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International Bank for Reconstruction & Development – ‘QRTLYRPT’ for 3/31/15

On: Monday, 5/11/15, at 4:12pm ET · For: 3/31/15 · Accession #: 1193125-15-181938 · File #: 83-00003

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/11/15  Int’l Bank for Reconstructio… Dev QRTLYRPT    3/31/15    1:2.7M                                   Donnelley … Solutions/FA

Quarterly Report by an International Development Bank
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Page	(sequential)	(alphabetic)	↑Top
		Alternative Formats (Word, et al.) B Alance S Heet A Nalysis C Ondensed B Alance S Heet C Ondensed Q Uarterly F Inancial S Tatements C Ondensed S Tatement of C Ash F Lows C Ondensed S Tatement of C Hanges in R Etained E Arnings C Ondensed S Tatement of C Omprehensive I Ncome C Ondensed S Tatement of I Ncome F Inancial R Isk M Anagement I Ndependent A Uditors ' R Eview R Eport I Ntroduction N Otes to C Ondensed Q Uarterly F Inancial S Tatements N Otes to the C Ondensed Q Uarterly F Inancial S Tatements S Ummary of A Llocable I Ncome and I Ncome A Llocation S Ummary of F Air V Alue R Esults Table of Contents
1	1st Page – Filing Submission
"	Table of Contents
"	I Ntroduction
"	S Ummary of A Llocable I Ncome and I Ncome A Llocation
"	B Alance S Heet A Nalysis
"	F Inancial R Isk M Anagement
"	S Ummary of F Air V Alue R Esults
"	C Ondensed Q Uarterly F Inancial S Tatements
"	C Ondensed B Alance S Heet
"	C Ondensed S Tatement of I Ncome
"	C Ondensed S Tatement of C Omprehensive I Ncome
"	C Ondensed S Tatement of C Hanges in R Etained E Arnings
"	C Ondensed S Tatement of C Ash F Lows
"	N Otes to C Ondensed Q Uarterly F Inancial S Tatements
"	N Otes to the C Ondensed Q Uarterly F Inancial S Tatements
"	I Ndependent A Uditors ' R Eview R Eport

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Quarterly Report

International Bank for Reconstruction and Development

LOGO

Management’s Discussion & Analysis

and

Condensed Quarterly Financial Statements

March 31, 2015

(Unaudited)

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)

CONTENTS

MARCH 31, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS



I.	INTRODUCTION	3

II.	SUMMARY OF ALLOCABLE INCOME AND INCOME ALLOCATION	4

III.	BALANCE SHEET ANALYSIS	6

IV.	FINANCIAL RISK MANAGEMENT	7

V.	SUMMARY OF FAIR VALUE RESULTS	11


CONDENSED QUARTERLY FINANCIAL STATEMENTS			14

CONDENSED BALANCE SHEET			14

CONDENSED STATEMENT OF INCOME			16

CONDENSED STATEMENT OF COMPREHENSIVE INCOME			17

CONDENSED STATEMENT OF CHANGES IN RETAINED EARNINGS			17

CONDENSED STATEMENT OF CASH FLOWS			18

NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS			19

INDEPENDENT AUDITORS’ REVIEW REPORT			48

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 1

Box 1: Selected Financial Data


In millions of U.S. dollars, except ratios which are in percentages
	As of and for the nine months ended						As of and for full year
	March 31, 2015			March 31, 2014			June 30, 2014
Lending Highlights (Section III)

Commitments^a	$	19,086		$	10,166		$	18,604
Gross disbursements^b		14,705			14,809			18,761
Net disbursements^b		8,008			7,789			8,948

Reported Basis

Income Statement (Section II)

Board of Governors-approved and other transfers	$	659		$	621		$	676
Net loss		1,793			437			978

Balance Sheet (Section III)

Total assets	$	346,050		$	331,172		$	358,883
Net investment portfolio		42,655			35,719			42,708
Net loans outstanding		151,855			151,065			151,978
Borrowing portfolio		155,167			145,346			152,643

Key Management Indicators

Allocable Income (Section II)	$	528		$	773		$	769

Usable Equity^c (Section IV)	$	39,430		$	40,684		$	40,467

Equity-to-loans Ratio^d (Section IV)		25.2	%		25.9	%		25.7	%

a.	Commitments include guarantee commitments and guarantee facilities that have been approved by the Executive Directors.

b.	Amounts include transactions with the International Finance Corporation (IFC), and loan origination fees.

c.	Excluding amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative translation adjustments.

d.	Ratio is computed using usable equity and excludes the respective periods’ income.

2 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

I.	Introduction

This document should be read together with the International Bank for Reconstruction and Development’s (IBRD) Financial Statements and Management’s Discussion and Analysis (MD&A) for the fiscal year ended June 30, 2014 (FY14). IBRD undertakes no obligation to update any forward looking statements. Box 1 provides IBRD’s selected financial data as of, and for the nine months ended, March 31, 2015 and 2014, as well as for the fiscal year ended June 30, 2014. Certain reclassifications of prior year’s information have been made to conform with the current year’s presentation. (For further details see Note A: Summary of Significant Accounting and Related Policies in the Notes to the Condensed Quarterly Financial Statements).

Business Model

IBRD, an international organization owned by its 188 member countries, is the largest multilateral development bank in the world and is one of the five institutions of the World Bank Group (WBG). The other institutions of the WBG are the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Each of these organizations is legally and financially independent from IBRD, with separate assets and liabilities, and IBRD is not liable for their respective obligations. The WBG’s two main goals are to end extreme poverty and promote shared prosperity. To meet these goals, IBRD provides loans, guarantees, and technical assistance (including through reimbursable advisory services) for economic reform projects and programs. In addition, IBRD provides or facilitates financing through trust fund partnerships with bilateral and multilateral donors. IBRD’s ability to intermediate the funds it raises in international capital markets is important in helping it achieve its goals. IBRD’s objective is not to maximize profits, but to earn adequate income to ensure its financial strength and sustain its development activities.

IBRD derives its financial strength from its capital base, through the support of its shareholders as well as its financial and risk management policies and practices. Shareholder support takes the form of capital subscriptions from members and their strong record in servicing their debt to IBRD. IBRD’s sound financial and risk management policies and practices have enabled it to maintain its capital adequacy, diversify its funding sources, hold a portfolio of liquid investments to meet its financial commitments, and limit its risks – including credit and market risks.

Basis of Reporting

Financial Statements

IBRD’s financial statements conform with accounting principles generally accepted in the United States of America (U.S. GAAP), referred to in this document as the “reported basis.” All instruments in the investment and borrowing portfolios and all other derivatives are reported at fair value, with changes in fair value reported in the income statement. IBRD’s loans are reported at amortized cost, except for loans with embedded derivatives, which are reported at fair value. Management uses the reported financial statements as the basis for deriving allocable income.

Fair Value

IBRD makes extensive use of financial instruments, including derivatives in its operations. In an attempt to address the asymmetry in the reported financial statements, whereby not all financial instruments are reported on the same basis, IBRD reflects all financial instruments at fair value in the MD&A. The fair value of these instruments is affected by changes in market variables such as interest rates, exchange rates, and credit risk. Management uses fair value to assess the performance of the investment-trading portfolio; to manage certain market risks, including interest rate risk and commercial counterparty credit risk; and to monitor the results of the Equity Management Framework (EMF), where IBRD uses derivatives to reduce the sensitivity of allocable income to short-term interest rates. Since fair value results constantly change in response to changes in the market environment and given IBRD’s intention to hold its primary assets and related funding to maturity (in its loan and borrowing portfolios), Management does not use the fair value results as a basis for making decisions on income allocation.

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 3

Allocable Income

When looking at the long-term financial sustainability of IBRD, Management monitors IBRD’s capital adequacy and uses allocable income as the basis for making allocations from net income. Given IBRD’s intention to hold its primary assets and related funding to maturity, allocable income is calculated by excluding all unrealized mark-to-market gains and losses with the exception of those relating to the investment portfolio, which is a trading portfolio. As a result, for the non-trading portfolios, only the realized mark-to-market gains and losses related to the infrequent liquidation of these positions is included in allocable income. In addition, allocable income also reflects adjustments such as pension, as well as adjustments to exclude Board of Governors-approved and other transfers from reported net income, since in the case of the Board of Governors-approved and other transfers, these amounts have been funded from prior year’s allocable income (Table 1).

II.

Summary of Allocable Income and Income Allocation

Reported Net Income

For the first nine months of the fiscal year ending June 30, 2015 (FY15), IBRD had a net loss of $1.8 billion, versus a net loss of $0.4 billion during the same period in FY14. The $1.8 billion net loss was primarily due to $1.6 billion of unrealized mark-to-market losses on non-trading portfolios. These unrealized mark-to-market losses primarily relate to the derivatives associated with the loan portfolio and are consistent with the decline in interest rates during the period (See Table 11). Since loans are carried at amortized cost for reporting purposes, the economic offset to the loan related derivatives which are required to be reported at fair value under U.S. GAAP, is not reflected in the reported net income. However, in line with IBRD’s risk management policies, IBRD is immunized against interest rate movements on its loan and borrowing portfolios. In order to show the effect of these risk management policies, IBRD reflects its loans at fair value in the MD&A. See section V for more details.

Table 1 below provides a reconciliation between the reported net loss and allocable income. The key differences between these two measures relates to the treatment of Board of Governors-approved and other transfers, and unrealized mark-to market losses on non-trading portfolios, net.

Table 1: Condensed Statement of Net and Allocable Income


In millions of U.S. dollars
For the nine months ended March 31,	2015			2014			Variance
Interest revenue, net of funding costs
Interest margin	$	632		$	651		$	(19	)
Equity contribution^a		824			934			(110	)
Investments		(4	)		89			(93	)

Net interest revenue	$	1,452		$	1,674		$	(222	)

Provision for losses on loans and other exposures		(65	)		(9	)		(56	)
Other income, net		22			42			(20	)
Net non-interest expenses^b		(923	)		(971	)		48
Board of Governors-approved and other transfers		(659	)		(621	)		(38	)
Unrealized mark-to-market losses on non-trading portfolios, net^a,c		(1,620	)		(552	)		(1,068	)

Net loss	$	(1,793	)	$	(437	)	$	(1,356	)

Adjustments to reconcile net loss to allocable income:
Pension and other adjustments		42			37			5
Board of Governors-approved and other transfers		659			621			38
Unrealized mark-to-market losses on non-trading portfolios, net^a,c		1,620			552			1,068

Allocable income	$	528		$	773		$	(245	)

This includes the reclassification of net realized mark-to-market gains of $581 million and $432 million for the first nine months of FY15 and FY14, respectively, associated with the termination of certain positions under the EMF, from unrealized mark-to-market losses on non-trading portfolios, net, to equity contribution.

b.	Primarily composed of administrative expenses and reimbursable income.

c.	See Table 11.

4 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

Allocable Income

The primary drivers of IBRD’s allocable income are interest earned on the loans funded by debt and revenue generated from IBRD’s equity (equity contribution), partially offset by changes in the provision for losses on loans and other exposures¹ and net non-interest expenses (Table 1 summarizes IBRD’s net income and provides a reconciliation to allocable income).

IBRD’s loans are funded by debt and equity. Revenue generated from IBRD’s equity is primarily comprised of the following: a) interest earned from loans funded by equity; b) net interest revenue from EMF positions (See Section IV); and c) realized mark-to-market gains from the unwinding of certain EMF positions.

Allocable income was $528 million for the first nine months of FY15, $245 million lower than the same period in FY14. The major variances between the periods are explained below:

Figure 1: Net Interest Revenue for the first nine months of Fiscal Year

In billions of U.S. dollars

LOGO

Equity Contribution:

During the first nine months of FY15, equity contribution was $824 million as compared with $934 million during the same period in FY14. The $110 million reduction in the equity contribution was primarily due to the decline in interest revenue on the EMF trades, consistent with the liquidation of EMF positions in earlier periods.

Investments:

During the first nine months of FY15, IBRD incurred a $4 million loss on its investment portfolio. This is in contrast to the $89 million of net income earned during the same period in FY14. The reduction in investment revenue was primarily due to the $62 million of unrealized mark-to-market losses related to the Heta Asset Resolution AG investment during the first nine months of FY15. This investment had a carrying value of $5 million as of March 31, 2015.

Provision for losses on loans and other exposures:

For the first nine months of FY15, there was a net charge of $65 million, primarily reflecting the change in credit quality of the loan portfolio. This compares with a net charge of $9 million in the same period in FY14, reflecting the impact of loans to Iran being restored to accrual status.

Income Allocation

The allocable income for FY14 was $769 million. Of this amount, on October 10, 2014, IBRD’s Board of Governors approved the transfer of $635 million to IDA and $134 million to Surplus. In addition, on the same date, IBRD’s Board of Governors approved a transfer of $15 million to the Global Infrastructure Facility (GIF) from Surplus. The transfers to IDA and GIF were made on October 14, 2014 and April 8, 2015, respectively.

¹	Other exposures include loans with a deferred drawdown option (DDO), irrevocable commitments, exposures to member countries’ derivatives, and guarantees.

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 5

III.

Balance Sheet Analysis

Table 2: Condensed Balance Sheet


In millions of U.S. dollars
As of	March 31, 2015		June 30, 2014		Variance
Investments and due from banks	$	49,099	$	49,183	$	(84	)
Net loans outstanding		151,855		151,978		(123	)
Receivable from derivatives		140,612		154,070		(13,458	)
Other assets		4,484		3,652		832

Total assets	$	346,050	$	358,883	$	(12,833	)

Borrowings	$	158,793	$	161,026	$	(2,233	)
Payable for derivatives		137,058		146,885		(9,827	)
Other liabilities		13,691		11,987		1,704
Equity		36,508		38,985		(2,477	)

Total liabilities and equity	$	346,050	$	358,883	$	(12,833	)

Lending Highlights

IBRD’s principal assets are its loans to member countries.

For the first nine months of FY15, commitments totaled $19.1 billion, $8.9 billion above the same period in FY14 (Table 3). Commitments during the period were exceptionally high partly due to a strong pipeline developed in the second half of FY14. Commitments to Europe and Central Asia increased by $5.2 billion during the first nine months of FY15 compared to the same period in FY14. Of this increase, $1 billion related to Poland, $1.2 billion to Turkey, and $1.3 billion to Ukraine.

As of March 31, 2015, IBRD’s net loans outstanding were $151.9 billion, marginally lower than June 30, 2014. The decrease was mainly due to currency translation losses of $8.1 billion, consistent with the 21% depreciation of the euro against the U.S. dollar, partly offset by $8 billion in net loan disbursements made in the first nine months of FY15.

Figure 2: Commitments and Gross Disbursements Trend

In billions of U.S. dollars

Figure 3: Net Loans Outstanding

In billions of U.S. dollars

Table 3: Commitments by Region – For the Fiscal Year-To-Date


In millions of U.S. dollars
For the nine months ended	March 31, 2015		% of total			March 31, 2014		% of total			Variance
Africa	$	559		3	%	$	25		0	%	$	534
East Asia and Pacific		4,239		22			3,636		36			603
Europe and Central Asia		6,376		34			1,160		11			5,216
Latin America and the Caribbean		4,645		24			3,368		33			1,277
Middle East and North Africa		2,119		11			1,302		13			817
South Asia		1,148		6			675		7			473

Total	$	19,086		100	%	$	10,166		100	%	$	8,920

Table 4: Gross Disbursements by Region - For the Fiscal Year-To-Date


In millions of U.S. dollars
For the nine months ended	March 31, 2015		% of total			March 31, 2014		% of total			Variance
Africa	$	683		5	%	$	233		2	%	$	450
East Asia and Pacific		2,294		15			2,572		17			(278	)
Europe and Central Asia		4,277		29			4,910		33			(633	)
Latin America and the Caribbean		5,186		35			5,052		34			134
Middle East and North Africa		1,443		10			1,273		9			170
South Asia		822		6			769		5			53

Total	$	14,705		100	%	$	14,809		100	%	$	(104	)

6 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

Investment Highlights

As of March 31, 2015, IBRD’s net investment portfolio totaled $42.7 billion, of which $41.6 billion related to the liquid asset portfolio (see Note C: Investments in the Notes to the Condensed Quarterly Financial Statements). The liquid asset portfolio was largely unchanged from June 30, 2014.

The objective of the liquid asset portfolio is to ensure the availability of sufficient cash flows to meet all of IBRD’s financial commitments. Historically, IBRD has operated at levels of liquidity in the range of between 100% and 150% of the prudential minimum. During the third quarter of FY15, the range was increased to approximately 140% and 175%, reflecting Management’s desire to hold sufficient liquidity to cover 12 months of projected debt service obligations and net loan disbursements. The prudential minimum liquidity level has been set at $26 billion for FY15, and the liquid asset portfolio was at 160% of this level as of March 31, 2015.

Figure 4: Liquid Asset Portfolio

In billions of U.S. dollars

Borrowing Highlights

IBRD issues debt securities to both institutional and retail investors in a variety of currencies. During the first nine months of FY15, IBRD raised medium and long-term debt of $41.6 billion in 18 currencies.

As of March 31, 2015, the borrowing portfolio totaled $155.2 billion, an increase of $2.5 billion from June 30, 2014 (see Note E: Borrowings, in the Notes to the Condensed Quarterly Financial Statements). This increase was mainly due to net new issuances of $7.5 billion to support loan disbursements, partially offset by currency translation gains of $5.9 billion, consistent with the depreciation of the euro against the U.S. dollar.

Figure 5: Borrowing Portfolio

In billions of U.S. dollars

Capital Highlights

As a result of the General and Selective Capital Increase resolutions in the fiscal year ended June 30, 2011 (FY11), subscribed capital is expected to increase by $87 billion (including shares subscribed under the Voice Reform for which no paid-in capital was required), of which $5.1 billion will be paid-in. The General Capital Increase (GCI) subscription period is for five years and ends March 16, 2016. On March 30, 2015, the subscription period for the Selective Capital Increase (SCI) was extended from March 16, 2015 to March 16, 2016 for members requesting extensions of one year, and to March 16, 2017 for members requesting extensions of two years. As of March 31, 2015, $60.7 billion was subscribed, resulting in additional paid-in capital of $3.6 billion, of which $1.1 billion was received during the first nine months of FY15.

Figure 6: Status of FY11 GCI/SCI Subscriptions as

of March 31, 2015

In billions of U.S. dollars

LOGO LOGO

IV.

Financial Risk Management

In an effort to maximize IBRD’s capacity to lend to member countries for development purposes, IBRD limits its exposure to market and counterparty credit risks. In addition, to ensure that the financial risks associated with its loans and other exposures do not exceed its risk-bearing capacity, IBRD uses a strategic capital adequacy framework as a key medium-term capital planning tool.

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 7

Capital Adequacy

IBRD’s capital adequacy is the degree to which its capital is sufficient to withstand unexpected shocks. IBRD’s Executive Directors monitor IBRD’s capital adequacy within a strategic capital adequacy framework and use the equity-to-loans ratio as a key indicator of capital adequacy.

At the beginning of the 2008 global financial crisis, the equity-to-loans ratio, at 38%, significantly exceeded the capital requirements of the Strategic Capital Adequacy Framework, allowing IBRD to respond effectively to the lending needs of its borrowing member countries through a decline in the ratio, thereby increasing its leverage.

Figure 7: Equity-to-Loans Ratio Trend (%)

LOGO

IBRD’s equity-to-loans ratio decreased to 25.2% at March 31, 2015 from 25.7% at June 30, 2014, and remained above the minimum ratio of 20% (Table 5). Under IBRD’s currency management policy, to minimize exchange rate risk in a multicurrency environment, IBRD matches its borrowing obligations in any one currency (after derivatives activities) with assets in the same currency. In addition, IBRD’s policy is to minimize the exchange rate sensitivity of its capital adequacy as measured by the equity-to-loans ratio. It implements this policy by undertaking currency conversions periodically to align the currency composition of its equity with that of its outstanding loans across major currencies. As a result, exchange rate movements do not have an impact on IBRD’s equity-to-loans ratio.

For the nine months ended March 31, 2015, there was a $1 billion net decline in IBRD’s usable equity, of which $2.1 billion related to currency translation adjustments, offset by a $1.1 billion increase in paid-in capital due to the GCI/SCI. Concurrently, net loans outstanding and other exposures declined by $0.6 billion, of which $8.4 billion related to currency translation adjustments partially offset by $8 billion in net loan disbursements during the period. The currency translation adjustments were primarily due to the 21% depreciation of the euro against the U.S. dollar during the period. This did not have an impact of the equity-to-loans ratio. Rather, the decline in the equity-to-loans ratio was driven by the net loan disbursements during the period, partially offset by the additional paid-in capital received during the period.

Table 5: Equity-to-Loans Ratio


In millions of U.S. dollars, except ratio data in percentages
As of	March 31, 2015			June 30, 2014			Variance
Equity-to-loans ratio		25.2	%		25.7	%		(0.5	)%
Usable equity	$	39,430		$	40,467		$	(1,037	)
Net loans outstanding and other exposures	$	156,703		$	157,272		$	(569	)

Management of Credit and Market Risks

Among the various types of market risks, interest rate risk is the most significant risk faced by IBRD. IBRD’s exposure to currency and liquidity risks is minimal as a result of its risk management policies. In addition, IBRD faces two types of credit risk: country credit risk and counterparty credit risk.

Country Credit Risk

Country credit risk reflects potential losses arising from protracted arrears on payments from borrowers on loans and other exposures. IBRD manages this risk by applying individual country exposure limits. These limits take into account the creditworthiness and performance of borrowers.

IBRD’s exposure to certain countries in the Europe and Central Asia Region experiencing geo-political tensions, was $5.5 billion as of March 31, 2015. This represents 3% of IBRD’s total loans outstanding and other exposures. At March 31, 2015, no amounts were overdue from these countries.

8 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

Portfolio Concentration Risk

Portfolio concentration risk, which arises when a small group of borrowers account for a large share of loans outstanding, is a key concern for IBRD. It is carefully managed, in part, by applying an exposure limit for the aggregate balance of loans outstanding, the present value of guarantees, the undisbursed portion of deferred drawdown options (DDOs), and other eligible exposures that have become effective, to a single borrowing country. Under the current guidelines, IBRD’s exposure to a single borrowing country is restricted to the lower of an Equitable Access Limit (EAL) and the Single Borrower Limit (SBL). The SBL effective on March 31, 2015 was $20 billion for India and $19 billion for the other four SBL-eligible borrowing countries, lower than the EAL of $28 billion at March 31, 2015.

Figure 8: Country Exposures as of March 31, 2015

In billions of U.S. dollars

LOGO

The eight countries with the highest exposures accounted for about 61% of IBRD’s total exposure. In FY14, a surcharge of 50 basis points was introduced on balances above the previous SBL, $17.5 billion for India and $16.5 billion for the other four SBL-eligible borrowing countries. As of March 31, 2015, no surcharge was applicable to any of the five SBL-eligible countries.

Accumulated Provision on Loans and Other Exposures

As of March 31, 2015, only 0.3% of IBRD’s loans were in nonaccrual status and all were related to Zimbabwe. IBRD’s total provision for losses on loans was 1.1% of total loans outstanding (see Note D: Loans and Other Exposures in the Notes to the Condensed Quarterly Financial Statements).

Counterparty Credit Risk

Commercial Counterparty Credit Risk

Commercial counterparty credit risk is managed by applying eligibility criteria, volume limits for transactions with individual counterparties, and using mark-to-market collateral arrangements for swap transactions (Table 6). The effective management of this risk is vital to the success of IBRD’s funding, investment, and asset/liability management. The monitoring and managing of this risk is continuous, given the changing market environment.

IBRD’s overall commercial counterparty credit exposure increased by $841 million during the first nine months of FY15. The credit quality of IBRD’s portfolio remains concentrated in the upper end of the credit spectrum, with 67% of the portfolio rated AA or above and the remaining portfolio primarily rated A. The reduction in AA rated exposure from June 30, 2014 to March 31, 2015 was primarily due to a rating downgrade of one country, to single A. IBRD continues to have a preference for highly rated securities and counterparties across all categories of financial instruments.

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 9

Table 6: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating


In millions of U.S. dollars
	As of March 31, 2015
	Investments				Net Swap Exposure		Total Exposure		% of Total
Counterparty Rating	Sovereigns		Agencies, Commercial paper, Asset-Backed Securities, Corporates and Time Deposits		Net Swap Exposure		Total Exposure		% of Total
AAA	$	9,315	$	9,434	$	—	$	18,749		41	%
AA		4,352		7,220		181		11,753		26
A		7,806		6,735		164		14,705		32
BBB		466		2		—		468		1
BB or lower		—		9		—		9			*

Total	$	21,939	$	23,400	$	345	$	45,684		100	%


	As of June 30, 2014
	Investments				Net Swap Exposure		Total Exposure		% of Total
Counterparty Rating	Sovereigns		Agencies, Commercial paper, Asset-Backed Securities, Corporates and Time Deposits		Net Swap Exposure		Total Exposure		% of Total
AAA	$	8,323	$	8,191	$	—	$	16,514		37	%
AA		5,108		12,360		509		17,977		40
A		1,055		8,627		163		9,845		22
BBB		408		2		—		410		1
BB or lower		—		97		—		97			*

Total	$	14,894	$	29,277	$	672	$	44,843		100	%

*	Indicates percentage less than 0.5%.

Interest Rate Risk

Under its current interest rate risk management strategy, IBRD seeks to match the interest rate sensitivity of its assets (loan and investment trading portfolios) with those of its liabilities (borrowing portfolio) by using derivatives, such as interest rate swaps. These derivatives effectively convert IBRD’s financial assets and liabilities into variable-rate instruments. This strategy helps IBRD to manage the interest margin on the proportion of loans funded by debt, against interest rate volatility. The interest revenue on the remaining proportion of loans funded by equity, if left unmanaged, would be highly sensitive to fluctuations in short-term interest rates. To manage this exposure, IBRD uses an EMF, which seeks to manage the sensitivity of IBRD’s revenue from loans funded by equity to fluctuations in short-term interest rates. In particular, the EMF allows the flexibility of managing the duration of IBRD’s equity within a range of zero to five years based on market and macroeconomic conditions.

The EMF also allows IBRD to realize some of the unrealized mark-to-market gains from the positions. In line with this, the EMF position declined to $1.0 billion as of March 31, 2015, from $1.4 billion as of June 30, 2014. The decline was primarily as a result of the realization of mark-to-market gains of $581 million from to the liquidation of certain derivatives. This was partially offset by the $265 million of net unrealized mark-to-market gains experienced during the first nine months of FY15, primarily as a result of the decline in the U.S. interest rates (see table 8). In addition, the liquidation of certain derivative positions resulted in a decline in the interest rate sensitivity of equity. As measured by duration, the interest rate sensitivity of IBRD’s equity declined to approximately 2 years as of March 31, 2015, from approximately 3 years as of June 30, 2014.

10 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

V. Summary of Fair Value Results

Fair Value Adjustments

An important element in achieving IBRD’s financial goals is its ability to minimize the cost of borrowing from capital markets for lending to member countries by using financial instruments, including derivatives. The fair value of these financial instruments is affected by changes in the market environment such as interest rates, exchange rates and credit risk. Fair value is used mainly to assess the performance of the investment trading portfolio, to monitor the results of the EMF, and to manage certain market risks, including interest rate and commercial credit risk for derivative counterparties.

As shown in Table 7, on a fair value basis, if interest rates increased by one basis point, IBRD would experience a net unrealized mark-to-market loss of approximately $15 million as of March 31, 2015.

Table 7: Effect of Interest Rates and Credit on IBRD’s Fair Value Income


In millions of U.S. dollars
As of March 31, 2015	Interest Rate Effect on Fair Value Income^a			Credit Effect on Fair Value Income^b
	Sensitivity^c			Sensitivity^c
Borrowing portfolio	$	1		$	46
Loan portfolio		(7	)		(43	)
EMF		(8	)			*
Investment portfolio		(1	)		3

Total (loss)/gains	$	(15	)	$	6

a.	After the effects of derivatives.

b.	Excludes CVA adjustment on swaps.

c.	Amount represents dollar change in fair value corresponding to a one basis-point parallel upward shift in interest rates.

*	Sensitivity is marginal.

