Obbligazione IBRD-Global 0% ( PAFERN200003 ) in USD

Emittente IBRD-Global
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  PAFERN200003 ( in USD )
Tasso d'interesse 0%
Scadenza 27/11/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione IBRD PAFERN200003 in USD 0%, scaduta


Importo minimo 3 525 USD
Importo totale 5 000 000 USD
Descrizione dettagliata La Banca Internazionale per la Ricostruzione e lo Sviluppo (IBRD), parte del Gruppo Banca Mondiale, fornisce prestiti a tassi agevolati a paesi a medio reddito per progetti di sviluppo.

The Obbligazione issued by IBRD-Global ( United States ) , in USD, with the ISIN code PAFERN200003, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 27/11/2019







Final Terms dated June 27, 2016

International Bank for Reconstruction
and Development
U.S.$4,996,250
PAF: Emission Reductions Notes ("PAFERNs") due 2019
issued under its Global Debt Issuance Facility
Issue Price 40.2857143 per cent.
The International Bank for Reconstruction and Development (the "Bank") is offering U.S.$4,996,250 of non-
interest-bearing PAFERNs due November 27, 2019 (the "Notes") under its Global Debt Issuance Facility (the
"Facility"). Each holder of Notes will have the right, but not the obligation, upon a maximum of 60 and a minimum
of 45 Business Days' notice, to redeem some or all of its Notes on November 27, 2019 (the "Maturity Date") for
U.S.$8,750.00 (the "Final Redemption Amount") per Specified Denomination of Notes redeemed. As further
described herein, the right of a holder to receive the Final Redemption Amount per Specified Denomination of Notes
is conditional upon the delivery to the Verification Agent of 2,500 Certified Emission Reductions ("CERs"), Verified
Carbon Units ("VCUs") or Gold Standard Verified Emission Reductions ("Gold Standard VERs") (each a "Carbon
Credit") that are Qualifying Carbon Credits (as defined in these Final Terms) for each Specified Denomination of
Notes redeemed and upon satisfaction of the other Conditions to Final Redemption (as defined in these Final Terms).
If the Conditions to Final Redemption have not been satisfied, then the Notes will not pay the Final Redemption
Amount on the Maturity Date and will expire worthless. No interest is payable on the Notes at any time.
The Notes will be issued on the Issue Date in the form of definitive registered Certificates only and will be
registered in the name of the individual Noteholders.
These Final Terms supplement the terms and conditions in, and incorporates by reference, the accompanying
Prospectus dated May 28, 2008 and all documents incorporated by reference therein (the "Prospectus"), and should
be read in conjunction with the Prospectus. Unless otherwise defined in these Final Terms, terms used herein have
the meaning given to them in the Prospectus. For a detailed description of the terms of the Notes, see Annex A of
these Final Terms beginning on page A-1.
Notwithstanding anything to the contrary in the Prospectus, the Notes will not be listed on any stock exchange.
The Bank is selling the Notes directly to investors on its own behalf and not through any dealers. The security
ratings of the Facility will not apply to the Notes, and the Notes will not be rated.
Prospective investors should have regard to the risk factors described under the section headed "Risk Factors"
in these Final Terms. The Notes are not conventional debt securities in that they do not pay interest and are not
principal protected and as a result prospective investors may lose all of their investment.
THE NOTES ARE NOT OBLIGATIONS OF ANY GOVERNMENT.




