Bond IBRD-Global 11.2% ( XS2799645606 ) in USD

Issuer IBRD-Global
Market price refresh price now   100 %  ⇌ 
Country  United States
ISIN code  XS2799645606 ( in USD )
Interest rate 11.2% per year ( payment time a year)
Maturity 24/04/2028



Prospectus brochure of the bond IBRD XS2799645606 en USD 11.2%, maturity 24/04/2028


Minimal amount /
Total amount 70 000 000 USD
Next Coupon 24/10/2025 ( In 114 days )
Detailed description The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans and advice to middle-income and creditworthy low-income countries for development projects.

The Bond issued by IBRD-Global ( United States ) , in USD, with the ISIN code XS2799645606, pays a coupon of 11.2% per year.
The coupons are paid time per year and the Bond maturity is 24/04/2028








PROSPECTUS SUPPLEMENT DATED APRIL 3, 2024


INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT

US$225,000,000
Class A Floating Rate Catastrophe-Linked Capital at Risk Notes
due April 24, 2028

US$70,000,000
Class B Floating Rate Catastrophe-Linked Capital at Risk Notes
due April 24, 2028

US$125,000,000
Class C Floating Rate Catastrophe-Linked Capital at Risk Notes
due April 24, 2028

This prospectus supplement (this "Prospectus Supplement") is issued to provide information with respect to the proposed
issuance by International Bank for Reconstruction and Development ("IBRD" or "Issuer") of Class A Floating Rate
Catastrophe-Linked Capital at Risk Notes due April 24, 2028 (the "Class A Notes"), Class B Floating Rate Catastrophe-
Linked Capital at Risk Notes due April 24, 2028 (the "Class B Notes") and Class C Floating Rate Catastrophe-Linked
Capital at Risk Notes due April 24, 2028 (the "Class C Notes"), each referred to as a "Class of Notes" and together as the
"Notes". As described herein, if one or more Applicable Events occur with respect to a Class of Notes, all or a portion of the
Outstanding Nominal Amount of such Class of Notes may be reduced by one or more Principal Reductions. Any such
Principal Reduction would lead to a reduction (possibly to zero) in the interest (except with respect to days on or before April
17, 2025) and the redemption amount (if any) payable on such Class of Notes.
This Prospectus Supplement supplements the terms and conditions in, and incorporates by reference, the accompanying
Prospectus dated September 24, 2021, and all documents incorporated by reference therein, as supplemented by the Capital at
Risk Notes Prospectus Supplement dated September 24, 2021, attached hereto (as so supplemented, the "Prospectus"), and
should be read in conjunction with the Prospectus. Unless otherwise defined in this Prospectus Supplement, terms used
herein have the same meaning as in the accompanying Prospectus. For a detailed description of the terms of the Class A
Notes, see Annex A to this Prospectus Supplement; for a detailed description of the terms of the Class B Notes, see Annex B
to this Prospectus Supplement; and for a detailed description of the terms of the Class C Notes, see Annex C to this
Prospectus Supplement.
The Notes relate to the perils of Earthquakes and Named Storms. An "Applicable Event" will be an Earthquake Event for the
Class A Notes and the Class B Notes, and an Atlantic Named Storm Event for the Class C Notes.
Interest on each Class of Notes will accrue on the Outstanding Nominal Amount of such Class of Notes, except that the Risk
Margin portion of interest will accrue on the Aggregate Nominal Amount of such Class of Notes from and including the Issue
Date, to and including April 17, 2025, and thereafter will accrue on the Outstanding Nominal Amount of such Class of Notes
(which may be zero). Interest will be payable in arrears on the 24th day of each month, from and including May 24, 2024, to
and including March 24, 2028, as well as on the Scheduled Maturity Date for the applicable Class of Notes, and in the case of
an Extension Event with respect to any Class of Notes, on each Extended Maturity Date for such Class of Notes, and, in each
case, if such day is not a Business Day, on the next succeeding Business Day. In the case of a Mandatory Redemption Event
with respect to a Class of Notes, accrued interest will be paid on the Redemption Amount Payment Date for such Class of
Notes, and no further interest will be paid with respect to such Class of Notes.





Investing in the Notes is speculative and involves a high degree of risk including the risk of a total loss of principal amount of
the applicable Class of Notes. See "Additional Risk Factors" beginning on page PT-27 of this Prospectus Supplement, "Risk
Factors" beginning on page 18 of the Prospectus dated September 24, 2021 and "Risk Factors" beginning on page S-3 of
the Capital at Risk Notes Prospectus Supplement dated September 24, 2021 for a discussion of certain factors to be
considered in connection with an investment in the Notes.


THE NOTES ARE EXEMPTED SECURITIES UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND THEREFORE THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OR ANY STATE OR FOREIGN SECURITIES LAWS. NOTWITHSTANDING THE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT, THE NOTES WILL BE OFFERED AND
SOLD ONLY TO INVESTORS WHO (I) ARE "QUALIFIED INSTITUTIONAL BUYERS" WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") AND (II) ARE RESIDENTS OF AND PURCHASING IN,
AND WILL HOLD THE NOTES IN, A PERMITTED U.S. JURISDICTION OR A PERMITTED NON-U.S. JURISDICTION
(AND MEET THE OTHER REQUIREMENTS SET FORTH UNDER "NOTICE TO INVESTORS" IN THIS PROSPECTUS
SUPPLEMENT). THE NOTES ARE NOT TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS
DESCRIBED UNDER "NOTICE TO INVESTORS" IN THIS PROSPECTUS SUPPLEMENT. EACH PURCHASER OF THE
NOTES IN MAKING ITS PURCHASE WILL BE DEEMED TO HAVE MADE CERTAIN ACKNOWLEDGMENTS,
REPRESENTATIONS AND AGREEMENTS AS LISTED UNDER "NOTICE TO INVESTORS" IN THIS PROSPECTUS
SUPPLEMENT.

The Notes will be offered by Aon Securities LLC and GC Securities, a division of MMC Securities LLC, as initial purchasers
of the Notes (the "Initial Purchasers") and by Munich Re Capital Markets GmbH, as placement agent (the "Placement
Agent" and, together with the Initial Purchasers, the "Managers"), subject to receipt and acceptance by each Initial
Purchaser and subject to each Initial Purchaser's rights to reject any order in whole or in part. The Notes will be delivered in
book-entry form against payment therefor in immediately available funds.



