | 100000000.00 | 100000000.00 | 27-Jan-26 | 27-Jan-26 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1555726 | USD | 60000000.00 | 60000000.00 | 16-Jan-26 | 22-Jan-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1561932 | USD | 20000000.00 | 20000000.00 | 22-Jan-26 | 22-Jan-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1577711 | USD | 100000000.00 | 100000000.00 | 17-Feb-26 | 17-Feb-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1582480 | USD | 200000000.00 | 200000000.00 | 18-Feb-26 | 18-Feb-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1547081 | USD | 200000000.00 | 200000000.00 | 5-Jan-26 | 7-Jan-26 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1560493 | USD | 300000000.00 | 300000000.00 | 20-Jan-26 | 20-Jan-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1575983 | USD | 1000000.00 | 1000000.00 | 11-Feb-26 | 13-Feb-26 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1564083 | USD | 300000000.00 | 300000000.00 | 27-Jan-26 | 27-Jan-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1567308 | USD | 50000000.00 | 50000000.00 | 2-Feb-26 | 2-Feb-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260313 WB | 1576593 | USD | 129000000.00 | 129000000.00 | 12-Feb-26 | 12-Feb-26 | 13-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1555725 | USD | 25000000.00 | 25000000.00 | 16-Jan-26 | 21-Jan-26 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566620 | USD | 25000000.00 | 25000000.00 | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1564086 | USD | 16000000.00 | 16000000.00 | 27-Jan-26 | 27-Jan-26 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566621 | USD | 25000000.00 | 25000000.00 | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566622 | USD | 25000000.00 | 25000000.00 | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566623 | USD | 25000000.00 | 25000000.00 | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1576595 | USD | 149500000.00 | 149500000.00 | 12-Feb-26 | 12-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1583714 | USD | 100000000.00 | 100000000.00 | 20-Feb-26 | 20-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1584206 | USD | 130000000.00 | 130000000.00 | 23-Feb-26 | 23-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1584986 | USD | 100000000.00 | 100000000.00 | 24-Feb-26 | 24-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1561346 | USD | 19455000.00 | 19455000.00 | 21-Jan-26 | 23-Jan-26 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260217 WB | 1573714 | USD | 100000000.00 | 100000000.00 | 6-Feb-26 | 6-Feb-26 | 17-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1547080 | USD | 5000000.00 | 5000000.00 | 5-Jan-26 | 9-Jan-26 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1552779 | USD | 74000000.00 | 74000000.00 | 9-Jan-26 | 9-Jan-26 | 26-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1561350 | USD | 150000000.00 | 150000000.00 | 21-Jan-26 | 21-Jan-26 | 26-Jan-26 |
| **<u>Sub-total New Borrowings</u>** |  |  |  | **14363250000.00** | **14363250000.00** |  |  |  |
| **<u>Total New Borrowings</u>** |  |  |  |  | **14363250000.00** |  |  |  |
| **<u>Maturing Borrowings</u>** |  |  |  |  |  |  |  |  |
| **<u>Kazakhstan Tenge</u>** |  |  |  |  |  |  |  |  |
|  | BOND/SELL KZT/IBRD/PV MTN Non-Core (Non-<br>Retail)/0326KZT12.5<br>| 1280058 | KZT | (15000000000.00) | (30291403.30) | 26-Feb-25 | 5-Mar-25 | 5-Mar-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(15000000000.00)** | **(30291403.30)** |  |  |  |