Figure 9 below provides a further breakdown of how the use of derivatives affects the overall sensitivity of the loan and borrowing portfolios. For example, for the borrowing portfolio, a one basis point increase in interest rates would result in net unrealized mark-to-market gains of $46 million on the bonds. These would be significantly offset by the $45 million of net unrealized mark-to-market losses on the related swaps, resulting in net unrealized mark-to-market gains of $1 million for the portfolio.

Figure 9: Sensitivity to Interest Rates as of March 31, 2015

(Dollar change in fair value corresponding to a one-basis-point upward parallel shift in interest rates)

In millions of U.S. dollars

Borrowing Portfolio

Loan Portfolio

EMF

Investment Portfolio

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 11

For the first nine months of FY15, IBRD experienced net unrealized mark-to-market losses on a fair value basis of $1.4 billion on its non-trading portfolios. See Table 8 below for details.

Table 8: Summary of Fair Value Adjustments on Non-Trading Portfolios^a


In millions of U.S. dollars
For the nine months ended March 31,	2015			2014
Borrowing portfolio	$	(308	)	$	198
Loan portfolio		(1,350	)		940
EMF		265			(588	)

	$	(1,393	)	$	550

a.	See Table 11 for reconciliation to the fair value comprehensive basis net income.

Effect of Credit

For the first nine months of FY15, IBRD experienced $308 million of unrealized mark-to-market losses on the borrowing portfolio, of which $290 million was due to the tightening of its credit spreads. In addition, IBRD experienced $1.4 billion of unrealized mark-to-market losses on the loan portfolio, of which $1.1 billion was due to the net widening of CDS spreads for several of its borrowing member countries during the same period (see the June 30, 2014, MD&A for a detailed discussion on how the credit risk of each portfolio is managed).

Effect of Interest Rates

IBRD uses derivatives in its loan and borrowing portfolios to arrive at floating rate instruments, as part of its risk management strategies. The sensitivity of these portfolios to interest rate movements, after the effect of derivatives is therefore low, resulting in relatively small interest rate related unrealized mark-to-market gains/losses in income (Figure 8).

The unrealized mark-to-market gains on the EMF position of $265 million were primarily due to the decrease in U.S. interest rates experienced during the first nine months of FY15.

Fair Value Results

As non-financial assets and liabilities are not reflected at fair value, IBRD’s equity is not intended to reflect fair value. Under the fair value basis, in addition to the instruments in the investment and borrowing portfolios, and all other derivatives, loans are reported at fair value and all changes in AOCI are also included in fair value net income. Tables 9 and 10 provide a reconciliation from the reported basis to the fair value basis for both the balance sheet and income statement.

Table 9: Condensed Balance Sheet on a Fair Value Basis


In millions U.S. dollars
	As of March 31, 2015							As of June 30, 2014
	Reported Basis		Adjustments			Fair Value Basis		Reported Basis		Adjustments			Fair Value Basis
Due from banks	$	465	$	—		$	465	$	3,701	$	—		$	3,701
Investments		48,634		—			48,634		45,482		—			45,482
Net loans outstanding		151,855		(2,413	)		149,442		151,978		(2,021	)		149,957
Receivable from derivatives		140,612		—			140,612		154,070		—			154,070
Other assets		4,484		—			4,484		3,652		—			3,652

Total assets	$	346,050	$	(2,413	)	$	343,637	$	358,883	$	(2,021	)	$	356,862

Borrowings	$	158,793	$	8	^a	$	158,801	$	161,026	$	2	^a	$	161,028
Payable for derivatives		137,058		—			137,058		146,885		—			146,885
Other liabilities		13,691		—			13,691		11,987		—			11,987

Total liabilities		309,542		8			309,550		319,898		2			319,900
Paid in capital stock		15,079		—			15,079		14,005		—			14,005
Retained earnings and other equity		21,429		(2,421	)		19,008		24,980		(2,023	)		22,957

Total equity		36,508		(2,421	)		34,087		38,985		(2,023	)		36,962

Total liabilities and equity	$	346,050	$	(2,413	)	$	343,637	$	358,883	$	(2,021	)	$	356,862

a.	Amount represents amortization of transition adjustment relating to the adoption of Financial Accounting Standards Board’s (FASB’s) guidance on derivatives and hedging on July 1, 2000.

12 IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015

Table 10: Reconciliation from Net Income to Income on a Fair Value Comprehensive Basis


In millions U.S. dollars
For the nine months ended March 31,	2015			2014			Variance
Net loss from Table 1	$	(1,793	)	$	(437	)	$	(1,356	)
Fair value adjustment on loans^a		(370	)		683			(1,053	)
Changes to AOCI (Table 12)		(1,128	)		513			(1,641	)

Net (loss) income on fair value comprehensive basis	$	(3,291	)	$	759		$	(4,050	)

a.	Amount has been adjusted to exclude the provision for losses on loans and other exposures: $65 million charge – nine months ended March 31, 2015, and $9 million charge – nine months ended March 31, 2014.

Table 11: Fair Value Adjustments, net


In millions of U.S. dollars
	For the nine months ended March 31, 2015
	Unrealized gains (losses)^a from Table 1			Realized gains (losses)			Fair Value Adjustment from Table 10			Other Adjustments			Total from Table 8
Borrowing portfolio^c	$	(319	)	$	12		$	—		$	(1	)^b	$	(308	)
Loan portfolio^c		(979	)		(1	)		(370	)		—			(1,350	)
EMF^d		(316	)		581			—			—			265
Asset-liability management portfolio^d			*		—			—				*		—
Client operations portfolio		(6	)		—			—			6			—

Total	$	(1,620	)	$	592		$	(370	)	$	5		$	(1,393	)


	For the nine months ended March 31, 2014
	Unrealized gains (losses)^a from Table 1			Realized gains (losses)			Fair Value Adjustment from Table 10			Other Adjustments			Total from Table 8
Borrowing portfolio^c	$	223		$	(23	)	$	—		$	(2	)^b	$	198
Loan portfolio^c		257			—			683			—			940
EMF^d		(1,020	)		432			—			—			(588	)
Asset-liability management portfolio^d		(11	)		—			—			11			—
Client operations portfolio		(1	)		—			—			1			—

Total	$	(552	)	$	409		$	683		$	10		$	550

a.	Includes amounts reclassified to realized mark-to-market gains (losses).

b.	Amount represents amortization of transition adjustment relating to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000, included in AOCI.

c.	Includes related derivatives.

d.	Included in other derivatives on the condensed Balance Sheet.

*	Indicates amounts less than $0.5 million.

Changes in Accumulated Other Comprehensive Income

In addition to the unrealized mark-to-market gains/losses on the non-trading portfolios, IBRD’s fair value net income also reflects changes in Accumulated Other Comprehensive Income (AOCI). The $1.6 billion decrease in AOCI primarily relates to net negative currency-translation adjustments resulting from the 21% depreciation of the euro against the U.S. dollar during the period.

Table 12: Summary of Changes to AOCI (Fair Value Basis)


In millions of U.S. dollars
For the nine months ended March 31,	2015			2014			Variance
Unrecognized net actuarial gains on benefit plans, net	$	133		$	123		$	10
Unrecognized net prior service credit on benefit plans, net		18			18			—
Derivatives and hedging transition adjustment^a		(1	)		(2	)		1
Currency translation adjustments		(1,278	)		374			(1,652	)

Total	$	(1,128	)	$	513		$	(1,641	)

a.	Amount represents amortization of transition adjustment relating to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.

*	Indicates amounts less than $0.5 million.

IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: MARCH 31, 2015 13

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)

CONTENTS

March 31, 2015

CONDENSED QUARTERLY FINANCIAL STATEMENTS



CONDENSED BALANCE SHEET			14

CONDENSED STATEMENT OF INCOME			16

CONDENSED STATEMENT OF COMPREHENSIVE INCOME			17

CONDENSED STATEMENT OF CHANGES IN RETAINED EARNINGS			17

CONDENSED STATEMENT OF CASH FLOWS			18

NOTES TO THE CONDENSED QUARTERLY FINANCIAL STATEMENTS			19

INDEPENDENT AUDITORS’ REVIEW REPORT			48

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 13

CONDENSED BALANCE SHEET

Expressed in millions of U.S. dollars


	March 31, 2015 (Unaudited)		June 30, 2014 (Unaudited)
Assets
Due from banks—Note C
Unrestricted cash	$	381	$	3,606
Restricted cash		84		95

		465		3,701

Investments-Trading (including securities transferred under repurchase agreements or securities lending agreements of $1,970 million—March 31, 2015; $155 million—June 30, 2014)— Note C		45,795		42,412
Securities purchased under resale agreements—Note C		2,839		3,070
Derivative assets
Investments—Notes C, F and K		22,809		13,514
Loans—Notes A, D, F and K		3,859		2,784
Client operations—Notes D, F, I and K		30,962		36,517
Borrowings—Notes A, E, F and K		81,363		99,150
Others—Notes F and K		1,619		2,105

		140,612		154,070

Loans outstanding—Notes D, I and K
Total loans		214,305		212,470
Less undisbursed balance		60,418		58,449

Loans outstanding (including loans at fair value of $128 million—March 31, 2015; $141 million—June 30, 2014)		153,887		154,021
Less:
Accumulated provision for loan losses		1,620		1,626
Deferred loan income		412		417

Net loans outstanding		151,855		151,978
Other assets—Notes C and I		4,484		3,652

Total assets	$	346,050	$	358,883

14 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)


	March 31, 2015 (Unaudited)			June 30, 2014 (Unaudited)
Liabilities
Borrowings—Note E	$	158,793		$	161,026
Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received—Note C		5,558			3,390
Derivative liabilities
Investments—Notes C, F and K		21,232			13,820
Loans—Notes A, D, F and K		6,506			5,132
Client operations—Notes D, F, I and K		30,960			36,539
Borrowings—Notes A, E, F and K		77,737			90,767
Others—Notes A, F and K		623			627

		137,058			146,885

Other liabilities—Notes C, D and I		8,133			8,597

Total liabilities		309,542			319,898

Equity
Capital stock—Note B
Authorized (2,307,600 shares—March 31, 2015, and June 30, 2014)
Subscribed (2,079,785 shares—March 31, 2015, and 1,929,711 shares—June 30, 2014)		250,895			232,791
Less uncalled portion of subscriptions		235,816			218,786

Paid-in capital		15,079			14,005
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital		(319	)		(406	)
Receivable amounts to maintain value of currency holdings		(187	)		(221	)
Deferred amounts to maintain value of currency holdings		(397	)		382
Retained earnings (see Condensed Statement of Changes in Retained Earnings; Note G)		26,494			28,287
Accumulated other comprehensive loss—Note J		(4,162	)		(3,062	)

Total equity		36,508			38,985

Total liabilities and equity	$	346,050		$	358,883

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 15

CONDENSED STATEMENT OF INCOME

Expressed in millions of U.S. dollars


	Three Months Ended March 31, (Unaudited)						Nine Months Ended March 31, (Unaudited)
	2015			2014			2015			2014
Revenue
Loans, net—Notes A, D, F and K
Interest and commitment charges, net	$	292		$	295		$	879		$	908
Unrealized mark-to-market (losses) gains, net		(417	)		(358	)		(980	)		257
Investments-Trading, net—Notes C and F		(18	)		53			34			136
Equity management, net—Notes C, F and K
Interest, net		76			149			248			553
Unrealized mark-to-market gains (losses), net		204			(25	)		265			(588	)
Other, net—Notes F, I and K		162			154			450			411

Total revenue		299			268			896			1,677

Expenses
Borrowings, net—Notes A, E, F and K
Interest, net		95			92			284			295
Unrealized mark-to-market losses (gains), net		37			87			307			(200	)
Administrative—Notes H and I		438			434			1,274			1,253
Contributions to special programs		13			29			100			136
Provision for losses on loans and other exposures, (release) charge—Note D		(5	)		(6	)		65			9
Board of Governors-approved and other transfers—Note G		—			—			659			621

Total expenses		578			636			2,689			2,114

Net loss	$	(279	)	$	(368	)	$	(1,793	)	$	(437	)

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

16 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Expressed in millions of U.S. dollars


	Three Months Ended March 31, (Unaudited)						Nine Months Ended March 31, (Unaudited)
	2015			2014			2015			2014
Net loss	$	(279	)	$	(368	)	$	(1,793	)	$	(437	)
Other comprehensive income—Note J
Reclassification to net income:
Derivatives and hedging transition adjustment		1			1			2			2
Amortization of unrecognized net actuarial losses		44			41			133			123
Amortization of unrecognized prior service costs		6			6			18			18
Currency translation adjustment		(680	)		1			(1,253	)		406

Total other comprehensive income		(629	)		49			(1,100	)		549

Comprehensive (loss) income	$	(908	)	$	(319	)	$	(2,893	)	$	112

CONDENSED STATEMENT OF CHANGES IN RETAINED EARNINGS

Expressed in millions of U.S. dollars


	Nine Months Ended March 31, (Unaudited)
	2015			2014
Retained earnings at beginning of the fiscal year	$	28,287		$	29,265
Net loss for the period		(1,793	)		(437	)

Retained earnings at end of the period	$	26,494		$	28,828

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 17

CONDENSED STATEMENT OF CASH FLOWS

Expressed in millions of U.S. dollars


	Nine Months Ended March 31, (Unaudited)
	2015			2014
Cash flows from investing activities
Loans
Disbursements	$	(14,677	)	$	(14,791	)
Principal repayments		6,678			6,888
Principal prepayments		19			132
Loan origination fees received		16			19
Net derivatives-loans		6			(11	)
Sale of Available for sale (AFS) securities		—			2,484
Other investing activities, net		(96	)		(92	)

Net cash used in investing activities		(8,054	)		(5,371	)

Cash flows from financing activities
Medium and long-term borrowings
New issues		42,025			33,511
Retirements		(31,090	)		(30,734	)
Net short-term borrowings		(3,561	)		2,594
Net derivatives-borrowings		(677	)		154
Capital subscriptions		1,074			470
Other capital transactions, net		37			70

Net cash provided by financing activities		7,808			6,065

Cash flows from operating activities
Net loss		(1,793	)		(437	)
Adjustments to reconcile net loss to net cash used in operating activities
Unrealized mark-to-market losses on non-trading portfolios, net		1,028			143
Change in fair value of AFS securities sold		—			80
Depreciation and amortization		576			566
Provision for losses on loans and other exposures		65			9
Changes in:
Investments-Trading, net		(3,420	)		(3,065	)
Other assets and liabilities		676			873

Net cash used in operating activities		(2,868	)		(1,831	)

Effect of exchange rate changes on unrestricted cash		(111	)		120

Net decrease in unrestricted cash		(3,225	)		(1,017	)
Unrestricted cash at beginning of the fiscal year		3,606			4,555

Unrestricted cash at end of the period	$	381		$	3,538

Supplemental disclosure
(Decrease) increase in ending balances resulting from exchange rate fluctuations
Loans outstanding	$	(8,149	)	$	1,622
Investment portfolio		(313	)		74
Borrowing portfolio		(5,874	)		1,150
Capitalized loan origination fees included in total loans		28			18
Interest paid on borrowings		91			169

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

18 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

NOTES TO THE CONDENSED QUARTERLY FINANCIAL STATEMENTS

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES

Basis of Preparation

These unaudited condensed quarterly financial statements should be read in conjunction with the June 30, 2014 audited financial statements and notes included therein. The condensed comparative information that has been derived from the June 30, 2014 audited financial statements has not been audited. In the opinion of management, the condensed quarterly financial statements reflect all adjustments necessary for a fair presentation of IBRD’s financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed quarterly financial statements and the reported amounts of income and expenses during the reporting periods. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not limited to, the provision for losses on loans and other exposures, valuation of certain financial instruments carried at fair value, and valuation of pension and other postretirement plan-related liabilities. The results of operations for the first nine months of the current fiscal year are not necessarily indicative of results that may be expected for the full year.

Certain reclassifications of the prior year’s information have been made to conform with the current year’s presentation.

In particular, effective July 1, 2014, derivative assets and liabilities relating to the Loan portfolio, which were previously included in the line items Borrowing derivative assets, Borrowing derivative liabilities and Other derivative liabilities on IBRD’s Condensed Balance Sheet, are now shown separately under derivative assets and derivative liabilities. For the Condensed Statement of Income, interest, net and unrealized mark-to-market gains and losses associated with these derivatives, which were previously shown under Borrowings, net are now included under Loans, net. For the Condensed Statement of Cash Flows, the impact of these derivative instruments, which were previously shown under the Net derivatives-borrowings line item, under financing activities, is now shown as a separate line item under investing activities. As a result of the reclassifications, on the Condensed Balance Sheet, Borrowing derivative assets, Borrowing derivative liabilities and Other derivative liabilities as of June 30, 2014 have decreased by $2,784 million, $4,933 million and $199 million, respectively. Derivative assets and derivative liabilities relating to loans increased by $2,784 million and $5,132 million, respectively. On the Condensed Statement of Income, for the nine months ended March 31, 2014, total revenue decreased by $420 million, with the offset reported as a decrease in total expenses. On the Condensed Statement of Cash Flows, for the nine months ended March 31, 2014, Net derivatives-borrowings increased by $11 million while Net derivatives-loans decreased by $11 million.

In addition, the presentation for realized mark-to-market gains and losses on the Condensed Statement of Income and the Condensed Statement of Cash Flows has been changed. For the Condensed Statement of Income, realized mark-to-market gains and losses, net, which were previously included in Interest, net, for the Equity management and Borrowing portfolios have been reclassified to Unrealized mark-to-market gains and losses, net for the respective portfolios. For the Condensed Statement of Cash Flows, within the Cash flows from operating activities category, realized mark-to-market gains and losses, were reclassified from Other assets and liabilities to Unrealized mark-to-market gains and losses on non-trading portfolios, net. As a result, on the Condensed Statement of Income, for Equity management, net, for the nine months ended March 31, 2014, Interest, net decreased by $432 million, and the Unrealized mark-to-market losses decreased by $432 million. For Borrowings, Interest, net, decreased by $23 million, and Unrealized mark-to-market gains, net, increased by $23 million. There was no net effect on total revenue and expenses due to this reclassification. For the Condensed Statement of Cash Flows, Unrealized mark-to-market losses (gains) on non-trading portfolios, net decreased by $409 million, and Other assets and liabilities increased by $409 million. There was no net effect on the Cash flows from operating activities line item in the Condensed Statement of Cash Flows.

There was no effect on IBRD’s total assets, total liabilities, equity, reported net loss or unrestricted cash balances from these reclassifications.

Accounting and Reporting Developments

In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) became law. The Act seeks to reform the U.S. financial regulatory system by introducing new regulators and extending regulation over new markets, entities, and activities. The implementation of the Act is dependent on the development of various rules to clarify and interpret its requirements. As the rules are being developed, IBRD continues to assess the impact on its business. As of March 31, 2015, IBRD believes that the Act has not had any significant effect on its business.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 19

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU provides a common framework for revenue recognition for U.S. GAAP, and supersedes most of the existing revenue recognition guidance in U.S. GAAP. The core principle of the guidance is that an entity recognizes revenue when it transfers control of promised goods and services to customers in an amount that reflects consideration to which the entity expects to be entitled. The ASU also requires additional quantitative and qualitative disclosures to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from customers. For IBRD, the ASU will be effective from the quarter ending September 30, 2017. IBRD is currently evaluating the impact of this ASU on its financial statements.

In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase- to- Maturity Transactions, Repurchase Financings, and Disclosures. The ASU requires repurchase-to-maturity transactions and some repurchase financing arrangements to be accounted for as secured borrowings. It also requires additional disclosures about certain transactions accounted for as sales and about the nature of collateral pledged for transactions accounted for as secured borrowings. For IBRD, the ASU is effective from the quarter ended March 31, 2015. The ASU does not have any impact on IBRD’s financial statements since all repurchase agreements are already accounted for as secured borrowings. IBRD will include additional disclosures required by the ASU in the financial statements for the year ending June 30, 2015.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements (Subtopic 205-40): Going Concern – Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern. The ASU provides guidance on management’s responsibilities in evaluating the entity’s ability to continue as a going concern and for the related financial statement disclosures. Until now guidance related to this topic was provided under U.S. auditing standards, which do not govern management’s disclosures. Under this ASU, each reporting period, management would be required to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date in which the financial statements are issued. For IBRD, the ASU will be effective beginning with the fiscal year ending June 30, 2017. IBRD is currently evaluating the impact of this ASU on its financial statements but does not expect the ASU to have a significant impact.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This ASU makes amendments to the current consolidation guidance focusing on targeted areas for certain types of entities. For IBRD, the ASU will be effective beginning with the fiscal year ending June 30, 2017, with early adoption permitted. IBRD is currently evaluating the impact of this ASU on its financial statements.

NOTE B—CAPITAL STOCK

The following table provides a summary of changes in IBRD’s authorized and subscribed shares during the nine months ended March 31, 2015 and the fiscal year ended June 30, 2014:


	Authorized shares		Subscribed shares
As of June 30, 2013		2,307,600		1,850,047
General and Selective Capital Increase (GCI/SCI)		—		79,664

As of June 30, 2014		2,307,600		1,929,711
GCI/SCI		—		150,074

As of March 31, 2015		2,307,600		2,079,785

The following table provides a summary of the changes in subscribed capital, uncalled portion of subscriptions and paid-in capital for the nine months ended March 31, 2015 and for the fiscal year ended June 30, 2014:


In millions of U.S. dollars
	Subscribed capital		Uncalled portion of subscriptions			Paid-in capital
As of June 30, 2013	$	223,181	$	(209,747	)	$	13,434
GCI/SCI		9,610		(9,039	)		571

As of June 30, 2014		232,791		(218,786	)		14,005
GCI/SCI		18,104		(17,030	)		1,074

As of March 31, 2015	$	250,895	$	(235,816	)	$	15,079

The uncalled portion of subscriptions is subject to call only when required to meet the obligations incurred by IBRD as a result of borrowings, or guaranteeing loans.

20 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

NOTE C—INVESTMENTS

As of March 31, 2015, IBRD’s investments include the liquid asset portfolio, and holdings relating to: the Advance Market Commitment for Pneumococcal Vaccines Initiative (AMC), the Post Employment Benefit Plan (PEBP), and the Post Retirement Contribution Reserve Fund (PCRF), which is used to stabilize IBRD’s contribution to its pension plan.

The composition of IBRD’s net investment portfolio as of March 31, 2015 and June 30, 2014 was as follows:


In millions of U.S. dollars
	March 31, 2015		June 30, 2014
Net investment portfolio
Liquid asset portfolio	$	41,584	$	41,568
PCRF holdings		56		44
AMC holdings		140		280
PEBP holdings		875		816

Total	$	42,655	$	42,708

Investments held by IBRD are designated as trading and are carried and reported at fair value, or at face value which approximates fair value. As of March 31, 2015, the majority of Investments-Trading is comprised of government and agency obligations and time deposits (54% and 33%, respectively), with all the instruments classified as Level 1 or Level 2 within the fair value hierarchy.

A summary of IBRD’s Investments-Trading at March 31, 2015 and June 30, 2014, is as follows:


In millions of U.S. dollars
	March 31, 2015		June 30, 2014
Equity securities^a	$	589	$	477
Government and agency obligations		24,699		15,377
Time deposits		15,130		22,104
Asset-backed securities (ABS)		5,377		4,454

Total	$	45,795	$	42,412

a. Includes $94 million of alternative investments in PEBP holdings ($50 million—June 30, 2014).

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 21

IBRD manages its investments on a net portfolio basis. The following table summarizes IBRD’s net portfolio position as of March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	March 31, 2015			June 30, 2014
Investments - Trading	$	45,795		$	42,412
Securities purchased under resale agreements		2,839			3,070
Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received		(5,558	)		(3,390	)
Derivative assets
Currency forward contracts		4,840			5,167
Currency swaps		17,854			8,264
Interest rate swaps		100			80
Swaptions, exchange traded options and futures contracts		15			3
Other^a			*			*

Total		22,809			13,514

Derivative liabilities
Currency forward contracts		(4,873	)		(5,154	)
Currency swaps		(16,206	)		(8,520	)
Interest rate swaps		(122	)		(133	)
Swaptions, exchange traded options and futures contracts		(31	)		(13	)
Other^a		—			—

Total		(21,232	)		(13,820	)

Cash held in investment portfolio^b		177			3,428
Receivable from investment securities traded^c		71			47
Payable for investment securities purchased^d		(2,246	)		(2,553	)

Net Investment Portfolio	$	42,655		$	42,708

a.	These relate to Mortgage-backed Securities To-Be-Announced (TBA securities).

b.	These amounts are included in Unrestricted cash under Due from Banks on the Condensed Balance Sheet.

c.	This amount is included in Other assets on the Condensed Balance Sheet.

d.	This amount is included in Other liabilities on the Condensed Balance Sheet.

*	Indicates amount less than $0.5 million.

IBRD uses derivative instruments to manage currency and interest rate risks in the investment portfolio. For details regarding these instruments, see Note F–Derivative Instruments.

As of March 31, 2015, there were $1,635 million short sales included in Other liabilities on the Condensed Balance Sheet ($38 million—June 30, 2014). These are reported at fair value on a recurring basis.

For the three and nine months ended March 31, 2015, IBRD’s revenue included $88 million and $139 million of unrealized mark-to-market losses, respectively (unrealized mark-to-market losses of $15 million and $56 million—three and nine months ended March 31, 2014, respectively).

During the nine months ended March 31, 2014, the AFS portfolio, which was a component of the equity management positions, was liquidated, resulting in $240 million of realized losses. The total proceeds from the sale of these securities were $2,484 million.

22 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Fair Value Disclosures

The following tables present IBRD’s fair value hierarchy for investment assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis As of March 31, 2015
	Level 1		Level 2			Level 3		Total
Assets:
Investments – Trading
Equity securities	$	314	$	275	^a	$	—	$	589
Government and agency obligations		5,587		19,112			—		24,699
Time deposits		2,710		12,420			—		15,130
ABS		—		5,377			—		5,377

Total Investments – Trading		8,611		37,184			—		45,795

Securities purchased under resale agreements		437		2,402			—		2,839
Derivative assets-Investments
Currency forward contracts		—		4,840			—		4,840
Currency swaps		—		17,854			—		17,854
Interest rate swaps		—		100			—		100
Swaptions, exchange traded options and futures contracts		—		15			—		15
Other^b		—		*			—		*

Total Derivative assets-Investments		—		22,809			—		22,809

Total	$	9,048	$	62,395		$	—	$	71,443

Liabilities:
Securities sold under repurchase agreements and securities lent under securities lending agreements^c	$	—	$	1,961		$	—	$	1,961
Derivative liabilities-Investments
Currency forward contracts		—		4,873			—		4,873
Currency swaps		—		16,206			—		16,206
Interest rate swaps		—		122			—		122
Swaptions, exchange traded options and futures contracts		13		18			—		31
Other^b		—		—			—		—

Total Derivative liabilities-Investments		13		21,219			—		21,232

Payable for investments securities purchased^d		1,635		—			—		1,635

Total	$	1,648	$	23,180		$	—	$	24,828

a.	Includes $94 million of alternative investments in PEBP holdings.

b.	These relate to TBA securities.

c.	Excludes $3,597 million relating to payable for cash collateral received.

d.	These relate to short sales of investment securities

*	Indicates amount less than $0.5 million.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 23


In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis As of June 30, 2014
	Level 1		Level 2			Level 3		Total
Assets:
Investments – Trading
Equity securities	$	276	$	201	^a	$	—	$	477
Government and agency obligations		4,521		10,856			—		15,377
Time deposits		2,433		19,671			—		22,104
ABS		—		4,454			—		4,454

Total Investments – Trading		7,230		35,182			—		42,412

Securities purchased under resale agreements		19		3,051			—		3,070
Derivative assets-Investments
Currency forward contracts		—		5,167			—		5,167
Currency swaps		—		8,264			—		8,264
Interest rate swaps		—		80			—		80
Swaptions, exchange traded options and futures contracts		—		3			—		3
Other^b		—			*		—			*

Total Derivative assets-Investments		—		13,514			—		13,514

Total	$	7,249	$	51,747		$	—	$	58,996

Liabilities:
Securities sold under repurchase agreements and securities lent under securities lending agreements^c	$	—	$	156		$	—	$	156
Derivative liabilities-Investments
Currency forward contracts		—		5,154			—		5,154
Currency swaps		—		8,520			—		8,520
Interest rate swaps		—		133			—		133
Swaptions, exchange traded options and futures contracts		10		3			—		13
Other^b		—		—			—		—

Total Derivative liabilities-Investments		10		13,810			—		13,820

Payable for investments securities purchased^d		38		—			—		38

Total	$	48	$	13,966		$	—	$	14,014

a.	Includes $50 million of alternative investments held in PEBP holdings.

b.	These relate to TBA securities.

c.	Excludes $3,234 million relating to payable for cash collateral received.

d.	These relate to short sales of investment securities.