The Bank accepts responsibility for the information contained in these Final Terms. To the best of the
knowledge of the Bank (having taken all reasonable care to ensure that such is the case) the information
contained in these Final Terms is in accordance with the facts and does not omit anything likely to affect the
import of such information.
These Final Terms are to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see "Incorporation by Reference" below).
These Final Terms do not constitute, and may not be used for the purposes of, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is
unlawful to make such offer or solicitation, and no action is being taken to permit an offering of the Notes or
the distribution of these Final Terms in any jurisdiction where such action is required.
THE NOTES 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 THESE
FINAL TERMS OR THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE IN THE UNITED STATES.
AN INVESTMENT IN THE NOTES ENTAILS CERTAIN RISKS, INCLUDING THE RISK OF
LOSS OF SOME OR ALL OF YOUR INVESTMENT AND THE RISK THAT THE PRICE OR COST
OF THE QUALIFYING CARBON CREDITS IS MORE THAN THE FINAL REDEMPTION
AMOUNT PAYABLE ON THE MATURITY DATE. INVESTORS SHOULD HAVE SUFFICIENT
KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO EVALUATE
THE MERITS AND RISKS OF INVESTING IN THE NOTES, AS WELL AS ACCESS TO, AND
KNOWLEDGE OF, APPROPRIATE ANALYTICAL TOOLS TO EVALUATE SUCH MERITS AND
RISKS IN THE CONTEXT OF THEIR FINANCIAL SITUATION. PROSPECTIVE INVESTORS
SHOULD CAREFULLY REVIEW THE INFORMATION SET FORTH AND INCORPORATED
HEREIN, INCLUDING WITHOUT LIMITATION, THE INFORMATION SET FORTH UNDER
THE CAPTIONS "RISK FACTORS" BEGINNING ON PAGE 5 OF THESE FINAL TERMS AND
PAGE 14 OF THE PROSPECTUS.
DERIVATIVES, INCLUDING AGREEMENTS, CONTRACTS OR TRANSACTIONS
RELATING TO EMISSIONS, HAVE BECOME SUBJECT TO HEAVY REGULATION AROUND
THE GLOBE. NOTEHOLDERS THAT ENGAGE IN DERIVATIVES, INCLUDING THOSE
RELATING TO EMISSIONS, WITHIN THE MEANING OF SUCH TERMS AS DEFINED IN ANY
RELEVANT JURISDICTION(S) WILL BE SUBJECT TO THE APPLICABLE RULES AND
REGULATIONS IN SUCH JURISDICTION(S). THE BANK HAS NOT CONSIDERED NOR WILL
IT UNDERTAKE TO CONSIDER WHETHER THE NOTES CONSTITUTE, OR WOULD IN THE
HANDS OF CERTAIN HOLDERS CONSTITUTE, DERIVATIVES FOR THE PURPOSES OF SUCH
RULES AND REGULATIONS IN ANY JURISDICTION. INVESTORS ARE STRONGLY
ENCOURAGED TO CONSIDER THE POTENTIAL IMPACT OF SUCH RULES AND
REGULATIONS IN JURISDICTION(S) APPLICABLE TO SUCH NOTEHOLDERS IN
CONNECTION WITH THEIR HOLDING OF, AND THE EXERCISE OF THE FINAL
REDEMPTION RIGHT WITH RESPECT TO, THE NOTES.


2




Table of Contents
Contents
Page
Incorporation by Reference ............................................................................................................................... 4
Risk Factors ....................................................................................................................................................... 5
Summary ........................................................................................................................................................... 9
Annex A ........................................................................................................................................................ A-1
Exhibit 1 to Annex A .................................................................................................................................... A-8
Exhibit 2 to Annex A ..................................................................................................................................... A-9
Exhibit 3 to Annex A ................................................................................................................................... A-19
Schedule 1: Identification of Carbon Credits for the First Check .................................................... A-23
Exhibit 4 to Annex A ................................................................................................................................... A-25


