Obligation IBRD-Global 1.8% ( XS1365236196 ) en USD

IBRD-Global

100 % ⇌

Etas-Unis

XS1365236196 ( en USD )

1.8% par an ( paiement semestriel )

29/03/2026

Prospectus brochure de l'obligation IBRD XS1365236196 en USD 1.8%, échéance 29/03/2026

2 000 USD

165 000 000 USD

29/09/2025 ( Dans 90 jours )

La Banque internationale pour la reconstruction et le développement (IBRD), membre du Groupe de la Banque mondiale, fournit des prêts et des services consultatifs aux pays à revenu intermédiaire et à revenu faible pour soutenir leur développement économique.

L'Obligation émise par IBRD-Global ( Etas-Unis ) , en USD, avec le code ISIN XS1365236196, paye un coupon de 1.8% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/03/2026

PROSPECTUS
13AUG200501453077
International Bank for Reconstruction
and Development
Global Debt Issuance Facility
for issues of Notes with maturities of one day or longer
Under the Global Debt Issuance Facility described in this Prospectus (the ``Facility''), International
Bank for Reconstruction and Development (``IBRD''), subject to compliance with all relevant laws,
regulations and directives, may from time to time issue notes with maturities of one day or longer from the
date of the original issue (the ``Notes'') in an unlimited aggregate nominal amount. Notes will be sold
through one or more Dealers appointed by IBRD, or directly by IBRD itself.
Application has been made for Notes issued under the Facility to be admitted to the official list of the
Luxembourg Stock Exchange (the ``Official List'') and to trading on the regulated market of the
Luxembourg Stock Exchange. References in this Prospectus to Notes being ``listed'' (and all related
references) shall mean that such Notes have been admitted to the Official List and admitted to trading on
the Luxembourg Stock Exchange's regulated market. The Facility provides that Notes may be listed on
such other or further stock exchange(s) as may be agreed between IBRD and the relevant Dealer(s) in
relation to each issue. Unlisted Notes may also be issued pursuant to the Facility. The applicable Final
Terms in respect of the issue of any Notes will specify whether and on which exchange such Notes will be
listed or whether such Notes will be unlisted. This Prospectus replaces the prospectus dated October 7,
1997 in relation to the Facility, except in relation to Notes issued prior to the date hereof.
Notes of any particular issue will be in registered form, bookentry form or bearer form, as specified in
the applicable Final Terms. Notes in bearer form may not be offered, sold or delivered within the United
States or to U.S. persons as part of their primary distribution. Notes will be issued in the denominations
specified in the applicable Final Terms.
Each particular issue of Notes will initially be represented by a global note or global certificate or, in
the case of Notes cleared and settled through the Federal Reserve Bank of New York, by uncertificated
bookentry notes. Global Notes may be issued in new global note form if they are intended to be eligible
collateral for Eurosystem monetary policy, or in classic global note form.
The Facility has been rated AAA by Standard & Poor's Ratings Services, a division of The McGraw
Hill Companies, Inc. and Aaa by Moody's Investors Service, Inc. A security rating is not a recommendation
to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the
assigning rating agency.
Prospective investors should have regard to the factors described under the section headed ``Risk
Factors'' in this Prospectus.
The date of this Prospectus is May 28, 2008.