---

**Page 7 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
| **<u>United States Dollars</u>** |  |  |  |  |  |  |  |  |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1582478 | USD | (25000000.00) | (25000000.00) | 18-Feb-26 | 24-Feb-26 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1583048 | USD | (20000000.00) | (20000000.00) | 19-Feb-26 | 19-Feb-26 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260317 WB | 1569160 | USD | (18000000.00) | (18000000.00) | 4-Feb-26 | 4-Feb-26 | 17-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260317 WB | 1569591 | USD | (300000000.00) | (300000000.00) | 5-Feb-26 | 5-Feb-26 | 17-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260331 WB | 1583715 | USD | (25000000.00) | (25000000.00) | 20-Feb-26 | 23-Feb-26 | 31-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1394169 | USD | (100000000.00) | (100000000.00) | 16-Jul-25 | 16-Jul-25 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1438043 | USD | (100000000.00) | (100000000.00) | 11-Sep-25 | 11-Sep-25 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1440043 | USD | (200000000.00) | (200000000.00) | 16-Sep-25 | 22-Sep-25 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260319 WB | 1569593 | USD | (229000000.00) | (229000000.00) | 5-Feb-26 | 5-Feb-26 | 19-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260319 WB | 1575975 | USD | (200000000.00) | (200000000.00) | 11-Feb-26 | 11-Feb-26 | 19-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260324 WB | 1584209 | USD | (129000000.00) | (129000000.00) | 23-Feb-26 | 23-Feb-26 | 24-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1475530 | USD | (100000000.00) | (100000000.00) | 20-Oct-25 | 21-Oct-25 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260325 WB | 1402879 | USD | (100000000.00) | (100000000.00) | 24-Jul-25 | 28-Jul-25 | 25-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1524153 | USD | (40000000.00) | (40000000.00) | 4-Dec-25 | 5-Dec-25 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1554550 | USD | (8869000.00) | (8869000.00) | 14-Jan-26 | 16-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1555722 | USD | (34000000.00) | (34000000.00) | 16-Jan-26 | 22-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1560500 | USD | (5000000.00) | (5000000.00) | 20-Jan-26 | 23-Jan-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260330 WB | 1582479 | USD | (60000000.00) | (60000000.00) | 18-Feb-26 | 25-Feb-26 | 30-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260326 WB | 1555727 | USD | (50000000.00) | (50000000.00) | 16-Jan-26 | 16-Jan-26 | 26-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260326 WB | 1582483 | USD | (25000000.00) | (25000000.00) | 18-Feb-26 | 18-Feb-26 | 26-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260316 WB | 1519120 | USD | (70000000.00) | (70000000.00) | 25-Nov-25 | 28-Nov-25 | 16-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260325 WB | 1500372 | USD | (60000000.00) | (60000000.00) | 21-Nov-25 | 21-Nov-25 | 25-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260323 WB | 1561943 | USD | (10079000.00) | (10079000.00) | 22-Jan-26 | 23-Jan-26 | 23-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260325 WB | 1560496 | USD | (45000000.00) | (45000000.00) | 20-Jan-26 | 22-Jan-26 | 25-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260331 WB | 1518419 | USD | (60000000.00) | (60000000.00) | 24-Nov-25 | 24-Nov-25 | 31-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260318 WB | 1499238 | USD | (50000000.00) | (50000000.00) | 19-Nov-25 | 19-Nov-25 | 18-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1498041 | USD | (85000000.00) | (85000000.00) | 18-Nov-25 | 20-Nov-25 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260331 WB | 1476131 | USD | (200000000.00) | (200000000.00) | 21-Oct-25 | 21-Oct-25 | 31-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1522998 | USD | (50000000.00) | (50000000.00) | 2-Dec-25 | 2-Dec-25 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1567307 | USD | (25000000.00) | (25000000.00) | 2-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569592 | USD | (20000000.00) | (20000000.00) | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569594 | USD | (20000000.00) | (20000000.00) | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260320 WB | 1569595 | USD | (20000000.00) | (20000000.00) | 5-Feb-26 | 5-Feb-26 | 20-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1499239 | USD | (50000000.00) | (50000000.00) | 19-Nov-25 | 20-Nov-25 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260327 WB | 1499240 | USD | (9353000.00) | (9353000.00) | 19-Nov-25 | 20-Nov-25 | 27-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260312 WB | 1499930 | USD | (500000000.00) | (500000000.00) | 20-Nov-25 | 21-Nov-25 | 12-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260112 WB | 1519119 | USD | (24400000.00) | (24400000.00) | 25-Nov-25 | 25-Nov-25 | 12-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260112 WB | 1533019 | USD | (21000000.00) | (21000000.00) | 15-Dec-25 | 15-Dec-25 | 12-Jan-26 |