3





Incorporation by Reference
The following documents of the Bank are incorporated by reference to these Final Terms: (i) the Global
Debt Issuance Facility Prospectus dated May 28, 2008 (the "Prospectus") and (ii) the Information Statement
dated September 17, 2015 (the "Information Statement"). These documents have been filed with the
Commission and are available on the Commission's website. Alternatively, to obtain copies of these
documents, contact your financial adviser.
The provisions of the Prospectus shall be deemed to be incorporated into and form part of these Final
Terms in their entirety save that any statement contained in the Prospectus or any other document incorporated
by reference herein shall be deemed to be modified or superseded for the purpose of these Final Terms to the
extent that a statement contained herein modifies or supersedes, or is inconsistent with, such earlier statement
(whether expressly, by implication or otherwise). Any statement in the Prospectus so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of these Final Terms. Terms
used herein but not otherwise defined shall have the meanings given to them in the Prospectus. These Final
Terms must be read in conjunction with the Prospectus and full information on the Bank and the offer of the
Notes is only available on the basis of the combination of the provisions set out within these Final Terms and
the Prospectus.
Investors who have not previously reviewed the information contained in the above documents should
do so in connection with their evaluation of the Notes.
For further information and to find out how you can obtain copies of the documents incorporated by
reference in the Prospectus, please read the section entitled "Availability of Information and Incorporation by
Reference" beginning on page 4 of the Prospectus.


4




Risk Factors
You should read the risks summarized below in connection with, and the risk summarized below are
qualified by reference to, the risks described in more detail in the "Risk Factors" section beginning on page
15 of the Prospectus. Your decision to purchase the Notes should be made only after carefully considering
these risks with your investment, legal tax, accounting and other advisers in light of your particular
circumstances. The Notes are not an appropriate investment for you if you are not knowledgeable about
significant element of the Notes or financial matters in general. Capitalized terms used and not defined in
these Risk Factors have the respective meanings ascribed thereto elsewhere in these Final Terms.
Investment at risk
The capital invested in the Notes, represented by the Issue Price is at risk. In addition, any cost of
generating Carbon Credits such as inputs to developing Carbon Credit-generating projects, and/or any cost of
obtaining Carbon Credits in the secondary market, is also at risk. If a Noteholder fails to exercise its Final
Redemption Right, fails to deliver a complete and valid Final Redemption Notice or an EHS Audit Report or
otherwise fails to satisfy the Conditions to Final Redemption or fails to identify Qualifying Carbon Credits in
its Final Redemption Notice or deliver Qualifying Carbon Credits to the Verification Agent from an Eligible
Account, or the Verification Agent determines that the Carbon Credits identified or delivered are not
Qualifying Carbon Credits or fails to make a determination, the Notes will expire worthless on the Maturity
Date and such Noteholder will lose its entire investment, any costs associated with its purchase of the Notes
and/or its development cost associated with generating and/or obtaining Carbon Credits. Determinations
made by the Verification Agent are final and binding on the Bank and Noteholders.
Uncertainty of market value as of delivery of Final Redemption Notice and Maturity Date
The Notes contain a Notice Period of a maximum of 60 and a minimum of 45 Business Days prior to the
Maturity Date, thereby requiring a decision by the Noteholder as to whether to exercise the Final Redemption
Right and identify Carbon Credits to the Verification Agent that must be made no later than 45 Business Days
prior to the Maturity Date. The market value of Carbon Credits may change during the Notice Period
favourably or unfavourably to the Noteholders. If a Noteholder exercises its Final Redemption Right, the Final
Redemption Amount may be less than the market value of Qualifying Carbon Credits as of the Maturity Date,
in which case a Noteholder's prior, binding election to exercise its Final Redemption Right will result in a loss
to the Noteholder compared to the then-market value of the Qualifying Carbon Credits.
The market price of the Notes may be influenced by many factors
Many factors, most of which are beyond the Bank's control, will influence the value of the Notes and the
price at which a secondary market participant may be willing to purchase or sell the Notes, including: the
current market price of the respective Carbon Credits, interest and yield rates in the market, general
macroeconomic and financial, political and regulatory events that affect the investment of industry in carbon-
intensive projects and therefore that may restrain or expand the potential secondary market for the Notes and
accordingly decrease or increase demand for Carbon Credits and value of the Notes.
The value or trading price of the Notes at any time will reflect changes in market conditions and the
market value of Carbon Credits. In recent years, the value of most types of Carbon Credits has been in decline.
The Issue Price of the Notes has been set by the market by auction and the Final Redemption Amount has been
set by the Bank without reference to option valuation models. The Issue Price and the Final Redemption
Amount of the Notes may not reflect the actual value of Carbon Credits for delivery at any point during the
Notice Period, including on the day of identification and/or delivery by an exercising Noteholder. The market
value of Carbon Credits will change during the term of the Notes and the value of the Final Redemption Right
may change as the market price for Carbon Credits changes. Any change in the global conditions that
contributed to the decrease in the value of Carbon Credits over the last few years may affect the market price
of the Notes, including any market price received by an investor in any secondary market transaction, which
may be substantially less than the Final Redemption Amount.
5