Aon Securities LLC
GC Securities
Joint Structuring Agent, Joint Manager and Joint
Joint Structuring Agent, Joint Manager and Joint
Bookrunner
Bookrunner
Munich Re
Joint Structuring Agent and Joint Manager
_______________________________________________
The date of this Prospectus Supplement is April 3, 2024.








The rate of interest applicable to each Class of Notes for each day will be a per annum rate equal to Compounded
SOFR for the applicable Interest Period (determined as described below) plus the Funding Margin plus the Risk Margin for
the relevant Class of Notes, subject to a minimum per annum rate equal to the Risk Margin for such Class of Notes. See
"Overview--The Notes--Interest--Amounts of interest" and "Overview--The Notes--Interest--Rate of interest".

For each Interest Period, the amount of interest payable in respect of a Class of Notes will be calculated as the sum
of the Daily Interest Amounts for each day in such Interest Period.

The "Daily Interest Amount" for each Calculation Amount for the applicable Class of Notes shall equal:

(a) for each day from and including the Issue Date to and including April 17, 2025, one three hundred sixtieth (1/360)
times the sum of (A) and (B):

(A) the greater of (x) the fraction the numerator of which is the Outstanding Nominal Amount of such Class of
Notes as of the first day of such Interest Period (after giving effect to any Principal Reduction on such date)
and the denominator of which is the Aggregate Nominal Amount of such Class of Notes times US$1,000
times the sum of (A) Compounded SOFR for such Interest Period and (B) the Funding Margin and (y) zero
(0), and

(B) the applicable Risk Margin on such day times US$1,000; and

(b) for each day after April 17, 2025 to but excluding the Maturity Date, one three hundred sixtieth (1/360) times the
sum of (A) and (B):

(A) the greater of (x) the fraction the numerator of which is the Outstanding Nominal Amount of such Class of
Notes as of the first day of such Interest Period (after giving effect to any Principal Reduction and/or Partial
Repayment on such date) and the denominator of which is the Aggregate Nominal Amount of such Class of
Notes times US$1,000 times the sum of (A) Compounded SOFR for such Interest Period and (B) the
Funding Margin and (y) zero (0); and

(B) the applicable Risk Margin on such day times the fraction the numerator of which is the Outstanding
Nominal Amount of such Class of Notes as of the first day of the Interest Period (after giving effect to any
Principal Reductions and/or Partial Repayments on such date) and the denominator of which is the
Aggregate Nominal Amount of such Class of Notes times US$1,000.

If the Outstanding Nominal Amount of a Class of Notes is reduced to zero (US$0) on any Principal Reduction Date
prior to the Specified Interest Payment Date scheduled to occur on April 24, 2025, IBRD must pay the Residual Interest
Amount for such Class of Notes on such Principal Reduction Date in addition to the payment of accrued interest with respect
to the Interest Period ending on such Principal Reduction Date, and no further interest will be paid with respect to such Class
of Notes.

An Extension Event may occur with respect to one or more Classes of Notes, pursuant to which the maturity of such
Class or Classes of Notes would be extended, and in the case of a Partial Extension, part of the Outstanding Nominal Amount
of such Class or Classes of Notes would be redeemed on the Scheduled Maturity Date or the relevant Extended Maturity Date
of such Class of Notes at a price equal to 100% of the Outstanding Nominal Amount of such Class of Notes to be partially
redeemed (together with accrued interest, if any).

The net proceeds from the sale of each Class of Notes will be used as described under "Use of Proceeds".

IBRD will enter into a Retrocession Agreement with the Ceding Reinsurer with respect to each Class of Notes.
With respect to each Class of Notes, the Ceding Reinsurer will enter into a Reinsurance Agreement with the Insurer, and the
Insurer will enter into an Insurance Agreement with the Insured. If a Principal Reduction occurs with respect to a Class of
Notes, IBRD will be obligated to pay to the Ceding Reinsurer, pursuant to the related Retrocession Agreement, an amount
equal to such Principal Reduction, and such amount is expected to ultimately be paid to the Insured pursuant to the related
Reinsurance Agreement and Insurance Agreement. See "The Associated Transactions--The Associated Agreements".

It is expected that delivery of each Class of Notes will be made against payment therefor on or about the Issue Date,
which will be ten (10) business days following the date hereof (the date hereof, the "Trade Date") (such settlement being
iii




referred to as "T+10"). You should note that trading of each Class of Notes on the Trade Date or the next seven (7)
succeeding business days may be affected by the T+10 settlement. See "Plan of Distribution".

This Prospectus Supplement has been prepared for use in connection with the proposed offering of Notes,
which is exempt from registration under the Securities Act, solely for purposes of enabling an investor to consider the
purchase of the Notes offered hereby. Its use for any other purpose is not authorized. Any reproduction or
distribution of this Prospectus Supplement, in whole or in part, or any disclosure of its contents, or the use of any
information contained herein for any purposes other than considering an investment in the Notes, is prohibited. The
information contained in this Prospectus Supplement has been provided by IBRD, AIR Worldwide Corporation and
the other sources identified herein. No representation or warranty, express or implied, is made by the Managers, the
Ceding Reinsurer or AIR Worldwide Corporation (other than the AIR Expert Risk Analysis Report) as to the
accuracy or completeness of such information, and nothing contained in this Prospectus Supplement is, or shall be
relied upon as, a promise or representation by any such person, whether as to the past or the future. Neither the
Managers nor the Ceding Reinsurer have independently verified any of such information, and neither the Managers
nor the Ceding Reinsurer assume any responsibility for its accuracy or completeness. Each offeree of the Notes, by
accepting delivery of this Prospectus Supplement, agrees to the foregoing.