---

**Page 8 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260203 WB | 1538699 | USD | (8100000.00) | (8100000.00) | 17-Dec-25 | 19-Dec-25 | 3-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1375674 | USD | (50000000.00) | (50000000.00) | 23-Jun-25 | 24-Jun-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1446866 | USD | (100000000.00) | (100000000.00) | 22-Sep-25 | 22-Sep-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1446867 | USD | (100000000.00) | (100000000.00) | 22-Sep-25 | 22-Sep-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1480468 | USD | (50000000.00) | (50000000.00) | 29-Oct-25 | 31-Oct-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260223 WB | 1445510 | USD | (100000000.00) | (100000000.00) | 18-Sep-25 | 18-Sep-25 | 23-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260305 WB | 1498038 | USD | (45000000.00) | (45000000.00) | 18-Nov-25 | 18-Nov-25 | 5-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260312 WB | 1530058 | USD | (35000000.00) | (35000000.00) | 9-Dec-25 | 12-Dec-25 | 12-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260312 WB | 1533020 | USD | (1000000.00) | (1000000.00) | 15-Dec-25 | 16-Dec-25 | 12-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260115 WB | 1491228 | USD | (100000000.00) | (100000000.00) | 12-Nov-25 | 13-Nov-25 | 15-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1490481 | USD | (50000000.00) | (50000000.00) | 10-Nov-25 | 12-Nov-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1500368 | USD | (2000000.00) | (2000000.00) | 21-Nov-25 | 24-Nov-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1519123 | USD | (5000000.00) | (5000000.00) | 25-Nov-25 | 26-Nov-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1528486 | USD | (181000000.00) | (181000000.00) | 5-Dec-25 | 5-Dec-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1533922 | USD | (50000000.00) | (50000000.00) | 16-Dec-25 | 16-Dec-25 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1484193 | USD | (50000000.00) | (50000000.00) | 4-Nov-25 | 4-Nov-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260218 WB | 1566624 | USD | (250000000.00) | (250000000.00) | 30-Jan-26 | 30-Jan-26 | 18-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1479716 | USD | (50000000.00) | (50000000.00) | 28-Oct-25 | 28-Oct-25 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1344330 | USD | (100000000.00) | (100000000.00) | 19-May-25 | 20-May-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1375672 | USD | (100000000.00) | (100000000.00) | 23-Jun-25 | 23-Jun-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260115 WB | 1523695 | USD | (90000000.00) | (90000000.00) | 3-Dec-25 | 3-Dec-25 | 15-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260206 WB | 1564088 | USD | (100000000.00) | (100000000.00) | 27-Jan-26 | 27-Jan-26 | 6-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1484933 | USD | (40000000.00) | (40000000.00) | 5-Nov-25 | 5-Nov-25 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1555726 | USD | (60000000.00) | (60000000.00) | 16-Jan-26 | 22-Jan-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1561932 | USD | (20000000.00) | (20000000.00) | 22-Jan-26 | 22-Jan-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1375691 | USD | (100000000.00) | (100000000.00) | 23-Jun-25 | 23-Jun-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1382673 | USD | (100000000.00) | (100000000.00) | 1-Jul-25 | 1-Jul-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1430620 | USD | (100000000.00) | (100000000.00) | 3-Sep-25 | 4-Sep-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1436450 | USD | (100000000.00) | (100000000.00) | 9-Sep-25 | 9-Sep-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260123 WB | 1401699 | USD | (62500000.00) | (62500000.00) | 22-Jul-25 | 29-Jul-25 | 23-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1577711 | USD | (100000000.00) | (100000000.00) | 17-Feb-26 | 17-Feb-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260225 WB | 1582480 | USD | (200000000.00) | (200000000.00) | 18-Feb-26 | 18-Feb-26 | 25-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1383668 | USD | (100000000.00) | (100000000.00) | 3-Jul-25 | 3-Jul-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1384132 | USD | (100000000.00) | (100000000.00) | 7-Jul-25 | 7-Jul-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1449044 | USD | (100000000.00) | (100000000.00) | 25-Sep-25 | 25-Sep-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260105 WB | 1490483 | USD | (1000000.00) | (1000000.00) | 10-Nov-25 | 12-Nov-25 | 5-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260105 WB | 1519118 | USD | (242400000.00) | (242400000.00) | 25-Nov-25 | 25-Nov-25 | 5-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260105 WB | 1538702 | USD | (58200000.00) | (58200000.00) | 17-Dec-25 | 17-Dec-25 | 5-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1388572 | USD | (100000000.00) | (100000000.00) | 8-Jul-25 | 8-Jul-25 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260122 WB | 1493426 | USD | (60000000.00) | (60000000.00) | 17-Nov-25 | 21-Nov-25 | 22-Jan-26 |