Registry system failure may prevent or delay delivery of Carbon Credits
The suspension of some or all of the processes of the CDM, VCS or Gold Standard registries (each a
"Registry") or scheduled or emergency maintenance of the Registry, the failure to operate and maintain the
Registry or the discontinuation of the Registry or even the CDM, VCS or Gold Standard, may prevent or delay
delivery of Carbon Credits in connection with the exercise of the Final Redemption Right. If this were to occur,
Noteholders may be unable to satisfy the Conditions to Final Redemption and the Notes will expire worthless
on the Maturity Date and such Noteholder will lose its entire investment, any costs associated with its purchase
of the Notes and/or its development cost associated with generating and/or obtaining Carbon Credits.
VCS Registry operation ultimately relies on market demand
The VCS registries are operated by third party service providers (Markit being the platform through
which Noteholders are required to deliver VCUs and Gold Standard VERs at this time), who are commercially
incentivized to provide this service by the demand for the exchange of VCUs and Gold Standard VERs. If
market demand for VCUs or Gold Standard VERs were to significantly decrease in the future, Markit and
other VCS registries may ultimately cease to provide their registry service which would prevent the delivery
of VCUs or Gold Standard VERs from an Eligible Account. If this were to occur, Noteholders may be unable
to satisfy the Conditions to Final Redemption and the Notes will expire worthless on the Maturity Date and
such Noteholder will lose its entire investment, any costs associated with its purchase of the Notes and/or its
development cost associated with generating and/or obtaining Carbon Credits.
The Notes do not pay interest, do not pay principal upon early redemption, and only pay the Final
Redemption Amount at maturity if the Final Redemption Right is properly exercised
The Notes do not bear interest, so there is no return on the Issue Price paid for the Notes. If the Notes
are redeemed early for any reason, no principal will be paid on such early redemption. Payment of the Final
Redemption Amount is the only payment which the Bank will make on the Notes and then only if the Final
Redemption Right has been validly exercised by a Noteholder and the Conditions to Final Redemption have
been satisfied by the Noteholders.
Neither the Issue Price nor the Final Redemption Amount for the Notes represents their value at any
time
The Issue Price for the Notes has been set by an auction, and the Final Redemption Amount has been set
by the Bank without reference to option valuation models. The estimated value of the Notes at the Issue Date
may be materially less or more than the Issue Price and/or the Final Redemption Amount.
A secondary market may not develop due to the special nature of investors in the Notes
The Notes are expected to be issued to investors that are active in carbon markets and not to institutional
investors generally. As a result of the target market of investors for the Notes, a Noteholder may not be able to
sell or transfer its Notes easily or at all.
The Notes are subject to the compliance procedures of the Registrar
The Registrar is a regulated financial institution, and is required to conduct certain "know-your-
counterparty" and compliance checks and procedures with respect to the entities with which it does business
or to which it renders services. Because the Notes are in the form of definitive registered Certificates, initial
investors and prospective transferees of Notes will be subject to such compliance checks and procedures. In
order for the Registrar to register the Notes or a transfer of the Notes, any initial investors or prospective
transferee must submit to, and satisfy, such checks and procedures as determined by the Registrar in its sole
discretion. All determinations by the Registrar are binding on the applicable initial investors or prospective
transferee, the transferring Noteholder and the Bank. The requirement for an initial investor to comply with
such checks and procedures will restrict its ability to acquire the Notes, and the requirements for a transferee
to comply with such checks and procedures may restrict a Noteholder's ability to sell its Notes easily or at all.
6