*	Indicates amount less than $0.5 million.

Valuation Methods and Assumptions

Summarized below are the techniques applied in determining the fair values of investments.

Investment securities

Where available, quoted market prices are used to determine the fair value of trading securities. Examples include most government and agency securities, mutual funds, futures contracts, exchange-traded equity securities and ABS.

For instruments for which market quotations are not available, fair values are determined using model-based valuation techniques, whether internally-generated or vendor-supplied, that include the standard discounted cash flow method using market observable inputs such as yield curves, credit spreads, and constant prepayment rates. Where applicable, unobservable inputs such as constant prepayment rates, probability of default and loss severity are used. Unless quoted prices are available, time deposits are reported at face value which approximates fair value.

24 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Securities purchased under resale agreements, Securities sold under repurchase agreements and Securities lent under securities lending agreements

These securities are short-term and are reported at face value which approximates fair value.

Commercial Credit Risk

For the purpose of risk management, IBRD is party to a variety of financial transactions, certain of which involve elements of credit risk. Credit risk exposure represents the maximum potential loss due to possible nonperformance by obligors and counterparties under the terms of the contracts. For all securities, IBRD limits trading to a list of authorized dealers and counterparties. In addition, IBRD receives collateral in connection with resale agreements as well as swap agreements. This collateral serves to mitigate IBRD’s exposure to credit risk.

Swap Agreements: Credit risk is mitigated through the application of eligibility criteria and volume limits for transactions with individual counterparties and through the use of mark-to-market collateral arrangements for swap transactions. IBRD may require collateral in the form of cash or other approved liquid securities from individual counterparties in order to mitigate its credit exposure.

IBRD has entered into master derivatives agreements which contain legally enforceable close-out netting provisions. These agreements may further reduce the gross credit risk exposure related to the swaps. Credit risk with financial assets subject to a master derivatives arrangement is further reduced under these agreements to the extent that payments and receipts with the counterparty are netted at settlement. The reduction in exposure as a result of these netting provisions can vary due to the impact of changes in market conditions on existing and new transactions. The extent of the reduction in exposure may therefore change substantially within a short period of time following the balance sheet date. For more information on netting and offsetting provisions see Note F-Derivative Instruments.

The following is a summary of the collateral received by IBRD in relation to swap transactions as of March 31, 2015 and June 30, 2014.


In millions of U.S. dollars
	March 31, 2015		June 30, 2014
Collateral received
Cash	$	3,597	$	3,234
Securities		2,263		2,785

Total collateral received	$	5,860	$	6,019

Collateral permitted to be repledged	$	5,860	$	6,019
Amount of collateral repledged		—		—

As of March 31, 2015, IBRD received total cash collateral of $3,597 million ($3,234 million—June 30, 2014), of which $3,589 million was invested in highly liquid instruments ($2,114 million—June 30, 2014).

Securities Lending: IBRD may engage in securities lending and repurchases, against adequate collateral, as well as secured borrowings and reverse repurchases (resales) of government and agency obligations, corporate securities and ABS. These transactions have been conducted under legally enforceable master netting arrangements, which allow IBRD to reduce its gross credit exposure related to these transactions. For Balance Sheet presentation purposes, IBRD presents its securities lending and repurchases, as well as resales, on a gross basis. As of March 31, 2015 and June 30, 2014, there were no amounts which could potentially be offset as a result of legally enforceable master netting arrangements.

Transfers of securities by IBRD to counterparties are not accounted for as sales as the accounting criteria for the treatment as a sale have not been met. Counterparties are permitted to repledge these securities until the repurchase date.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 25

The following is a summary of the carrying amount of the securities transferred under repurchase or securities lending agreements, and the related liabilities:


In millions of U.S. dollars
	March 31, 2015		June 30, 2014		Financial Statement Presentation

Securities transferred under repurchase or securities lending agreements	$	1,970	$	155	Included under Investments-Trading on the Condensed Balance Sheet.

Liabilities relating to securities transferred under repurchase or securities lending agreements	$	1,961	$	156	Included under Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received, on the Condensed Balance Sheet.

At March 31, 2015, and June 30, 2014 the liabilities relating to securities transferred under repurchase or securities lending agreements did not include any repurchase agreement trades that had not settled at that date.

In the case of resale agreements, IBRD receives collateral in the form of liquid securities and is permitted to repledge these securities. While these transactions are legally considered to be true purchases and sales, the securities received are not recorded on IBRD’s balance sheet as the accounting criteria for treatment as a sale have not been met. As of March 31, 2015, securities purchased under resale agreements included $264 million of securities, which had not settled at that date ($2,027 million—June 30, 2014). For the remaining purchases, IBRD received securities with a fair value of $2,569 million ($1,069 million—June 30, 2014). None of these securities had been transferred under repurchase or security lending agreements as of that date (Nil—June 30, 2014).

NOTE D—LOANS AND OTHER EXPOSURES

IBRD’s loans and other exposures (exposures) are generally made to, or guaranteed by, member countries of IBRD. In addition, IBRD may also make loans to the International Finance Corporation (IFC), an affiliated organization, without any guarantee. Other exposures include: Deferred Drawdown Options (DDOs), Irrevocable Commitments, Exposures to Member Countries’ Derivatives, and Guarantees. IBRD’s loans are reported at amortized cost, with the exception of one loan which is carried and reported at fair value, because it contains an embedded derivative.

IBRD uses derivative contracts to manage the currency risk as well as the repricing risk between its loans and borrowings. For details regarding derivatives used in the loan portfolio, see Note F—Derivative Instruments.

Of the total loans outstanding as of March 31, 2015, 82% were to Latin America and the Caribbean, Europe and Central Asia, and East Asia and Pacific regions, combined.

Based on IBRD’s internal credit quality indicators, the majority of loans outstanding are in the medium-risk and high-risk classes.

As of March 31, 2015, only 0.30% of IBRD’s loans were in nonaccrual status and were all related to one borrower. The total provision for losses on accrual and nonaccrual loans accounted for 1.05% of the total loans outstanding.

Credit Quality of Sovereign Exposures

Based on an evaluation of IBRD’s exposures, management has determined that IBRD has one portfolio segment – Sovereign Exposures. IBRD’s loans constitute the majority of the Sovereign Exposures portfolio segment.

IBRD’s country risk ratings are an assessment of its borrowers’ ability and willingness to repay IBRD on time and in full. These ratings are internal credit quality indicators. Individual country risk ratings are derived on the basis of both quantitative and qualitative analyses. The components considered in the analysis can be grouped broadly into eight categories: political risk, external debt and liquidity, fiscal policy and public debt burden, balance of payments risks, economic structure and growth prospects, monetary and exchange rate policy, financial sector risks, and corporate sector debt and vulnerabilities. For the purpose of analyzing the risk characteristics of IBRD’s exposures, these exposures are grouped into three classes in accordance with assigned borrower risk ratings which relate to the likelihood of loss: low, medium and high-risk classes, as well as exposures in nonaccrual status. IBRD considers all exposures in nonaccrual status to be impaired.

IBRD’s borrowers’ country risk ratings are key determinants in the provision for losses. Country risk ratings are determined in review meetings that take place several times a year. All countries are reviewed at least once a year, or more frequently, if circumstances warrant, to determine the appropriate ratings.

26 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

IBRD considers loans to be past due when a borrower fails to make payment on any principal, interest or other charges due to IBRD on the dates provided in the contractual loan agreement.

The following tables provide an aging analysis of the loan portfolio as of March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	March 31, 2015
Days past due	Up to 45		46-60		61-90		91-180		Over 180		Total Past Due		Current		Total
Risk Class
Low	$	—	$	—	$	—	$	—	$	—	$	—	$	13,350	$	13,350
Medium		—		—		—		—		—		—		88,035		88,035
High		1		—		—		—		—		1		51,919		51,920

Loans in accrual status^a		1		—		—		—		—		1		153,304		153,305
Loans in nonaccrual status^a		—		—		—		—		454		454		—		454
Loan at fair value^b		—		—		—		—		—		—		128		128

Total	$	1	$	—	$	—	$	—	$	454	$	455	$	153,432	$	153,887


In millions of U.S. dollars
	June 30, 2014
Days past due	Up to 45		46-60		61-90		91-180		Over 180		Total Past Due		Current		Total
Risk Class
Low	$	—	$	—	$	—	$	—	$	—	$	—	$	13,319	$	13,319
Medium		—		—		—		—		—		—		85,477		85,477
High		—		—		—		—		—		—		54,622		54,622

Loans in accrual status^a		—		—		—		—		—		—		153,418		153,418
Loans in nonaccrual status^a		—		—		—		5		457		462		—		462
Loan at fair value^b		—		—		—		—		—		—		141		141

Total	$	—	$	—	$	—	$	5	$	457	$	462	$	153,559	$	154,021

a.	At amortized cost.

b.	For the loan that is reported at fair value, and which is in accrual status, credit risk assessment is incorporated in the determination of the fair value.

Accumulated Provision for Losses on Loans and Other Exposures

Management determines the appropriate level of accumulated provisions for losses, which reflects the probable losses inherent in IBRD’s exposures. Probable losses comprise estimates of potential losses arising from default and nonpayment of principal amounts due, as well as present value losses. Delays in receiving loan payments result in present value losses to IBRD since it does not charge fees or additional interest on any overdue interest or charges. These present value losses are equal to the difference between the present value of payments of interest and charges, made according to the related instrument’s contractual terms and the present value of its expected future cash flows. It is IBRD’s practice not to write off its loans. All contractual obligations associated with exposures in nonaccrual status have eventually been cleared, thereby allowing borrowers to eventually emerge from nonaccrual status. To date, no loans have been written off.

Notwithstanding IBRD’s historical experience, the risk of losses associated with nonpayment of principal amounts due is included in the accumulated provision for losses on loans and other exposures.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 27

Changes to the Accumulated provision for losses on loans and other exposures for the nine months ended March 31, 2015, and for the fiscal year ended June 30, 2014 are summarized below:


In millions of U.S. dollars
	March 31, 2015									June 30, 2014
	Loans			Other			Total			Loans			Other			Total
Accumulated provision, beginning of the fiscal year	$	1,626		$	41		$	1,667		$	1,659		$	54		$	1,713
Provision—charge (release)		66			(1	)		65			(46	)		(14	)		(60	)
Translation adjustment		(72	)		(3	)		(75	)		13			1			14

Accumulated provision, end of the period/fiscal year	$	1,620		$	37		$	1,657		$	1,626		$	41		$	1,667

Composed of accumulated provision for losses on:
Loans in accrual status	$	1,393								$	1,395
Loans in nonaccrual status		227									231

Total	$	1,620								$	1,626

Loans, end of the period/fiscal year:
Loans at amortized cost in accrual status	$	153,305								$	153,418
Loans at amortized cost in nonaccrual status		454									462
Loan at fair value in accrual status		128									141

Total	$	153,887								$	154,021


	*Reported as Follows*
	*Condensed Balance Sheet*	*Condensed Statement of Income*
Accumulated Provision for Losses on:
Loans	Accumulated provision for loan losses	Provision for losses on loans and other exposures
Other exposures (excluding exposures to member countries’ derivatives)	Other liabilities	Provision for losses on loans and other exposures
Exposures to member countries’ derivatives	Derivative Liabilities–Client Operations	Other, net

Overdue Amounts

At March 31, 2015, there were no principal or interest amounts on loans in accrual status, which were overdue by more than three months. The following tables provide a summary of selected financial information related to loans in nonaccrual status as of March 31, 2015 and June 30, 2014, and for the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	March 31, 2015		June 30, 2014
Recorded investment in nonaccrual loans^a	$	454	$	462
Accumulated provision for loan losses on nonaccrual loans		227		231
Average recorded investment in nonaccrual loans for the period/fiscal year		458		462
Overdue amounts of nonaccrual loans		871		852

Principal		454		462
Interest and charges		417		390

a.	A loan loss provision has been recorded against each of the loans in nonaccrual status.


In millions of U.S. dollars
	Three Months Ended March 31,				Nine Months Ended March 31,
	2015		2014		2015		2014
Interest revenue not recognized as a result of loans being in nonaccrual status	$	8	$	8	$	25	$	25

During the three and nine months ended March 31, 2015, no loans were placed in nonaccrual status or restored to accrual status.

In addition, during the three months ended March 31, 2015, interest revenue recognized on loans in nonaccrual status was less than $1 million, while during the nine months ended March 31, 2015, the interest revenue recognized was $1 million (less than $1 million—three months ended March 31, 2014 and $2 million—nine months ended March 31, 2014).

28 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Effective July 16, 2013, all loans to, or guaranteed by, Iran were placed into nonaccrual status. The aggregate principal balance outstanding on these loans at July 16, 2013 was $697 million, of which $79 million was overdue on that date. Subsequently, on September 27, 2013, Iran cleared all of its overdue principal and charges due to IBRD and the loans to, or guaranteed by, Iran were restored to accrual status on that date. Interest revenue for the nine months ended March 31, 2014, increased by $8 million, $7 million of which represented revenue that would have been accrued in previous fiscal years had these loans not been placed in nonaccrual status.

Information relating to the sole borrowing member with loans or other guarantees in nonaccrual status at March 31, 2015 is presented below:

In millions of U.S. dollars

Borrower

Principal
outstanding

Principal, Interest and
Charges overdue

Nonaccrual
since

Zimbabwe

454

871

October 2000

Guarantees

Guarantees of $1,524 million were outstanding at March 31, 2015 ($1,804 million—June 30, 2014). This amount represents the maximum potential amount of undiscounted future payments that IBRD could be required to make under these guarantees and is not included on the Condensed Balance Sheet. These guarantees have original maturities ranging between 5 and 20 years, and expire in decreasing amounts through 2029.

At March 31, 2015, liabilities related to IBRD’s obligations under guarantees of $45 million ($60 million—June 30, 2014), have been included in Other liabilities on the Condensed Balance Sheet. These include the accumulated provision for guarantee losses of $18 million ($25 million—June 30, 2014).

During the nine months ended March 31, 2015 and March 31, 2014, no guarantees provided by IBRD were called.

Waivers of Loan Charges

IBRD provides waivers on eligible loans, which include a portion of interest on loans, a portion of the commitment charge on undisbursed balances and a portion of the front-end fee charged on all eligible loans. Waivers are approved annually by the Executive Directors of IBRD.

The reduction in net income during the three and nine months ended March 31, 2015, and March 31, 2014, resulting from waivers of loan charges is summarized below:


In millions of U.S. dollars
	Three Months Ended March 31,				Nine Months Ended March 31,
	2015		2014		2015		2014
Interest waivers	$	24	$	28	$	76	$	88
Commitment charge waivers		1		2		4		7
Front-end fee waivers		3		7		13		18

Total	$	28	$	37	$	93	$	113

Segment Reporting

Based on an evaluation of IBRD’s operations, management has determined that IBRD has only one reportable segment since financial results are reviewed, and resource allocation decisions are made, at the entity level.

Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premia, net of waivers. For the nine months ended March 31, 2015, loans to one country generated an excess of 10 percent of total loan revenue; this amounted to $181 million.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 29

Information about IBRD’s loans outstanding and associated loan revenue by geographic region, as of and for the nine months ended March 31, 2015, and March 31, 2014, is presented in the following table:


In millions of U.S. dollars
	March 31, 2015				March 31, 2014
Region	Loans Outstanding		Loan Revenue^b		Loans Outstanding		Loan Revenue^b
Africa	$	2,938	$	96	$	2,445	$	32
East Asia and Pacific		31,238		305		29,969		315
Europe and Central Asia		40,155		314		43,572		319
Latin America and the Caribbean		54,206		722		51,687		758
Middle East and North Africa		11,781		107		11,999		122
South Asia		13,352		63		13,286		70
Other^a		217		1		225		1

Total	$	153,887	$	1,608	$	153,183	$	1,617

a.	Represents loans to IFC, an affiliated organization.

b.	Does not include interest expenses, net from loan related derivatives of $729 million ($709 million—March 31, 2014).

Fair Value Disclosures

The loan carried at fair value is classified as Level 3. This loan has an embedded derivative and its fair value is estimated on a matrix basis against the related bond. As IBRD’s loans are not traded, the yield which is used as a key input to determining the fair value of this loan is not observable. The yield applied in determining the fair value of the loan at March 31, 2015 was 4.3%. An increase (decrease) in the yield would result in a decrease (increase) in the fair value of the loan.

The following table provides a summary of changes in the fair value of IBRD’s Level 3 loan during the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31,						Nine Months Ended March 31,
	2015			2014			2015			2014
Beginning of the period/fiscal year	$	134		$	146		$	141		$	148
Total realized/unrealized mark-to-market (losses) gains in:
Net income		3			—			3			4
Other comprehensive income		(9	)		(10	)		(16	)		(16	)

End of the period	$	128		$	136		$	128		$	136

Information on unrealized mark-to-market gains or losses, relating to IBRD’s Level 3 loan, included in net income, for the three and nine months ended March 31, 2015 and March 31, 2014, as well as where those amounts are included in the Condensed Statement of Income, is presented in the following table:


In millions of U.S. dollars
	Three Months Ended March 31,					Nine Months Ended March 31,
Unrealized Mark-to-Market Gains (Losses)	2015		2014			2015			2014
Condensed Statement of Income location Loans, net	$	*	$	(4	)	$	(5	)	$	(6	)

*	Indicates amount less than $0.5 million.

The table below presents the fair value of all IBRD’s loans for disclosure purposes, along with their respective carrying values as of March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	March 31, 2015				June 30, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Net loans outstanding	$	151,855	$	149,442	$	151,978	$	149,957

30 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Valuation Methods and Assumptions

All IBRD’s loans are made to, or guaranteed by, countries that are members of IBRD, except for those loans made to IFC. IBRD does not currently sell its loans.

As of March 31, 2015 and June 30, 2014, except for one loan which is reported at fair value, all other loans are carried at amortized cost. The fair value of these loans is calculated using a discounted cash flow method. This method incorporates Credit Default Swap spreads for each borrower. Basis adjustments are applied to market recovery levels to reflect IBRD’s recovery experience. IBRD’s loans, including the one loan reported at fair value on a recurring basis, are classified as Level 3, within the fair value hierarchy.

NOTE E—BORROWINGS

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies. Some of these debt instruments are callable. Variable rates may be based on, for example, exchange rates, interest rates or equity indices.

Borrowings issued by IBRD are carried and reported at fair value. As of March 31, 2015, 98% of the instruments in the portfolio were classified as Level 2, within the fair value hierarchy.

IBRD uses derivative contracts to manage the currency risk as well as the repricing risk between its loans and borrowings. For details regarding the derivatives used in the borrowing portfolio, see Note F—Derivative Instruments.

The following table summarizes IBRD’s borrowing portfolio after derivatives as of March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	March 31, 2015			June 30, 2014
Borrowings	$	158,793		$	161,026
Currency swaps, net^a		1,059			(3,898	)
Interest rate swaps, net^a		(4,685	)		(4,485	)

	$	155,167		$	152,643

a.	Interest, net for Borrowings on the Condensed Statement of Income includes $2,635 million of interest income, net related to derivatives associated with the Borrowing portfolio ($2,524 million—nine months ended March 31, 2014).

Fair Value Disclosures

IBRD’s fair value hierarchy for borrowings measured at fair value on a recurring basis as of March 31, 2015 and June 30, 2014 is as follows:


In millions of U.S. dollars
	March 31, 2015		June 30, 2014
Level 1	$	—	$	—
Level 2		155,735		157,143
Level 3		3,058		3,883

	$	158,793	$	161,026

The following tables provide a summary of changes in the fair value of IBRD’s Level 3 borrowings during the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31,						Nine Months Ended March 31,
	2015			2014			2015			2014
Beginning of the period/fiscal year	$	3,177		$	4,837		$	3,883		$	6,511
Total realized/unrealized mark-to-market losses (gains) in:
Net income		(3	)		66			404			433
Other comprehensive income		(59	)		63			(515	)		(215	)
Issuances		500			167			976			268
Settlements		(519	)		(858	)		(1,455	)		(1,887	)
Transfers out, net		(38	)		(353	)		(235	)		(1,188	)

End of the period	$	3,058		$	3,922		$	3,058		$	3,922

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 31

Information on the unrealized mark-to-market gains or losses included in net income for the three and nine months ended March 31, 2015 and March 31, 2014, relating to IBRD’s Level 3 borrowings still held at the reporting dates, as well as where those amounts are included in the Condensed Statement of Income, is presented in the following table:


In millions of U.S. dollars
	Three Months Ended March 31,					Nine Months Ended March 31,
Unrealized Mark-to-Market Gains (Losses)	2015		2014			2015			2014
Condensed Statement of Income location Borrowings, net	$	14	$	(7	)	$	(262	)	$	(230	)

The following table provides information on the unrealized mark-to- market gains or losses included in net income for the three and nine months ended March 31, 2015 and March 31, 2014, relating to IBRD’s total borrowings held at the reporting dates, as well as where those amounts are included in the Condensed Statement of Income:


In millions of U.S. dollars
	Three Months Ended March 31,						Nine Months Ended March 31,
Unrealized Mark-to-Market Gains (Losses)	2015			2014			2015			2014
Condensed Statement of Income location Borrowings, net	$	(749	)	$	(319	)	$	(1,787	)	$	890

During the three and nine months ended March 31, 2015, IBRD’s credit spreads tightened. The estimated financial effects on the fair value of the borrowings issued and outstanding as of March 31, 2015, were unrealized mark-to-market losses of $80 million and $290 million, respectively.

During the nine months ended March 31, 2014, IBRD’s credit spreads widened. The estimated financial effects on the fair value of the debt issued and outstanding as of March 31, 2014, were unrealized mark-to-market gains of $155 million. Conversely, during the three months ended March 31, 2014, IBRD’s credit spreads tightened, resulting in estimated unrealized mark-to-market losses of $89 million. These amounts were determined using observable changes in IBRD’s credit spreads.

IBRD’s Level 3 borrowings primarily relate to structured bonds. The fair value of these bonds is estimated using valuation models that incorporate model parameters, observable market inputs, and unobservable inputs. The significant unobservable inputs used in the fair value measurement of structured bonds are correlations and long-dated interest rate volatilities. Generally, the movements in correlations are considered to be independent from the movements in long-dated interest rate volatilities.

Correlation is the statistical measurement of the relationship between two variables. For contracts where the holder benefits from the convergence of the underlying index prices (e.g. interest rates and foreign exchange rates), an increase in correlation generally results in an increase in the fair value of the instruments. The magnitude and direction of the fair value adjustments will depend on whether the holder is short or long the option.

Interest rate volatility is the extent to which the level of interest rates change over time. For purchased options, an increase in volatility will generally result in an increase in the fair value. In general, the volatility used to price the option depends on the maturity of the underlying instrument and the option strike price. For IBRD, interest rate volatilities are considered an unobservable input for maturities greater than ten years for certain currencies.

The following table provides a summary of the valuation technique applied in determining fair values of these Level 3 instruments and quantitative information regarding the significant unobservable inputs used:

In millions of U.S. dollars

Portfolio

Fair Value at
March 31,
2015

Fair Value
at June 30,
2014

Valuation
Technique

Unobservable
input

Range (average)
March 31, 2015

Range (average)
June 30, 2014

Borrowings

3,058

3,883

Discounted
Cash Flow

Correlations

-44% to 71% (3%)

-39% to 77% (5%)

Long-dated
interest rate
volatilities

21% to 99% (66%)

14% to 33% (22%)

32 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

The table below provides the details of all gross inter-level transfers for the three and nine months ended March 31, 2015 and March 31, 2014. Transfers from Level 3 to Level 2 are due to increased price transparency.


In millions of U.S. dollars
	Three Months Ended March 31,										Nine Months Ended March 31,
	2015					2014					2015					2014
	Level 2		Level 3			Level 2		Level 3			Level 2		Level 3			Level 2		Level 3
Borrowings
Transfers into (out of)	$	38	$	(38	)	$	353	$	(353	)	$	235	$	(235	)	$	1,188	$	(1,188	)
Transfers (out of) into		—		—			—		—			—		—			—		—

	$	38	$	(38	)	$	353	$	(353	)	$	235	$	(235	)	$	1,188	$	(1,188	)

Presented below is the difference between the aggregate fair value and aggregate contractual principal balance of borrowings:


In millions of U.S. dollars
	Fair Value		Principal Amount Due Upon Maturity		Difference
March 31, 2015	$	158,793	$	156,707	$	2,086
June 30, 2014	$	161,026	$	161,751	$	(725	)

Valuation Methods and Assumptions

The techniques applied in determining the fair values of debt instruments are summarized as follows:

Discount notes and vanilla bonds

Discount notes and vanilla bonds are valued using the standard discounted cash flow method which relies on market observable inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads, where available, quoted marked prices are used to determine the fair value of short-term notes.

Structured bonds

Structured bonds issued by IBRD have coupon or repayment terms linked to the level or the performance of interest rates, foreign exchange rates, equity indices or commodities. The fair value of the structured bonds is derived using the discounted cash flow method based on estimated future pay-offs determined by applicable models and computation of embedded optionality such as caps, floors and calls. A wide range of industry standard models such as one factor Hull-White, LIBOR Market Model and Black-Scholes are used depending on the specific structure. These models incorporate market observable inputs, such as yield curves, foreign exchange rates, basis spreads, funding spreads, interest rates volatilities, equity index volatilities and equity indices. Where applicable, the models also incorporate significant unobservable inputs such as correlations and long-dated interest rate volatilities.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 33

NOTE F—DERIVATIVE INSTRUMENTS

IBRD uses derivative instruments in its investment, loan and borrowing portfolios, and for asset/liability management purposes (including equity management). It also offers derivatives intermediation services to clients and concurrently enters into offsetting transactions with market counterparties.

The following table summarizes IBRD’s use of derivatives in its various financial portfolios:


Portfolio	*Derivative instruments used*	*Purpose / Risk being managed*
Risk management purposes:
Investments	Currency swaps, interest rate swaps, currency forward contracts, options, swaptions and futures contracts, TBA securities	Manage currency and interest rate risks in the portfolio
Loans	Currency swaps, and interest rate swaps	Manage currency risk as well as repricing risks between loans and borrowings
Borrowings	Currency swaps, and interest rate swaps	Manage currency risk as well as repricing risks between loans and borrowings
Other assets/liabilities	Currency swaps, and interest rate swaps	Manage currency risk and the duration of IBRD’s equity (equity management)
Other purposes:
Client operations	Currency swaps, and interest rate swaps	Assist clients in managing risks

The following tables provide information on the fair value amounts and the location of the derivative instruments on the Condensed Balance Sheet, as well as notional amounts and credit risk exposures of those derivative instruments as of March 31, 2015 and June 30, 2014:

Fair value of derivative instruments on the Condensed Balance Sheet:


In millions of U.S. dollars
	*Balance Sheet Location*
	Derivative Assets						Derivative Liabilities
	March 31, 2015			June 30, 2014			March 31, 2015		June 30, 2014
Derivatives not designated as hedging instruments
Swaptions, exchange traded options and futures contracts - Investment-Trading	$	15		$	3		$	31	$	13
Interest rate swaps		8,182			7,769			5,486		4,151
Currency swaps^a		132,415			146,298			131,541		142,721
Other^b			*			*		—		—

Total Derivatives	$	140,612		$	154,070		$	137,058	$	146,885

a.	Includes currency forward contracts and structured swaps.

b.	These relate to TBA securities.

*	Indicates amount less than $0.5 million.