IBRD ACCEPTS RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS PROSPECTUS
SUPPLEMENT, EXCEPT FOR THE INFORMATION CONTAINED IN APPENDIX I (AIR EXPERT RISK ANALYSIS),
APPENDIX II (AIR EXPERT RISK ANALYSIS RESULTS) AND THE AIR DATA FILE, AND, TO THE BEST
KNOWLEDGE AND BELIEF OF IBRD (WHICH HAS TAKEN ALL REASONABLE CARE TO ENSURE THAT SUCH
IS THE CASE), SUCH INFORMATION IS IN ACCORDANCE WITH THE FACTS AND DOES NOT OMIT
ANYTHING LIKELY TO AFFECT THE IMPORT OF SUCH INFORMATION. IBRD EXPRESSLY DISCLAIMS
RESPONSIBILITY FOR THE CONTENTS OF ANY EVENT REPORT, AND FOR ANY OTHER ACTION THAT MAY
BE TAKEN BY THE EVENT CALCULATION AGENT.

AIR WORLDWIDE CORPORATION ACCEPTS RESPONSIBILITY FOR THE INFORMATION CONTAINED
IN THE AIR EXPERT RISK ANALYSIS, AIR EXPERT RISK ANALYSIS RESULTS AND AIR DATA FILE (SUBJECT
TO THE LIMITATIONS AND DISCLAIMERS IN RESPECT THEREOF SET FORTH IN THIS PROSPECTUS
SUPPLEMENT, INCLUDING, BUT NOT LIMITED TO, THE SECTION ENTITLED "AIR DISCLAIMERS", AND THE
SECTION ENTITLED "ADDITIONAL RISK FACTORS--RISKS RELATING TO AIR AND CERTAIN OTHER RISKS" ON
PAGES PT-33 TO PT-38 HEREOF); AND AIR WORLDWIDE CORPORATION HAS TAKEN REASONABLE CARE
AND IS NOT AWARE OF THE OMISSION OF ANY MAJOR CRITICAL FEATURE LIKELY TO AFFECT THE
IMPORT OF THE INFORMATION CONTAINED IN THE AIR EXPERT RISK ANALYSIS, AIR EXPERT RISK
ANALYSIS RESULTS AND AIR DATA FILE. EACH OF THE AIR EXPERT RISK ANALYSIS, AIR EXPERT RISK
ANALYSIS RESULTS AND AIR DATA FILE IS INCLUDED IN THIS PROSPECTUS SUPPLEMENT IN THE FORM
AND CONTEXT IN WHICH IT APPEARS AND AIR WORLDWIDE CORPORATION HAS CONSENTED TO THE
INCLUSION OF THE AIR EXPERT RISK ANALYSIS, AIR EXPERT RISK ANALYSIS RESULTS AND AIR DATA
FILE IN THE FORM AND CONTEXT IN WHICH THEY ARE INCLUDED IN THIS PROSPECTUS SUPPLEMENT.

AN INVESTMENT IN THE NOTES OFFERED HEREBY INVOLVES A HIGH DEGREE OF RISK. SEE
"ADDITIONAL RISK FACTORS" HEREIN. THE NOTES ARE SPECULATIVE AND INVESTORS BEAR THE RISK
THAT THEY COULD LOSE ALL OR A PORTION OF THE PRINCIPAL AMOUNT OF, AND INTEREST ON, THE
NOTES IF THERE ARE ONE OR MORE APPLICABLE EVENT(S) RESULTING IN PRINCIPAL REDUCTIONS WITH
RESPECT TO ANY CLASS OF NOTES.


THE NOTES ARE COMPLEX INSTRUMENTS AND ARE INTENDED FOR SALE ONLY TO INVESTORS
CAPABLE OF UNDERSTANDING THE RISKS ENTAILED IN SUCH INSTRUMENTS. ALL INVESTORS SHOULD
HAVE SUFFICIENT KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO BE
CAPABLE OF EVALUATING THE MERITS AND RISKS OF INVESTING IN AND HOLDING THE NOTES. AN
INVESTMENT IN THE NOTES SHOULD BE MADE ONLY BY INVESTORS WHO ARE ABLE AND PREPARED TO
BEAR THE SUBSTANTIAL RISKS OF INVESTING THEREIN, INCLUDING A COMPLETE LOSS OF PRINCIPAL
AMOUNT OF THE NOTES. POTENTIAL INVESTORS IN THE NOTES ARE STRONGLY ENCOURAGED TO
CONSULT WITH THEIR FINANCIAL, LEGAL, TAX AND OTHER ADVISORS BEFORE MAKING ANY
INVESTMENT DECISION.


THIS PROSPECTUS SUPPLEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY SECURITY OTHER THAN THE NOTES OFFERED HEREBY, NOR DOES IT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE NOTES, TO ANY
iv




PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION
TO SUCH PERSON. NEITHER THE DELIVERY OF THIS PROSPECTUS SUPPLEMENT, NOR ANY SALE MADE
HEREUNDER OR THEREUNDER, SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT
THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY DATE SUBSEQUENT TO THE DATE
HEREOF.


THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR
ANY U.S. STATE OR FOREIGN SECURITIES LAWS. THE NOTES ARE SUBJECT TO SUBSTANTIAL
RESTRICTIONS ON TRANSFER AS DESCRIBED UNDER "NOTICE TO INVESTORS".


THE NOTES OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY UNITED STATES
FEDERAL OR STATE OR FOREIGN SECURITIES COMMISSION, INSURANCE OR OTHER REGULATORY
AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR
DETERMINED THE ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.


THE NOTES OFFERED HEREBY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED TO ANY PERSON (I) IN ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES
OTHER THAN THE PERMITTED U.S. JURISDICTIONS OR (II) IN ANY JURISDICTION OUTSIDE OF THE UNITED
STATES OTHER THAN THE PERMITTED NON-U.S. JURISDICTIONS, AND IN EACH CASE, THE NOTES MAY
ONLY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO INVESTORS THAT ARE
"QUALIFIED INSTITUTIONAL BUYERS" AS DEFINED IN RULE 144A (AND MEET THE OTHER
REQUIREMENTS SET FORTH UNDER THE "NOTICE TO INVESTORS" SECTION HEREIN), AND IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE PERMITTED U.S. JURISDICTIONS AND
ALL APPLICABLE SECURITIES LAWS OF THE PERMITTED NON-U.S. JURISDICTIONS. NONE OF IBRD, ANY
MANAGER OR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATION THAT THE OFFER,
SALE, PLEDGE OR TRANSFER OF THE NOTES IS PERMITTED UNDER THE LAW OF ANY PERMITTED U.S.
JURISDICTION OR ANY PERMITTED NON-U.S. JURISDICTION.