Payments on the Notes are subject to the compliance procedures of the Global Agent and the relevant
Paying Agent
Because the Notes are in the form of definitive registered Certificates, any Noteholder entitled to payment
on the Notes must satisfy the "know-your-counterparty" and compliance checks and procedures of the Global
Agent or the relevant Paying Agent (as the case may be). Any determinations with respect to such compliance
are made by the Global Agent or the relevant Paying Agent in its sole discretion. All determinations by the
Global Agent or the relevant Paying Agent are binding on the applicable Noteholder and the Bank. Failure to
satisfy such checks and procedures could result in a Noteholder experiencing a delay in receipt of payment on
the Notes or even not receiving payment on the Notes at all.
There are important deadlines and procedures that you must meet and comply with in order to exercise
your Final Redemption Right
Noteholders must ensure delivery of their Final Redemption Notice before the Deadline (5:00 p.m.
(GMT) 45 Business Days prior to the Maturity Date) and in accordance with the procedures set out or referred
to in the Form of Final Redemption Notice. Failure to do so will result in a failure of the exercise of the Final
Redemption Right and the Notes will expire worthless on the Maturity Date and such Noteholder will lose its
entire investment, any costs associated with its purchase of the Notes and/or its development cost associated
with generating and/or obtaining Carbon Credits.
No transfers of the Notes can be effected at any time on or after 60 Business Days prior to the Maturity
Date.
Verification Agent Risk
The Bank has engaged an independent third party Verification Agent to determine if Carbon Credits
identified in the Final Redemption Notice and delivered to the Verification Agent in connection with any
exercise by a Noteholder of its Final Redemption Right are Qualifying Carbon Credits. The Verification Agent
shall determine whether Carbon Credits meet the Eligibility Criteria and are therefore Qualifying Carbon
Credits, upon identification of the Carbon Credits in the Final Redemption Notice (the "First Check") and
upon subsequent delivery of the Carbon Credits to the Verification Agent (the "Second Check" and together
with the First Check, each a "Check"). An unfavourable determination at either Check is binding on the
relevant Noteholder and the Bank, in the case of the Second Check notwithstanding a favourable determination
at the First Check, even if the determination at either Check is the result of a mistake by the Verification Agent.
Each Check must happen within the timeframe set out in these Final Terms. Further, at each Check the
Verification Agent must send a notice to the Noteholder, the Global Agent, the Calculation Agent and/or the
Bank, as applicable, with the results of that Check. A failure of the Verification Agent to make a determination
within the required timeframe, or to send the notice, even if a favourable determination is later made or if a
timely determination is made but no notice is sent, will result in a failure of the exercise of the Final
Redemption Right. All of the External Conditions to Final Redemption, including this timing and notice
requirement that depend on the Verification Agent, are outside of the Noteholders' and the Bank's control.
Notwithstanding this lack of control, a failure of any of the External Conditions to Final Redemption will result
in a failure of the exercise of the Final Redemption Right and the Noteholder will receive nothing.
The Bank is not responsible for determinations made by the Verification Agent with respect to identified
or delivered Carbon Credits and the Noteholders are dependent solely on the determinations made by the
Verification Agent which is final and binding on the Bank and the Noteholders. Although all due care was
exercised in the engagement of the Verification Agent, any errors that may occur in the process of determining
whether identified or delivered Carbon Credits constitute Qualifying Carbon Credits will be borne by the
Noteholders. An identified or a delivered Carbon Credit that is not determined to be a Qualifying Carbon
Credit will be rejected by the Verification Agent at the relevant Check, and Noteholders will not be able to
submit other Carbon Credits or resubmit a Final Redemption Notice with respect to the same Notes. In
addition, neither the Bank nor any Noteholder will have any recourse against the Verification Agent, and such
Noteholder will not have any recourse against the Bank, for the Verification Agent's determination at either
Check. In such a case, where the Carbon Credits are rejected at either Check, no Final Redemption Amount
7