---

**Page 9 of 12**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260123 WB | 1458114 | USD | (5000000.00) | (5000000.00) | 7-Oct-25 | 8-Oct-25 | 23-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260123 WB | 1479714 | USD | (50000000.00) | (50000000.00) | 28-Oct-25 | 29-Oct-25 | 23-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260123 WB | 1500370 | USD | (55000000.00) | (55000000.00) | 21-Nov-25 | 21-Nov-25 | 23-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1383666 | USD | (100000000.00) | (100000000.00) | 3-Jul-25 | 3-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1384133 | USD | (100000000.00) | (100000000.00) | 7-Jul-25 | 7-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1480467 | USD | (50000000.00) | (50000000.00) | 29-Oct-25 | 31-Oct-25 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1389315 | USD | (100000000.00) | (100000000.00) | 9-Jul-25 | 9-Jul-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1404870 | USD | (100000000.00) | (100000000.00) | 28-Jul-25 | 28-Jul-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1450595 | USD | (100000000.00) | (100000000.00) | 29-Sep-25 | 29-Sep-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1452185 | USD | (100000000.00) | (100000000.00) | 1-Oct-25 | 1-Oct-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1458802 | USD | (150000000.00) | (150000000.00) | 8-Oct-25 | 8-Oct-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260108 WB | 1353520 | USD | (25000000.00) | (25000000.00) | 28-May-25 | 29-May-25 | 8-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1447796 | USD | (30000000.00) | (30000000.00) | 23-Sep-25 | 24-Sep-25 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1447797 | USD | (10000000.00) | (10000000.00) | 23-Sep-25 | 24-Sep-25 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1258554 | USD | (100000000.00) | (100000000.00) | 29-Jan-25 | 30-Jan-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1388574 | USD | (100000000.00) | (100000000.00) | 8-Jul-25 | 8-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1389934 | USD | (100000000.00) | (100000000.00) | 10-Jul-25 | 10-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1498039 | USD | (50000000.00) | (50000000.00) | 18-Nov-25 | 18-Nov-25 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1539632 | USD | (100000000.00) | (100000000.00) | 18-Dec-25 | 18-Dec-25 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260113 WB | 1547081 | USD | (200000000.00) | (200000000.00) | 5-Jan-26 | 7-Jan-26 | 13-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1382675 | USD | (100000000.00) | (100000000.00) | 1-Jul-25 | 1-Jul-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1383669 | USD | (100000000.00) | (100000000.00) | 3-Jul-25 | 3-Jul-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1394168 | USD | (100000000.00) | (100000000.00) | 16-Jul-25 | 16-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1399969 | USD | (200000000.00) | (200000000.00) | 18-Jul-25 | 21-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1560493 | USD | (300000000.00) | (300000000.00) | 20-Jan-26 | 20-Jan-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1492201 | USD | (15000000.00) | (15000000.00) | 13-Nov-25 | 13-Nov-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1492203 | USD | (20000000.00) | (20000000.00) | 13-Nov-25 | 13-Nov-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260227 WB | 1492204 | USD | (15000000.00) | (15000000.00) | 13-Nov-25 | 13-Nov-25 | 27-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260310 WB | 1575983 | USD | (1000000.00) | (1000000.00) | 11-Feb-26 | 13-Feb-26 | 10-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260108 WB | 1538700 | USD | (14000000.00) | (14000000.00) | 17-Dec-25 | 19-Dec-25 | 8-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260108 WB | 1538701 | USD | (25000000.00) | (25000000.00) | 17-Dec-25 | 22-Dec-25 | 8-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1389933 | USD | (100000000.00) | (100000000.00) | 10-Jul-25 | 11-Jul-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1401700 | USD | (62500000.00) | (62500000.00) | 22-Jul-25 | 29-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1402880 | USD | (100000000.00) | (100000000.00) | 24-Jul-25 | 25-Jul-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260210 WB | 1439258 | USD | (100000000.00) | (100000000.00) | 15-Sep-25 | 16-Sep-25 | 10-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260210 WB | 1491230 | USD | (25000000.00) | (25000000.00) | 12-Nov-25 | 12-Nov-25 | 10-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260219 WB | 1484934 | USD | (40000000.00) | (40000000.00) | 5-Nov-25 | 5-Nov-25 | 19-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1564083 | USD | (300000000.00) | (300000000.00) | 27-Jan-26 | 27-Jan-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260220 WB | 1567308 | USD | (50000000.00) | (50000000.00) | 2-Feb-26 | 2-Feb-26 | 20-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260313 WB | 1498042 | USD | (85000000.00) | (85000000.00) | 18-Nov-25 | 21-Nov-25 | 13-Mar-26 |