This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see ``Availability of Information and Incorporation by Reference'' below).
NOTES ISSUED UNDER THE GLOBAL DEBT ISSUANCE FACILITY ARE NOT REQUIRED TO
BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. ACCORDINGLY, NO
REGISTRATION STATEMENT HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION (THE ``COMMISSION''). THE NOTES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE IN THE UNITED STATES.
IBRD, having made all reasonable inquiries, confirms that all information in this Prospectus (as
defined under ``Availability of Information and Incorporation by Reference'') is true and accurate in all
material respects and is not misleading, and that there are no other facts the omission of which, in the
context of the issue of Notes, makes this Prospectus or any information in it misleading in any material
respect. In addition, IBRD confirms that each Final Terms, when read together with this Prospectus, will at
the date thereof be true and accurate in all material respects and not misleading, and that there will be no
other facts the omission of which would, in the context of the issue and offering of the Notes referred to in
such Final Terms, make the Final Terms, when read together with this Prospectus, or any information
therein misleading in any material respect.
No person has been authorized to give any information or to make any representation other than
those contained in this Prospectus and the applicable Final Terms in connection with the offering or sale of
the Notes and, if given or made, such information or representation must not be relied upon as having
been authorized by IBRD or any Dealer (as defined in ``Summary and Overview of the Facility''). Neither
the delivery of this Prospectus or any applicable Final Terms nor any offering or sale made in connection
herewith or therewith shall, under any circumstances, create any implication that there has been no change
in the financial condition or affairs of IBRD since the date hereof or the date upon which this Prospectus
has been most recently amended or supplemented or that there has been no adverse change in the
financial condition or affairs of IBRD since the date hereof or the date upon which this Prospectus has
been most recently amended or supplemented or that any other information supplied in connection with
the Facility is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The distribution of this Prospectus or any Final Terms and the offering or sale of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms
comes are required by IBRD and any Dealer to inform themselves about and to observe any such
restriction. For a description of certain restrictions on offers and sales of the Notes and on the distribution
of this Prospectus or any Final Terms, see ``Plan of Distribution''.
Neither this Prospectus nor any Final Terms constitutes an offer of, or an invitation by or on behalf of,
IBRD or any Dealer to subscribe for, or purchase, any Notes. Neither this Prospectus nor any other
information supplied in connection with the Facility should be considered as a recommendation by IBRD
or any of the Dealers that any potential investor should purchase any Notes. Each investor contemplating
purchasing any Notes should make its own independent investigation of the financial condition and affairs,
and its own appraisal of the creditworthiness of IBRD.
THE NOTES ARE NOT OBLIGATIONS OF ANY GOVERNMENT.
In connection with the issue of any Tranche (as defined herein) of Notes, the Dealer or Dealers (if
any) named as the stabilizing manager(s) (the ``Stabilizing Manager(s)'') (or persons acting on behalf of
any Stabilizing Manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with
a view to supporting the market price of the Notes at a level higher than that which might otherwise
2

prevail. However, there is no assurance that the Stabilizing Manager(s) (or persons acting on behalf of a
Stabilizing Manager) will undertake stabilization action. Any stabilization action may begin on or after the
date on which adequate public disclosure of the terms of the offer of the relevant Tranche is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of
the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any stabilization
action or over-allotment must be conducted by the relevant Stabilizing Manager(s) (or persons acting on
behalf of any Stabilizing Manager(s)) in accordance with all applicable laws and rules.
In this Prospectus, unless otherwise specified or the context otherwise requires, references to ``A'',
``EUR'' and ``euro'' are to the currency introduced on 1 January 1999 pursuant to the Treaty establishing
the European Community as amended by the Treaty on European Union, references to ``pounds'',
``sterling'', ``£'' and ``GBP'' are to the lawful currency of the United Kingdom, references to ``yen'' are to
the lawful currency of Japan and references to ``U.S. dollars'', ``$'' and ``U.S.$'' are to United States
dollars.
TABLE OF CONTENTS
Page
Availability of Information and Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Final Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Summary and Overview of the Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Terms and Conditions of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Form of Notes and Summary of Provisions Relating to the Notes While in Global Form . . . . . .
39
Clearance and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
Currency Conversions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
Validity of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Form of Final Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
3