will be paid to such Noteholder, such Noteholder's definitive registered Certificate(s) will not be returned to
it and will be cancelled, and such Noteholder will lose all of its investment in the Notes, any costs associated
with its purchase of the Notes and/or its development costs associated with generating and/or obtaining Carbon
Credits.
Regulation of emissions derivatives
Derivatives, including agreements, contracts or transactions relating to emissions, have become heavily
regulated across the globe, including certain derivatives becoming subject to mandatory clearing, trade,
execution, reporting and recordkeeping requirements, amongst other requirements. Noteholders that engage in
derivatives, including those relating to emissions, as such are defined in any jurisdictions applicable to such
Noteholders, will be subject to the rules and regulations regarding their derivatives-related activities applicable
in such relevant jurisdictions. The Bank has not considered, and will not undertake to consider, an analysis of
the initial purchase or secondary market sales of the Notes under the rules and regulations relating to
derivatives that may be applicable to the Noteholders. Prior to investing in the Notes, investors are strongly
encouraged to obtain advice regarding the potential impact of such rules and regulations in the applicable
jurisdictions in connection with the purchase, transfer and holding of, and exercise of the Final Redemption
Right with respect to, the Notes.


8




Summary
This summary section forms part of these Final Terms relating to the Notes. It is intended for introductory
purposes only. It may neither be separated from the rest of these Final Terms nor relied upon as complete if
separated from the more complete disclosure contained herein. Any decision to invest in the Notes should be
based on a consideration by any potential investor of these Final Terms as a whole, including any schedules,
appendices and annexes hereto and any documents incorporated by reference.
The PAF
The Pilot Auction Facility for Methane and Climate Change Mitigation ("PAF") is an innovative climate
finance mechanism developed by the World Bank Group to stimulate investment in projects that reduce
greenhouse gas emissions while maximizing the impact of public funds and leveraging private sector
financing. It is a results-based mechanism that works by setting a floor price for emission reductions generated
in respect of certain projects and programs. The goals of the PAF are achieved by the auction of PAFERNs
that give holders the right, but not the obligation, to sell to the PAF emission reductions generated through the
operation of projects or purchased on the secondary market.
In connection with the PAF, the Bank will issue separate series of PAFERNs, each containing a right of
redemption which corresponds to future emission reductions related to particular areas of methane and climate
change mitigation as may be determined from time to time with respect to each series of PAFERNs.
For each notes issuance, such as the Notes, the PAF establishes a list of eligibility criteria based on the
country of origination, type of Carbon Credit and other environmental and social criteria (the criteria applicable
to the Notes set out in Exhibit 2 to Annex A, the "Eligibility Criteria").
In the case of the Notes, the PAF will set a floor price for Carbon Credits generated in respect of methane
capture or avoidance at existing landfill water, waste water treatment facilities and composting & agricultural
water project sites registered under the CDM, VCS or the Gold Standard (each an "Approved Carbon
Standard").
The Auction
A competitive auction conducted by the Bank on May 12, 2016 (the "Auction Date") set (a) the Issue
Price for the Notes and (b) the integral multiples of Carbon Credit Lots applicable to the Notes, resulting in
the Aggregate Nominal Amount of Notes being U.S.$4,996,250. The amount payable per Carbon Credit that
is (x) identified in a Final Redemption Notice as part of a block of 2,500 Carbon Credits in respect of which
each Carbon Credit is from the same Monitoring Period (in respect of CERs) or Vintage Period (in respect of
VCUs and Gold Standard VERs) and Project or POA (each a "Carbon Credit Lot") and (y) determined by
the Verification Agent to satisfy the Eligibility Criteria (each such Carbon Credit, a "Qualifying Carbon
Credit") is U.S.$3.50, resulting in the Final Redemption Amount per 2,500 Qualifying Carbon Credits being
U.S.$8,750.00.
Summary of Terms
Pursuant to these Final Terms, the Bank is issuing U.S.$4,996,250 Aggregate Nominal Amount of non-
interest-bearing PAFERNs due November 27, 2019 under the Facility.
The Bank has engaged Kommunalkredit Public Consulting GmbH, an independent third party agent (the
"Verification Agent") to determine, in accordance with the Eligibility Criteria, whether Carbon Credits
identified in a valid and complete Final Redemption Notice and delivered to the Verification Agent are
Qualifying Carbon Credits. The Verification Agent shall determine whether Carbon Credits meet the
Eligibility Criteria and are therefore Qualifying Carbon Credits, upon identification of the Carbon Credits in
the Final Redemption Notice (the "First Check") and upon subsequent delivery of the Carbon Credits to the
Verification Agent (the "Second Check" and together with the First Check, each a "Check"). Determinations
of the Verification Agent at each Check (or failure of the Verification Agent to make a determination at either
Check) are final and binding on the Bank and the Noteholders.
9