---

**Page 10 of 12**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260121 WB | 1458803 | USD | (30000000.00) | (30000000.00) | 8-Oct-25 | 8-Oct-25 | 21-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260121 WB | 1491226 | USD | (25000000.00) | (25000000.00) | 12-Nov-25 | 17-Nov-25 | 21-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1430618 | USD | (100000000.00) | (100000000.00) | 3-Sep-25 | 4-Sep-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1446864 | USD | (100000000.00) | (100000000.00) | 22-Sep-25 | 22-Sep-25 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1448438 | USD | (18653000.00) | (18653000.00) | 24-Sep-25 | 25-Sep-25 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1449735 | USD | (75000000.00) | (75000000.00) | 26-Sep-25 | 26-Sep-25 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260210 WB | 1519124 | USD | (13000000.00) | (13000000.00) | 25-Nov-25 | 28-Nov-25 | 10-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1449736 | USD | (150000000.00) | (150000000.00) | 26-Sep-25 | 26-Sep-25 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1484192 | USD | (100000000.00) | (100000000.00) | 4-Nov-25 | 4-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1490480 | USD | (50000000.00) | (50000000.00) | 10-Nov-25 | 13-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260313 WB | 1576593 | USD | (129000000.00) | (129000000.00) | 12-Feb-26 | 12-Feb-26 | 13-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1383670 | USD | (100000000.00) | (100000000.00) | 3-Jul-25 | 3-Jul-25 | 26-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1446861 | USD | (100000000.00) | (100000000.00) | 22-Sep-25 | 22-Sep-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260128 WB | 1490482 | USD | (40000000.00) | (40000000.00) | 10-Nov-25 | 12-Nov-25 | 28-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1439257 | USD | (100000000.00) | (100000000.00) | 15-Sep-25 | 16-Sep-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260130 WB | 1480466 | USD | (15000000.00) | (15000000.00) | 29-Oct-25 | 29-Oct-25 | 30-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1493427 | USD | (25000000.00) | (25000000.00) | 17-Nov-25 | 17-Nov-25 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1500367 | USD | (25000000.00) | (25000000.00) | 21-Nov-25 | 26-Nov-25 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1555725 | USD | (25000000.00) | (25000000.00) | 16-Jan-26 | 21-Jan-26 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1519122 | USD | (36000000.00) | (36000000.00) | 25-Nov-25 | 25-Nov-25 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566620 | USD | (25000000.00) | (25000000.00) | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1492202 | USD | (39000000.00) | (39000000.00) | 13-Nov-25 | 14-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1499245 | USD | (40000000.00) | (40000000.00) | 19-Nov-25 | 19-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1319549 | USD | (25000000.00) | (25000000.00) | 16-Apr-25 | 17-Apr-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1327797 | USD | (100000000.00) | (100000000.00) | 23-Apr-25 | 24-Apr-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1406219 | USD | (100000000.00) | (100000000.00) | 30-Jul-25 | 30-Jul-25 | 26-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1500371 | USD | (17130000.00) | (17130000.00) | 21-Nov-25 | 25-Nov-25 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260224 WB | 1564086 | USD | (16000000.00) | (16000000.00) | 27-Jan-26 | 27-Jan-26 | 24-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1426266 | USD | (100000000.00) | (100000000.00) | 26-Aug-25 | 27-Aug-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566621 | USD | (25000000.00) | (25000000.00) | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566622 | USD | (25000000.00) | (25000000.00) | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1566623 | USD | (25000000.00) | (25000000.00) | 30-Jan-26 | 30-Jan-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1576595 | USD | (149500000.00) | (149500000.00) | 12-Feb-26 | 12-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1583714 | USD | (100000000.00) | (100000000.00) | 20-Feb-26 | 20-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1584206 | USD | (130000000.00) | (130000000.00) | 23-Feb-26 | 23-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260302 WB | 1584986 | USD | (100000000.00) | (100000000.00) | 24-Feb-26 | 24-Feb-26 | 2-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1500369 | USD | (8600000.00) | (8600000.00) | 21-Nov-25 | 24-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260306 WB | 1519121 | USD | (50000000.00) | (50000000.00) | 25-Nov-25 | 25-Nov-25 | 6-Mar-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1399967 | USD | (3900000.00) | (3900000.00) | 18-Jul-25 | 22-Jul-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1446195 | USD | (45000000.00) | (45000000.00) | 19-Sep-25 | 22-Sep-25 | 2-Jan-26 |