AVAILABILITY OF INFORMATION AND INCORPORATION BY REFERENCE
Availability of Information
IBRD publishes:
(a) generally in September in each year, an information statement (the ``Information Statement'')
which describes IBRD, its capital, operations, administration, Articles of Agreement (``Articles'')
and legal status. The Information Statement includes IBRD's audited annual financial
statements;
(b) annual audited financial statements;
(c) an annual report; and
(d) unaudited quarterly financial statements.
IBRD is subject to certain information requirements of Regulation BW, promulgated by the
Commission under Section 15(a) of the Bretton Woods Agreements Act, and in accordance therewith files
its regular unaudited quarterly and audited annual financial statements, its annual report and other
information with the Commission.
IBRD's latest Information Statement, annual report and unaudited quarterly financial statements (the
``IBRD Information'') will be filed with the Commission and the Luxembourg Stock Exchange, and will be
filed with any other stock exchange on which Notes are listed from time to time and which requires such a
filing. IBRD Information may be inspected and copies may be obtained (without charge other than for
IBRD Information obtainable from the Commission, which must be paid for at prescribed rates) at the
following addresses, and at any other address specified in the applicable Final Terms:
Securities and Exchange Commission
BNP Paribas Securities Services,
100 F Street, N.E.
Luxembourg Branch
Washington, DC 20549
33, rue de Gasperich, Howald-Hesperange
L-2085 Luxembourg
Citibank, N.A., London Branch
21st Floor, Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
Bank Information is filed with the Commission electronically through the EDGAR system and may be
obtained at the Internet address http://www.sec.gov/edgarhp.htm.
In addition, copies of the Articles and decisions made by the Executive Directors of IBRD on
questions of interpretation of the Articles and copies of the Fiscal Agency Agreement, the Global Agency
Agreement and the Deed of Covenant (each as defined under ``Terms and Conditions of the Notes'') may
be inspected at the above offices of Citibank, N.A., London Branch (the ``Global Agent'').
IBRD will provide without charge copies of IBRD Information upon written or telephone request to
the office of IBRD at the following address:
1818 H Street, NW
Washington, DC 20433
Tel: 1-202-458-0746
4

Incorporation by Reference
IBRD's latest Information Statement, any unaudited quarterly financial statements or audited annual
financial statements filed with the Commission or any stock exchange on which Notes are listed subsequent
to the date of such Information Statement and any supplements (other than Final Terms) or amendments
to this Prospectus circulated by IBRD from time to time shall be deemed to be incorporated in, and to
form part of, this Prospectus, and references to ``this Prospectus'' shall mean this document and any
documents incorporated by reference in, and forming part of, this document, except, and to the extent, any
such document is superseded or modified by any subsequent document incorporated by reference in, and
forming part of, this Prospectus. Documents incorporated by reference in, and forming part of, this
document may not have been submitted to the same review and clearance procedures to which this
Prospectus has been submitted as of the date hereof by any stock exchange or regulatory authority referred
to herein.
IBRD will, in the event of any material change in the financial position of IBRD which is not reflected
in this Prospectus, prepare an amendment or supplement to this Prospectus or publish a new prospectus
for use in connection with any subsequent issue and listing of Notes by IBRD.
If the terms of the Facility are modified or amended in a manner which would make this Prospectus
inaccurate or misleading in any material respect, IBRD will prepare a new prospectus.
Any statement contained in a document which is incorporated by reference herein shall be deemed to
be modified or superseded for the purpose of this Prospectus to the extent that a statement contained
herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Prospectus.
Copies of documents incorporated by reference in this Prospectus may be obtained (without charge)
from the registered office of IBRD, the website of the Luxembourg Stock Exchange at www.bourse.lu, and
the website of IBRD (www.worldbank.org).
FINAL TERMS
IBRD will prepare in respect of each particular issue of Notes a final terms document (each a ``Final
Terms'') which will contain the terms of, pricing details for, and settlement and clearance procedures
relating to, such issue of Notes and such other information or disclosure as IBRD considers appropriate. A
Final Terms may set out the full text of the terms and conditions of a particular issue of Notes if IBRD and
the relevant Dealer(s) consider it necessary or appropriate.
USE OF PROCEEDS
The net proceeds from the sale of Notes will be used by IBRD in its general operations.
5

