Obligation EBRDS 0.2% ( XS2275666126 ) en PLN

EBRDS

100 % ⇌

Royaume-Uni

XS2275666126 ( en PLN )

0.2% par an ( paiement annuel )

23/12/2022 - Obligation échue

Prospectus brochure de l'obligation EBRD XS2275666126 en PLN 0.2%, échue

10 000 PLN

216 000 000 PLN

La Banque Européenne pour la Reconstruction et le Développement (BERD) est une institution financière internationale qui ?uvre à la promotion du secteur privé et à la transition vers l'économie de marché dans ses régions d'opération, de l'Europe centrale à l'Asie centrale et à l'Afrique du Nord.

L'Obligation émise par EBRDS ( Royaume-Uni ) , en PLN, avec le code ISIN XS2275666126, paye un coupon de 0.2% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 23/12/2022

UK MiFIR product governance / Retail investors, professional investors and ECPs only
target market:
Solely for the purposes of the manufacturers product approval process, the target market
assessment in respect of the Notes has led to the conclusion that: (i) the target market for the
Notes is retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"), and
eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook
("COBS") and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of
domestic law by virtue of the EUWA ("UK MiFIR"); and (i ) all channels for distribution of the Notes
are appropriate. Any person subsequently offering, selling or recommending the Notes (a
"distributor") should take into consideration the manufacturers target market assessment;
however, a distributor subject to FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturers
target market assessment) and determining appropriate distribution channels.
For the purposes of this provision, the expression "manufacturer" means the Dealer.
European Bank for Reconstruction and Development (the "Issuer") does not fall under the scope
of application of UK MiFIR. Consequently, the Issuer does not qualify as an "investment firm",
"manufacturer" or "distributor" for the purposes of UK MiFIR.

9 March 2021

PRICING SUPPLEMENT

European Bank for Reconstruction and Development
PLN 76,000,000 0.20 per cent. Notes due 23 December 2022 (the "Notes") (to be
consolidated and form a single series with the Issuer's PLN 140,000,000 0.20 per
cent. Notes due 23 December 2022, issued on 23 December 2020)
issued pursuant to the European Bank for Reconstruction and Development EUR
45,000,000,000 Global Medium Term Note Programme for the issue of notes
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Offering Circular dated 3 July 2012 as supplemented by the Supplementary
Offering Circular dated 22 July 2019 (together, the "Offering Circular"). This Pricing
Supplement must be read in conjunction with such Offering Circular. Full information on the
Notes is only available on the basis of the combination of this Pricing Supplement and the
Offering Circular. The Offering Circular is available for viewing and copies may be obtained
from the Issuer, One Exchange Square, London, EC2A 2JN, United Kingdom.

SUMMARY OF THE NOTES
1
Specified Currency:
Polish Zloty ("PLN"), the lawful currency of the
Republic of Poland subject to the provisions set
out in the Annex hereto
2
Nominal Amount:
PLN 76,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
10 March 2021
5
Issue Price:
99.834 per cent of the Nominal Amount plus 77

days' accrued interest (PLN 32,072.00) calculated
on the Nominal Amount from (and including) 23
December 2020 to but excluding the Issue Date.
6
Maturity Date:
23 December 2022, subject to the provisions set
out in the Annex hereto
7
Fungible with existing Notes:
Yes. The Notes will be consolidated and form a
single series with the Issuer's PLN 140,000,000
0.20 per cent. Notes due 23 December 2022,
issued on 23 December 2020, as at the Issue Date.

On or around the Exchange Date (as defined below
in item 11) the Notes will be consolidated and form
a single series (the "Issue") with the Issuer's PLN
140,000,000 0.20 per cent. Notes due 23 December
2022, issued on 23 December 2020 (the "Existing
Notes"). Upon consolidation with the Existing Notes,
the aggregate nominal amount of the Issue will be
PLN 216,000,000.

FORM OF THE NOTES
8
Form of Note:
Bearer
9
New Global Note:
No
10
Specified Denomination(s):
PLN 10,000
11
Exchange of Bearer Notes:
Temporary
Global
Note
exchangeable
for
permanent Global Note on certification as to non-
US beneficial ownership on or after 40 days after
the Issue Date (the "Exchange Date") and
thereafter permanent Global Note exchangeable
only upon an Exchange Event
12
(a)
Talons for future Coupons
Not Applicable
to be attached to definitive
Bearer Notes:

(b)
Date(s) on which the Talons Not Applicable
mature:
13
(a)
Depositary for and
Not Applicable
registered holder of
Registered Global Note:

(b)
Exchange of Registered
Not Applicable
Global Note:
PROVISIONS RELATING TO INITIAL PAYMENT
14
Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15
Interest Commencement Date:
23 December 2020

16

Fixed Rate Notes:

(a)
Fixed Rate of Interest:
0.20 per cent. per annum payable annually in
arrear, being PLN 20.00 per Specified
Denomination on each Fixed Interest Date,
subject to the provisions set out in the Annex
hereto.