34 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Notional amounts and credit risk exposure of the derivative instruments:


In millions of U.S. dollars
Type of contract	March 31, 2015			June 30, 2014
Investments - Trading
Interest rate swaps
Notional principal	$	6,672		$	2,910
Credit exposure		100			80
Currency swaps (including currency forward contracts)
Credit exposure		1,799			59
Swaptions, exchange traded options and futures contracts^a
Notional long position		1,335			850
Notional short position		11,231			21,228
Credit exposure		15			3
Other derivatives^b
Notional long position		47			47
Notional short position		—			—
Credit exposure			*		1
Loans
Interest rate swaps
Notional principal		27,586			29,775
Credit exposure		71			196
Currency swaps
Credit exposure		373			65
Client operations
Interest rate swaps
Notional principal		23,136			22,691
Credit exposure		1,702			1,070
Currency swaps
Credit exposure		1,909			1,701
Borrowings
Interest rate swaps
Notional principal		170,547			152,248
Credit exposure		5,187			4,919
Currency swaps
Credit exposure		8,990			9,994
Other derivatives
Interest rate swaps
Notional principal		34,602			42,113
Credit exposure		1,122			1,504
Currency swaps
Credit exposure		—			41

a.	Exchange traded instruments are generally subject to daily margin requirements and are deemed to have no material credit risk. All swaptions, options, and futures contracts are interest rate contracts.

b.	These relate to TBA securities.

*	Indicates amount less than $0.5 million.

IBRD is not required to post collateral under its derivative agreements as long as it maintains a AAA credit rating. The aggregate fair value of all derivative instruments with credit-risk related contingent features that are in a liability position on March 31, 2015 is $4,348 million ($1,216 million—June 30, 2014). IBRD has not posted any collateral with these counterparties.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 35

If the credit-risk related contingent features underlying these agreements had been triggered to the extent that IBRD would be required to post collateral on March 31, 2015, the amount of collateral that would need to be posted would be $1,638 million ($164 million—June 30, 2014). Subsequent triggers of contingent features would require posting of additional collateral, up to a maximum of $4,348 million ($1,216 million—June 30, 2014). In contrast, IBRD received collateral totaling $5,860 million as of March 31, 2015 ($6,019 million—June 30, 2014), in relation to swap transactions (see Note C—Investments).

The following table provides information on the location and amount of unrealized mark-to-market gains and losses on the non-trading derivatives during the three and nine months ended March 31, 2015, and March 31, 2014, and their location on the Condensed Statement of Income:


In millions of U.S. dollars
		Three Months Ended March 31,					Nine Months Ended March 31,
	Condensed Statement of Income Location	Unrealized Mark-to-Market Gains (Losses)^b
		2015		2014			2015			2014
Derivatives not designated as hedging instruments, and not held in trading portfolio^a
Interest rate swaps	Loans, Equity management, Borrowings and Other, net	$	218	$	(261	)	$	(855	)	$	(1,343	)
Currency swaps (including currency forward contracts and structured swaps)	Loans, Equity management, Borrowings and Other, net		277		130			1,027			(253	)

Total		$	495	$	(131	)	$	172		$	(1,596	)

a.	For alternative disclosures about trading derivatives, see the following table.

b.	Includes amounts reclassified to realized mark-to-market gains (losses).

All of the instruments in IBRD’s investment portfolio are held for trading purposes. Within the investment portfolio, IBRD holds highly rated fixed income instruments, equity securities as well as derivatives.

The following table provides information on the location and amount of gains and losses on the net investment-trading portfolio and their location on the Condensed Statement of Income during the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31,						Nine Months Ended March 31,
Condensed Statement of Income Location	Investments-Trading, net^a						Investments-Trading, net^a
	Gains (Losses)						Gains (Losses)
	2015			2014			2015			2014
Type of instrument
Fixed income (including associated derivatives)	$	(94	)	$	(15	)	$	(141	)	$	(74	)
Equity		6				*		2			18

Total	$	(88	)	$	(15	)	$	(139	)	$	(56	)

a.	Amounts associated with each type of instrument include gains and losses on both derivative instruments and non-derivative instruments.

*	Indicates amount less than $0.5 million.

Offsetting assets and liabilities

IBRD enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements with substantially all of its derivative counterparties. These legally enforceable master netting agreements give IBRD the right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty, in the event of default by the counterparty.

The presentation of derivative instruments is consistent with the manner in which these instruments are settled. Interest rate swaps are settled on a net basis, while currency swaps are settled on a gross basis.

The following tables summarize information on derivative assets and liabilities (before and after netting adjustments) that are reflected on IBRD’s Condensed Balance Sheet as of March 31, 2015 and June 30, 2014. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. The net derivative asset positions have been further reduced by the cash and securities collateral received.

36 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)


In millions of U.S. dollars
	March 31, 2015
	Location on the Condensed Balance Sheet
	Derivative Assets								Derivative Liabilities
	Gross Amounts Recognized		Gross Amounts Offset			Net Amounts Presented			Gross Amounts Recognized		Gross Amounts Offset			Net Amounts Presented
Interest rate swaps	$	22,345	$	(14,163	)	$	8,182		$	15,226	$	(9,740	)	$	5,486
Currency swaps^a		132,415		—			132,415			131,541		—			131,541
Other^b		15		—			15			32		(1	)		31

Total	$	154,775	$	(14,163	)	$	140,612		$	146,799	$	(9,741	)	$	137,058

Amounts subject to legally enforceable master netting agreements^c							(132,486	)							(132,486	)

Net derivative positions at counterparty level before collateral						$	8,126							$	4,572

Less:
Cash collateral received^d							3,279
Securities collateral received^d							1,902

Net derivative exposure after collateral						$	2,945

a.	Includes currency forward contracts and structured swaps.

b.	These relate to swaptions, exchange traded options, futures contracts and TBA securities.

c.	Not offset on the Condensed Balance Sheet.

d.	Does not include excess collateral received.


In millions of U.S. dollars
	June 30, 2014
	Location on the Condensed Balance Sheet
	Derivative Assets								Derivative Liabilities
	Gross Amounts Recognized		Gross Amounts Offset			Net Amounts Presented			Gross Amounts Recognized		Gross Amounts Offset			Net Amounts Presented
Interest rate swaps	$	22,482	$	(14,713	)	$	7,769		$	14,173	$	(10,022	)	$	4,151
Currency swaps^a		146,298		—			146,298			142,721		—			142,721
Other^b		3		—			3			13		—			13

Total	$	168,783	$	(14,713	)	$	154,070		$	156,907	$	(10,022	)	$	146,885

Amounts subject to legally enforceable master netting agreements^c							(145,595	)							(145,595	)

Net derivatives positions at counterparty level before collateral						$	8,475							$	1,290

Less:
Cash collateral received^d							2,840
Securities collateral received^d							2,485

Net derivative exposure after collateral						$	3,150

a.	Includes currency forward contracts and structured swaps.

b.	These relate to swaptions, exchange traded options, futures contracts and TBA securities.

c.	Not offset on the Condensed Balance Sheet.

d.	Does not include excess collateral received.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 37

Fair Value Disclosures

IBRD’s fair value hierarchy for derivative assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and June 30, 2014 is as follows:


In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis March 31, 2015
	Level 1		Level 2			Level 3		Total
Derivative Assets:
Investments
Currency forward contracts	$	—	$	4,840		$	—	$	4,840
Currency swaps		—		17,854			—		17,854
Interest rate swaps		—		100			—		100
Swaptions, exchange traded options and futures contracts		—		15			—		15
Other^a		—			*		—			*

		—		22,809			—		22,809

Loans
Currency swaps		—		3,715			73		3,788
Interest rate swaps		—		71			—		71

		—		3,786			73		3,859

Client operations
Currency swaps		—		29,260			—		29,260
Interest rate swaps		—		1,702			—		1,702

		—		30,962			—		30,962

Borrowings
Currency swaps		—		73,756			2,420		76,176
Interest rate swaps		—		5,099			88		5,187

		—		78,855			2,508		81,363

Other assets/liabilities
Currency swaps		—		497			—		497
Interest rate swaps		—		1,122			—		1,122

		—		1,619			—		1,619

Total derivative assets	$	—	$	138,031		$	2,581	$	140,612

Derivative Liabilities:
Investments
Currency forward contracts	$	—	$	4,873		$	—	$	4,873
Currency swaps		—		16,206			—		16,206
Interest rate swaps		—		122			—		122
Swaptions, exchange traded options and futures contracts		13		18			—		31
Other^a		—		—			—		—

		13		21,219			—		21,232

Loans
Currency swaps		—		3,369			58		3,427
Interest rate swaps		—		3,079			—		3,079

		—		6,448			58		6,506

Client operations
Currency swaps		—		29,253			—		29,253
Interest rate swaps		—		1,699			8		1,707

		—		30,952			8		30,960

Borrowings
Currency swaps		—		74,892			2,343		77,235
Interest rate swaps		—		456			46		502

		—		75,348			2,389		77,737

Other assets/liabilities
Currency swaps		—		547			—		547
Interest rate swaps		—		76			—		76

		—		623			—		623

Total derivative liabilities	$	13	$	134,590		$	2,455	$	137,058

a.	These relate to TBA securities.

*	Indicates amount less than $0.5 million.

38 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)


In millions of U.S. dollars
	Fair Value Measurements on a Recurring Basis As of June 30, 2014
	Level 1		Level 2			Level 3		Total
Derivative Assets:
Investments
Currency forward contracts	$	—	$	5,167		$	—	$	5,167
Currency swaps		—		8,264			—		8,264
Interest rate swaps		—		80			—		80
Swaptions, exchange traded options and futures contracts		—		3			—		3
Other^a		—			*		—			*

		—		13,514			—		13,514

Loans
Currency swaps		—		2,502			86		2,588
Interest rate swaps		—		196			—		196

		—		2,698			86		2,784

Client operations
Currency swaps		—		35,447			—		35,447
Interest rate swaps		—		1,070			—		1,070

		—		36,517			—		36,517

Borrowings
Currency swaps		—		90,141			4,090		94,231
Interest rate swaps		—		4,858			61		4,919

		—		94,999			4,151		99,150

Other assets/liabilities
Currency swaps		—		601			—		601
Interest rate swaps		—		1,504			—		1,504

		—		2,105			—		2,105

Total derivative assets	$	—	$	149,833		$	4,237	$	154,070

Derivative Liabilities:
Investments
Currency forward contracts	$	—	$	5,154		$	—	$	5,154
Currency swaps		—		8,520			—		8,520
Interest rate swaps		—		133			—		133
Swaptions, exchange traded options and futures contracts		10		3			—		13
Other^a		—		—			—		—

		10		13,810			—		13,820

Loans
Currency swaps		—		2,642			75		2,717
Interest rate swaps		—		2,415			—		2,415

		—		5,057			75		5,132

Client operations
Currency swaps		—		35,435			—		35,435
Interest rate swaps		—		1,104			—		1,104

		—		36,539			—		36,539

Borrowings
Currency swaps		—		86,693			3,640		90,333
Interest rate swaps		—		399			35		434

		—		87,092			3,675		90,767

Other assets/liabilities
Currency swaps		—		562			—		562
Interest rate swaps		—		65			—		65

		—		627			—		627

Total derivative liabilities	$	10	$	143,125		$	3,750	$	146,885

a.	These relate to TBA securities.

*	Indicates amount less than $0.5 million.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 39

The following tables provide a summary of changes in the fair value of IBRD’s Level 3 derivatives, net during the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31, 2015									Nine Months Ended March 31, 2015
	Currency Swaps			Interest Rate Swaps			Total			Currency Swaps			Interest Rate Swaps			Total
Beginning of the period/fiscal year	$	188		$	6		$	194		$	461		$	26		$	487
Total realized/unrealized mark-to-market gains or (losses) in:
Net income		(3	)		28			25			285			33			318
Other comprehensive income		(42	)		—			(42	)		(478	)		—			(478	)
Issuances		(2	)		—			(2	)		(4	)		—			(4	)
Settlements		(47	)		—			(47	)		(154	)		—			(154	)
Transfers out, net		(2	)		—			(2	)		(18	)		(25	)		(43	)

End of the period	$	92		$	34		$	126		$	92		$	34		$	126


In millions of U.S. dollars
	Three Months Ended March 31, 2014									Nine Months Ended March 31, 2014
	Currency Swaps			Interest Rate Swaps			Total			Currency Swaps			Interest Rate Swaps			Total
Beginning of the period/fiscal year	$	387		$	22		$	409		$	628		$	2		$	630
Total realized/unrealized mark-to-market gains or (losses) in:
Net income		53			(18	)		35			349			2			351
Other comprehensive income		85			—			85			(180	)		—			(180	)
Issuances		(1	)		—			(1	)		(4	)		—			(4	)
Settlements		(150	)		—			(150	)		(289	)		—			(289	)
Transfers out, net		—			—			—			(130	)		—			(130	)

End of the period	$	374		$	4		$	378		$	374		$	4		$	378

Unrealized mark-to-market gains or losses included in the Condensed Statement of Income for the three and nine months ended March 31, 2015 and March 31, 2014, relating to IBRD’s Level 3 derivatives, net still held at the reporting dates as well as where those amounts are included in the Condensed Statement of Income, are presented in the following table:


In millions of U.S. dollars
	Three Months Ended March 31,				Nine Months Ended March 31,
Unrealized Mark-to-Market Gains (Losses)	2015		2014		2015		2014
Condensed Statement of Income location Loans, Borrowings, net	$	2	$	14	$	198	$	216

The following table provides the details of all inter-level transfers during the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31,									Nine Months Ended March 31,
	2015					2014				2015					2014
	Level 2		Level 3			Level 2		Level 3		Level 2		Level 3			Level 2		Level 3
Derivatives, net
Transfers into (out of)	$	2	$	(2	)	$	—	$	—	$	18	$	(18	)	$	130	$	(130	)
Transfers out of (into)		—		—			—		—		25		(25	)		—		—

	$	2	$	(2	)	$	—	$	—	$	43	$	(43	)	$	130	$	(130	)

Transfers from Level 3 to Level 2 are due to increased price transparency.

40 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

The fair value of IBRD’s Level 3 loans and borrowings related derivatives is estimated using valuation models that incorporate model parameters, observable market inputs and unobservable inputs. The significant unobservable inputs used in the fair value measurement of these derivatives are correlations and long dated interest rate volatilities. See Note E—Borrowings for details on these unobservable inputs.

In millions of U.S. dollars

Fair Value at
March 31,
2015

Fair Value
at June 30,
2014

Valuation
Technique

Unobservable
input

Range (average),
March 31, 2015

Range (average)
June 30, 2014

Currency swaps

Interest rate swaps

126

487

Discounted
Cash Flow

Correlations

-44% to 71% (3%)

-39% to 77% (5%)

Long-dated
interest rate
volatilities

21% to 99% (66%)

14% to 33% (22%)

Valuation Methods and Assumptions

Derivative contracts include currency forward contracts, TBAs, currency swaps and interest rate swaps. Currency swaps and interest rate swaps are either plain vanilla or structured. Currency forward contracts and plain vanilla currency and interest rate swaps are valued using the standard discounted cash flow methods using market observable inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads. For structured currency and interest rate swaps, which primarily consist of callable swaps linked to interest rates, foreign exchange rates, and equity indices, valuation models and inputs similar to the ones applicable to structured bonds valuation are used. Where applicable, the models also incorporate significant unobservable inputs such as correlations and long-dated interest rate volatilities.

NOTE G—RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS

IBRD makes net income allocation decisions on the basis of reported net income, adjusted to exclude the unrealized mark-to-market gains and losses on non-trading portfolios, net, restricted income and Board of Governors-approved and other transfers, and after considering the allocation to the pension reserve.

On August 7, 2014, IBRD’s Executive Directors approved the following allocations relating to the net income earned in the fiscal year ended June 30, 2014, a reduction in the Pension Reserve by $43 million and an increase in Restricted Retained Earnings by $2 million.

On October 10, 2014, IBRD’s Board of Governors approved the following allocations relating to the net income earned in the fiscal year ended June 30, 2014: an immediate transfer to IDA of $635 million and $134 million to Surplus. The Board of Governors also approved a grant of $15 million to the Global Infrastructure Facility (GIF) from Surplus. The transfers to IDA and GIF were made on October 14, 2014 and April 8, 2015, respectively.

Retained earnings comprise the following components at March 31, 2015 and June 30, 2014:


In millions of U.S. dollars
	March 31, 2015			June 30, 2014
Special Reserve	$	293		$	293
General Reserve		26,889			26,889
Pension Reserve		1,017			1,060
Surplus		382			262
Cumulative Fair Value Adjustments^a		(977	)		53
Unallocated Net Income		(1,143	)		(302	)
Restricted Retained Earnings		33			32

Total	$	26,494		$	28,287

a.	Unrealized mark-to-market gains or losses, net applicable to non-trading portfolios reported at fair value.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 41

NOTE H—PENSION AND OTHER POSTRETIREMENT BENEFITS

IBRD, IFC and the Multilateral Investment Guarantee Agency (MIGA) participate in a defined benefit Staff Retirement Plan (SRP), a Retired Staff Benefits Plan (RSBP) and PEBP that cover substantially all of their staff members.

All costs, assets and liabilities associated with these pension plans are allocated between IBRD, IFC and MIGA based upon their employees’ respective participation in the plans. Costs allocated to IBRD are then shared between IBRD and IDA based on an agreed cost sharing ratio. The net periodic pension cost (credit) for the SRP, RSBP and PEBP is included in Administrative Expenses, in the Condensed Statement of Income.

The following table summarizes the benefit costs associated with the SRP, RSBP, and PEBP for IBRD and IDA for the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31, 2015									Nine Months Ended March 31, 2015
	SRP			RSBP			PEBP			SRP			RSBP			PEBP
Benefit Costs
Service cost	$	96		$	28		$	12		$	290		$	84		$	37
Interest cost		161			30			12			484			90			34
Expected return on plan assets		(230	)		(33	)		—			(692	)		(99	)		—
Amortization of unrecognized prior service costs^a		2			4				*		4			12			2
Amortization of unrecognized net actuarial losses^a		26			7			11			79			20			34

Net periodic pension cost^b	$	55		$	36		$	35		$	165		$	107		$	107

of which:
IBRD’s share	$	25		$	16		$	16		$	76		$	49		$	49
IDA’s share	$	30		$	20		$	19		$	89		$	58		$	58

a.	Included in Amounts reclassified to net income in Note J-Comprehensive Income.

b.	Included in Administrative Expenses in the Condensed Statement of Income.

*	Indicates amount less than $0.5 million.


In millions of U.S. dollars
	Three Months Ended March 31, 2014									Nine Months Ended March 31, 2014
	SRP			RSBP			PEBP			SRP			RSBP			PEBP
Benefit Costs
Service cost	$	89		$	21		$	8		$	265		$	64		$	25
Interest cost		155			28			8			465			85			25
Expected return on plan assets		(193	)		(26	)		—			(578	)		(80	)		—
Amortization of unrecognized prior service costs^a		2			4				*		6			12				*
Amortization of unrecognized net actuarial losses^a		27			7			7			81			21			21

Net periodic pension cost^b	$	80		$	34		$	23		$	239		$	102		$	71

of which:
IBRD’s share	$	36		$	16		$	10		$	109		$	47		$	32
IDA’s share	$	44		$	18		$	13		$	130		$	55		$	39

a.	Included in Amounts reclassified to net income in Note J-Comprehensive Income.

b.	Included in Administrative Expenses in the Condensed Statement of Income.

*	Indicates amount less than $0.5 million.

42 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

NOTE I—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS

IBRD transacts with affiliated organizations by providing loans, administrative and derivative intermediation services, as well as through its pension and other postretirement benefit plans.

In addition, IBRD provides transfers to IDA out of its net income, upon approval by the Board of Governors (see Note G—Retained earnings, Allocations and Transfers).

At March 31, 2015 and June 30, 2014, IBRD had the following receivables from (payables to) its affiliated organizations:


In millions of U.S. dollars
	March 31, 2015
					Derivative Transactions^a
	Loans		Administrative Services		Receivable		Payable			Pension and Other Postretirement Benefits			Total
IDA	$	—	$	343	$	9,635	$	(9,775	)	$	(839	)	$	(636	)
IFC		217		33		—		—			(186	)		64
MIGA		—		4		—		—			(8	)		(4	)

	$	217	$	380	$	9,635	$	(9,775	)	$	(1,033	)	$	(576	)


In millions of U.S. dollars
	June 30, 2014
					Derivative Transactions^a
	Loans		Administrative Services		Receivable		Payable			Pension and Other Postretirement Benefits			Total
IDA	$	—	$	416	$	12,221	$	(12,102	)	$	(854	)	$	(319	)
IFC		221		22		—		—			(181	)		62
MIGA		—		3		—		—			(8	)		(5	)

	$	221	$	441	$	12,221	$	(12,102	)	$	(1,043	)	$	(262	)

a.	For details on derivative transactions relating to swap intermediation services provided by IBRD and IDA, see Note F—Derivative Instruments.

The receivables from (payables to) these affiliated organizations are reported in the Condensed Balance Sheet as follows:


Receivables / Payables related to:		Reported as:
Loans		Loans outstanding
Receivable for administrative services^a		Other assets
Receivables (payables) for derivative transactions		Derivative assets/liabilities – Client operations
Payable for pension and other postretirement benefits		Other liabilities

a.	Include amounts payable to IDA for its share of investments associated with PCRF. This payable is included in Other Liabilities on the Condensed Balance Sheet.

Loans

IBRD has a Local Currency Loan Facility Agreement with IFC which is capped at $300 million. At March 31, 2015, the balance of the loan under this facility amounted to $21 million ($25 million—June 30, 2014) and carried a fixed interest rate of 3.96% and weighted average maturity of 1.21 years. This loan is not eligible for interest waivers.

In addition, on July 5, 2012, IBRD’s Executive Directors approved for IBRD to lend up to $197 million to IFC. At March 31, 2015, the balance of this loan was $196 million ($196 million—June 30, 2014). This loan is at LIBOR less 25 basis points (0.09% as of March 31, 2015) and is not eligible for interest waivers.

During the fiscal year ended June 30, 2014, IBRD entered into an exposure exchange agreement with MIGA under which IBRD and MIGA agreed to exchange $120 million each of notional amount of exposures on their respective balance sheets with one another. Under the agreement, MIGA provided a guarantee on one of IBRD’s loan principal and interest exposures in exchange for IBRD’s guarantee of principal and interest exposure of MIGA under its Non-Honoring of Sovereign Financial Obligation. As of March 31, 2015, liabilities related to IBRD’s obligation under this agreement amounted to $3 million. These include an accumulated provision for guarantee losses of less than $1 million.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 43

Administrative Services

Expenses jointly incurred by IBRD and IDA are allocated based on an agreed cost sharing ratio, and amounts are settled quarterly. For the three and nine months ended March 31, 2015, IBRD’s administrative expenses are net of the share of expenses allocated to IDA of $369 million and $1,139 million, respectively ($371 million and $1,142 million, respectively—three and nine months ended March 31, 2014).

Other Revenue

Revenue jointly earned by IBRD and IDA is allocated based on the same agreed cost sharing ratio that is used to allocate administrative expenses. Amounts are settled quarterly. For the three and nine months ended March 31, 2015, IBRD’s other income is net of income allocated to IDA of $72 million and $188 million, respectively ($68 million and $180 million, respectively—three and nine months ended March 31, 2014).

For the three and nine months ended March 31, 2015 and March 31, 2014, the amount of fee revenue associated with services provided to other affiliated organizations is included in Other Income on the Condensed Statement of Income, as follows:


In millions of U.S. dollars
	Three Months Ended March 31,				Nine Months Ended March 31,
	2015		2014		2015		2014
Fees charged to IFC	$	19	$	12	$	46	$	36
Fees charged to MIGA		1		2		4		4

Pension and Other Postretirement Benefits

The payable to IDA represents IDA’s net share of prepaid costs for pension and other postretirement benefit plans and PEBP assets. These will be realized over the life of the plan participants.

The payables to IFC and MIGA represent their respective share of PEBP assets. The PEBP assets are managed by IBRD and are part of the investment portfolio.

For Pension and Other Post Retirement Benefits related disclosure see Note H—Pension and Other Postretirement Benefits.

Derivative transactions

These relate to currency forward contracts entered into by IDA with IBRD acting as the intermediary with the market.

44 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

NOTE J—COMPREHENSIVE INCOME / LOSS

Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Comprehensive income (loss) comprises currency translation adjustments, the cumulative effects of a change in accounting principle related to the implementation of FASB’s derivatives and hedging guidance, pension-related items, and net income. These items are presented in the Condensed Statement of Comprehensive Income.

The following tables present the changes in Accumulated Other Comprehensive Loss (AOCL) balances for the nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Nine Months Ended March 31, 2015
	Balance, beginning of the fiscal year			Changes in fair value in AOCL			Amounts reclassified to net income			Net Changes during the period			Balance, end of the period
Cumulative Translation Adjustment	$	1,016		$	(1,253	)	$	—		$	(1,253	)	$	(237	)
Cumulative Effect of Change in Accounting Principle^a		500			—			—			—			500
Reclassification^a		(511	)		—			2	^b		2			(509	)
Unrecognized Net Actuarial (Losses) Gains on Benefit Plans		(3,862	)		—			133	^c		133			(3,729	)
Unrecognized Prior Service (Costs) Credits on Benefit Plans		(205	)		—			18	^c		18			(187	)

Total Accumulated Other Comprehensive Loss	$	(3,062	)	$	(1,253	)	$	153		$	(1,100	)	$	(4,162	)


In millions of U.S. dollars
	Nine Months Ended March 31, 2014
	Balance, beginning of the fiscal year			Changes in fair value in AOCL		Amounts reclassified to net income			Net Changes during the period		Balance, end of the period
Cumulative Translation Adjustment	$	696		$	406	$	—		$	406	$	1,102
Cumulative Effect of Change in Accounting Principle^a		500			—		—			—		500
Reclassification^a		(513	)		—		2	^b		2		(511	)
Unrecognized Net Actuarial (Losses) Gains on Benefit Plans		(3,438	)		—		123	^c		123		(3,315	)
Unrecognized Prior Service (Costs) Credits on Benefit Plans		(166	)		—		18	^c		18		(148	)

Total Accumulated Other Comprehensive Loss	$	(2,921	)	$	406	$	143		$	549	$	(2,372	)

a.	The cumulative effect of change in accounting principle and subsequent reclassification to net income relates to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.

b.	Reclassified to Borrowings, net in the Condensed Statement of Income.

c.	See Note H-Pension and Other Post Retirement Benefits.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 45

NOTE K—OTHER FAIR VALUE DISCLOSURES

The table below presents IBRD’s estimates of fair value of its financial assets and liabilities along with their respective carrying amounts as of March 31, 2015 and June 30, 2014.


In millions of U.S. dollars
	March 31, 2015					June 30, 2014
	Carrying Value		Fair Value			Carrying Value		Fair Value
Due from banks	$	465	$	465		$	3,701	$	3,701
Investments
Trading (including Securities purchased under resale agreements)		48,634		48,634			45,482		45,482
Net loans outstanding		151,855		149,442			151,978		149,957
Derivative assets

Investments		22,809		22,809			13,514		13,514

Loans		3,859		3,859			2,784		2,784

Client operations		30,962		30,962			36,517		36,517

Borrowings		81,363		81,363			99,150		99,150

Other		1,619		1,619			2,105		2,105
Borrowings		158,793		158,801	^a		161,026		161,028	^a
Securities sold/lent under repurchase agreements/securities lending agreements and payable for cash collateral received		5,558		5,558			3,390		3,390
Derivative liabilities

Investments		21,232		21,232			13,820		13,820

Loans		6,506		6,506			5,132		5,132

Client operations		30,960		30,960			36,539		36,539

Borrowings		77,737		77,737			90,767		90,767

Other		623		623			627		627

a.	Includes $8 million ($2 million—June 30, 2014 relating to transition adjustment on adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.

Valuation Methods and Assumptions

As of March 31, 2015 and June 30, 2014, IBRD had no assets or liabilities measured at fair value on a non-recurring basis.

For valuation methods and assumptions of the following items refer to the respective notes as follows:

Investments: Note C

Loans and other exposures: Note D

Borrowings: Note E

Derivative instruments: Notes C and F

Due from Banks: The carrying amount of unrestricted and restricted cash is considered a reasonable estimate of the fair value.