SUMMARY AND OVERVIEW OF THE FACILITY
This summary must be read as an introduction to this Prospectus. Any decision to invest in any Notes
should be based on a consideration of this Prospectus as a whole, including the documents incorporated by
reference, by any investor. Words and expressions defined or used in ``Terms and Conditions of the Notes'' shall
have the same meaning in this Summary.
IBRD
The International Bank for Reconstruction and Development is an international organization
established in 1945 and owned by 185 member countries. As a global development cooperative, IBRD's
purpose is to help its members achieve equitable and sustainable growth in their economies and find
solutions to pressing regional and global problems in economic development and environmental
sustainability, all with a view to reducing poverty and improving standards of living. It pursues these goals
by providing financing, risk management products, and other financial services, specialized expertise and
strategic and convening services as requested by its member countries.
IBRD's principal office is located at The World Bank, 1818 H Street, NW, Washington, DC 20433
USA.
The financial strength of IBRD is reflected in the capital backing it has received from its members and
in the record of its member country borrowers in meeting their debt service obligations to IBRD. IBRD's
financial policies and practices have led it to build reserves, to diversify its funding sources, to hold a large
portfolio of liquid investments and to limit market and credit risk. IBRD has achieved consistent
profitability, earning profits every year since 1948.
Overview of the Facility
The following overview is qualified in its entirety by the remainder of this Prospectus.
Issuer . . . . . . . . . . . . . . . . . . . . . . . .
International Bank for Reconstruction and Development
Dealers . . . . . . . . . . . . . . . . . . . . . .
The Dealers will consist of any one or more dealers
becoming a party to the Standard Provisions (as defined in
``Plan of Distribution'') from time to time for a specific
issue of Notes.
Fiscal Agent . . . . . . . . . . . . . . . . . . .
Federal Reserve Bank of New York
Global Agent . . . . . . . . . . . . . . . . . .
Citibank, N.A., London Branch
Paying Agents . . . . . . . . . . . . . . . . . .
Citibank N.A., London Branch or such other paying agent
specified in the applicable Final Terms.
Specified Currencies . . . . . . . . . . . . .
Subject to compliance with all relevant laws, regulations
and directives, Notes may be issued in any currency, unit or
commodity agreed between IBRD and the relevant
Dealers.
Maturities . . . . . . . . . . . . . . . . . . . .
Subject to compliance with all relevant laws, regulations
and directives, Notes may be issued with any maturity of
one day or longer.
Issue Price . . . . . . . . . . . . . . . . . . . .
Notes may be issued at their nominal amount or at a
discount or premium to their nominal amount. Partly-paid
6

Notes may be issued, the issue price of which will be
payable in two or more instalments.
Method of Issue . . . . . . . . . . . . . . . .
Notes will be issued through dealers acting as principal on a
syndicated or non-syndicated basis, or on an agency basis.
Additional Notes may be issued as part of an existing issue
of Notes. IBRD may itself directly issue and sell Notes to
the extent permitted by applicable law.
The Notes will be issued in series (each a ``Series'' or
``Series of Notes''). Each Series comprises the original
tranche (a ``Tranche'') and any additional Tranches
expressed to form a single series with the original Tranche
and that comply with the provisions of Condition 11. The
specific terms of each Tranche will be set out in the
applicable Final Terms.
Description of Notes . . . . . . . . . . . . .
Notes may be either interest bearing at fixed or floating
rates or non-interest bearing, with principal repayable at a
fixed amount or by reference to one or more indices or
formulae or any combination of the above, as specified in
the applicable Final Terms.
Fixed Rate Notes . . . . . . . . . . . .
Fixed Rate Notes will bear interest at the rate or rates
specified in the applicable Final Terms.
Floating Rate Notes . . . . . . . . . .
Floating Rate Notes will bear interest determined
separately for each Series as follows:
(i) on the same basis as the floating rate under a notional
interest rate swap transaction in the relevant Specified
Currency governed by an agreement incorporating the
2006 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc.;
or
(ii) by reference to a benchmark as specified in the
applicable Final Terms as adjusted for any applicable
margin,
or as otherwise specified in the applicable Final Terms.
Interest periods will be specified in the applicable Final
Terms.
Zero Coupon Notes . . . . . . . . . .
Zero Coupon Notes may be issued at their nominal amount
or at a discount to it and will not bear interest.
Index Linked Notes . . . . . . . . . .
Payments of principal in respect of Notes where the final
redemption amount is described as being index-linked in
the applicable Final Terms and payments of interest in
respect of Notes which are described as Index Linked
Interest Notes in the applicable Final Terms will be
calculated by reference to such Index and/or Formula (each
as defined herein) as may be specified in the applicable
Final Terms.
7