THIS PROSPECTUS SUPPLEMENT CONTAINS DESCRIPTIONS BELIEVED TO BE ACCURATE WITH
RESPECT TO THE MATERIAL TERMS OF CERTAIN DOCUMENTS, BUT REFERENCE IS MADE TO THE
ACTUAL DOCUMENTS, INCLUDING WITHOUT LIMITATION THE EVENT CALCULATION AGENT
AGREEMENT AND THE TERMS OF THE NOTES AS SET FORTH IN ANNEX A, ANNEX B AND ANNEX C
HERETO FOR COMPLETE INFORMATION WITH RESPECT THERETO, AND SUCH DESCRIPTIONS ARE
QUALIFIED IN THEIR ENTIRETY BY SUCH REFERENCE. COPIES OF SUCH DOCUMENTS MAY BE OBTAINED
AS PER THE INSTRUCTIONS SET FORTH IN THE SECTION "AVAILABLE INFORMATION" HEREIN BY A
NOTEHOLDER OR A PROSPECTIVE NOTEHOLDER (WHO IS A PERMITTED TRANSFEREE).


THERE IS NO MARKET FOR THE NOTES AND THERE IS NO ASSURANCE THAT A MARKET WILL
DEVELOP. NO MANAGER OR ANY AFFILIATE OF ANY MANAGER IS UNDER ANY OBLIGATION TO MAKE A
MARKET IN THE NOTES AND, TO THE EXTENT THAT SUCH MARKET MAKING IS COMMENCED BY ANY
MANAGER OR ANY AFFILIATE OF ANY MANAGER, IT MAY BE DISCONTINUED AT ANY TIME. GIVEN THE
RISKS ASSOCIATED WITH AN INVESTMENT IN THE NOTES, THE HIGH MINIMUM DENOMINATIONS AND
THE RESTRICTIONS ON TRANSFER, THERE IS NO ASSURANCE THAT A SECONDARY TRADING MARKET
FOR THE NOTES WILL DEVELOP AND INVESTORS MUST BE ABLE TO BEAR THE RISKS OF HOLDING THE
NOTES UNTIL THEIR REDEMPTION AMOUNT PAYMENT DATE.


IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION
OF IBRD AND THE TERMS OF THE NOTES AND THE PARTICULAR OFFERING THEREOF, INCLUDING THE
MERITS AND RISKS INVOLVED. BY ACCEPTING DELIVERY OF THIS PROSPECTUS SUPPLEMENT,
INVESTORS WILL BE DEEMED TO HAVE ACKNOWLEDGED THE NEED TO CONDUCT THEIR OWN
THOROUGH INVESTIGATION AND EXERCISE THEIR OWN DUE DILIGENCE BEFORE MAKING AN
INVESTMENT IN THE NOTES. INVESTORS AND THEIR ADVISORS, IF ANY, ARE INVITED TO ASK
QUESTIONS OF, AND OBTAIN ADDITIONAL INFORMATION CONCERNING, IBRD AND THE TERMS AND
v




CONDITIONS OF THE INVESTMENT CONTEMPLATED BY THIS PROSPECTUS SUPPLEMENT, AND ANY
ADDITIONAL INFORMATION THAT IS NECESSARY TO VERIFY THE ACCURACY OF THE INFORMATION
PROVIDED TO SUCH INVESTORS. BY PURCHASING NOTES EACH INVESTOR SHALL BE DEEMED TO
ACKNOWLEDGE THAT IT HAS HAD A FULL OPPORTUNITY TO ASK SUCH QUESTIONS OF, AND OBTAIN
SUCH INFORMATION FROM, IBRD.


THE NOTES ARE NOT OBLIGATIONS OF, AND ARE NOT GUARANTEED BY, ANY PARTY OTHER
THAN IBRD. THE OUTSTANDING NOMINAL AMOUNT AND INTEREST RELATING THERETO ARE PAYABLE
ONLY BY IBRD.


ONE OR MORE APPLICABLE EVENTS COULD OCCUR AT ANY TIME DURING THE RISK PERIOD OF
THE RELEVANT CLASS OF NOTES RESULTING IN A FULL OR PARTIAL LOSS OF AN INVESTMENT IN SUCH
CLASS OR CLASSES OF NOTES.


NONE OF IBRD, THE GLOBAL AGENT, ANY MANAGER, THE EVENT CALCULATION AGENT, THE
CEDING REINSURER OR ANY OF THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES MAKES ANY
REPRESENTATION TO ANY INVESTOR IN THE NOTES REGARDING THE LEGALITY OF AN INVESTMENT
UNDER LEGAL INVESTMENT OR SIMILAR LAWS. INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF
THIS PROSPECTUS SUPPLEMENT AS INVESTMENT, TAX, ACCOUNTING OR LEGAL ADVICE. THIS
PROSPECTUS SUPPLEMENT, AS WELL AS THE NATURE OF AN INVESTMENT IN THE NOTES, SHOULD BE
REVIEWED BY EACH INVESTOR AND ITS INVESTMENT, TAX OR OTHER ADVISERS, AND ITS
ACCOUNTANTS AND LEGAL COUNSEL. INVESTORS SHOULD SATISFY THEMSELVES THAT AN
INVESTMENT IN THE NOTES IS NOT IN VIOLATION OF THE LAWS OF ANY JURISDICTION RELEVANT TO
THEM, INCLUDING APPLICABLE INSURANCE LAWS.