46 IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED)

Realized and Unrealized Mark-to-Market Gains or Losses on Non-Trading Portfolios, Net

The following tables reflect the components of the realized and unrealized mark-to-market gains or losses on non-trading portfolios, net, for the three and nine months ended March 31, 2015 and March 31, 2014:


In millions of U.S. dollars
	Three Months Ended March 31, 2015									Nine Months Ended March 31, 2015
	Realized gains (losses)^b			Unrealized gains (losses)^{b, c}			Total			Realized gains (losses)^b			Unrealized gains (losses)^{b, c}			Total
Non trading portfolios, net

Equity management, net	$	—		$	204		$	204		$	581		$	(316	)	$	265

Borrowings, including derivatives—Notes E and F		3			(40	)		(37	)		12			(319	)		(307	)

Other assets/liabilities derivatives^a		—				*			*		—				*			*

Client operations derivatives^a		—			(2	)		(2	)		—			(6	)		(6	)

Loans, including derivatives—Notes D and F		(1	)		(416	)		(417	)		(1	)		(979	)^d		(980	)

Total	$	2		$	(254	)	$	(252	)	$	592		$	(1,620	)	$	(1,028	)


In millions of U.S. dollars
	Three Months Ended March 31, 2014									Nine Months Ended March 31, 2014
	Realized gains (losses)^b			Unrealized gains (losses)^{b, c}			Total			Realized gains (losses)^b			Unrealized gains (losses)^{b, c}			Total
Non trading portfolios, net

Equity management, net	$	—		$	(25	)	$	(25	)	$	432		$	(1,020	)	$	(588	)

Borrowings, including derivatives—Notes E and F		(17	)		(70	)		(87	)		(23	)		223			200

Other assets/liabilities derivatives^a		—			(2	)		(2	)		—			(11	)		(11	)

Client operations derivatives^a		—			1			1			—			(1	)		(1	)

Loans, including derivatives—Notes D and F		—			(358	)		(358	)		—			257	^d		257

Total	$	(17	)	$	(454	)	$	(471	)	$	409		$	(552	)	$	(143	)

a.	Included in Other, net revenue in the Condensed Statement of Income.

b.	Included in Unrealized mark-to-market gains/losses, net in the Condensed Statement of Income.

c.	Includes amounts reclassified to realized mark-to-market gains (losses).

d.	Includes $974 million of unrealized mark-to-market losses related to derivatives associated with loans (unrealized mark-to-market gains of $263 million—nine months ended March 31, 2014).

*	Indicates amount less than $0.5 million.

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: MARCH 31, 2015 (UNAUDITED) 47

LOGO

Independent Auditors’ Review Report

President and Board of Executive Directors

International Bank for Reconstruction and Development:

Report on the Financial Statements

We have reviewed the condensed financial statements of the International Bank for Reconstruction and Development (IBRD), which comprise the condensed balance sheet as of March 31, 2015, the related condensed statements of income and comprehensive income for the three and nine-month periods ended March 31, 2015 and 2014 and the related condensed statements of changes in retained earnings and cash flows for the nine-month periods ended March 31, 2015 and 2014.

Management’s Responsibility

IBRD’s management is responsible for the preparation and fair presentation of the condensed financial information in accordance with accounting principles generally accepted in the United States of America; this responsibility includes the design, implementation, and maintenance of internal control sufficient to provide a reasonable basis for the preparation and fair presentation of interim financial information in accordance with accounting principles generally accepted in the United States of America.

Auditors’ Responsibility

Our responsibility is to conduct our reviews in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial information. Accordingly, we do not express such an opinion.

Conclusion

Based on our reviews, we are not aware of any material modifications that should be made to the condensed financial information referred to above for it to be in accordance with accounting principles generally accepted in the United States of America.

Report on Condensed Balance Sheet as of June 30, 2014

We have previously audited, in accordance with auditing standards generally accepted in the United States of America and International Standards on Auditing, the balance sheet as of June 30, 2014, and the related statements of income, comprehensive income, changes in retained earnings, and cash flows for the year then ended (not presented herein); and we expressed an unmodified audit opinion on those audited financial statements in our report dated August 7, 2014. In our opinion, the accompanying condensed balance sheet of IBRD as of June 30, 2014, is consistent, in all material respects, with the audited financial statements from which it has been derived.

LOGO

Washington, D.C.

May 11, 2015

LOGO


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings

Borrowing Type / Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

New Borrowings

Australian Dollar

BOND/SELL AUD/IBRD/GDIF/0625AUD04.25

0000013590

AUD

350,000,000

272,335,000

10-Feb-2015

17-Feb-2015

24-Jun-2025

BOND/SELL AUD/IBRD/GDIF/0320AUD02.50

0000013651

AUD

550,000,000

430,842,500

4-Mar-2015

12-Mar-2015

12-Mar-2020

Sub-total New Borrowings - Australian Dollar

900,000,000

703,177,500

Brazilian Real

BOND/SELL BRL/IBRD/GDIF/0917BRL09.75

0000013513

BRL

50,000,000

19,098,913

15-Jan-2015

27-Jan-2015

27-Sep-2017

BOND/SELL BRL/IBRD/GDIF/0317BRL09.50

0000013523

BRL

75,000,000

28,381,677

20-Jan-2015

29-Jan-2015

2-Mar-2017

BOND/SELL BRL/IBRD/GDIF/0118BRL08.55

0000013530

BRL

91,700,000

35,244,831

21-Jan-2015

29-Jan-2015

29-Jan-2018

BOND/SELL BRL/IBRD/GDIF/0817BRL08.70

0000013528

BRL

46,000,000

17,407,428

20-Jan-2015

23-Feb-2015

29-Aug-2017

BOND/SELL BRL/IBRD/GDIF/0218BRL08.50

0000013538

BRL

3,000,000

1,165,909

23-Jan-2015

26-Feb-2015

27-Feb-2018

BOND/SELL BRL/IBRD/GDIF/0318BRL09.11

0000013675

BRL

71,200,000

22,604,251

10-Mar-2015

18-Mar-2015

15-Mar-2018

BOND/SELL BRL/IBRD/GDIF/0318BRL09.02

0000013598

BRL

12,000,000

4,207,205

13-Feb-2015

26-Mar-2015

27-Mar-2018

BOND/SELL BRL/IBRD/GDIF/0318BRL09.17

0000013594

BRL

12,500,000

4,359,578

12-Feb-2015

30-Mar-2015

29-Mar-2018

BOND/SELL BRL/IBRD/GDIF/0418BRL09.28

0000013686

BRL

13,500,000

4,238,219

13-Mar-2015

28-Apr-2015

27-Apr-2018

BOND/SELL BRL/IBRD/GDIF/0323BRL00.00

0000013595

BRL

40,500,000

14,125,033

12-Feb-2015

27-Mar-2015

30-Mar-2023

Sub-total New Borrowings - Brazilian Real

415,400,000

150,833,044

Canadian Dollar

BOND/SELL CAD/IBRD/GDIF/0320CAD01.125

0000013643

CAD

1,200,000,000

958,275,105

3-Mar-2015

11-Mar-2015

11-Mar-2020

Sub-total New Borrowings - Canadian Dollar

1,200,000,000

958,275,105

Colombian Peso

BOND/SELL COP/IBRD/GDIF/0322COP05.05

0000013687

COP

8,000,000,000

3,043,850

13-Mar-2015

25-Mar-2015

25-Mar-2022

Sub-total New Borrowings - Colombian Peso

8,000,000,000

3,043,850

Euro

BOND/SELL EUR/IBRD/GDIF/0120EURSTR

0000013487

EUR

250,000,000

295,537,500

7-Jan-2015

15-Jan-2015

15-Jan-2020

BOND/SELL EUR/IBRD/GDIF/1220EURSTR

0000013488

EUR

250,000,000

295,537,500

7-Jan-2015

15-Jan-2015

15-Dec-2020

BOND/SELL EUR/IBRD/GDIF/0920EURSTR

0000013489

EUR

250,000,000

295,537,500

7-Jan-2015

15-Jan-2015

15-Sep-2020

BOND/SELL EUR/IBRD/GDIF/0222EUR0.101

0000013518

EUR

20,000,000

23,173,000

16-Jan-2015

4-Feb-2015

4-Feb-2022

BOND/SELL EUR/IBRD/GDIF/0245EUR01.0325

0000013596

EUR

30,000,000

34,249,500

13-Feb-2015

25-Feb-2015

25-Feb-2045

BOND/SELL EUR/IBRD/GDIF/0255EUR01.063

0000013586

EUR

31,000,000

34,972,650

10-Feb-2015

27-Feb-2015

26-Feb-2055

BOND/SELL EUR/IBRD/GDIF/0820EURSTR

0000013593

EUR

200,000,000

226,850,000

12-Feb-2015

27-Feb-2015

27-Aug-2020

Page 1/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings

Borrowing Type / Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

BOND/SELL EUR/IBRD/GDIF/0345EURSTR

0000013641

EUR

50,000,000

56,122,500

2-Mar-2015

16-Mar-2015

16-Mar-2045

BOND/SELL EUR/IBRD/GDIF/0435EURSTR

0000013666

EUR

50,000,000

54,692,500

6-Mar-2015

2-Apr-2015

2-Apr-2035

BOND/SELL EUR/IBRD/NSV/0254EUR00.00

0000013575

EUR

75,000,000

85,935,000

4-Feb-2015

17-Feb-2015

17-Feb-2054

Sub-total New Borrowings - Euro

1,206,000,000

1,402,607,650

Pound Sterling

BOND/SELL GBP/IBRD/GDIF/0120GBPSTR

0000013509

GBP

150,000,000

227,865,000

14-Jan-2015

22-Jan-2015

22-Jan-2020

BOND/SELL GBP/IBRD/GDIF/1017GBP01.25

0000013620

GBP

180,000,000

276,507,000

23-Feb-2015

2-Mar-2015

2-Oct-2017

Sub-total New Borrowings - Pound Sterling

330,000,000

504,372,000

Indian Rupee

BOND/SELL INR/IBRD/GDIF/0517INR05.00

0000013486

INR

1,000,000,000

15,729,453

6-Jan-2015

14-Jan-2015

24-May-2017

BOND/SELL INR/IBRD/GDIF/1216INR06.00

0000013521

INR

7,500,000,000

121,221,917

16-Jan-2015

28-Jan-2015

20-Dec-2016

BOND/SELL INR/IBRD/GDIF/0120INR03.75

0000013536

INR

7,212,000,000

116,992,457

22-Jan-2015

29-Jan-2015

29-Jan-2020

BOND/SELL INR/IBRD/GDIF/0517INR05.00

0000013576

INR

750,000,000

12,140,087

4-Feb-2015

11-Feb-2015

24-May-2017

BOND/SELL INR/IBRD/GDIF/0220INR04.00

0000013532

INR

160,000,000

2,597,192

21-Jan-2015

26-Feb-2015

27-Feb-2020

BOND/SELL INR/IBRD/GDIF/0218INR04.00

0000013534

INR

213,000,000

3,457,512

21-Jan-2015

26-Feb-2015

27-Feb-2018

BOND/SELL INR/IBRD/GDIF/0220INR04.05

0000013537

INR

250,000,000

4,070,004

23-Jan-2015

26-Feb-2015

26-Feb-2020

BOND/SELL INR/IBRD/GDIF/0220INR04.00A

0000013546

INR

436,000,000

7,100,977

27-Jan-2015

26-Feb-2015

27-Feb-2020

BOND/SELL INR/IBRD/GDIF/0320INR04.70

0000013683

INR

2,381,000,000

37,901,942

11-Mar-2015

18-Mar-2015

18-Mar-2020

BOND/SELL INR/IBRD/GDIF/0320INR04.60

0000013653

INR

110,000,000

1,767,611

5-Mar-2015

27-Mar-2015

27-Mar-2020

BOND/SELL INR/IBRD/GDIF/0517INR05.00

0000013700

INR

1,500,000,000

24,020,177

20-Mar-2015

27-Mar-2015

24-May-2017

BOND/SELL INR/IBRD/GDIF/0420INR04.41

0000013607

INR

420,000,000

6,738,253

18-Feb-2015

30-Mar-2015

7-Apr-2020

BOND/SELL INR/IBRD/GDIF/0320INR04.40

0000013621

INR

63,000,000

1,011,871

23-Feb-2015

30-Mar-2015

30-Mar-2020

BOND/SELL INR/IBRD/GDIF/0420INR04.80

0000013671

INR

63,000,000

1,008,646

9-Mar-2015

20-Apr-2015

21-Apr-2020

BOND/SELL INR/IBRD/GDIF/0418INR04.60

0000013708

INR

211,000,000

3,391,465

24-Mar-2015

27-Apr-2015

23-Apr-2018

Sub-total New Borrowings - Indian Rupee

22,269,000,000

359,149,562

Page 2/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings

Borrowing Type / Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

Japanese Yen

BOND/SELL JPY/IBRD/GDIF/0245JPYSTR

0000013571

JPY

500,000,000

4,256,225

04-Feb-2015

23-Feb-2015

24-Feb-2045

BOND/SELL JPY/IBRD/GDIF/0245JPYSTR01

0000013572

JPY

500,000,000

4,256,225

04-Feb-2015

23-Feb-2015

24-Feb-2045

BOND/SELL JPY/IBRD/GDIF/0220JPYSTR04

0000013570

JPY

950,000,000

8,088,893

03-Feb-2015

26-Feb-2015

27-Feb-2020

BOND/SELL JPY/IBRD/GDIF/0220JPYSTR05

0000013604

JPY

14,652,000,000

123,364,486

17-Feb-2015

26-Feb-2015

18-Feb-2020

BOND/SELL JPY/IBRD/GDIF/0218JPYSTR02

0000013606

JPY

503,000,000

4,215,378

18-Feb-2015

26-Feb-2015

16-Feb-2018

BOND/SELL JPY/IBRD/GDIF/0816JPYSTR

0000013610

JPY

5,433,000,000

45,531,113

18-Feb-2015

26-Feb-2015

18-Aug-2016

BOND/SELL JPY/IBRD/GDIF/0320JPYSTR14

0000013662

JPY

200,000,000

1,664,309

05-Mar-2015

27-Mar-2015

30-Mar-2020

BOND/SELL JPY/IBRD/GDIF/0918JPYSTR02

0000013697

JPY

513,000,000

4,253,379

19-Mar-2015

30-Mar-2015

14-Sep-2018

Sub-total New Borrowings - Japanese Yen

23,251,000,000

195,630,006

Mexican Peso

BOND/SELL MXN/IBRD/GDIF/0818MXN04.00

0000013501

MXN

500,000,000

34,103,039

9-Jan-2015

16-Jan-2015

16-Aug-2018

BOND/SELL MXN/IBRD/GDIF/0818MXN04.00

0000013626

MXN

250,000,000

16,529,144

24-Feb-2015

5-Mar-2015

16-Aug-2018

Sub-total New Borrowings - Mexican Peso

750,000,000

50,632,183

New Zealand Dollar

BOND/SELL NZD/IBRD/GDIF/0220NZD03.75

0000013550

NZD

800,000,000

597,800,000

28-Jan-2015

10-Feb-2015

10-Feb-2020

BOND/SELL NZD/IBRD/GDIF/1021NZD04.625

0000013645

NZD

150,000,000

113,047,500

03-Mar-2015

11-Mar-2015

06-Oct-2021

Sub-total New Borrowings - New Zealand Dollar

950,000,000

710,847,500

Russian Ruble

BOND/SELL RUB/IBRD/GDIF/0220RUB11.60

0000013548

RUB

1,500,000,000

22,089,359

27-Jan-2015

10-Feb-2015

10-Feb-2020

BOND/SELL RUB/IBRD/GDIF/0319RUB10.30

0000013609

RUB

2,000,000,000

32,069,784

18-Feb-2015

05-Mar-2015

05-Mar-2019

BOND/SELL RUB/IBRD/GDIF/0220RUB11.60

0000013619

RUB

750,000,000

12,054,728

20-Feb-2015

06-Mar-2015

10-Feb-2020

BOND/SELL RUB/IBRD/GDIF/0919RUB10.00

0000013632

RUB

2,000,000,000

32,598,243

27-Feb-2015

16-Mar-2015

16-Sep-2019

BOND/SELL RUB/IBRD/GDIF/0319RUB10.30

0000013665

RUB

250,000,000

4,195,229

06-Mar-2015

16-Mar-2015

05-Mar-2019

Sub-total New Borrowings - Russian Ruble

6,500,000,000

103,007,343

Singapore Dollar

BOND/SELL SGD/IBRD/GDIF/0222SGD01.85

0000013585

SGD

500,000,000

368,853,971

10-Feb-2015

24-Feb-2015

24-Feb-2022

Sub-total New Borrowings - Singapore Dollar

500,000,000

368,853,971

Page 3/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

Turkish Lira

BOND/SELL TRY/IBRD/GDIF/0217TRY06.03

0000013527

TRY

60,000,000

25,668,449

20-Jan-2015

20-Feb-2015

23-Feb-2017

BOND/SELL TRY/IBRD/GDIF/0322TRY08.25

0000013631

TRY

50,000,000

20,177,563

26-Feb-2015

04-Mar-2015

04-Mar-2022

BOND/SELL TRY/IBRD/GDIF/0318TRY08.01

0000013674

TRY

54,750,000

20,776,017

10-Mar-2015

18-Mar-2015

15-Mar-2018

BOND/SELL TRY/IBRD/GDIF/1017TRY07.74

0000013694

TRY

43,000,000

16,448,312

17-Mar-2015

17-Apr-2015

20-Oct-2017

Sub-total New Borrowings - Turkish Lira

207,750,000

83,070,341

United States Dollar

BOND/SELL USD/IBRD/GDIF/0117USD00.70

0000013338

USD

2,671,900

17-Oct-2014

12-Jan-2015

12-Jan-2022

BOND/SELL USD/IBRD/GDIF/0117USD00.70

0000013494

USD

50,000,000

07-Jan-2015

16-Jan-2015

17-Jan-2017

BOND/SELL USD/IBRD/GDIF/0717USD00.90

0000013495

USD

25,000,000

07-Jan-2015

16-Jan-2015

17-Jul-2017

BOND/SELL USD/IBRD/GDIF/0119USD01.35

0000013496

USD

10,000,000

07-Jan-2015

16-Jan-2015

16-Jan-2019

BOND/SELL USD/IBRD/GDIF/0120USDSTR

0000013492

USD

100,000,000

07-Jan-2015

30-Jan-2015

30-Jan-2020

BOND/SELL USD/IBRD/GDIF/0224USD01.91

0000013512

USD

17,000,000

15-Jan-2015

06-Feb-2015

06-Feb-2024

BOND/SELL USD/IBRD/GDIF/0717USD01.125

0000013557

USD

300,000,000

30-Jan-2015

10-Feb-2015

18-Jul-2017

BOND/SELL USD/IBRD/GDIF/0218USDSTR02

0000013563

USD

100,000,000

03-Feb-2015

10-Feb-2015

10-Feb-2018

BOND/SELL USD/IBRD/GDIF/0222USD01.625

0000013574

USD

4,000,000,000

04-Feb-2015

12-Feb-2015

10-Feb-2022

BOND/SELL USD/IBRD/GDIF/0817USDSTR01

0000013535

USD

25,000,000

21-Jan-2015

18-Feb-2015

18-Aug-2017

BOND/SELL USD/IBRD/GDIF/0220USDFRN

0000013547

USD

250,000,000

27-Jan-2015

20-Feb-2015

20-Feb-2020

BOND/SELL USD/IBRD/GDIF/0218USDSTR03

0000013573

USD

150,000,000

04-Feb-2015

24-Feb-2015

24-Feb-2018

BOND/SELL USD/IBRD/GDIF/0418USD01.375

0000013603

USD

250,000,000

17-Feb-2015

26-Feb-2015

10-Apr-2018

BOND/SELL USD/IBRD/GDIF/0220USDSTR01

0000013581

USD

227,600,000

05-Feb-2015

27-Feb-2015

27-Feb-2020

BOND/SELL USD/IBRD/GDIF/0218USDSTR04

0000013592

USD

250,000,000

11-Feb-2015

27-Feb-2015

27-Feb-2018

BOND/SELL USD/IBRD/GDIF/0325USD02.125

0000013618

USD

600,000,000

19-Feb-2015

03-Mar-2015

03-Mar-2025

BOND/SELL USD/IBRD/GDIF/0325USD02.165

0000013623

USD

20,000,000

24-Feb-2015

04-Mar-2015

04-Mar-2025

BOND/SELL USD/IBRD/GDIF/0324USD02.064

0000013616

USD

16,000,000

19-Feb-2015

06-Mar-2015

06-Mar-2024

BOND/SELL USD/IBRD/GDIF/0320USDSTR02

0000013601

USD

100,000,000

17-Feb-2015

09-Mar-2015

09-Mar-2020

BOND/SELL USD/IBRD/GDIF/0320USDSTR03

0000013602

USD

50,000,000

17-Feb-2015

09-Mar-2015

09-Mar-2020

BOND/SELL USD/IBRD/GDIF/0320USDSTR04

0000013605

USD

150,000,000

18-Feb-2015

10-Mar-2015

10-Mar-2020

BOND/SELL USD/IBRD/GDIF/0318USDSTR03

0000013646

USD

250,000,000

03-Mar-2015

12-Mar-2015

12-Mar-2018

BOND/SELL USD/IBRD/GDIF/0717USD01.125

0000013649

USD

150,000,000

04-Mar-2015

13-Mar-2015

18-Jul-2017

BOND/SELL USD/IBRD/GDIF/0318USDSTR02

0000013644

USD

70,000,000

03-Mar-2015

16-Mar-2015

16-Mar-2018

BOND/SELL USD/IBRD/GDIF/0418USD01.375

0000013664

USD

200,000,000

06-Mar-2015

17-Mar-2015

10-Apr-2018

BOND/SELL USD/IBRD/GDIF/0320USDSTR05

0000013667

USD

250,000,000

06-Mar-2015

17-Mar-2015

17-Mar-2020

BOND/SELL USD/IBRD/GDIF/0324USD02.15

0000013647

USD

16,000,000

04-Mar-2015

19-Mar-2015

19-Mar-2024

Page 4/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

BOND/SELL USD/IBRD/GDIF/0318USDSTR01

0000013635

USD

43,315,000

27-Feb-2015

23-Mar-2015

23-Mar-2018

BOND/SELL USD/IBRD/GDIF/0920USDSTR

0000013668

USD

50,000,000

06-Mar-2015

25-Mar-2015

25-Sep-2020

BOND/SELL USD/IBRD/GDIF/0918USDSTR

0000013706

USD

20,000,000

20-Mar-2015

27-Mar-2015

27-Sep-2018

BOND/SELL USD/IBRD/GDIF/0318USDSTR04

0000013663

USD

35,000,000

06-Mar-2015

30-Mar-2015

30-Mar-2018

BOND/SELL USD/IBRD/GDIF/0320USDSTR06

0000013680

USD

100,000,000

11-Mar-2015

30-Mar-2015

30-Mar-2020

BOND/SELL USD/IBRD/GDIF/0923USDSTR02

0000013698

USD

100,000,000

19-Mar-2015

30-Mar-2015

29-Sep-2023

BOND/SELL USD/IBRD/GDIF/0420USDSTR02

0000013710

USD

35,000,000

24-Mar-2015

02-Apr-2015

02-Apr-2020

BOND/SELL USD/IBRD/GDIF/0418USD01.375

0000013718

USD

200,000,000

27-Mar-2015

07-Apr-2015

10-Apr-2018

BOND/SELL USD/IBRD/GDIF/0417USD00.67

0000013721

USD

40,000,000

30-Mar-2015

10-Apr-2015

10-Apr-2017

BOND/SELL USD/IBRD/GDIF/0435USDSTR01

0000013719

USD

80,000,000

30-Mar-2015

13-Apr-2015

13-Apr-2035

BOND/SELL USD/IBRD/GDIF/0420USDSTR01

0000013704

USD

16,000,000

20-Mar-2015

15-Apr-2015

15-Apr-2020

BOND/SELL USD/IBRD/GDIF/0425USDSTR01

0000013716

USD

50,000,000

26-Mar-2015

15-Apr-2015

15-Apr-2025

BOND/SELL USD/IBRD/GDIF/0322USDSTR03

0000013636

USD

13,750,000

27-Feb-2015

20-Mar-2015

21-Mar-2022

BOND/SELL USD/IBRD/GDIF/0422USDSTR

0000013676

USD

10,000,000

10-Mar-2015

10-Apr-2015

11-Apr-2022

BOND/SELL USD/IBRD/GDIF/0422USDSTR01

0000013693

USD

40,000,000

17-Mar-2015

10-Apr-2015

11-Apr-2022

BOND/SELL USD/IBRD/GDIF/0616USDCAR02

0000013720

USD

28,400,000

30-Mar-2015

13-Apr-2015

01-Jun-2016

BOND/SELL USD/IBRD/GDIF/0523USDSTR02

0000013670

USD

61,000,000

09-Mar-2015

30-Apr-2015

12-May-2023

Sub-total New Borrowings - United States Dollar

8,551,736,900

South African Rand

BOND/SELL ZAR/IBRD/GDIF/1217ZAR06.625

0000013542

ZAR

100,000,000

8,720,068

26-Jan-2015

02-Feb-2015

05-Dec-2017

BOND/SELL ZAR/IBRD/GDIF/0317ZAR08.75

0000013569

ZAR

200,000,000

17,242,866

30-Jan-2015

06-Feb-2015

01-Mar-2017

BOND/SELL ZAR/IBRD/GDIF/0520ZAR06.59

0000013711

ZAR

50,900,000

4,315,754

25-Mar-2015

11-May-2015

12-May-2020

Sub-total New Borrowings - South African Rand

350,900,000

30,278,688

Total New Borrowings

14,175,515,644

Page 5/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

Matured Borrowings
Australian Dollar
BOND/SELL AUD/IBRD/GDIF/0215AUD05.00	0000009999	AUD		(20,000,000	)		(15,641,000	)	03-Feb-2010	17-Feb-2010	17-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0215AUD05.75	0000010001	AUD		(1,500,000,000	)		(1,173,075,000	)	03-Feb-2010	17-Feb-2010	17-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0215AUD05.00	0000010024	AUD		(10,000,000	)		(7,820,500	)	19-Feb-2010	01-Mar-2010	17-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0115AUD05.05	0000010269	AUD		(28,788,000	)		(23,662,297	)	23-Jun-2010	15-Jul-2010	15-Jan-2015
BOND/SELL AUD/IBRD/GDIF/0215AUD04.88	0000010325	AUD		(18,364,000	)		(14,361,566	)	26-Jul-2010	17-Aug-2010	17-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0115AUD04.85	0000010536	AUD		(11,837,000	)		(9,399,170	)	11-Jan-2011	27-Jan-2011	27-Jan-2015
BOND/SELL AUD/IBRD/GDIF/0215AUD05.00A	0000010598	AUD		(7,361,000	)		(5,708,824	)	08-Feb-2011	24-Feb-2011	24-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0315AUD04.80	0000010634	AUD		(7,713,000	)		(5,915,100	)	02-Mar-2011	29-Mar-2011	30-Mar-2015
BOND/SELL AUD/IBRD/GDIF/0315AUD04.47	0000010659	AUD		(49,200,000	)		(37,731,480	)	17-Mar-2011	30-Mar-2011	30-Mar-2015
BOND/SELL AUD/IBRD/GDIF/0115AUD04.22	0000010828	AUD		(23,000,000	)		(18,904,850	)	06-Jul-2011	04-Aug-2011	15-Jan-2015
BOND/SELL AUD/IBRD/GDIF/0215AUD03.92	0000010866	AUD		(15,000,000	)		(11,730,750	)	29-Jul-2011	25-Aug-2011	17-Feb-2015
BOND/SELL AUD/IBRD/GDIF/0315AUD03.32	0000010921	AUD		(15,000,000	)		(11,481,750	)	24-Aug-2011	21-Sep-2011	17-Mar-2015
BOND/SELL AUD/IBRD/GDIF/0315AUD03.60	0000011296	AUD		(7,500,000	)		(5,767,125	)	15-Mar-2012	28-Mar-2012	19-Mar-2015

Sub-total Matured Borrowings - Australian Dollar				(1,713,763,000	)		(1,341,199,411	)