---

**Page 11 of 12**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1520733 | USD | (100000000.00) | (100000000.00) | 26-Nov-25 | 26-Nov-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1528485 | USD | (100000000.00) | (100000000.00) | 5-Dec-25 | 5-Dec-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1528993 | USD | (200000000.00) | (200000000.00) | 8-Dec-25 | 8-Dec-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1528995 | USD | (200000000.00) | (200000000.00) | 8-Dec-25 | 8-Dec-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1533924 | USD | (100000000.00) | (100000000.00) | 16-Dec-25 | 17-Dec-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260102 WB | 1533925 | USD | (50000000.00) | (50000000.00) | 16-Dec-25 | 16-Dec-25 | 2-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260205 WB | 1533926 | USD | (5000000.00) | (5000000.00) | 16-Dec-25 | 16-Dec-25 | 5-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260217 WB | 1528489 | USD | (10951000.00) | (10951000.00) | 5-Dec-25 | 5-Dec-25 | 17-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1438042 | USD | (100000000.00) | (100000000.00) | 11-Sep-25 | 11-Sep-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1452186 | USD | (100000000.00) | (100000000.00) | 1-Oct-25 | 1-Oct-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1383141 | USD | (100000000.00) | (100000000.00) | 2-Jul-25 | 2-Jul-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1389932 | USD | (100000000.00) | (100000000.00) | 10-Jul-25 | 10-Jul-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260114 WB | 1450596 | USD | (200000000.00) | (200000000.00) | 29-Sep-25 | 29-Sep-25 | 14-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260202 WB | 1561346 | USD | (19455000.00) | (19455000.00) | 21-Jan-26 | 23-Jan-26 | 2-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260217 WB | 1573714 | USD | (100000000.00) | (100000000.00) | 6-Feb-26 | 6-Feb-26 | 17-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1475531 | USD | (100000000.00) | (100000000.00) | 20-Oct-25 | 21-Oct-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1479715 | USD | (50000000.00) | (50000000.00) | 28-Oct-25 | 28-Oct-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1393497 | USD | (60000000.00) | (60000000.00) | 15-Jul-25 | 18-Jul-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1406220 | USD | (100000000.00) | (100000000.00) | 30-Jul-25 | 30-Jul-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1448432 | USD | (15000000.00) | (15000000.00) | 24-Sep-25 | 24-Sep-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1448436 | USD | (15000000.00) | (15000000.00) | 24-Sep-25 | 24-Sep-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1448439 | USD | (15000000.00) | (15000000.00) | 24-Sep-25 | 24-Sep-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1448440 | USD | (20000000.00) | (20000000.00) | 24-Sep-25 | 24-Sep-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1449043 | USD | (25000000.00) | (25000000.00) | 25-Sep-25 | 25-Sep-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1491229 | USD | (20000000.00) | (20000000.00) | 12-Nov-25 | 12-Nov-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1499241 | USD | (15000000.00) | (15000000.00) | 19-Nov-25 | 19-Nov-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1404865 | USD | (200000000.00) | (200000000.00) | 28-Jul-25 | 29-Jul-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1483336 | USD | (100000000.00) | (100000000.00) | 3-Nov-25 | 5-Nov-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1530060 | USD | (30500000.00) | (30500000.00) | 9-Dec-25 | 9-Dec-25 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260226 WB | 1547080 | USD | (5000000.00) | (5000000.00) | 5-Jan-26 | 9-Jan-26 | 26-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1409038 | USD | (100000000.00) | (100000000.00) | 5-Aug-25 | 5-Aug-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1452184 | USD | (50000000.00) | (50000000.00) | 1-Oct-25 | 1-Oct-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1452188 | USD | (20000000.00) | (20000000.00) | 1-Oct-25 | 1-Oct-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260114 WB | 1479718 | USD | (60000000.00) | (60000000.00) | 28-Oct-25 | 28-Oct-25 | 14-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260114 WB | 1491225 | USD | (30000000.00) | (30000000.00) | 12-Nov-25 | 12-Nov-25 | 14-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260115 WB | 1374395 | USD | (200000000.00) | (200000000.00) | 18-Jun-25 | 20-Jun-25 | 15-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1552779 | USD | (74000000.00) | (74000000.00) | 9-Jan-26 | 9-Jan-26 | 26-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1499242 | USD | (15000000.00) | (15000000.00) | 19-Nov-25 | 19-Nov-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1499243 | USD | (15000000.00) | (15000000.00) | 19-Nov-25 | 19-Nov-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1499244 | USD | (15000000.00) | (15000000.00) | 19-Nov-25 | 19-Nov-25 | 29-Jan-26 |