NO DEALER, SALESPERSON OR OTHER PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR
TO REPRESENT ANYTHING NOT CONTAINED IN THE PROSPECTUS OR THIS PROSPECTUS SUPPLEMENT.
YOU MUST NOT RELY ON ANY UNAUTHORIZED INFORMATION OR REPRESENTATIONS. THIS PROSPECTUS
SUPPLEMENT IS AN OFFER TO SELL ONLY THE NOTES OFFERED HEREBY, BUT ONLY UNDER
CIRCUMSTANCES AND IN JURISDICTIONS WHERE IT IS LAWFUL TO DO SO. THE INFORMATION
CONTAINED IN THIS PROSPECTUS SUPPLEMENT IS CURRENT ONLY AS OF ITS DATE.





vi




AIR DISCLAIMERS

AIR WORLDWIDE CORPORATION ("AIR") HAS PERFORMED, AND WILL PERFORM, CERTAIN
STATISTICAL MODELING AND OTHER SERVICES, AS DESCRIBED IN THIS PROSPECTUS SUPPLEMENT,
INCLUDING AS THE MODELING AGENT AND INITIAL EVENT CALCULATION AGENT FOR THE NOTES.

THE STATISTICAL DATA, MODELING AND EXPLANATIONS INCLUDED HEREIN UNDER THE
SECTION "ADDITIONAL RISK FACTORS" AND UNDER THE SECTIONS "AIR EXPERT RISK ANALYSIS", "AIR
EXPERT RISK ANALYSIS RESULTS" AND "AIR DATA FILE" (WHICH INCLUDES INFORMATION MADE
AVAILABLE ON THE SITE) (THE "AIR DATA FILE") IN APPENDIX I, APPENDIX II AND APPENDIX III,
RESPECTIVELY, ATTACHED HERETO (JOINTLY REFERRED TO HEREIN AS THE "AIR EXPERT RISK
ANALYSIS REPORT") HAVE BEEN PREPARED BY AIR AS AN EXPERT IN STATISTICAL MODELING AND
THE ANALYSIS OF RISKS ASSOCIATED WITH EARTHQUAKES AND NAMED STORMS. INVESTORS IN THE
NOTES ARE ADVISED THAT THE RISK ANALYSIS RESULTS REPORTED BY AIR ARE BASED ON (I) VERSION
1.1 OF THE AIR TROPICAL CYCLONE MODEL FOR MEXICO AND (II) VERSION 2.0 OF THE AIR EARTHQUAKE
MODEL FOR MEXICO, BOTH AS IMPLEMENTED IN TOUCHSTONE 10.0.0 AND TOUCHSTONE RE 11.0.0
(TOGETHER, THE "AIR MODELS"). THE RISK ANALYSIS RESULTS REPORTED IN THE AIR EXPERT RISK
ANALYSIS REPORT ARE, THEREFORE, SUBJECT TO NUMEROUS ASSUMPTIONS, UNCERTAINTIES AND THE
INHERENT LIMITATIONS OF ANY STATISTICAL ANALYSIS, AS MORE FULLY DESCRIBED HEREIN. ACTUAL
LOSS EXPERIENCE IS INHERENTLY UNPREDICTABLE. INVESTORS ARE URGED TO READ CAREFULLY THE
MATERIAL CONTAINED IN THE AIR EXPERT RISK ANALYSIS REPORT AND UNDER THE CAPTION
"ADDITIONAL RISK FACTORS" FOR A DESCRIPTION OF SUCH ASSUMPTIONS, UNCERTAINTIES AND
LIMITATIONS.

THE DATA AND METHODOLOGY DESCRIBED IN THE AIR EXPERT RISK ANALYSIS REPORT, AND
THE ANALYSES, ESTIMATES AND SERVICES DESCRIBED THEREIN, ARE PROVIDED "AS IS" WITHOUT
WARRANTY OR GUARANTY OF ANY KIND TO THE INVESTORS IN THE NOTES. THESE ANALYSES AND
ESTIMATES ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY AND ARE NOT INTENDED TO PROVIDE,
NOR SHOULD THEY BE INTERPRETED AS PROVIDING, ANY FACTS REGARDING, OR ANY GUARANTY OR
PREDICTION OR FORECAST OF, THE LIKELIHOOD THAT INVESTORS IN THE NOTES WILL RECEIVE
PAYMENT THEREON. NOTWITHSTANDING THE ANALYSES, ESTIMATES AND ASSUMPTIONS SET FORTH
IN THIS PROSPECTUS SUPPLEMENT AND IN THE AIR EXPERT RISK ANALYSIS REPORT, ONE OR MORE
APPLICABLE EVENTS COULD OCCUR AT ANY TIME DURING THE RISK PERIOD OF THE APPLICABLE CLASS
OF NOTES. ANY SUCH APPLICABLE EVENT COULD RESULT IN A FULL OR PARTIAL REDUCTION IN THE
OUTSTANDING NOMINAL AMOUNT OF, AND INTEREST ON, SUCH CLASS OF NOTES. ANY SUCH
APPLICABLE EVENT MAY HAVE CHARACTERISTICS SIMILAR TO OR DIFFERENT FROM THOSE OF
SIMULATED EVENTS THAT DID NOT QUALIFY AS APPLICABLE EVENTS IN THE AIR EXPERT RISK
ANALYSIS REPORT, OR CHARACTERISTICS NOT CONSIDERED IN THE AIR EXPERT RISK ANALYSIS
REPORT.

AIR DOES NOT REPRESENT INVESTORS IN THE NOTES OR THEIR INTERESTS IN ANY WAY. AIR
DOES NOT SPONSOR, ENDORSE, OFFER, SELL, OR PROMOTE THE NOTES, NOR DOES IT MAKE ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO ANY PERSON, REGARDING THE
ADVISABILITY OF INVESTING IN THE NOTES OR THE LEGALITY OF AN INVESTMENT IN THE NOTES. AIR
IS NOT RESPONSIBLE FOR THE DETERMINATION OF THE STRUCTURE OR THE PRICING OF THE NOTES.
FURTHERMORE, AIR HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION,
MARKETING, OR TRADING, IF ANY, OF THE NOTES OR LIABILITY FOR ANY ADVERSE FINANCIAL RESULT
OR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES WHATSOEVER. AIR
MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO ANY PERSON, AS TO THE
ACCURACY OR COMPLETENESS OF ANY INFORMATION SET FORTH IN THIS PROSPECTUS SUPPLEMENT
OR ANY SUPPLEMENT HERETO, INCLUDING INFORMATION PROVIDED IN THE AIR EXPERT RISK
ANALYSIS REPORT. AIR ASSUMES NO RESPONSIBILITY FOR THE CONTENT OF ANY AGREEMENTS TO
WHICH IT IS NOT A SIGNATORY, AND IN PARTICULAR (BUT NOT BY WAY OF LIMITATION) HAS NO
RESPONSIBILITY FOR ENSURING THAT THE PROCEDURES AND PROVISIONS OF ANY SUCH AGREEMENTS
ARE CONSISTENT WITH THIS PROSPECTUS SUPPLEMENT OR WITH ANY OTHER AGREEMENT EXECUTED
IN CONNECTION WITH THE NOTES.