Brazilian Real
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000009968	BRL		(42,540,000	)		(16,350,219	)	13-Jan-2010	21-Jan-2010	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL07.08	0000010526	BRL		(40,000,000	)		(15,547,566	)	05-Jan-2011	28-Jan-2011	28-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0315BRL08.01	0000010618	BRL		(33,780,000	)		(10,610,796	)	18-Feb-2011	24-Mar-2011	27-Mar-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000010687	BRL		(25,000,000	)		(9,608,732	)	04-Apr-2011	11-Apr-2011	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011330	BRL		(100,000,000	)		(38,434,930	)	30-Mar-2012	12-Apr-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011348	BRL		(75,000,000	)		(28,826,197	)	11-Apr-2012	18-Apr-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011359	BRL		(25,000,000	)		(9,608,732	)	20-Apr-2012	27-Apr-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011399	BRL		(25,000,000	)		(9,608,732	)	09-May-2012	16-May-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011477	BRL		(100,000,000	)		(38,434,930	)	02-Jul-2012	06-Jul-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011543	BRL		(30,000,000	)		(11,530,479	)	30-Jul-2012	06-Aug-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011615	BRL		(30,000,000	)		(11,530,479	)	17-Sep-2012	25-Sep-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011764	BRL		(35,000,000	)		(13,452,225	)	14-Nov-2012	20-Nov-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000011857	BRL		(175,000,000	)		(67,261,127	)	06-Dec-2012	13-Dec-2012	21-Jan-2015
BOND/SELL BRL/IBRD/GDIF/0115BRL10.00	0000012237	BRL		(30,000,000	)		(11,530,479	)	11-Apr-2013	18-Apr-2013	21-Jan-2015

Sub-total Matured Borrowings - Brazilian Real				(766,320,000	)		(292,335,624	)

Page 6/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

Chilean Peso
BOND/SELL CLP/IBRD/GDIF/0115CLP04.25	0000011906	CLP		(15,000,000,000	)		(24,120,021	)	08-Jan-2013	28-Jan-2013	28-Jan-2015
BOND/SELL CLP/IBRD/GDIF/0115CLP04.25	0000012018	CLP		(45,000,000,000	)		(72,360,064	)	08-Feb-2013	15-Feb-2013	28-Jan-2015
BOND/SELL CLP/IBRD/GDIF/0115CLP04.25	0000012069	CLP		(15,000,000,000	)		(24,120,021	)	21-Feb-2013	28-Feb-2013	28-Jan-2015
BOND/SELL CLP/IBRD/GDIF/0115CLP04.25	0000012116	CLP		(10,000,000,000	)		(16,080,014	)	27-Feb-2013	11-Mar-2013	28-Jan-2015

Sub-total Matured Borrowings - Chilean Peso				(85,000,000,000	)		(136,680,120	)


Colombian Peso
BOND/SELL COP/IBRD/GDIF/0215COP03.00	0000012046	COP		(60,000,000,000	)		(24,154,346	)	15-Feb-2013	26-Feb-2013	26-Feb-2015

Sub-total Matured Borrowings - Colombian Peso				(60,000,000,000	)		(24,154,346	)


Euro
BOND/SELL EUR/IBRD/GDIF/0215EUR01.00	0000006144	EUR		(50,000,000	)		(56,712,500	)	10-Jan-2003	12-Feb-2003	12-Feb-2015
BOND/SELL EUR/IBRD/GDIF/0115EUR00.22	0000011158	EUR		(50,000,000	)		(56,372,500	)	18-Jan-2012	27-Jan-2012	27-Jan-2015
BOND/SELL EUR/IBRD/GDIF/0315EUR00.305	0000011272	EUR		(15,000,000	)		(16,298,250	)	08-Mar-2012	23-Mar-2012	23-Mar-2015

Sub-total Matured Borrowings - Euro				(115,000,000	)		(129,383,250	)


Norwegian Krone
BOND/SELL NOK/IBRD/GDIF/0115NOK01.75	0000011150	NOK		(590,000,000	)		(75,628,421	)	13-Jan-2012	27-Jan-2012	27-Jan-2015

Sub-total Matured Borrowings - Norwegian Krone				(590,000,000	)		(75,628,421	)


New Zealand Dollar
BOND/SELL NZD/IBRD/GDIF/0115NZD05.23	0000009967	NZD		(150,000,000	)		(109,215,000	)	13-Jan-2010	02-Feb-2010	29-Jan-2015
BOND/SELL NZD/IBRD/GDIF/0115NZD03.18	0000010827	NZD		(13,000,000	)		(10,126,350	)	06-Jul-2011	04-Aug-2011	15-Jan-2015
BOND/SELL NZD/IBRD/GDIF/0215NZD03.35	0000010867	NZD		(5,000,000	)		(3,767,000	)	29-Jul-2011	25-Aug-2011	17-Feb-2015
BOND/SELL NZD/IBRD/GDIF/0315NZD02.95	0000010920	NZD		(5,000,000	)		(3,685,500	)	24-Aug-2011	21-Sep-2011	17-Mar-2015

Sub-total Matured Borrowings - New Zealand Dollar				(173,000,000	)		(126,793,850	)


Swedish Krona
BOND/SELL SEK/IBRD/GDIF/0115SEK01.45	0000011149	SEK		(680,000,000	)		(82,209,501	)	13-Jan-2012	27-Jan-2012	27-Jan-2015

Sub-total Matured Borrowings - Swedish Krona				(680,000,000	)		(82,209,501	)

Page 7/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

United States Dollar
BOND/SELL USD/IBRD/GDIF/0215USD01.00	0000006135	USD		(960,000,000	)		(960,000,000	)	08-Jan-2003	05-Feb-2003	05-Feb-2015
BOND/SELL USD/IBRD/GDIF/0115USD00.175	0000011886	USD		(58,000,000	)		(58,000,000	)	21-Dec-2012	07-Jan-2013	07-Jan-2015
BOND/SELL USD/IBRD/GDIF/0115USDFRN	0000011899	USD		(1,500,000,000	)		(1,500,000,000	)	04-Jan-2013	14-Jan-2013	14-Jan-2015
BOND/SELL USD/IBRD/GDIF/0115USDFRN	0000012027	USD		(100,000,000	)		(100,000,000	)	11-Feb-2013	19-Feb-2013	14-Jan-2015
BOND/SELL USD/IBRD/GDIF/0115USDFRN	0000012138	USD		(425,000,000	)		(425,000,000	)	06-Mar-2013	14-Mar-2013	14-Jan-2015
BOND/SELL USD/IBRD/MLT/0215USD00.00	0000000503	USD		(293,000,000	)		(293,000,000	)	06-Mar-1985	06-Mar-1985	15-Feb-2015
BOND/SELL USD/IBRD/MLT/0215USD00.001	0000001059	USD		(20,000,000	)		(20,000,000	)	09-Dec-1985	07-Jan-1986	15-Feb-2015
BOND/SELL USD/IBRD/GDIF/0315USD00.00	0000008770	USD		(3,000,000	)		(3,000,000	)	29-Feb-2008	18-Mar-2008	16-Mar-2015

Sub-total Matured Borrowings - United States Dollar				(3,359,000,000	)		(3,359,000,000	)


South African Rand
BOND/SELL ZAR/IBRD/GDIF/0215ZAR07.20	0000006941	ZAR		(50,000,000	)		(4,296,640	)	13-Jan-2005	14-Feb-2005	10-Feb-2015
BOND/SELL ZAR/IBRD/GDIF/0215ZAR07.00	0000006945	ZAR		(180,470,000	)		(15,541,280	)	18-Jan-2005	17-Feb-2005	17-Feb-2015
BOND/SELL ZAR/IBRD/GDIF/0215ZAR07.00	0000006961	ZAR		(100,000,000	)		(8,611,558	)	02-Feb-2005	17-Feb-2005	17-Feb-2015
BOND/SELL ZAR/IBRD/GDIF/0315ZAR06.50	0000007002	ZAR		(45,000,000	)		(3,736,921	)	02-Mar-2005	23-Mar-2005	23-Mar-2015
BOND/SELL ZAR/IBRD/GDIF/0315ZAR06.50	0000007055	ZAR		(100,000,000	)		(8,304,268	)	08-Apr-2005	25-Apr-2005	23-Mar-2015
BOND/SELL ZAR/IBRD/GDIF/0315ZAR06.50	0000007074	ZAR		(100,000,000	)		(8,304,268	)	26-Apr-2005	23-May-2005	23-Mar-2015

Sub-total Matured Borrowings - South African Rand				(575,470,000	)		(48,794,936	)

Total Matured Borrowings							(5,616,179,459	)


Early Retirement
Colombian Peso
BOND/BUY COP/IBRD/GDIF/0320COP08.00	0000013699	COP		(102,500,000,000	)		(40,322,581	)	19-Mar-2015	26-Mar-2015	02-Mar-2020

Sub-total early Retirements - Colombian Peso				(102,500,000,000	)		(40,322,581	)


Euro
BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E	0000013493	EUR		(2,582,285	)		(2,989,640	)	08-Jan-2015	21-Jan-2015	07-Nov-2016
BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E	0000013508	EUR		(3,873,427	)		(4,367,095	)	14-Jan-2015	27-Jan-2015	07-Nov-2016
BOND/BUY EUR/IBRD/GMTN/1116DEM00.00E	0000013511	EUR		(3,507,462	)		(3,967,466	)	15-Jan-2015	29-Jan-2015	08-Nov-2016
BOND/BUY EUR/IBRD/MLT/0318ITL00.00E	0000013529	EUR		(2,324,056	)		(2,635,015	)	21-Jan-2015	03-Feb-2015	26-Mar-2018
BOND/BUY EUR/IBRD/GMTN/1116DEM00.00E	0000013579	EUR		(2,638,266	)		(2,999,709	)	05-Feb-2015	18-Feb-2015	08-Nov-2016
BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E	0000013599	EUR		(3,098,741	)		(3,516,917	)	16-Feb-2015	26-Feb-2015	07-Nov-2016
BOND/BUY EUR/IBRD/MLT/0318ITL00.00E	0000013600	EUR		(1,807,599	)		(2,028,940	)	16-Feb-2015	02-Mar-2015	26-Mar-2018
BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E	0000013633	EUR		(3,098,741	)		(3,276,609	)	27-Feb-2015	11-Mar-2015	07-Nov-2016

Page 8/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

BOND/BUY EUR/IBRD/GMTN/1116DEM00.00E	0000013638	EUR		(1,585,005	)		(1,675,984	)	02-Mar-2015	11-Mar-2015	08-Nov-2016
BOND/BUY EUR/IBRD/MLT/0318ITL00.00E	0000013639	EUR		(2,324,056	)		(2,457,457	)	02-Mar-2015	11-Mar-2015	26-Mar-2018
BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E	0000013701	EUR		(3,098,741	)		(3,356,402	)	20-Mar-2015	30-Mar-2015	07-Nov-2016

Sub-total early Retirements - Euro				(29,938,380	)		(33,271,232	)


Pound Sterling
BOND/BUY GBP/IBRD/GDIF/0632GBP05.75	0000013507	GBP		(17,780,000	)		(26,694,892	)	13-Jan-2015	26-Jan-2015	07-Jun-2032
BOND/BUY GBP/IBRD/GDIF/0632GBP05.75	0000013553	GBP		(6,365,000	)		(9,760,409	)	29-Jan-2015	06-Feb-2015	07-Jun-2032
BOND/BUY GBP/IBRD/GDIF/0632GBP05.75	0000013648	GBP		(7,971,000	)		(12,001,536	)	04-Mar-2015	11-Mar-2015	07-Jun-2032
BOND/BUY GBP/IBRD/GDIF/0632GBP05.75	0000013689	GBP		(7,248,000	)		(10,810,030	)	16-Mar-2015	23-Mar-2015	07-Jun-2032

Sub-total early Retirements - Pound Sterling				(39,364,000	)		(59,266,867	)


Japanese Yen
BOND/BUY JPY/IBRD/GDIF/0737JPYSTR03	0000013432	JPY		(100,000,000	)		(831,428	)	02-Dec-2014	05-Jan-2015	02-Jul-2037
BOND/BUY JPY/IBRD/GDIF/0138JPYSTR02	0000013431	JPY		(400,000,000	)		(3,357,536	)	02-Dec-2014	07-Jan-2015	07-Jan-2038
BOND/BUY JPY/IBRD/GDIF/0138JPYSTR03	0000013464	JPY		(1,050,000,000	)		(8,813,531	)	16-Dec-2014	07-Jan-2015	07-Jan-2038
BOND/BUY JPY/IBRD/GDIF/0738JPYSTR03	0000013468	JPY		(100,000,000	)		(834,550	)	17-Dec-2014	08-Jan-2015	08-Jul-2038
BOND/BUY JPY/IBRD/GDIF/0132JPYSTR07	0000013457	JPY		(1,000,000,000	)		(8,384,690	)	11-Dec-2014	09-Jan-2015	09-Jan-2032
BOND/BUY JPY/IBRD/GDIF/0133JPYSTR10	0000013447	JPY		(2,100,000,000	)		(17,967,914	)	09-Dec-2014	14-Jan-2015	14-Jan-2033
BOND/BUY JPY/IBRD/GDIF/0738JPYSTR12	0000013482	JPY		(200,000,000	)		(1,716,149	)	24-Dec-2014	15-Jan-2015	15-Jul-2038
BOND/BUY JPY/IBRD/GDIF/0738JPYSTR15	0000013483	JPY		(100,000,000	)		(856,568	)	29-Dec-2014	16-Jan-2015	16-Jul-2038
BOND/BUY JPY/IBRD/GDIF/0737JPYSTR22	0000013459	JPY		(100,000,000	)		(842,602	)	11-Dec-2014	20-Jan-2015	17-Jul-2037
BOND/BUY JPY/IBRD/GDIF/0737JPYSTR40	0000013467	JPY		(200,000,000	)		(1,694,484	)	16-Dec-2014	23-Jan-2015	23-Jul-2037
BOND/BUY JPY/IBRD/GDIF/0133JPYSTR25	0000013471	JPY		(1,400,000,000	)		(11,861,894	)	18-Dec-2014	27-Jan-2015	27-Jan-2033
BOND/BUY JPY/IBRD/GDIF/0737JPYSTR47	0000013502	JPY		(100,000,000	)		(847,278	)	09-Jan-2015	27-Jan-2015	27-Jul-2037
BOND/BUY JPY/IBRD/GDIF/0717JPYSTR02	0000013506	JPY		(1,282,000,000	)		(10,862,105	)	13-Jan-2015	27-Jan-2015	27-Jul-2017
BOND/BUY JPY/IBRD/GDIF/0427JPYSTR06	0000013491	JPY		(128,000,000	)		(1,086,495	)	07-Jan-2015	28-Jan-2015	20-Apr-2027
BOND/BUY JPY/IBRD/GDIF/0133JPYSTR21	0000013472	JPY		(2,000,000,000	)		(16,951,307	)	19-Dec-2014	29-Jan-2015	29-Jan-2033
BOND/BUY JPY/IBRD/GDIF/1019JPYSTR02	0000013515	JPY		(500,000,000	)		(4,237,827	)	15-Jan-2015	29-Jan-2015	29-Oct-2019
BOND/BUY JPY/IBRD/GDIF/0737JPYSTR46	0000013481	JPY		(100,000,000	)		(849,545	)	24-Dec-2014	30-Jan-2015	30-Jul-2037
BOND/BUY JPY/IBRD/GDIF/0117JPYSTR	0000013522	JPY		(2,000,000,000	)		(16,990,910	)	16-Jan-2015	30-Jan-2015	30-Jan-2017

Page 9/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

BOND/BUY JPY/IBRD/GDIF/0818JPYSTR01	0000013524	JPY		(700,000,000	)		(5,951,622	)	19-Jan-2015	02-Feb-2015	02-Aug-2018
BOND/BUY JPY/IBRD/GDIF/0218JPYSTR01	0000013525	JPY		(3,531,000,000	)		(30,021,681	)	19-Jan-2015	02-Feb-2015	01-Feb-2018
BOND/BUY JPY/IBRD/GDIF/0230JPYSTR	0000013490	JPY		(1,000,000,000	)		(8,437,750	)	07-Jan-2015	09-Feb-2015	07-Feb-2030
BOND/BUY JPY/IBRD/GDIF/0238JPYSTR17	0000013540	JPY		(300,000,000	)		(2,531,325	)	23-Jan-2015	09-Feb-2015	08-Feb-2038
BOND/BUY JPY/IBRD/GDIF/1117JPYSTR	0000013543	JPY		(1,055,000,000	)		(8,901,827	)	26-Jan-2015	09-Feb-2015	07-Nov-2017
BOND/BUY JPY/IBRD/GDIF/1116JPYSTR01	0000013544	JPY		(1,098,000,000	)		(9,264,650	)	26-Jan-2015	09-Feb-2015	08-Nov-2016
BOND/BUY JPY/IBRD/GDIF/0827JPYSTR05	0000013549	JPY		(8,836,000,000	)		(74,264,582	)	27-Jan-2015	10-Feb-2015	10-Aug-2027
BOND/BUY JPY/IBRD/GDIF/0837JPYSTR12	0000013510	JPY		(200,000,000	)		(1,682,298	)	14-Jan-2015	13-Feb-2015	13-Aug-2037
BOND/BUY JPY/IBRD/GDIF/0238JPYSTR23	0000013554	JPY		(300,000,000	)		(2,523,447	)	29-Jan-2015	13-Feb-2015	12-Feb-2038
BOND/BUY JPY/IBRD/GDIF/0837JPYSTR21	0000013514	JPY		(100,000,000	)		(841,963	)	15-Jan-2015	17-Feb-2015	17-Aug-2037
BOND/BUY JPY/IBRD/GDIF/0233JPYSTR09	0000013516	JPY		(1,000,000,000	)		(8,380,473	)	15-Jan-2015	18-Feb-2015	18-Feb-2033
BOND/BUY JPY/IBRD/GDIF/0232JPYSTR04	0000013503	JPY		(3,000,000,000	)		(25,216,441	)	09-Jan-2015	19-Feb-2015	19-Feb-2032
BOND/BUY JPY/IBRD/GDIF/0232JPYSTR03	0000013504	JPY		(3,000,000,000	)		(25,216,441	)	09-Jan-2015	19-Feb-2015	19-Feb-2032
BOND/BUY JPY/IBRD/GDIF/0843JPYSTR	0000013526	JPY		(1,000,000,000	)		(8,405,480	)	20-Jan-2015	19-Feb-2015	19-Aug-2043
BOND/BUY JPY/IBRD/GDIF/0238JPYSTR29	0000013565	JPY		(100,000,000	)		(840,548	)	03-Feb-2015	19-Feb-2015	19-Feb-2038
BOND/BUY JPY/IBRD/GDIF/0837JPYSTR17	0000013533	JPY		(100,000,000	)		(842,070	)	21-Jan-2015	20-Feb-2015	20-Aug-2037
BOND/BUY JPY/IBRD/GDIF/0236JPYSTR03	0000013555	JPY		(1,000,000,000	)		(8,398,068	)	29-Jan-2015	23-Feb-2015	21-Feb-2036
BOND/BUY JPY/IBRD/GDIF/0637JPYSTR47	0000013545	JPY		(100,000,000	)		(841,786	)	26-Jan-2015	26-Feb-2015	29-Jun-2037
BOND/BUY JPY/IBRD/GDIF/0237JPYSTR02	0000013589	JPY		(500,000,000	)		(4,208,931	)	10-Feb-2015	26-Feb-2015	26-Feb-2037
BOND/BUY JPY/IBRD/GDIF/0237JPYSTR03	0000013551	JPY		(500,000,000	)		(4,189,886	)	28-Jan-2015	27-Feb-2015	27-Feb-2037
BOND/BUY JPY/IBRD/GDIF/0333JPYSTR03	0000013597	JPY		(500,000,000	)		(4,174,145	)	13-Feb-2015	02-Mar-2015	02-Mar-2033
BOND/BUY JPY/IBRD/GDIF/0331JPYSTR04	0000013608	JPY		(2,000,000,000	)		(16,718,913	)	18-Feb-2015	04-Mar-2015	04-Mar-2031
BOND/BUY JPY/IBRD/GDIF/0319JPYSTR01	0000013613	JPY		(1,027,000,000	)		(8,585,162	)	18-Feb-2015	04-Mar-2015	04-Mar-2019
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR01	0000013622	JPY		(200,000,000	)		(1,655,013	)	23-Feb-2015	09-Mar-2015	09-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR26	0000013562	JPY		(2,000,000,000	)		(16,455,488	)	02-Feb-2015	11-Mar-2015	11-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR14	0000013564	JPY		(2,000,000,000	)		(16,520,734	)	03-Feb-2015	12-Mar-2015	12-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0933JPYSTR16	0000013588	JPY		(300,000,000	)		(2,478,110	)	10-Feb-2015	12-Mar-2015	12-Sep-2033
BOND/BUY JPY/IBRD/GDIF/0338JPYSTR18	0000013630	JPY		(100,000,000	)		(826,037	)	26-Feb-2015	12-Mar-2015	12-Mar-2038
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR02	0000013637	JPY		(1,250,000,000	)		(10,291,454	)	27-Feb-2015	13-Mar-2015	13-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0319JPYSTR03	0000013640	JPY		(11,688,000,000	)		(96,229,211	)	02-Mar-2015	13-Mar-2015	13-Mar-2019
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR27	0000013611	JPY		(1,000,000,000	)		(8,253,890	)	18-Feb-2015	18-Mar-2015	18-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0338JPYSTR28	0000013652	JPY		(500,000,000	)		(4,126,945	)	04-Mar-2015	18-Mar-2015	18-Mar-2038
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR29	0000013587	JPY		(4,000,000,000	)		(33,164,746	)	10-Feb-2015	19-Mar-2015	19-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR30	0000013591	JPY		(3,000,000,000	)		(24,873,559	)	10-Feb-2015	19-Mar-2015	19-Mar-2032

Page 10/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

BOND/BUY JPY/IBRD/GDIF/0332JPYSTR13	0000013614	JPY		(3,200,000,000	)		(26,531,797	)	19-Feb-2015	19-Mar-2015	19-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR44	0000013617	JPY		(2,000,000,000	)		(16,582,373	)	19-Feb-2015	19-Mar-2015	19-Mar-2032
BOND/BUY JPY/IBRD/GDIF/1219JPYSTR	0000013657	JPY		(350,000,000	)		(2,901,915	)	05-Mar-2015	19-Mar-2015	19-Dec-2019
BOND/BUY JPY/IBRD/GDIF/0335JPYSTR11	0000013658	JPY		(700,000,000	)		(5,803,831	)	05-Mar-2015	19-Mar-2015	19-Mar-2035
BOND/BUY JPY/IBRD/GDIF/0338JPYSTR14	0000013659	JPY		(150,000,000	)		(1,243,678	)	05-Mar-2014	19-Mar-2015	19-Mar-2038
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR28	0000013660	JPY		(1,000,000,000	)		(8,291,186	)	05-Mar-2015	19-Mar-2015	19-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR04	0000013661	JPY		(700,000,000	)		(5,803,831	)	05-Mar-2015	19-Mar-2015	19-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0427JPYSTR06	0000013642	JPY		(325,000,000	)		(2,685,396	)	03-Mar-2015	20-Mar-2015	20-Apr-2027
BOND/BUY JPY/IBRD/GDIF/0328JPYSTR02	0000013672	JPY		(2,000,000,000	)		(16,686,830	)	09-Mar-2015	23-Mar-2015	23-Mar-2028
BOND/BUY JPY/IBRD/GDIF/0331JPYSTR01	0000013673	JPY		(1,100,000,000	)		(9,177,756	)	09-Mar-2015	23-Mar-2015	21-Mar-2031
BOND/BUY JPY/IBRD/GDIF/0938JPYSTR12	0000013625	JPY		(200,000,000	)		(1,676,095	)	24-Feb-2015	24-Mar-2015	24-Sep-2038
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR24	0000013612	JPY		(3,100,000,000	)		(25,914,316	)	18-Feb-2015	25-Mar-2015	25-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0333JPYSTR22	0000013627	JPY		(1,500,000,000	)		(12,539,185	)	25-Feb-2015	25-Mar-2015	25-Mar-2033
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR16	0000013678	JPY		(300,000,000	)		(2,507,837	)	11-Mar-2015	25-Mar-2015	25-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0332JPYSTR45	0000013679	JPY		(1,700,000,000	)		(14,211,076	)	11-Mar-2015	25-Mar-2015	25-Mar-2032
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR18	0000013681	JPY		(100,000,000	)		(835,946	)	11-Mar-2015	25-Mar-2015	25-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR13	0000013682	JPY		(500,000,000	)		(4,179,728	)	11-Mar-2015	25-Mar-2015	25-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0337JPYSTR17	0000013684	JPY		(300,000,000	)		(2,507,837	)	11-Mar-2015	25-Mar-2015	25-Mar-2037
BOND/BUY JPY/IBRD/GDIF/0532JPYSTR12	0000013629	JPY		(2,100,000,000	)		(17,687,934	)	26-Feb-2015	26-Mar-2015	28-May-2032
BOND/BUY JPY/IBRD/GDIF/0937JPYSTR28	0000013690	JPY		(100,000,000	)		(834,899	)	16-Mar-2015	30-Mar-2015	28-Sep-2037
BOND/BUY JPY/IBRD/GDIF/0335JPYSTR06	0000013692	JPY		(3,100,000,000	)		(25,881,862	)	16-Mar-2015	30-Mar-2015	30-Mar-2035

Sub-total early Retirements - Japanese Yen				(94,370,000,000	)		(788,786,799	)


Mexican Peso
BOND/BUY MXN/IBRD/GDIF/1222MXN00.50	0000013485	MXN		(797,600,000	)		(54,467,109	)	06-Jan-2015	13-Jan-2015	13-Dec-2022
BOND/BUY MXN/IBRD/GDIF/0318MXN03.17	0000013624	MXN		(72,010,000	)		(4,778,843	)	24-Feb-2015	04-Mar-2015	12-Mar-2018

Sub-total early Retirements - Mexican Peso				(869,610,000	)		(59,245,952	)

Page 11/12


		*International Bank for Reconstruction and Development*

		SEC Report - Changes in Borrowings


Borrowing Type / Description	Trade Id	Currency	Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

United States Dollar
BOND/BUY USD/IBRD/GDIF/1019USDSTR01	0000013453	USD		(50,000,000	)		(50,000,000	)	10-Dec-2014	07-Jan-2015	07-Oct-2019
BOND/BUY USD/IBRD/GDIF/1019USDSTR02	0000013463	USD		(100,000,000	)		(100,000,000	)	16-Dec-2014	09-Jan-2015	09-Oct-2019
BOND/BUY USD/IBRD/GDIF/0719USDSTR01	0000013455	USD		(50,000,000	)		(50,000,000	)	10-Dec-2014	14-Jan-2015	12-Jul-2019
BOND/BUY USD/IBRD/GDIF/0718USDSTR01	0000013456	USD		(180,000,000	)		(180,000,000	)	10-Dec-2014	14-Jan-2015	13-Jul-2018
BOND/BUY USD/IBRD/GDIF/1015USDSTR03	0000013473	USD		(125,000,000	)		(125,000,000	)	22-Dec-2014	15-Jan-2015	15-Oct-2015
BOND/BUY USD/IBRD/GDIF/0117USDSTR01	0000013484	USD		(100,000,000	)		(100,000,000	)	05-Jan-2015	27-Jan-2015	27-Jan-2017
BOND/BUY USD/IBRD/GDIF/0719USDSTR07	0000013497	USD		(150,000,000	)		(150,000,000	)	07-Jan-2015	29-Jan-2015	29-Jul-2019
BOND/BUY USD/IBRD/GDIF/0719USDSTR07	0000013498	USD		(50,000,000	)		(50,000,000	)	07-Jan-2015	29-Jan-2015	29-Jul-2019
BOND/BUY USD/IBRD/GDIF/0127USDSTR01	0000013499	USD		(5,723,000	)		(5,723,000	)	08-Jan-2015	30-Jan-2015	30-Jan-2027
BOND/BUY USD/IBRD/GDIF/0817USDSTR	0000013505	USD		(550,000,000	)		(550,000,000	)	13-Jan-2015	04-Feb-2015	04-Aug-2017
BOND/BUY USD/IBRD/GDIF/1119USDSTR03	0000013541	USD		(100,000,000	)		(100,000,000	)	23-Jan-2015	13-Feb-2015	13-Nov-2019
BOND/BUY USD/IBRD/GDIF/0519USDSTR04	0000013559	USD		(555,000,000	)		(555,000,000	)	30-Jan-2015	23-Feb-2015	23-May-2019
BOND/BUY USD/IBRD/GDIF/0217USDSTR01	0000013560	USD		(100,000,000	)		(100,000,000	)	30-Jan-2015	23-Feb-2015	21-Feb-2017
BOND/BUY USD/IBRD/GDIF/0219USDSTR01	0000013561	USD		(10,000,000	)		(10,000,000	)	30-Jan-2015	23-Feb-2015	21-Feb-2019
BOND/BUY USD/IBRD/GDIF/1119USDSTR02	0000013577	USD		(240,000,000	)		(240,000,000	)	04-Feb-2015	26-Feb-2015	26-Nov-2019
BOND/BUY USD/IBRD/GDIF/1119USDSTR04	0000013578	USD		(100,000,000	)		(100,000,000	)	04-Feb-2015	26-Feb-2015	26-Nov-2019
BOND/BUY USD/IBRD/GDIF/0827USDSTR	0000013582	USD		(20,000,000	)		(20,000,000	)	06-Feb-2015	02-Mar-2015	28-Aug-2027
BOND/BUY USD/IBRD/GDIF/1015USDSTR01	0000013650	USD		(500,000,000	)		(500,000,000	)	04-Mar-2015	25-Mar-2015	09-Oct-2015
BOND/BUY USD/IBRD/GDIF/1219USDSTR	0000013654	USD		(100,000,000	)		(100,000,000	)	05-Mar-2015	26-Mar-2015	26-Dec-2019
BOND/BUY USD/IBRD/GDIF/1015USDSTR02	0000013656	USD		(460,000,000	)		(460,000,000	)	05-Mar-2015	26-Mar-2015	09-Oct-2015
BOND/BUY USD/IBRD/GDIF/0244USDSTR	0000013558	USD		(226,200,000	)		(226,200,000	)	30-Jan-2015	23-Feb-2015	21-Feb-2044
BOND/BUY USD/IBRD/GDIF/0344USDSTR	0000013655	USD		(193,400,000	)		(193,400,000	)	05-Mar-2015	26-Mar-2015	26-Mar-2044