Fixed Redemption Amount
Notes . . . . . . . . . . . . . . . . . . .
Notes which have a fixed redemption amount will be
redeemable at par or at a specified amount above or below
par.
Redemption by Instalments . . . . .
The applicable Final Terms in respect of each Series of
Notes that are redeemable in two or more instalments will
set out the dates on which, and the amounts in which, such
Notes may be redeemed.
Optional Redemption . . . . . . . . .
The applicable Final Terms will state whether Notes may be
redeemed prior to their stated maturity in whole or in part
at the option of IBRD and/or the holders, and, if so, the
terms applicable to such redemption. Any limitations
imposed by applicable law relating to the redemption of
Notes denominated in any Specified Currency will be
specified in the applicable Final Terms.
Other Notes . . . . . . . . . . . . . . .
Terms applicable to variable redemption amount Notes,
high interest Notes, low interest Notes, step-up Notes,
step-down Notes, dual currency Notes, reverse dual
currency Notes, optional dual currency Notes, Partly-paid
Notes and any other type of Notes that IBRD and any
Dealer or Dealers may agree to issue under the Facility will
be set out in the applicable Final Terms.
Status of Notes . . . . . . . . . . . . . . . . .
Notes will constitute direct, unsecured obligations of IBRD
ranking pari passu with all its other unsecured and
unsubordinated obligations. Notes will not be obligations of
any government.
Negative Pledge . . . . . . . . . . . . . . . .
Notes will contain a negative pledge clause pursuant to
which IBRD will not cause or permit to be created on any
of its property or assets any security for any evidences of
indebtedness issued, assumed or guaranteed by IBRD for
money borrowed (other than any purchase money
mortgage, pledge or lien, on property purchased by IBRD
as security for all or any part of the purchase price thereof,
any lien arising in the ordinary course of business, or any
extension or renewal of any of the foregoing), unless the
Notes shall be secured by such security equally and ratably
with such other evidences of indebtedness.
Default (including Cross Default) . . .
Notes will contain a cross default in respect of bonds, notes
or similar obligations issued, assumed or guaranteed by
IBRD. If IBRD defaults on payments under the Notes or
under its cross default, and such default continues for
90 days, a Noteholder may accelerate its Notes for payment
30 days after notice of acceleration is delivered to IBRD,
unless prior to that time all such defaults have been cured.
8