IN THE DEVELOPMENT OF THE AIR MODELS, AIR HAS RELIED ON PUBLISHED TECHNICAL PAPERS
AND STUDIES, CATALOGS AND OTHER DATA SOURCES RELEVANT TO THE PERILS UPON WHICH THE AIR
MODELS ARE BASED, AND HAS SELECTED THOSE THAT IT BELIEVES TO REPRESENT CREDIBLE
SCIENTIFIC OPINION RELATED TO THE SPECIFIC PERILS. HOWEVER, SINCE NO SCIENTIFIC CONSENSUS
vii




ON MODELS OR RISK PARAMETERS EXISTS, AIR ACKNOWLEDGES (AND INVESTORS IN THE NOTES ARE
DEEMED TO ACKNOWLEDGE) THAT OTHER CREDIBLE, PUBLISHED MODELS AND/OR RISK PARAMETERS
MAY EXIST THAT, IF USED, COULD PRODUCE MATERIALLY DIFFERENT RESULTS. THE AIR MODELS DO
NOT PREDICT THE PROBABILISTIC OCCURRENCE OF ANY CATASTROPHIC EVENTS. AIR HAS NOT
VERIFIED THE AUTHENTICITY OR ACCURACY OF THE ORIGINAL DATA IN THE HISTORICAL CATALOGS
OR OTHER DATA SOURCES USED TO DEVELOP THE AIR MODELS. PRIOR TO INVESTING IN THE NOTES,
INVESTORS SHOULD CONSULT THEIR OWN EXPERT ADVISORS WHOSE CONCLUSIONS MAY DIFFER FROM
THOSE OF AIR.

NO MODEL OF CATASTROPHIC EVENTS IS, OR COULD BE, AN EXACT REPRESENTATION OF
REALITY. THE AIR MODELS RELY ON VARIOUS METHODOLOGIES AND ASSUMPTIONS (INCLUDING
ASSUMPTIONS ABOUT THE AUTHENTICITY, ACCURACY AND COMPLETENESS OF HISTORICAL DATA),
SOME OF WHICH ARE SUBJECTIVE AND SUBJECT TO UNCERTAINTY, AND WHICH MIGHT NOT BE USED IN
MODELS PRODUCED BY OTHER MODELING FIRMS. FURTHERMORE, THERE MAY BE MATERIAL
DIFFERENCES IN THE WAY IN WHICH THESE ELEMENTS ARE CONSIDERED BY OTHER MODELING FIRMS.
CONSEQUENTLY, THERE CAN BE NO ASSURANCE THAT THE AIR MODELS REPRESENT AN ACCURATE
ESTIMATION OF THE RISK OF LOSS OR A FULL OR PARTIAL REDUCTION IN THE OUTSTANDING NOMINAL
AMOUNT OF, AND INTEREST ON, THE NOTES. ACCORDINGLY, THE EXPECTED LOSS ESTIMATES AND
RELATED PROBABILITIES PRODUCED BY THE AIR MODEL ARE THEMSELVES SUBJECT TO UNCERTAINTY.
AIR REVIEWS MODEL ASSUMPTIONS FROM TIME TO TIME IN VIEW OF NEW DATA AND OTHER
INFORMATION TO REFINE AND MODIFY ITS MODELS AS SUCH INFORMATION BECOMES AVAILABLE. AS
SUCH, THE AIR MODELS MAY NOT NECESSARILY REFLECT THE MOST CURRENT SCIENTIFIC RESEARCH
OR THE MOST CURRENT MODELS OF AIR AT ANY TIME. ESTIMATES GENERATED BY SUCH REFINED OR
MODIFIED MODELS MAY MATERIALLY DIFFER FROM THE ESTIMATES GENERATED BY THE AIR MODELS
IN CONNECTION WITH THE NOTES, AND THE USE OF SUCH MODELS IN LIEU OF THE AIR MODELS MIGHT
SIMILARLY MATERIALLY ALTER THE INFORMATION PROVIDED IN THE AIR EXPERT RISK ANALYSIS
REPORT.