Sub-total early Retirements - United States Dollar				(3,965,323,000	)		(3,965,323,000	)


South African Rand
BOND/BUY ZAR/IBRD/GDIF/1119ZAR00.50	0000013519	ZAR		(101,100,000	)		(8,800,487	)	16-Jan-2015	22-Jan-2015	20-Nov-2019
BOND/BUY ZAR/IBRD/GDIF/0417ZAR00.50	0000013520	ZAR		(91,510,000	)		(7,965,703	)	16-Jan-2015	22-Jan-2015	26-Apr-2017
BOND/BUY ZAR/IBRD/GDIF/0220ZAR00.50	0000013634	ZAR		(197,840,000	)		(16,175,292	)	27-Feb-2015	10-Mar-2015	20-Feb-2020
BOND/BUY ZAR/IBRD/GDIF/1219ZAR00.50	0000013669	ZAR		(88,560,000	)		(7,123,724	)	09-Mar-2015	16-Mar-2015	20-Dec-2019
BOND/BUY ZAR/IBRD/GDIF/1119ZAR00.50	0000013677	ZAR		(53,420,000	)		(4,319,560	)	11-Mar-2015	18-Mar-2015	20-Nov-2019
BOND/BUY ZAR/IBRD/GDIF/0319ZAR00.50	0000013685	ZAR		(54,970,000	)		(4,516,140	)	12-Mar-2015	19-Mar-2015	28-Mar-2019

Sub-total early Retirements - South African Rand				(587,400,000	)		(48,900,907	)

Total Early Retirements							(4,995,117,337	)

Page 12/12

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

New Borrowings

United States Dollar

DIN/SELL USD/IBRD/DIN IBRDUS24FEB15

0010306100

USD

84,000,000

05-Jan-2015

24-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS15APR15

0010306099

USD

5,000,000

05-Jan-2015

06-Jan-2015

15-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS24FEB15

0010306101

USD

500,000,000

05-Jan-2015

07-Jan-2015

24-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6MAR15

0010306102

USD

640,000

05-Jan-2015

07-Jan-2015

06-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15

0010306106

USD

100,000,000

06-Jan-2015

07-Jan-2015

03-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS27MAR15

0010306107

USD

25,000,000

06-Jan-2015

07-Jan-2015

27-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS1APR15

0010306110

USD

25,000,000

06-Jan-2015

07-Jan-2015

01-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JUN15

0010306139

USD

50,000,000

07-Jan-2015

30-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS24APR15

0010306148

USD

100,000,000

07-Jan-2015

24-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS9MAR15

0010306155

USD

20,000,000

07-Jan-2015

08-Jan-2015

09-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS18MAR15

0010306282

USD

25,000,000

08-Jan-2015

18-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS8MAY15

0010306314

USD

5,000,000

08-Jan-2015

08-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS2APR15

0010306136

USD

20,000,000

07-Jan-2015

09-Jan-2015

02-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS4MAR15

0010306280

USD

50,000,000

08-Jan-2015

09-Jan-2015

04-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUN15

0010306281

USD

11,004,000

08-Jan-2015

09-Jan-2015

01-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS17FEB15

0010306363

USD

5,000,000

08-Jan-2015

09-Jan-2015

17-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS30APR15

0010306382

USD

11,000,000

08-Jan-2015

09-Jan-2015

30-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS4JAN16

0010306400

USD

7,150,000

09-Jan-2015

12-Jan-2015

04-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS016JAN15

0010306657

USD

16,000,000

12-Jan-2015

16-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

0010306668

USD

100,000,000

12-Jan-2015

05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS20FEB15

0010306671

USD

500,000,000

12-Jan-2015

20-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS016JAN15

0010306683

USD

75,000,000

12-Jan-2015

16-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS18MAR15

0010306656

USD

200,000,000

12-Jan-2015

13-Jan-2015

18-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

0010306669

USD

50,000,000

12-Jan-2015

13-Jan-2015

05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS20FEB15

0010306672

USD

500,000,000

12-Jan-2015

13-Jan-2015

20-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS015JAN15

0010306883

USD

50,000,000

14-Jan-2015

15-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS015JAN15

0010306891

USD

50,000,000

14-Jan-2015

15-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS015JAN15

0010306899

USD

50,000,000

14-Jan-2015

15-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JUL15

0010306773

USD

50,000,000

13-Jan-2015

15-Jan-2015

20-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS6APR15

0010306887

USD

200,000,000

14-Jan-2015

15-Jan-2015

06-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS15APR15

0010306900

USD

40,000,000

14-Jan-2015

15-Jan-2015

15-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS18MAR15

0010306905

USD

5,000,000

14-Jan-2015

15-Jan-2015

18-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS016JAN15

0010307011

USD

50,000,000

15-Jan-2015

16-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS016JAN15

0010307012

USD

50,000,000

15-Jan-2015

16-Jan-2015

Page 1/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type/ Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS016JAN15

0010307017

USD

50,000,000

15-Jan-2015

16-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

0010307176

USD

50,000,000

16-Jan-2015

20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

0010307182

USD

50,000,000

16-Jan-2015

20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

0010307183

USD

50,000,000

16-Jan-2015

20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

0010307188

USD

100,000,000

16-Jan-2015

01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS21JAN15

0010307249

USD

50,000,000

20-Jan-2015

21-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS21JAN15

0010307250

USD

50,000,000

20-Jan-2015

21-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS21JAN15

0010307268

USD

75,000,000

20-Jan-2015

21-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20APR15

0010307270

USD

19,000,000

20-Jan-2015

20-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS15APR15

0010307289

USD

10,000,000

20-Jan-2015

15-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS21APR15

0010307279

USD

200,000,000

20-Jan-2015

21-Jan-2015

21-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS22JAN15

0010307310

USD

50,000,000

21-Jan-2015

22-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS22JAN15

0010307311

USD

50,000,000

21-Jan-2015

22-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS22JAN15

0010307317

USD

50,000,000

21-Jan-2015

22-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS15APR15

0010307318

USD

4,500,000

21-Jan-2015

15-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

0010307323

USD

2,500,000

21-Jan-2015

10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010307325

USD

3,500,000

21-Jan-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS14APR15

0010307328

USD

7,000,000

21-Jan-2015

14-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS16APR15

0010307330

USD

30,000,000

21-Jan-2015

16-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS25JUN15

0010307316

USD

30,000,000

21-Jan-2015

22-Jan-2015

25-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS23JAN15

0010307376

USD

50,000,000

22-Jan-2015

23-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS23JAN15

0010307377

USD

50,000,000

22-Jan-2015

23-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS12MAR15

0010307390

USD

88,000,000

22-Jan-2015

12-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS23JAN15

0010307393

USD

75,000,000

22-Jan-2015

23-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

0010307394

USD

100,000,000

22-Jan-2015

01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS7JUL15

0010307389

USD

4,600,000

22-Jan-2015

23-Jan-2015

07-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS23APR15

0010307428

USD

20,000,000

22-Jan-2015

23-Jan-2015

23-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JAN15

0010307456

USD

50,000,000

23-Jan-2015

26-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS24APR15

0010307473

USD

50,000,000

23-Jan-2015

24-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JAN15

0010307480

USD

50,000,000

23-Jan-2015

26-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010307523

USD

4,370,000

23-Jan-2015

26-Jan-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010307524

USD

7,500,000

23-Jan-2015

26-Jan-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS27JAN15

0010307583

USD

50,000,000

26-Jan-2015

27-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS27JAN15

0010307584

USD

50,000,000

26-Jan-2015

27-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS30APR15

0010307601

USD

40,000,000

26-Jan-2015

30-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JUN15

0010307606

USD

100,000,000

26-Jan-2015

27-Jan-2015

26-Jun-2015

Page 2/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS28JAN15

0010307610

USD

100,000,000

27-Jan-2015

28-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS28JAN15

0010307611

USD

100,000,000

27-Jan-2015

28-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS29JAN15

0010307638

USD

100,000,000

28-Jan-2015

29-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS29JAN15

0010307649

USD

100,000,000

28-Jan-2015

29-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JAN15

0010307693

USD

100,000,000

29-Jan-2015

30-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JAN15

0010307694

USD

100,000,000

29-Jan-2015

30-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JAN15

0010307697

USD

100,000,000

29-Jan-2015

30-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20MAR15

0010307692

USD

75,000,000

29-Jan-2015

30-Jan-2015

20-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

0010307770

USD

100,000,000

30-Jan-2015

02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

0010307794

USD

100,000,000

30-Jan-2015

02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

0010307795

USD

50,000,000

30-Jan-2015

02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

0010307796

USD

100,000,000

30-Jan-2015

02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JUN15

0010307805

USD

250,000,000

30-Jan-2015

30-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

0010308144

USD

50,000,000

02-Feb-2015

03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

0010308145

USD

50,000,000

02-Feb-2015

03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS20MAR15

0010308156

USD

15,000,000

02-Feb-2015

20-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS1APR15

0010307841

USD

300,000,000

30-Jan-2015

03-Feb-2015

01-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS1MAY15

0010308158

USD

10,000,000

02-Feb-2015

03-Feb-2015

01-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS025MAR15

0010308177

USD

50,000,000

03-Feb-2015

25-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

0010308178

USD

50,000,000

03-Feb-2015

04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

0010308179

USD

50,000,000

03-Feb-2015

04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010308183

USD

50,000,000

03-Feb-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS025MAR15

0010308184

USD

50,000,000

03-Feb-2015

25-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS6APR15

0010308194

USD

100,000,000

03-Feb-2015

06-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS23MAR15

0010308196

USD

10,000,000

03-Feb-2015

23-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010308198

USD

25,000,000

03-Feb-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS1APR15

0010307842

USD

300,000,000

30-Jan-2015

04-Feb-2015

01-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS5MAY15

0010308195

USD

200,000,000

03-Feb-2015

04-Feb-2015

05-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

0010308234

USD

50,000,000

04-Feb-2015

05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

0010308235

USD

50,000,000

04-Feb-2015

05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

0010308236

USD

50,000,000

04-Feb-2015

05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6FEB15

0010308263

USD

50,000,000

05-Feb-2015

06-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6FEB15

0010308268

USD

50,000,000

05-Feb-2015

06-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6FEB15

0010308281

USD

50,000,000

05-Feb-2015

06-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

0010308362

USD

50,000,000

06-Feb-2015

09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

0010308387

USD

50,000,000

06-Feb-2015

09-Feb-2015

Page 3/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS10FEB15

0010308453

USD

50,000,000

09-Feb-2015

10-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS10FEB15

0010308456

USD

50,000,000

09-Feb-2015

10-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS11FEB15

0010308631

USD

50,000,000

10-Feb-2015

11-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS11FEB15

0010308632

USD

50,000,000

10-Feb-2015

11-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6MAY15

0010308636

USD

17,000,000

10-Feb-2015

06-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS21MAY15

0010308637

USD

10,000,000

10-Feb-2015

21-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS12FEB15

0010308671

USD

50,000,000

11-Feb-2015

12-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS12FEB15

0010308672

USD

50,000,000

11-Feb-2015

12-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS12FEB15

0010308704

USD

50,000,000

11-Feb-2015

12-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS13FEB15

0010308820

USD

50,000,000

12-Feb-2015

13-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS13FEB15

0010308821

USD

50,000,000

12-Feb-2015

13-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS13MAY15

0010308854

USD

10,000,000

12-Feb-2015

13-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS17APR15

0010308862

USD

15,000,000

12-Feb-2015

17-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

0010308691

USD

8,573,000

11-Feb-2015

13-Feb-2015

01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS17FEB15

0010308892

USD

50,000,000

13-Feb-2015

17-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS17FEB15

0010308893

USD

50,000,000

13-Feb-2015

17-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS14APR15

0010308900

USD

50,000,000

13-Feb-2015

14-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS12MAR15

0010308901

USD

25,000,000

13-Feb-2015

12-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS7APR15

0010308923

USD

100,000,000

13-Feb-2015

07-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS17FEB15

0010308926

USD

50,000,000

13-Feb-2015

17-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS14APR15

0010308929

USD

20,000,000

13-Feb-2015

14-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS18MAY15

0010308933

USD

100,000,000

13-Feb-2015

18-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JUN15

0010308692

USD

3,944,000

11-Feb-2015

17-Feb-2015

30-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAR15

0010308921

USD

200,000,000

13-Feb-2015

17-Feb-2015

11-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS7APR15

0010308924

USD

100,000,000

13-Feb-2015

17-Feb-2015

07-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

0010308986

USD

50,000,000

17-Feb-2015

18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

0010308988

USD

50,000,000

17-Feb-2015

18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

0010308985

USD

200,000,000

17-Feb-2015

18-Feb-2015

19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

0010308987

USD

100,000,000

17-Feb-2015

18-Feb-2015

19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

0010308989

USD

100,000,000

17-Feb-2015

18-Feb-2015

19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

0010308994

USD

50,000,000

18-Feb-2015

19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS23FEB15

0010309046

USD

50,000,000

20-Feb-2015

23-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS23FEB15

0010309050

USD

50,000,000

20-Feb-2015

23-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS23FEB15

0010309073

USD

50,000,000

20-Feb-2015

23-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS24FEB15

0010309088

USD

50,000,000

23-Feb-2015

24-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS24FEB15

0010309136

USD

50,000,000

23-Feb-2015

24-Feb-2015

Page 4/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS13JUL15

0010309147

USD

9,000,000

23-Feb-2015

13-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS19MAY15

0010309149

USD

40,000,000

23-Feb-2015

19-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS6MAY15

0010309089

USD

100,000,000

23-Feb-2015

24-Feb-2015

06-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS31MAR15

0010309115

USD

200,000,000

23-Feb-2015

24-Feb-2015

31-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010309135

USD

5,010,000

23-Feb-2015

24-Feb-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS25FEB15

0010309157

USD

50,000,000

24-Feb-2015

25-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS25FEB15

0010309160

USD

50,000,000

24-Feb-2015

25-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS25FEB15

0010309177

USD

100,000,000

24-Feb-2015

25-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS25FEB15

0010309181

USD

100,000,000

24-Feb-2015

25-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS24APR15

0010309091

USD

200,000,000

23-Feb-2015

25-Feb-2015

24-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS26FEB15

0010309247

USD

50,000,000

25-Feb-2015

26-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS26FEB15

0010309248

USD

50,000,000

25-Feb-2015

26-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS26FEB15

0010309249

USD

50,000,000

25-Feb-2015

26-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS21MAY15

0010309252

USD

6,000,000

25-Feb-2015

21-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS27MAY15

0010309253

USD

18,000,000

25-Feb-2015

27-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

0010309179

USD

7,126,000

24-Feb-2015

27-Feb-2015

01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JUN15

0010309180

USD

2,319,000

24-Feb-2015

27-Feb-2015

30-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010309349

USD

28,900,000

26-Feb-2015

27-Feb-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS30APR15

0010309350

USD

5,030,000

26-Feb-2015

27-Feb-2015

30-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15

0010309744

USD

100,000,000

02-Mar-2015

03-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15

0010309745

USD

100,000,000

02-Mar-2015

03-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15

0010309746

USD

100,000,000

02-Mar-2015

03-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS28MAY15

0010309747

USD

50,000,000

02-Mar-2015

28-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS4MAR15

0010309817

USD

100,000,000

03-Mar-2015

04-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS4MAR15

0010309818

USD

100,000,000

03-Mar-2015

04-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS18JUN15

0010309860

USD

35,000,000

03-Mar-2015

18-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS1MAY15

0010309859

USD

200,000,000

03-Mar-2015

04-Mar-2015

01-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010309884

USD

6,000,000

03-Mar-2015

04-Mar-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS24APR15

0010309940

USD

100,000,000

04-Mar-2015

24-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS6MAY15

0010309941

USD

100,000,000

04-Mar-2015

05-Mar-2015

06-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

0010310211

USD

100,000,000

09-Mar-2015

10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

0010310212

USD

100,000,000

09-Mar-2015

10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

0010310234

USD

100,000,000

09-Mar-2015

10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS4JUN15

0010310280

USD

25,000,000

09-Mar-2015

10-Mar-2015

04-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAR15

0010310324

USD

100,000,000

10-Mar-2015

11-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAR15

0010310325

USD

100,000,000

10-Mar-2015

11-Mar-2015

Page 5/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS8JUN15

0010310338

USD

19,000,000

10-Mar-2015

08-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAY15

0010310383

USD

10,000,000

10-Mar-2015

11-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS29JUN15

0010310377

USD

5,000,000

10-Mar-2015

11-Mar-2015

29-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS12MAR15

0010310445

USD

100,000,000

11-Mar-2015

12-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS12MAR15

0010310448

USD

100,000,000

11-Mar-2015

12-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS13MAR15

0010310509

USD

100,000,000

12-Mar-2015

13-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS13MAR15

0010310513

USD

100,000,000

12-Mar-2015

13-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

0010310567

USD

28,000,000

13-Mar-2015

16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

0010310580

USD

22,000,000

13-Mar-2015

16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

0010310581

USD

50,000,000

13-Mar-2015

16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

0010310582

USD

50,000,000

13-Mar-2015

16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010310583

USD

9,770,000

13-Mar-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

0010310584

USD

100,000,000

13-Mar-2015

16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010310608

USD

5,800,000

13-Mar-2015

16-Mar-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS17MAR15

0010310626

USD

100,000,000

16-Mar-2015

17-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS17MAR15

0010310628

USD

100,000,000

16-Mar-2015

17-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS17MAR15

0010310639

USD

100,000,000

16-Mar-2015

17-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS18MAR15

0010310669

USD

100,000,000

17-Mar-2015

18-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS17APR15

0010310756

USD

30,000,000

18-Mar-2015

19-Mar-2015

17-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS20MAR15

0010310894

USD

100,000,000

19-Mar-2015

20-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS20MAR15

0010310895

USD

50,000,000

19-Mar-2015

20-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS20MAR15

0010310911

USD

50,000,000

19-Mar-2015

20-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS11JAN16

0010310910

USD

4,780,000

19-Mar-2015

20-Mar-2015

11-Jan-2016

DIN/SELL USD/IBRD/DIN IBRDUS23MAR15

0010310928

USD

100,000,000

20-Mar-2015

23-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS23MAR15

0010310930

USD

100,000,000

20-Mar-2015

23-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS23MAR15

0010310950

USD

71,590,000

20-Mar-2015

23-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010310953

USD

100,000,000

23-Mar-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010310958

USD

100,000,000

23-Mar-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

0010310968

USD

100,000,000

23-Mar-2015

24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS025MAR15

0010311007

USD

50,000,000

24-Mar-2015

25-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS025MAR15

0010311019

USD

100,000,000

24-Mar-2015

25-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS30JUN15

0010310978

USD

1,306,000

23-Mar-2015

25-Mar-2015

30-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

0010310984

USD

3,960,000

23-Mar-2015

25-Mar-2015

01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS15MAY15

0010311092

USD

100,000,000

25-Mar-2015

15-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS16JUN15

0010311093

USD

100,000,000

25-Mar-2015

16-Jun-2015

DIN/SELL USD/IBRD/DIN IBRDUS23JUN15

0010311115

USD

19,000,000

25-Mar-2015

23-Jun-2015

Page 6/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS1MAY15	0010311132		USD		100,000,000			100,000,000		26-Mar-2015	26-Mar-2015	01-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS8MAY15	0010311133		USD		100,000,000			100,000,000		26-Mar-2015	26-Mar-2015	08-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS12MAY15	0010311135		USD		15,000,000			15,000,000		26-Mar-2015	26-Mar-2015	12-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS15MAY15	0010311136		USD		15,000,000			15,000,000		26-Mar-2015	26-Mar-2015	15-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS19MAY15	0010311137		USD		50,000,000			50,000,000		26-Mar-2015	26-Mar-2015	19-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS27APR15	0010311129		USD		100,000,000			100,000,000		26-Mar-2015	27-Mar-2015	27-Apr-2015
DIN/SELL USD/IBRD/DIN IBRDUS30MAR15	0010311172		USD		50,000,000			50,000,000		27-Mar-2015	27-Mar-2015	30-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS8MAY15	0010311175		USD		100,000,000			100,000,000		27-Mar-2015	27-Mar-2015	08-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS17APR15	0010311173		USD		50,000,000			50,000,000		27-Mar-2015	30-Mar-2015	17-Apr-2015
DIN/SELL USD/IBRD/DIN IBRDUS29MAY15	0010311408		USD		25,000,000			25,000,000		31-Mar-2015	01-Apr-2015	29-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS1MAY15	0010311409		USD		175,000,000			175,000,000		31-Mar-2015	01-Apr-2015	01-May-2015
DIN/SELL USD/IBRD/DIN IBRDUS1JUN15	0010311410		USD		250,000,000			250,000,000		31-Mar-2015	01-Apr-2015	01-Jun-2015
DIN/SELL USD/IBRD/DIN IBRDUS4MAY15	0010311607		USD		50,000,000			50,000,000		31-Mar-2015	01-Apr-2015	04-May-2015

Sub-total New Borrowings - United States Dollar					15,842,872,000			15,842,872,000


Nigerian Naira
BOND/SELL NGN/IBRD/GDIF/1015NGN10.00	0000013696		NGN		9,000,000,000			45,214,740		19-Mar-2015	26-Mar-2015	28-Oct-2015

Sub-total New Borrowings - Nigerian Naira					9,000,000,000			45,214,740

Total New Borrowings								15,888,086,740


Matured Borrowings

United States Dollar
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010289460		USD		(56,190,000	)		(56,190,000	)	07-Mar-2014	10-Mar-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010290004		USD		(4,430,000	)		(4,430,000	)	13-Mar-2014	14-Mar-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010290316		USD		(6,110,000	)		(6,110,000	)	24-Mar-2014	24-Mar-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010290328		USD		(10,030,000	)		(10,030,000	)	24-Mar-2014	25-Mar-2014	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010290385		USD		(10,000,000	)		(10,000,000	)	26-Mar-2014	27-Mar-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010291716		USD		(2,000,000	)		(2,000,000	)	21-Apr-2014	21-Apr-2014	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010292274		USD		(5,745,000	)		(5,745,000	)	01-May-2014	02-May-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010292294		USD		(3,580,000	)		(3,580,000	)	02-May-2014	05-May-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010292308		USD		(4,410,000	)		(4,410,000	)	05-May-2014	06-May-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010293865		USD		(9,270,000	)		(9,270,000	)	27-May-2014	28-May-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010294428		USD		(7,820,000	)		(7,820,000	)	03-Jun-2014	04-Jun-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010294429		USD		(10,130,000	)		(10,130,000	)	03-Jun-2014	04-Jun-2014	08-Jan-2015

Page 7/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010294775		USD		(7,200,000	)		(7,200,000	)	09-Jun-2014	10-Jun-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010294990		USD		(1,740,000	)		(1,740,000	)	11-Jun-2014	12-Jun-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010295027		USD		(620,000	)		(620,000	)	11-Jun-2014	12-Jun-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010295197		USD		(100,000,000	)		(100,000,000	)	16-Jun-2014	16-Jun-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010295207		USD		(100,000,000	)		(100,000,000	)	16-Jun-2014	16-Jun-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010295212		USD		(100,000,000	)		(100,000,000	)	16-Jun-2014	18-Jun-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010295654		USD		(25,000,000	)		(25,000,000	)	26-Jun-2014	30-Jun-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010296179		USD		(7,150,000	)		(7,150,000	)	08-Jul-2014	09-Jul-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS012JAN15	0010296919		USD		(10,000,000	)		(10,000,000	)	22-Jul-2014	22-Jul-2014	12-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010296945		USD		(100,000,000	)		(100,000,000	)	22-Jul-2014	22-Jul-2014	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010297004		USD		(3,420,000	)		(3,420,000	)	23-Jul-2014	24-Jul-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010297014		USD		(3,630,000	)		(3,630,000	)	24-Jul-2014	25-Jul-2014	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010297029		USD		(5,000,000	)		(5,000,000	)	24-Jul-2014	25-Jul-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010297030		USD		(15,000,000	)		(15,000,000	)	24-Jul-2014	25-Jul-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010298637		USD		(4,530,000	)		(4,530,000	)	25-Aug-2014	26-Aug-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010298643		USD		(150,000	)		(150,000	)	26-Aug-2014	27-Aug-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010298644		USD		(11,430,000	)		(11,430,000	)	26-Aug-2014	27-Aug-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010298698		USD		(380,000	)		(380,000	)	27-Aug-2014	28-Aug-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS13JAN15	0010299546		USD		(15,000,000	)		(15,000,000	)	05-Sep-2014	05-Sep-2014	13-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010300075		USD		(6,290,000	)		(6,290,000	)	12-Sep-2014	15-Sep-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010300510		USD		(5,864,000	)		(5,864,000	)	24-Sep-2014	25-Sep-2014	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010300513		USD		(5,786,000	)		(5,786,000	)	24-Sep-2014	25-Sep-2014	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010300534		USD		(5,150,000	)		(5,150,000	)	24-Sep-2014	25-Sep-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS6JAN15	0010301158		USD		(10,000,000	)		(10,000,000	)	01-Oct-2014	01-Oct-2014	06-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS6JAN15	0010301210		USD		(100,000,000	)		(100,000,000	)	02-Oct-2014	03-Oct-2014	06-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010301213		USD		(25,000,000	)		(25,000,000	)	02-Oct-2014	03-Oct-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010301223		USD		(10,000,000	)		(10,000,000	)	03-Oct-2014	03-Oct-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010301224		USD		(50,000,000	)		(50,000,000	)	03-Oct-2014	03-Oct-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010301231		USD		(25,000,000	)		(25,000,000	)	03-Oct-2014	03-Oct-2014	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS7JAN15	0010301238		USD		(25,000,000	)		(25,000,000	)	03-Oct-2014	03-Oct-2014	07-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS6JAN15	0010301220		USD		(150,000,000	)		(150,000,000	)	03-Oct-2014	06-Oct-2014	06-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010301227		USD		(65,000,000	)		(65,000,000	)	03-Oct-2014	06-Oct-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010301276		USD		(50,000,000	)		(50,000,000	)	06-Oct-2014	07-Oct-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS6JAN15	0010301278		USD		(50,000,000	)		(50,000,000	)	06-Oct-2014	07-Oct-2014	06-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010301352		USD		(20,000,000	)		(20,000,000	)	06-Oct-2014	08-Oct-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010301396		USD		(700,000	)		(700,000	)	07-Oct-2014	08-Oct-2014	02-Feb-2015

