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Wednesday 13 September, 2017


Notice of Modification

RNS Number : 6778Q
European Bank for Recon & Develop
13 September 2017







European Bank for Reconstruction and Development (the "Issuer").

KZT 34,000,000,000 Inflation Linked Notes due 15 December 2021
(ISIN: XS1535796368 / Common Code: 153579636) (the "Notes")
issued pursuant to a €35,000,000,000 Global Medium Term Note Programme

This notice is dated 13 September 2017 and should be read in conjunction with the Pricing Supplement dated 13 December 2016 relating to the Notes (the "Pricing Supplement") and the Offering Circular relating to the Issuer's Global Medium Term Note Programme dated 3 July 2012 (the "Offering Circular").

Capitalised terms used but not defined herein shall have the meanings given to them in the Offering Circular or the Pricing Supplement.

The Noteholders are informed that the Agent has modified the provisions of the Notes in order to correct a manifest error in the Rate of Interest calculation set out in Annex B (Additional Terms Relating to the Interest Amount and Rate of Interest Determination) thereto by deleting the word "min" in the Rate of Interest formula and replacing it with the word "max" so that such definition as so amended now reads as follows:

"Rate of Interest = max[Minimum Rate of Interest, (KI + Margin)]"

The Issuer accepts responsibility for the information contained in this notice.

Signed on behalf of the Issuer:




Duly authorised



 Link to executed copy of this notice:

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