Tax Status . . . . . . . . . . . . . . . . . . . .
Notes and payments thereon will not be exempt from
taxation generally. Under IBRD's Articles, the Notes and
payments thereon are not subject to any tax by a member
(a) which tax discriminates against the Notes solely because
they were issued by IBRD or (b) if the sole jurisdictional
basis for the tax is the place or currency in which the Notes
are issued, made payable or paid, or the location of any
office or place of business maintained by IBRD. Also,
under the Articles, IBRD is not under any obligation to
withhold or pay any tax imposed by any member country on
payments on the Notes. Accordingly, payments on the
Notes will be made to the Federal Reserve Bank of New
York (the ``Fiscal Agent'') and the Global Agent without
deduction in respect of any such tax.
However, tax withholding requirements may apply to
payments made by financial intermediaries acting in any
capacity other than as IBRD's Fiscal Agent or Global
Agent.
Form of Notes . . . . . . . . . . . . . . . . .
The Notes may be issued in bookentry form, bearer form
(``Bearer Notes'') or in registered form (``Registered
Notes''). Fed Bookentry Notes, which are Notes
denominated and payable in U.S. dollars cleared through
the bookentry system of the Federal Reserve Banks (the
``Federal Reserve''), will be in bookentry form and may not
be exchanged for Notes in registered form or for Notes in
bearer form.
Unless the issuance is intended to qualify as a targeted
bearer issuance described in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(3)(iii) (a ``targeted
bearer issuance''), each Tranche of Bearer Notes will be
represented upon initial issuance by a temporary Global
Note (a ``Temporary Global Note'') which may be
exchanged (i) after a period of not less than 40 days from
the date of issue for either (a) a permanent Global Note (a
``Permanent Global Note'') upon certification of non-U.S.
beneficial ownership in accordance with the applicable rules
and regulations promulgated by the U.S. Treasury, or
(b) definitive Bearer Notes upon certification of non-U.S.
beneficial ownership in accordance with the applicable rules
and regulations promulgated by the U.S. Treasury; or (ii) if
the applicable Final Terms so provides, in certain
circumstances, for certificates representing Registered
Notes (``Certificates'') representing the amount of Notes so
exchanged, in each case as provided in the applicable Final
Terms. Each Tranche of Bearer Notes issued as part of a
targeted bearer issuance will be represented upon initial
issuance by a Permanent Global Note or, if specified in the
applicable Final Terms, Bearer Notes in definitive bearer
form (``Definitive Bearer Notes'').
9

Each Tranche of Registered Notes will be represented upon
initial issuance by one or more Certificates, each evidencing
an individual Noteholder's entire interest in such
Registered Notes. Certificates representing Registered
Notes that are registered in the name of a nominee for one
or more clearing systems are referred to as ``Global
Certificates''.
Specified Denominations . . . . . . . . . .
The Specified Denomination(s) with respect to the relevant
Notes will be specified in the Final Terms.
Listing . . . . . . . . . . . . . . . . . . . . . . .
As specified in the applicable Final Terms, a Series of Notes
may be admitted to the Official List and to trading on the
Luxembourg Stock Exchange's regulated market. Unlisted
Notes and Notes listed on other or additional stock
exchanges may also be issued under the Facility. The
applicable Final Terms will state whether the relevant issue
of Notes will be listed on one or more stock exchanges or
will be unlisted.
Ratings . . . . . . . . . . . . . . . . . . . . . .
The Facility has been rated AAA by Standard & Poor's
Ratings Services, a division of The Mcgraw Hill Companies,
Inc (``S&P'') and Aaa by Moody's Investors Service, Inc
(``Moody's''). As defined by S&P, an ``AAA'' rating means
that the ability of IBRD to meet its financial commitment
on its obligations is extremely strong. As defined by
Moody's, an ``Aaa'' rating means that IBRD's ability to
meet its financial obligations is judged to be of the highest
quality, with minimal credit risk.
A security rating is not a recommendation to buy, sell or
hold securities and may be subject to suspension, reduction
or withdrawal at any time by the assigning rating agency.
Governing Law . . . . . . . . . . . . . . . . .
Notes will be governed by the laws of the State of New
York, English law or the laws of any other jurisdiction, as
specified in the applicable Final Terms. Fed Bookentry
Notes will be governed by the laws of the State of New
York. Sterling denominated Notes will be governed by
English law.
Notes may be governed by the laws of any other
jurisdiction, as specified in the applicable Final Terms, with
such consequential amendments to the form of the Notes as
may be specified in the applicable Final Terms, and subject
to the receipt of such legal opinions as may be specified in
the Standard Provisions.
The Standard Provisions and the Global Agency Agreement
are governed by the laws of the State of New York. The
Deed of Covenant is governed by English law. The Fiscal
Agency Agreement is governed by United States Federal
law, and to the extent not inconsistent with such Federal
law, the laws of the State of New York.
10