Page 8/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS5JAN15	0010301966		USD		(150,000,000	)		(150,000,000	)	14-Oct-2014	16-Oct-2014	05-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS012JAN15	0010302043		USD		(200,000,000	)		(200,000,000	)	15-Oct-2014	16-Oct-2014	12-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010302054		USD		(5,000,000	)		(5,000,000	)	15-Oct-2014	16-Oct-2014	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS27MAR15	0010302393		USD		(30,000,000	)		(30,000,000	)	20-Oct-2014	20-Oct-2014	27-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010302355		USD		(100,000,000	)		(100,000,000	)	20-Oct-2014	21-Oct-2014	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS25FEB15	0010302441		USD		(16,500,000	)		(16,500,000	)	21-Oct-2014	21-Oct-2014	25-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS5JAN15	0010302447		USD		(5,000,000	)		(5,000,000	)	21-Oct-2014	21-Oct-2014	05-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010302490		USD		(100,000,000	)		(100,000,000	)	21-Oct-2014	22-Oct-2014	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010302571		USD		(25,000,000	)		(25,000,000	)	22-Oct-2014	22-Oct-2014	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS23FEB15	0010302560		USD		(25,000,000	)		(25,000,000	)	22-Oct-2014	23-Oct-2014	23-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS22JAN15	0010302563		USD		(50,000,000	)		(50,000,000	)	22-Oct-2014	23-Oct-2014	22-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS012JAN15	0010302564		USD		(250,000,000	)		(250,000,000	)	22-Oct-2014	23-Oct-2014	12-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS14JAN15	0010302578		USD		(50,000,000	)		(50,000,000	)	23-Oct-2014	24-Oct-2014	14-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010302580		USD		(5,864,000	)		(5,864,000	)	23-Oct-2014	24-Oct-2014	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS28JAN15	0010302582		USD		(100,000,000	)		(100,000,000	)	23-Oct-2014	24-Oct-2014	28-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010302583		USD		(5,786,000	)		(5,786,000	)	23-Oct-2014	24-Oct-2014	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS012JAN15	0010302592		USD		(5,000,000	)		(5,000,000	)	24-Oct-2014	24-Oct-2014	12-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS7JAN15	0010302591		USD		(100,000,000	)		(100,000,000	)	24-Oct-2014	27-Oct-2014	07-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010302594		USD		(50,000,000	)		(50,000,000	)	24-Oct-2014	27-Oct-2014	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010302600		USD		(100,000,000	)		(100,000,000	)	27-Oct-2014	28-Oct-2014	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010302601		USD		(100,000,000	)		(100,000,000	)	27-Oct-2014	28-Oct-2014	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010302608		USD		(100,000,000	)		(100,000,000	)	28-Oct-2014	29-Oct-2014	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010302640		USD		(100,000,000	)		(100,000,000	)	29-Oct-2014	30-Oct-2014	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010302788		USD		(50,000,000	)		(50,000,000	)	31-Oct-2014	31-Oct-2014	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010302841		USD		(5,000,000	)		(5,000,000	)	31-Oct-2014	03-Nov-2014	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010303122		USD		(16,000,000	)		(16,000,000	)	04-Nov-2014	04-Nov-2014	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010303139		USD		(40,000,000	)		(40,000,000	)	04-Nov-2014	05-Nov-2014	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS008JAN15	0010303167		USD		(35,000,000	)		(35,000,000	)	04-Nov-2014	05-Nov-2014	08-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010303171		USD		(30,000,000	)		(30,000,000	)	05-Nov-2014	05-Nov-2014	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010303307		USD		(370,000	)		(370,000	)	07-Nov-2014	10-Nov-2014	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010303601		USD		(15,000,000	)		(15,000,000	)	13-Nov-2014	13-Nov-2014	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS11FEB15	0010303628		USD		(50,000,000	)		(50,000,000	)	13-Nov-2014	13-Nov-2014	11-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS28JAN15	0010303604		USD		(5,000,000	)		(5,000,000	)	13-Nov-2014	14-Nov-2014	28-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010303605		USD		(5,000,000	)		(5,000,000	)	13-Nov-2014	14-Nov-2014	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS21JAN15	0010303657		USD		(75,000,000	)		(75,000,000	)	13-Nov-2014	14-Nov-2014	21-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS21JAN15	0010303694		USD		(37,000,000	)		(37,000,000	)	13-Nov-2014	14-Nov-2014	21-Jan-2015

Page 9/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS10FEB15	0010303720		USD		(62,000,000	)		(62,000,000	)	14-Nov-2014	18-Nov-2014	10-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010303798		USD		(50,000,000	)		(50,000,000	)	18-Nov-2014	18-Nov-2014	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS22JAN15	0010304386		USD		(50,000,000	)		(50,000,000	)	02-Dec-2014	02-Dec-2014	22-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS23JAN15	0010304387		USD		(50,000,000	)		(50,000,000	)	02-Dec-2014	02-Dec-2014	23-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS26JAN15	0010304390		USD		(35,000,000	)		(35,000,000	)	02-Dec-2014	02-Dec-2014	26-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010304395		USD		(5,000,000	)		(5,000,000	)	02-Dec-2014	02-Dec-2014	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS2MAR15	0010304401		USD		(25,000,000	)		(25,000,000	)	02-Dec-2014	02-Dec-2014	02-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010304411		USD		(30,000,000	)		(30,000,000	)	02-Dec-2014	02-Dec-2014	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS29JAN15	0010304402		USD		(200,000,000	)		(200,000,000	)	02-Dec-2014	03-Dec-2014	29-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS26JAN15	0010304403		USD		(25,000,000	)		(25,000,000	)	02-Dec-2014	03-Dec-2014	26-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS002JAN15	0010304446		USD		(150,000,000	)		(150,000,000	)	03-Dec-2014	03-Dec-2014	02-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010304447		USD		(25,000,000	)		(25,000,000	)	03-Dec-2014	03-Dec-2014	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS27JAN15	0010304448		USD		(50,000,000	)		(50,000,000	)	03-Dec-2014	04-Dec-2014	27-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS26JAN15	0010304449		USD		(100,000,000	)		(100,000,000	)	03-Dec-2014	04-Dec-2014	26-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20FEB15	0010304450		USD		(10,000,000	)		(10,000,000	)	03-Dec-2014	04-Dec-2014	20-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS27JAN15	0010304480		USD		(125,000,000	)		(125,000,000	)	04-Dec-2014	04-Dec-2014	27-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS11MAR15	0010304542		USD		(5,000,000	)		(5,000,000	)	04-Dec-2014	05-Dec-2014	11-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS27FEB15	0010304671		USD		(4,000,000	)		(4,000,000	)	04-Dec-2014	05-Dec-2014	27-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010304890		USD		(25,000,000	)		(25,000,000	)	08-Dec-2014	09-Dec-2014	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS17FEB15	0010304519		USD		(400,000,000	)		(400,000,000	)	04-Dec-2014	10-Dec-2014	17-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010304541		USD		(200,000,000	)		(200,000,000	)	04-Dec-2014	10-Dec-2014	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010304889		USD		(100,000,000	)		(100,000,000	)	08-Dec-2014	10-Dec-2014	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010304898		USD		(100,000,000	)		(100,000,000	)	08-Dec-2014	10-Dec-2014	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3MAR15	0010305246		USD		(100,000,000	)		(100,000,000	)	11-Dec-2014	11-Dec-2014	03-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010305248		USD		(100,000,000	)		(100,000,000	)	11-Dec-2014	11-Dec-2014	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS27FEB15	0010305284		USD		(78,400,000	)		(78,400,000	)	11-Dec-2014	11-Dec-2014	27-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS2MAR15	0010305285		USD		(2,000,000	)		(2,000,000	)	11-Dec-2014	12-Dec-2014	02-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010305420		USD		(50,000,000	)		(50,000,000	)	16-Dec-2014	16-Dec-2014	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010305422		USD		(300,000,000	)		(300,000,000	)	16-Dec-2014	16-Dec-2014	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010305423		USD		(13,000,000	)		(13,000,000	)	16-Dec-2014	16-Dec-2014	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010305429		USD		(50,000,000	)		(50,000,000	)	16-Dec-2014	16-Dec-2014	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010305424		USD		(100,000,000	)		(100,000,000	)	16-Dec-2014	17-Dec-2014	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010305426		USD		(50,000,000	)		(50,000,000	)	16-Dec-2014	17-Dec-2014	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS13FEB15	0010305425		USD		(50,000,000	)		(50,000,000	)	16-Dec-2014	19-Dec-2014	13-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS2MAR15	0010305668		USD		(100,000,000	)		(100,000,000	)	19-Dec-2014	19-Dec-2014	02-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS27FEB15	0010305669		USD		(100,000,000	)		(100,000,000	)	19-Dec-2014	19-Dec-2014	27-Feb-2015

Page 10/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010305680		USD		(100,000,000	)		(100,000,000	)	22-Dec-2014	22-Dec-2014	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010305688		USD		(50,000,000	)		(50,000,000	)	22-Dec-2014	23-Dec-2014	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24FEB15	0010306100		USD		(84,000,000	)		(84,000,000	)	05-Jan-2015	05-Jan-2015	24-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS24FEB15	0010306101		USD		(500,000,000	)		(500,000,000	)	05-Jan-2015	07-Jan-2015	24-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS6MAR15	0010306102		USD		(640,000	)		(640,000	)	05-Jan-2015	07-Jan-2015	06-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS3MAR15	0010306106		USD		(100,000,000	)		(100,000,000	)	06-Jan-2015	07-Jan-2015	03-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS27MAR15	0010306107		USD		(25,000,000	)		(25,000,000	)	06-Jan-2015	07-Jan-2015	27-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS9MAR15	0010306155		USD		(20,000,000	)		(20,000,000	)	07-Jan-2015	08-Jan-2015	09-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS18MAR15	0010306282		USD		(25,000,000	)		(25,000,000	)	08-Jan-2015	08-Jan-2015	18-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS4MAR15	0010306280		USD		(50,000,000	)		(50,000,000	)	08-Jan-2015	09-Jan-2015	04-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS17FEB15	0010306363		USD		(5,000,000	)		(5,000,000	)	08-Jan-2015	09-Jan-2015	17-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010306657		USD		(16,000,000	)		(16,000,000	)	12-Jan-2015	12-Jan-2015	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010306668		USD		(100,000,000	)		(100,000,000	)	12-Jan-2015	12-Jan-2015	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS20FEB15	0010306671		USD		(500,000,000	)		(500,000,000	)	12-Jan-2015	12-Jan-2015	20-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010306683		USD		(75,000,000	)		(75,000,000	)	12-Jan-2015	12-Jan-2015	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS18MAR15	0010306656		USD		(200,000,000	)		(200,000,000	)	12-Jan-2015	13-Jan-2015	18-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010306669		USD		(50,000,000	)		(50,000,000	)	12-Jan-2015	13-Jan-2015	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS20FEB15	0010306672		USD		(500,000,000	)		(500,000,000	)	12-Jan-2015	13-Jan-2015	20-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010306883		USD		(50,000,000	)		(50,000,000	)	14-Jan-2015	14-Jan-2015	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010306891		USD		(50,000,000	)		(50,000,000	)	14-Jan-2015	14-Jan-2015	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS015JAN15	0010306899		USD		(50,000,000	)		(50,000,000	)	14-Jan-2015	14-Jan-2015	15-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS18MAR15	0010306905		USD		(5,000,000	)		(5,000,000	)	14-Jan-2015	15-Jan-2015	18-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010307011		USD		(50,000,000	)		(50,000,000	)	15-Jan-2015	15-Jan-2015	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010307012		USD		(50,000,000	)		(50,000,000	)	15-Jan-2015	15-Jan-2015	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS016JAN15	0010307017		USD		(50,000,000	)		(50,000,000	)	15-Jan-2015	15-Jan-2015	16-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010307176		USD		(50,000,000	)		(50,000,000	)	16-Jan-2015	16-Jan-2015	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010307182		USD		(50,000,000	)		(50,000,000	)	16-Jan-2015	16-Jan-2015	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20JAN15	0010307183		USD		(50,000,000	)		(50,000,000	)	16-Jan-2015	16-Jan-2015	20-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS21JAN15	0010307249		USD		(50,000,000	)		(50,000,000	)	20-Jan-2015	20-Jan-2015	21-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS21JAN15	0010307250		USD		(50,000,000	)		(50,000,000	)	20-Jan-2015	20-Jan-2015	21-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS21JAN15	0010307268		USD		(75,000,000	)		(75,000,000	)	20-Jan-2015	20-Jan-2015	21-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS22JAN15	0010307310		USD		(50,000,000	)		(50,000,000	)	21-Jan-2015	21-Jan-2015	22-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS22JAN15	0010307311		USD		(50,000,000	)		(50,000,000	)	21-Jan-2015	21-Jan-2015	22-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS22JAN15	0010307317		USD		(50,000,000	)		(50,000,000	)	21-Jan-2015	21-Jan-2015	22-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010307323		USD		(2,500,000	)		(2,500,000	)	21-Jan-2015	21-Jan-2015	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010307325		USD		(3,500,000	)		(3,500,000	)	21-Jan-2015	21-Jan-2015	24-Mar-2015

Page 11/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type /Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS23JAN15	0010307376		USD		(50,000,000	)		(50,000,000	)	22-Jan-2015	22-Jan-2015	23-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS23JAN15	0010307377		USD		(50,000,000	)		(50,000,000	)	22-Jan-2015	22-Jan-2015	23-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS12MAR15	0010307390		USD		(88,000,000	)		(88,000,000	)	22-Jan-2015	22-Jan-2015	12-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS23JAN15	0010307393		USD		(75,000,000	)		(75,000,000	)	22-Jan-2015	22-Jan-2015	23-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS26JAN15	0010307456		USD		(50,000,000	)		(50,000,000	)	23-Jan-2015	23-Jan-2015	26-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS26JAN15	0010307480		USD		(50,000,000	)		(50,000,000	)	23-Jan-2015	23-Jan-2015	26-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS27JAN15	0010307583		USD		(50,000,000	)		(50,000,000	)	26-Jan-2015	26-Jan-2015	27-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS27JAN15	0010307584		USD		(50,000,000	)		(50,000,000	)	26-Jan-2015	26-Jan-2015	27-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS28JAN15	0010307610		USD		(100,000,000	)		(100,000,000	)	27-Jan-2015	27-Jan-2015	28-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS28JAN15	0010307611		USD		(100,000,000	)		(100,000,000	)	27-Jan-2015	27-Jan-2015	28-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS29JAN15	0010307638		USD		(100,000,000	)		(100,000,000	)	28-Jan-2015	28-Jan-2015	29-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS29JAN15	0010307649		USD		(100,000,000	)		(100,000,000	)	28-Jan-2015	28-Jan-2015	29-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS30JAN15	0010307693		USD		(100,000,000	)		(100,000,000	)	29-Jan-2015	29-Jan-2015	30-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS30JAN15	0010307694		USD		(100,000,000	)		(100,000,000	)	29-Jan-2015	29-Jan-2015	30-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS30JAN15	0010307697		USD		(100,000,000	)		(100,000,000	)	29-Jan-2015	29-Jan-2015	30-Jan-2015
DIN/SELL USD/IBRD/DIN IBRDUS20MAR15	0010307692		USD		(75,000,000	)		(75,000,000	)	29-Jan-2015	30-Jan-2015	20-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010307770		USD		(100,000,000	)		(100,000,000	)	30-Jan-2015	30-Jan-2015	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010307794		USD		(100,000,000	)		(100,000,000	)	30-Jan-2015	30-Jan-2015	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010307795		USD		(50,000,000	)		(50,000,000	)	30-Jan-2015	30-Jan-2015	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS002FEB15	0010307796		USD		(100,000,000	)		(100,000,000	)	30-Jan-2015	30-Jan-2015	02-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010308144		USD		(50,000,000	)		(50,000,000	)	02-Feb-2015	02-Feb-2015	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3FEB15	0010308145		USD		(50,000,000	)		(50,000,000	)	02-Feb-2015	02-Feb-2015	03-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS20MAR15	0010308156		USD		(15,000,000	)		(15,000,000	)	02-Feb-2015	02-Feb-2015	20-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010308177		USD		(50,000,000	)		(50,000,000	)	03-Feb-2015	03-Feb-2015	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010308178		USD		(50,000,000	)		(50,000,000	)	03-Feb-2015	03-Feb-2015	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS4FEB15	0010308179		USD		(50,000,000	)		(50,000,000	)	03-Feb-2015	03-Feb-2015	04-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010308183		USD		(50,000,000	)		(50,000,000	)	03-Feb-2015	03-Feb-2015	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010308184		USD		(50,000,000	)		(50,000,000	)	03-Feb-2015	03-Feb-2015	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS23MAR15	0010308196		USD		(10,000,000	)		(10,000,000	)	03-Feb-2015	03-Feb-2015	23-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010308198		USD		(25,000,000	)		(25,000,000	)	03-Feb-2015	03-Feb-2015	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010308234		USD		(50,000,000	)		(50,000,000	)	04-Feb-2015	04-Feb-2015	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010308235		USD		(50,000,000	)		(50,000,000	)	04-Feb-2015	04-Feb-2015	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS5FEB15	0010308236		USD		(50,000,000	)		(50,000,000	)	04-Feb-2015	04-Feb-2015	05-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS6FEB15	0010308263		USD		(50,000,000	)		(50,000,000	)	05-Feb-2015	05-Feb-2015	06-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS6FEB15	0010308268		USD		(50,000,000	)		(50,000,000	)	05-Feb-2015	05-Feb-2015	06-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS6FEB15	0010308281		USD		(50,000,000	)		(50,000,000	)	05-Feb-2015	05-Feb-2015	06-Feb-2015

Page 12/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type /Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010308362		USD		(50,000,000	)		(50,000,000	)	06-Feb-2015	06-Feb-2015	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS9FEB15	0010308387		USD		(50,000,000	)		(50,000,000	)	06-Feb-2015	06-Feb-2015	09-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS10FEB15	0010308453		USD		(50,000,000	)		(50,000,000	)	09-Feb-2015	09-Feb-2015	10-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS10FEB15	0010308456		USD		(50,000,000	)		(50,000,000	)	09-Feb-2015	09-Feb-2015	10-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS11FEB15	0010308631		USD		(50,000,000	)		(50,000,000	)	10-Feb-2015	10-Feb-2015	11-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS11FEB15	0010308632		USD		(50,000,000	)		(50,000,000	)	10-Feb-2015	10-Feb-2015	11-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS12FEB15	0010308671		USD		(50,000,000	)		(50,000,000	)	11-Feb-2015	11-Feb-2015	12-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS12FEB15	0010308672		USD		(50,000,000	)		(50,000,000	)	11-Feb-2015	11-Feb-2015	12-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS12FEB15	0010308704		USD		(50,000,000	)		(50,000,000	)	11-Feb-2015	11-Feb-2015	12-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS13FEB15	0010308820		USD		(50,000,000	)		(50,000,000	)	12-Feb-2015	12-Feb-2015	13-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS13FEB15	0010308821		USD		(50,000,000	)		(50,000,000	)	12-Feb-2015	12-Feb-2015	13-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS17FEB15	0010308892		USD		(50,000,000	)		(50,000,000	)	13-Feb-2015	13-Feb-2015	17-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS17FEB15	0010308893		USD		(50,000,000	)		(50,000,000	)	13-Feb-2015	13-Feb-2015	17-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS12MAR15	0010308901		USD		(25,000,000	)		(25,000,000	)	13-Feb-2015	13-Feb-2015	12-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS17FEB15	0010308926		USD		(50,000,000	)		(50,000,000	)	13-Feb-2015	13-Feb-2015	17-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS11MAR15	0010308921		USD		(200,000,000	)		(200,000,000	)	13-Feb-2015	17-Feb-2015	11-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010308986		USD		(50,000,000	)		(50,000,000	)	17-Feb-2015	17-Feb-2015	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS18FEB15	0010308988		USD		(50,000,000	)		(50,000,000	)	17-Feb-2015	17-Feb-2015	18-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010308985		USD		(200,000,000	)		(200,000,000	)	17-Feb-2015	18-Feb-2015	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010308987		USD		(100,000,000	)		(100,000,000	)	17-Feb-2015	18-Feb-2015	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010308989		USD		(100,000,000	)		(100,000,000	)	17-Feb-2015	18-Feb-2015	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS19FEB15	0010308994		USD		(50,000,000	)		(50,000,000	)	18-Feb-2015	18-Feb-2015	19-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS23FEB15	0010309046		USD		(50,000,000	)		(50,000,000	)	20-Feb-2015	20-Feb-2015	23-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS23FEB15	0010309050		USD		(50,000,000	)		(50,000,000	)	20-Feb-2015	20-Feb-2015	23-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS23FEB15	0010309073		USD		(50,000,000	)		(50,000,000	)	20-Feb-2015	20-Feb-2015	23-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS24FEB15	0010309088		USD		(50,000,000	)		(50,000,000	)	23-Feb-2015	23-Feb-2015	24-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS24FEB15	0010309136		USD		(50,000,000	)		(50,000,000	)	23-Feb-2015	23-Feb-2015	24-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS31MAR15	0010309115		USD		(200,000,000	)		(200,000,000	)	23-Feb-2015	24-Feb-2015	31-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS25FEB15	0010309157		USD		(50,000,000	)		(50,000,000	)	24-Feb-2015	24-Feb-2015	25-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS25FEB15	0010309160		USD		(50,000,000	)		(50,000,000	)	24-Feb-2015	24-Feb-2015	25-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS25FEB15	0010309177		USD		(100,000,000	)		(100,000,000	)	24-Feb-2015	24-Feb-2015	25-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS25FEB15	0010309181		USD		(100,000,000	)		(100,000,000	)	24-Feb-2015	24-Feb-2015	25-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS26FEB15	0010309247		USD		(50,000,000	)		(50,000,000	)	25-Feb-2015	25-Feb-2015	26-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS26FEB15	0010309248		USD		(50,000,000	)		(50,000,000	)	25-Feb-2015	25-Feb-2015	26-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS26FEB15	0010309249		USD		(50,000,000	)		(50,000,000	)	25-Feb-2015	25-Feb-2015	26-Feb-2015
DIN/SELL USD/IBRD/DIN IBRDUS3MAR15	0010309744		USD		(100,000,000	)		(100,000,000	)	02-Mar-2015	02-Mar-2015	03-Mar-2015

Page 13/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015


Borrowing Type/ Description	Trade Id	Currency		Currency Amount			US$ Equivalent			Trade Date	Settlement Date	Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15	0010309745		USD		(100,000,000	)		(100,000,000	)	02-Mar-2015	02-Mar-2015	03-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS3MAR15	0010309746		USD		(100,000,000	)		(100,000,000	)	02-Mar-2015	02-Mar-2015	03-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS4MAR15	0010309817		USD		(100,000,000	)		(100,000,000	)	03-Mar-2015	03-Mar-2015	04-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS4MAR15	0010309818		USD		(100,000,000	)		(100,000,000	)	03-Mar-2015	03-Mar-2015	04-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010310211		USD		(100,000,000	)		(100,000,000	)	09-Mar-2015	09-Mar-2015	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010310212		USD		(100,000,000	)		(100,000,000	)	09-Mar-2015	09-Mar-2015	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS10MAR15	0010310234		USD		(100,000,000	)		(100,000,000	)	09-Mar-2015	09-Mar-2015	10-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS11MAR15	0010310324		USD		(100,000,000	)		(100,000,000	)	10-Mar-2015	10-Mar-2015	11-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS11MAR15	0010310325		USD		(100,000,000	)		(100,000,000	)	10-Mar-2015	10-Mar-2015	11-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS12MAR15	0010310445		USD		(100,000,000	)		(100,000,000	)	11-Mar-2015	11-Mar-2015	12-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS12MAR15	0010310448		USD		(100,000,000	)		(100,000,000	)	11-Mar-2015	11-Mar-2015	12-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS13MAR15	0010310509		USD		(100,000,000	)		(100,000,000	)	12-Mar-2015	12-Mar-2015	13-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS13MAR15	0010310513		USD		(100,000,000	)		(100,000,000	)	12-Mar-2015	12-Mar-2015	13-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010310567		USD		(28,000,000	)		(28,000,000	)	13-Mar-2015	13-Mar-2015	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010310580		USD		(22,000,000	)		(22,000,000	)	13-Mar-2015	13-Mar-2015	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010310581		USD		(50,000,000	)		(50,000,000	)	13-Mar-2015	13-Mar-2015	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010310582		USD		(50,000,000	)		(50,000,000	)	13-Mar-2015	13-Mar-2015	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS16MAR15	0010310584		USD		(100,000,000	)		(100,000,000	)	13-Mar-2015	13-Mar-2015	16-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS17MAR15	0010310626		USD		(100,000,000	)		(100,000,000	)	16-Mar-2015	16-Mar-2015	17-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS17MAR15	0010310628		USD		(100,000,000	)		(100,000,000	)	16-Mar-2015	16-Mar-2015	17-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS17MAR15	0010310639		USD		(100,000,000	)		(100,000,000	)	16-Mar-2015	16-Mar-2015	17-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS18MAR15	0010310669		USD		(100,000,000	)		(100,000,000	)	17-Mar-2015	17-Mar-2015	18-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS20MAR15	0010310894		USD		(100,000,000	)		(100,000,000	)	19-Mar-2015	19-Mar-2015	20-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS20MAR15	0010310895		USD		(50,000,000	)		(50,000,000	)	19-Mar-2015	19-Mar-2015	20-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS20MAR15	0010310911		USD		(50,000,000	)		(50,000,000	)	19-Mar-2015	19-Mar-2015	20-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS23MAR15	0010310928		USD		(100,000,000	)		(100,000,000	)	20-Mar-2015	20-Mar-2015	23-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS23MAR15	0010310930		USD		(100,000,000	)		(100,000,000	)	20-Mar-2015	20-Mar-2015	23-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS23MAR15	0010310950		USD		(71,590,000	)		(71,590,000	)	20-Mar-2015	20-Mar-2015	23-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010310953		USD		(100,000,000	)		(100,000,000	)	23-Mar-2015	23-Mar-2015	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010310958		USD		(100,000,000	)		(100,000,000	)	23-Mar-2015	23-Mar-2015	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS24MAR15	0010310968		USD		(100,000,000	)		(100,000,000	)	23-Mar-2015	23-Mar-2015	24-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010311007		USD		(50,000,000	)		(50,000,000	)	24-Mar-2015	24-Mar-2015	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS025MAR15	0010311019		USD		(100,000,000	)		(100,000,000	)	24-Mar-2015	24-Mar-2015	25-Mar-2015
DIN/SELL USD/IBRD/DIN IBRDUS30MAR15	0010311172		USD		(50,000,000	)		(50,000,000	)	27-Mar-2015	27-Mar-2015	30-Mar-2015

Sub-total Matured Borrowings - United States Dollar					(17,070,905,000	)		(17,070,905,000	)

Page 14/15

International Bank for Reconstruction and Development

SEC Report - Changes in Borrowings

Short Term

January 01, 2015 through March 31, 2015

Borrowing Type /Description

Trade Id

Currency

Currency Amount

US$ Equivalent

Trade Date

Settlement Date

Maturity Date

Nigerian Naira

BOND/SELL NGN/IBRD/GDIF/0315NGN14.00

0000012962

NGN

(6,500,000,000

)

(32,655,090

)

21-Mar-2014

31-Mar-2014

31-Mar-2015

Sub-total New Borrowings - Nigerian Naira

(6,500,000,000

)

(32,655,090

)

Total Matured Borrowings

(17,103,560,090

)

Page 15/15

Dates Referenced Herein and Documents Incorporated by Reference

This ‘QRTLYRPT’ Filing	Date	Other Filings

	9/30/17	QRTLYRPT
	6/30/17	ANNLRPT
	3/16/17
	3/16/16
	6/30/15	ANNLRPT
Filed on:	5/11/15
	4/8/15
For Period End:	3/31/15
	3/30/15
	3/16/15
	1/1/15
	10/14/14
	10/10/14
	8/7/14	ANNLRPT
	7/1/14
	6/30/14	ANNLRPT
	3/31/14	QRTLYRPT
	9/27/13
	7/16/13
	6/30/13	ANNLRPT
	7/5/12
	6/30/11	ANNLRPT, DSTRBRPT
	7/1/00
		List all Filings

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Filing Submission 0001193125-15-181938 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

International Bank for Reconstruction & Development – ‘QRTLYRPT’ for 3/31/15

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Quarterly Report by an International Development BankFiling Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report by an International Development Bank
Filing Table of Contents