(b)
Fixed Interest Dates:
23 December in each year, from and including
23 December 2021 up to and including the
Maturity Date, subject to the provisions set out in
the Annex hereto

(c)
Initial Broken Amount per
Not Applicable
Specified Denomination:

(d)
Final Broken Amount per
Not Applicable

Specified Denomination:

(e)
Fixed Day Count Fraction:
Actual/Actual - ICMA

(f)
Business Day Convention:
Following Business Day

(g)
Business Day definition if
Condition 4(a)(iii) applies (and for the avoidance
different from that in
of doubt, Warsaw is the principal financial
Condition 4(a)(iii):
centre). London, TARGET and New York City
shall be the additional business centres.

(h)
Calculation of interest to be
No
adjusted in accordance with
Business Day Convention
specified above:
17
Zero Coupon Notes:
Not Applicable
18
Floating Rate Notes and Indexed
Not Applicable
Notes:
PROVISIONS REGARDING PAYMENTS/DELIVERIES
19
Definition of "Payment Day" for the
Condition 6(e) applies subject to the provisions
purpose of Condition 6(e) if different set out in the Annex hereto (for the avoidance of
to that set out in Condition 6:
doubt, Warsaw shall be the principal financial
centre. London, TARGET and New York City
shall be the additional business centres)
20
Dual Currency Notes:
Not Applicable
21
Physically Settled Notes:
Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
22
(a)
Redemption at Issuer's
No
option:

(b)
Redemption at Noteholder's No
option:

23
(a)
Final Redemption Amount
100.00 per cent. per Specified Denomination,
for each Note (other than an subject to the provisions set out in the Annex
Indexed or Formula Note
hereto
where the index or formula
applies to the redemption
amount):

(b)
Final Redemption Amount
Not Applicable
for each Indexed Note
where the Index or Formula
applies to the Final
Redemption Amount:
24
Instalment Note:
Not Applicable
25
Early Redemption Amount for each
Condition 5(d) applies, subject to the provisions
Note payable on an event of
set out in the Annex hereto
default:
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
26
Method of distribution:
Non-Syndicated
27
If Syndicated, names and
Barclays Bank PLC
addresses of Managers or, if Non-
5 The North Colonnade
Syndicated name and address of
Dealer:
Canary Wharf
London E14 4BB United Kingdom
28
Date of Syndication Agreement:
Not Applicable
29
Stabilising Manager:
Not Applicable
30
Additional selling restrictions:
Not Applicable
31
Details of additional/alternative
Euroclear and Clearstream, Luxembourg only
clearing system approved by the
Issuer and the Agent:
32
Intended to be held in a manner
No
which would allow Eurosystem
eligibility:
33
Common Code:
On the Issue Date, the temporary Common Code
will be 231707000. Following consolidation with
the Existing Notes on the Exchange Date, the
Common Code will be 227566612

ISIN Code:
On the Issue Date, the temporary ISIN will be
XS2317070006. Following consolidation with the
Existing Notes on the Exchange Date, the ISIN will
be XS2275666126

CUSIP Number:
Not applicable
34
Listing:
Application will be made by the Issuer (or on its
behalf) for the Notes to be listed on the Official
List of the Luxembourg Stock Exchange and to
be admitted to trading on the Regulated Market
of the Luxembourg Stock Exchange (Bourse de
Luxembourg)

35
In the case of Notes denominated in Not Applicable
the currency of a country that
subsequently adopts the euro in
accordance
with
the
Treaty
establishing
the
European
Community, as amended by the
Treaty on European Union, whether
the
Notes
will
include
a
redenomination clause providing for
the redenomination of the Specified
Currency
in
euro
(a
"Redenomination Clause"), and, if
so specified, the wording of the
Redenomination Clause in full and
any
wording
in
respect
of
redenominalisation
and/or
consolidation (provided they are
fungible)
with
other
Notes
denominated in euro.
36
Additional Information:
The provisions set out in the Annex shall apply
to the Terms and Conditions in accordance

herewith
37
Total Commissions:
None

This Pricing Supplement comprises the pricing supplement required for issue and admission to
trading on the London Stock Exchange plc's Regulated Market of the Notes described herein
pursuant to the Euro 45,000,000,000 Global Medium Term Note Programme for the issue of
notes of European Bank for Reconstruction and Development as from 10 March 2021 or as
soon as practicable thereafter.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement other
than the information contained under the heading "UK MiFIR product governance / Professional
investors and ECPs only target market".

For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

By:
...........................................................................