THE RESULTS OF AIR'S ANALYSIS SHOULD NOT BE VIEWED AS FACTS OR FORECASTS OF FUTURE
EVENTS, OR OF THE FULL OR PARTIAL REDUCTION IN THE OUTSTANDING NOMINAL AMOUNT OF, AND
INTEREST ON, ANY CLASS OF NOTES, AND SHOULD NOT BE RELIED UPON AS A REPRESENTATION OF THE
CURRENT OR FUTURE VALUE OF THE NOTES. CONSIDERABLE UNCERTAINTY EXISTS IN THE
ASSUMPTIONS AND PARAMETERS USED IN THE AIR EXPERT RISK ANALYSIS REPORT, ARISING FROM
INSUFFICIENT DATA, LIMITED SCIENTIFIC KNOWLEDGE AND ALTERNATIVE EMPIRICAL RELATIONSHIPS,
AS WELL AS FROM THE RANDOM NATURE OF NAMED STORMS AND EARTHQUAKES. THE AIR MODELS
CANNOT INCORPORATE ALL SOURCES OF UNCERTAINTY. FURTHERMORE, THE ASSUMPTIONS AND
METHODOLOGIES USED BY AIR DO NOT CONSTITUTE THE EXCLUSIVE SET OF REASONABLE
ASSUMPTIONS AND MAY NOT BE CORRECT. USE OF ALTERNATIVE ASSUMPTIONS AND/OR MODELS
COULD YIELD RESULTS MATERIALLY DIFFERENT FROM THOSE PRODUCED BY AIR. AIR ALSO DID NOT
ELICIT FROM OTHER EXPERTS ALTERNATIVE INTERPRETATIONS OF ITS DATA OR METHODS, NOR DID
AIR RESEARCH ALL POTENTIALLY AVAILABLE INTERPRETATIONS OF SUCH DATA AND METHODS ON
THE BASIS THAT AIR CONSIDERED ITS OWN INTERPRETATIONS TO BE MORE RELIABLE. THE MODELED
PRINCIPAL REDUCTION AND RELATED PROBABILITIES GENERATED BY THE AIR MODELS ARE NOT
NECESSARILY PREDICTIVE OF FUTURE EARTHQUAKES AND NAMED STORMS. INVESTORS IN THE NOTES
SHOULD NOT VIEW THE EXPECTED LOSS ESTIMATES AND RELATED PROBABILITIES GENERATED BY THE
AIR MODELS AS PREDICTING THE LIKELIHOOD OF THE OCCURRENCE DURING THE RISK PERIOD OF THE
APPLICABLE CLASS OF NOTES OF ONE OR MORE APPLICABLE EVENTS RESULTING IN A FULL OR PARTIAL
REDUCTION IN THE OUTSTANDING NOMINAL AMOUNT OF, AND INTEREST ON, SUCH CLASS OF NOTES.
AIR HAS NOT MADE ANY EFFORT, NOR DOES IT HAVE THE ABILITY, TO PREDICT APPLICABLE EVENTS
AFFECTING THE NOTES. ACCORDINGLY, THE ACTUAL FREQUENCY AND SEVERITY OF APPLICABLE
EVENTS COULD DIFFER MATERIALLY FROM THE FREQUENCY AND SEVERITY ESTIMATED BY AIR.

THE AIR EXPERT RISK ANALYSIS REPORT IS INCLUDED HEREIN AND MADE AVAILABLE TO
INVESTORS IN RELIANCE UPON AIR AS AN EXPERT IN SUCH MATTERS. SEE "EXPERTS." THE AIR EXPERT
RISK ANALYSIS REPORT IS, AS NOTED ABOVE, BASED ON CERTAIN ASSUMPTIONS, JUDGMENTS, AND
METHODOLOGIES OF AIR, A NUMBER OF WHICH ARE CONFIDENTIAL AND PROPRIETARY TO AIR.

AS A RESULT OF ITS ONGOING PROCESS OF INTERNAL REVIEW, AIR MAY REFINE ITS MODEL
ASSUMPTIONS FROM TIME TO TIME IN LIGHT OF NEW SCIENTIFIC AND OTHER INFORMATION AS SUCH
INFORMATION BECOMES AVAILABLE. SUCH REFINEMENTS MAY MATERIALLY ALTER, AND HAVE IN
THE PAST MATERIALLY ALTERED, THE LOSS ESTIMATES GENERATED BY THE MODELS.
viii





NONE OF IBRD, THE MANAGERS, THE CEDING REINSURER, THE INSURER, THE INSURED OR ANY
OF THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES, OR ANY OF THEIR RESPECTIVE DIRECTORS OR
OFFICERS, HAS REVIEWED, OR MAKES, OR SHALL BE DEEMED TO MAKE, ANY REPRESENTATION WITH
RESPECT TO THE AIR EXPERT RISK ANALYSIS REPORT, INCLUDING (WITHOUT LIMITATION) THE
ADEQUACY, COMPLETENESS, APPROPRIATENESS OR OTHERWISE OF THE AIR EXPERT RISK ANALYSIS
REPORT.

WITHOUT INTENDING TO LIMIT THE FOREGOING, IN PARTICULAR, NONE OF IBRD, THE
MANAGERS, THE CEDING REINSURER, THE INSURER, THE INSURED OR ANY OF THEIR RESPECTIVE
AFFILIATES OR REPRESENTATIVES, OR ANY OF THEIR DIRECTORS OR OFFICERS, HAS REVIEWED THE AIR
EXPERT RISK ANALYSIS REPORT TO DETERMINE (I) THE REASONABLENESS OF THE ASSUMPTIONS,
JUDGMENTS AND METHODOLOGIES UTILIZED BY AIR, (II) WHETHER SUCH ASSUMPTIONS, JUDGMENTS
AND METHODOLOGIES SHOULD BE SUPPLEMENTED IN ANY WAY THROUGH THE USE OF ALTERNATIVE
ASSUMPTIONS, JUDGMENTS OR METHODOLOGIES, (III) WHETHER THE ASSUMPTIONS, JUDGMENTS AND
METHODOLOGIES UTILIZED BY AIR INCLUDE THE APPROPRIATE FACTORS THAT COULD CONTRIBUTE TO
A FULL OR PARTIAL REDUCTION IN THE OUTSTANDING NOMINAL AMOUNT OF, AND INTEREST ON, ANY
CLASS OF NOTES AND (IV) WHETHER THE USE OF ALTERNATIVE ASSUMPTIONS, JUDGMENTS AND
METHODOLOGIES, OR THE USE OF DIFFERENT CATASTROPHE SIMULATION MODELS, COULD YIELD
RESULTS MATERIALLY DIFFERENT FROM THOSE GENERATED BY THE AIR MODELS. THE ACTUAL
PRINCIPAL REDUCTION WITH RESPECT TO ANY APPLICABLE EVENT, IF ANY, WILL LIKELY DIFFER FROM
THE AIR EXPERT RISK ANALYSIS REPORT, POSSIBLY MATERIALLY.

BECAUSE OF THE INHERENT LIMITATION OF RELYING ON THE AIR EXPERT RISK ANALYSIS
REPORT FOR LOSS ESTIMATION, AND BECAUSE OF THE SUBJECTIVE NATURE OF MANY OF AIR'S
ASSUMPTIONS, JUDGMENTS AND METHODOLOGIES IN PREPARING THE AIR EXPERT RISK ANALYSIS
REPORT, EACH OF IBRD, THE MANAGERS, THE CEDING REINSURER, THE INSURER, THE INSURED AND
EACH OF THEIR RESPECTIVE AFFILIATES AND REPRESENTATIVES EXPRESSLY DISCLAIMS ANY
RESPONSIBILITY FOR, OR ANY LIABILITY BASED UPON, A FINDING THAT THE AIR EXPERT RISK
ANALYSIS REPORT INCLUDES ANY UNTRUE STATEMENT OF A MATERIAL FACT OR THAT THE AIR
EXPERT RISK ANALYSIS REPORT OMITS TO STATE A MATERIAL FACT NECESSARY IN ORDER TO MAKE
THE STATEMENTS, IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE, NOT
MISLEADING.