---

**Page 12 of 12**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Borrowing Type</u>** | **<u>Description</u>** | **<u>Trade Id</u>** | **<u>Currency</u>** | **<u>Currency Amount</u>** | **<u>US$ Equivalent</u>** | **<u>Trade Date</u>** | **<u>Settlement Date</u>** | **<u>Maturity Date</u>** |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1528487 | USD | (65602000.00) | (65602000.00) | 5-Dec-25 | 5-Dec-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1528999 | USD | (25000000.00) | (25000000.00) | 8-Dec-25 | 10-Dec-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260129 WB | 1530061 | USD | (30500000.00) | (30500000.00) | 9-Dec-25 | 9-Dec-25 | 29-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1436449 | USD | (100000000.00) | (100000000.00) | 9-Sep-25 | 9-Sep-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1458115 | USD | (5000000.00) | (5000000.00) | 7-Oct-25 | 7-Oct-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1518420 | USD | (200000000.00) | (200000000.00) | 24-Nov-25 | 24-Nov-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260109 WB | 1519126 | USD | (15000000.00) | (15000000.00) | 25-Nov-25 | 25-Nov-25 | 9-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1479717 | USD | (8776000.00) | (8776000.00) | 28-Oct-25 | 29-Oct-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260116 WB | 1533928 | USD | (200000000.00) | (200000000.00) | 16-Dec-25 | 16-Dec-25 | 16-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260126 WB | 1561350 | USD | (150000000.00) | (150000000.00) | 21-Jan-26 | 21-Jan-26 | 26-Jan-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1445509 | USD | (100000000.00) | (100000000.00) | 18-Sep-25 | 18-Sep-25 | 13-Feb-26 |
|  | DIN/SELL USD/IBRD/NULL/IBRDUS 0 20260213 WB | 1445511 | USD | (100000000.00) | (100000000.00) | 18-Sep-25 | 18-Sep-25 | 13-Feb-26 |
| **<u>Sub-total Maturing Borrowings</u>** |  |  |  | **(15942968000.00)** | **(15942968000.00)** |  |  |  |
| **<u>Total Maturing Borrowings</u>** |  |  |  |  | **(15973259403.30)** |  |  |  |

---