Duly Authorised Officer

......................................................................
CITIBANK, N.A.
(as Agent)

SIGNATURE PAGE TO PRICING SUPPLEMENT

PART B OTHER INFORMATION

1
LISTING
Application will be made by the Issuer (or on its
behalf) for the Notes to be listed on the Official List
of the Luxembourg Stock Exchange and to be
admitted to trading on the Regulated Market of the
Luxembourg
Stock
Exchange
(Bourse
de
Luxembourg), with effect from 10 March 2021 or as
soon as practicable thereafter. No assurance can
be given that such listing and admission to trading
will be obtained on such date, or, if obtained, that it
will be maintained.

The Notes will be consolidated and form a single
series with the Issuer's PLN 140,000,000 0.20 per
cent. Notes due 23 December 2022, issued on 23
December 2020.

2
RATINGS
The Issuer and/or its debt obligations have been
assigned an AAA credit rating from S&P Global
Ratings Europe Limited ("S&P"), an Aaa credit
rating from Moody's Investors Service Ltd.
("Moody's") and an AAA credit rating from Fitch
Ratings Ltd. ("Fitch"). As defined by S&P, an "AAA"
rating means that the ability of the Issuer to meet its
financial commitment on its obligations is extremely
strong. As defined by Moody's, an "Aaa" rating
means that the Issuer's ability to meet its financial
obligations is judged to be of the highest quality,
with minimal credit risk. As defined by Fitch, an
"AAA" rating denotes the lowest expectation of
credit risk and means that the Issuer has an
exceptionally strong capacity for timely payment of
its financial commitments.
3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in the section headed "Subscription and Sale" in the Offering
Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has
an interest material to the offer.
4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES

(i)
Reasons for the offer:
The net proceeds of the issue of the Notes will be
included in the ordinary capital resources of the
Issuer and used in its ordinary operations.

(ii) Estimated net proceeds:
PLN 75,905,912.00

(iii) Estimated total
£10,000.00
expenses:
5

YIELD
7

Indication of yield:
0.20 per cent. per annum
As set out above, the yield is calculated at the Issue
Date on the basis of the Issue Price. It is not an
indication of future yield.
8

6
HISTORIC INTEREST RATES

Not Applicable
7
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF
EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER
INFORMATION CONCERNING THE UNDERLYING

Not Applicable
8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT
ON VALUE OF INVESTMENT

Not Applicable
9

ANNEX
Settlement Disruption Event and Fallback Provisions

All payments in respect of the Notes will be made in PLN, subject to the occurrence of a
Settlement Disruption Event and will in all cases be subject to any fiscal or other laws applicable
thereto.

If the Calculation Agent determines (in its sole discretion acting in good faith and in a
commercially reasonable manner) that a Settlement Disruption Event has occurred or is
subsisting during the Determination Period:

A.
The Calculation Agent shall notify the Issuer and the Agent of its determination as soon
as practicable after making such determination (but in no event later than 8.00
a.m. London time one Business Day after the last day of the Determination Period)
whereupon the Agent shall as soon as practicable thereafter (but in no event later than
one Business Day after receipt of the aforementioned notice from the Calculation Agent)
notify the Noteholders thereof (in accordance with Condition 13 of the Notes), and

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

If a Settlement Disruption Event no longer subsists, the Calculation Agent shall notify the Issuer
and the Agent thereof as soon as practicable on or after the Business Day on which the
Settlement Disruption Event no longer subsists (but in no event later than one Business Day
thereafter) whereupon the Agent shall as soon as practicable thereafter (but in no event later
than one Business Day after receipt of the aforementioned notice from the Calculation Agent)
notify the Noteholders thereof (in accordance with Condition 13 of the Notes).

If any amount is to be paid on a Postponed Fixed Interest Date, Postponed Maturity Date or
Postponed Early Redemption Date (as the case may be), regardless of whether a Settlement
Disruption Event is still subsisting at such time, payment shall be made in United States Dollars
("USD") and shall be calculated by the Calculation Agent (and promptly notified to the Agent
and the Issuer (but in no event later than two Business Days before the Postponed Fixed
Interest Date, Postponed Maturity Date or Postponed Early Redemption Date (as the case may
be)) in an amount per Specified Denomination which shall be produced by the following
provisions, such amount to be rounded to the nearest whole cent (with 0.5 cent being rounded
upwards):

Relevant PLN Amount ÷ Exchange Rate

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

If the Calculation Agent determines (in its sole discretion acting in good faith and in a
commercially reasonable manner) that a Settlement Disruption Event has occurred following a
Determination Period and either prior to or on Fixed Interest Date, Maturity Date or Early
Redemption Date (as the case may be), then any amount payable shall be made in USD in
accordance with the provisions set out above.

For the purposes of these provisions:
10