AIR PROVIDES SERVICES TO IBRD, THE MANAGERS, THE CEDING REINSURER, THE INSURER, THE
INSURED AND THEIR RESPECTIVE AFFILIATES IN RESPECT OF THE PROPOSED OFFERING AND MAY
PROVIDE SUCH TYPE OF SERVICES AND MAY ENGAGE IN OTHER TYPES OF BUSINESS WITH IBRD, THE
MANAGERS, THE CEDING REINSURER, THE INSURER, THE INSURED OR ANY OF THEIR RESPECTIVE
AFFILIATES IN THE FUTURE. IN ADDITION, IBRD HAS AGREED UNDER THE EVENT CALCULATION AGENT
AGREEMENT TO INDEMNIFY AIR IN RESPECT OF CERTAIN CLAIMS, LOSSES AND EXPENSES ARISING
FROM OR RELATING TO THE SERVICES PROVIDED BY AIR UNDER THE EVENT CALCULATION AGENT
AGREEMENT.

AIR HAS PROVIDED ITS ANALYSES, EXPECTED LOSS ESTIMATES AND RELATED PROBABILITIES
AS CONTAINED WITHIN THE AIR EXPERT RISK ANALYSIS REPORT. INVESTORS IN THE NOTES WILL HAVE
NO RIGHT TO ENFORCE OR TAKE ACTIONS AGAINST AIR OR ANY RIGHT UNDER THE EVENT
CALCULATION AGENT AGREEMENT OR IN CONNECTION THEREWITH. IBRD'S USE OF THE INFORMATION
PROVIDED BY AIR, PARTICULARLY WITH REGARD TO ANY DISCLOSURE MADE IN OR OMITTED FROM
THIS PROSPECTUS SUPPLEMENT, IS COMPLETELY WITHIN IBRD'S SOLE DISCRETION, AND NOT THE
RESPONSIBILITY OF AIR.

THE EARTHQUAKE PAYOUT AMOUNT OR NAMED STORM PAYOUT AMOUNT WITH RESPECT TO
AN APPLICABLE EVENT WILL BE CALCULATED AND DETERMINED BASED UPON THE EARTHQUAKE
EVENT PARAMETERS PROVIDED BY THE APPLICABLE EARTHQUAKE REPORTING SOURCE OR THE
NAMED STORM EVENT PARAMETERS PROVIDED BY THE APPLICABLE NAMED STORM REPORTING
SOURCE, AS APPLICABLE. ANY EARTHQUAKE REPORTING SOURCE OR NAMED STORM REPORTING
SOURCE MAY MAKE AVAILABLE FROM TIME TO TIME SEVERAL DIFFERENT REPORTS WHICH MAY SHOW
DIFFERENT LEVELS OF ACCURACY AND PRECISION AND VARYING PARAMETERS. THE EARTHQUAKE
EVENT PARAMETERS AS REPORTED BY THE APPLICABLE EARTHQUAKE REPORTING SOURCE OR THE
NAMED STORM EVENT PARAMETERS AS REPORTED BY THE APPLICABLE NAMED STORM REPORTING
SOURCE, AS APPLICABLE, WILL BE USED BY THE EVENT CALCULATION AGENT WHO WILL BE UNDER NO
ix




OBLIGATION TO UNDERTAKE ANY INDEPENDENT ASSESSMENT OF THE ACCURACY OF THE
PARAMETERS SO REPORTED.

THE PROCEDURES TO BE PERFORMED BY AIR IN ITS CAPACITY AS EVENT CALCULATION AGENT
WILL RESULT IN A FACTUAL DETERMINATION AS TO WHETHER AN APPLICABLE EVENT HAS OCCURRED
OR THE EXTENT THEREOF. THE DETERMINATION WILL BE PERFORMED IN ACCORDANCE WITH THE
METHODOLOGIES DESCRIBED IN THIS PROSPECTUS SUPPLEMENT AND AS SPECIFIED IN THE EVENT
CALCULATION AGENT AGREEMENT. THE TERMS OF THE NOTES PROVIDE THAT ALL DETERMINATIONS
MADE BY AIR, AS THE EVENT CALCULATION AGENT, IN AN EVENT REPORT ARE FINAL AND BINDING,
ABSENT MANIFEST ERROR THAT IS IDENTIFIED IN A WRITTEN NOTICE RECEIVED BY IBRD PRIOR TO THE
DATE WHICH IS THREE (3) BUSINESS DAYS FOLLOWING THE DATE ON WHICH SUCH EVENT REPORT IS
FIRST MADE AVAILABLE ON THE SITE (AS DEFINED UNDER THE HEADING "AVAILABLE INFORMATION").
NO SEPARATE REVIEW OR APPRAISAL OF THE ACCURACY OF THE DEFINED METHODOLOGIES OR DATA
USED WILL BE PERFORMED. INVESTORS ARE ADVISED THAT THE CALCULATION OF EARTHQUAKE
PAYOUT AMOUNTS AND NAMED STORM PAYOUT AMOUNTS AND ANY PRINCIPAL REDUCTIONS ARE
FINAL, REGARDLESS OF ANY ACTUAL, POTENTIAL OR THEORETICAL DISCREPANCIES BETWEEN THE
METHODOLOGY USED BY THE EVENT CALCULATION AGENT AND ANY OTHER POSSIBLE METHODOLOGY
FOR ASSESSING THE SAME FACTS. THESE INHERENT LIMITATIONS ARE POTENTIALLY EXACERBATED
BY THE POTENTIAL FOR UNRELIABLE DATA, OR THE UNAVAILABILITY OF DATA.






x