Any integral multiple of a Carbon Credit Lot may be identified in a Final Redemption Notice for the First
Check by the Verification Agent and, provided the First Check is favourable, for subsequent delivery to the
Verification Agent for the Second Check. Any Carbon Credits delivered to the Verification Agent that do not
constitute integral multiples of a Carbon Credit Lot will be automatically rejected. Any VCUs or Gold Standard
VERs which have not been delivered from an Eligible Account will be rejected. For the avoidance of doubt,
if the serial numbers of the Carbon Credits delivered by a Noteholder at the Second Check do not match the
serial numbers of the Carbon Credits identified in such Noteholder's Final Redemption Notice delivered for
the First Check, the Carbon Credit Lots containing non-matching serial numbers will be rejected. The exercise
of the Final Redemption Right will be successful with respect to each integral multiple of Carbon Credit Lots
that passes both Checks.
The table set out immediately below is a high-level summary of the terms set out in Annex A.
Investors should carefully read Annex A.

Issuer .............................................
International Bank for Reconstruction and Development (the
"Bank")
Dealers ..........................................
None
Global Agent .................................
Citibank, N.A., London Branch
Paying Agent and Transfer Agent .
Citibank, N.A., London Branch
Registrar and Transfer Agent ........
Citigroup Global Markets Deutschland AG
Verification Agent .........................
Kommunalkredit Public Consulting GmbH, or any successor or
replacement appointed by the Bank
Calculation Agent ..........................
Citibank, N.A., London Branch
Currency ........................................
U.S. dollars
Carbon Credit Lot .........................
A block of 2,500 Carbon Credits in respect of which each Carbon
Credit is from the same Monitoring Period in respect of CERs or
Vintage Period in respect of VCUs or Gold Standard VERs and Project
or POA.
Maturity Date ................................
November 27, 2019
Issue Date ......................................
June 27, 2016
Issue Price .....................................
40.2857143%
Method of Issue .............................
Notes will not be issued through dealers. The Bank will sell Notes itself
directly to investors.
Description of Notes .....................
The Notes are non-interest-bearing unsecured obligations of the Bank
redeemable at the option of the Noteholder on the Maturity Date,
provided a Final Redemption Notice is delivered during the Notice
Period and the Conditions to Final Redemption are satisfied.
Final Redemption Right ................
Each Noteholder may redeem some or all of its Notes in integral
multiples of the Specified Denomination on, but not prior to, the
Maturity Date upon a maximum of 60 and a minimum of 45 Business
Days' notice (the "Notice Period").
Final Redemption

U.S.$8,750.00 per Specified Denomination, provided that the
Amount
Conditions to Final Redemption are satisfied.


..............................................
10