Distribution Report by Development Bank (Form DSTRBRPT)

Title and Date. U.S.$ 150,000,000 3.625 per cent. Fixed Rate Notes due 1 December 2028

Interest Rate/Interest Payment Date. 3.625 per cent. per annum payable annually in arrears on December 1 of each year beginning December 1, 2026 and ending on the Maturity Date. See, Final Terms, Item 15.

Maturity Date. December 1, 202.

Redemption Provisions/Amortization Provisions. The Notes are not redeemable prior to maturity. See Prospectus, Terms and Conditions of the Notes, Condition 5.

Kind and Priority of Liens. Not applicable.

Priority of Obligations. The Notes will constitute direct, unconditional, general and unsecured obligations of the Corporation and will rank pari passu and without any preference among themselves and pari passu with all other outstanding unsecured and unsubordinated obligations for borrowed money of the Corporation. See Prospectus, Terms and Conditions of the Notes, Condition 3.

Amendment of Terms.

Other Material Provisions. Not applicable.

Fiscal/Paying Agent. The Global Agent is Citibank, N.A., London Branch, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, England.

Plan of Distribution. See, generally, Prospectus, cover page, pp. 45-47, the Program Agreement, and the Terms Agreement.

Stabilization Provisions. Not applicable.

Responsibility of Each Underwriter/Withholding of Commissions. See generally Program Agreement and Terms Agreement.

Information Statement (dated October 3, 2024);¹

Prospectus (October 3, 2023);²

Final Terms (October 3, 2025); and

Terms Agreement (October 3, 2025).

Incorporated by reference from filing pursuant to Rule 2(a)(3) of Regulation IFC dated October 3, 2024

Filed on October 18, 2023.

1.  Issuer:

2.  (i)  Series Number:

(ii)  Tranche Number:

2794

1

3.  Specified Currency or Currencies:

4.  Aggregate Nominal Amount:

(i)  Series:

(ii)  Tranche:

5.  Issue Price:

6.  (i)  Specified Denominations:

(ii)  Calculation Amount:

7.  (i)  Issue Date:

(ii)  Interest Commencement Date:

8.  Maturity Date:

9.  Interest Basis:

3.625 per cent. Fixed Rate

(further particulars specified below)

10.  Redemption/Payment Basis:

11.  Change of Interest or Redemption/Payment Basis:

12.  Put/Call Options:

13.  Status of the Notes:

14.  Method of distribution

15.  Fixed Rate Note Provisions:

(i)  Rate of Interest:

(ii)  Interest Payment Date(s):

(iii)   Fixed Coupon Amount(s):

(iv) Broken Amount(s):

(v)   Day Count Fraction:

(vi) Determination Dates:

(vii)  Other terms relating to the method of calculating interest for Fixed Rate Notes:

16.  Floating Rate Note Provisions:

17.  Zero Coupon Note Provisions:

18.  Index-Linked Note/other variable-linked Interest Note Provisions:

19.  Dual Currency Interest Note Provisions:

20.  Call Option:

21.  Automatic Early Redemption:

22.  Put Option:

23.  Final Redemption Amount of each Note:

Capital at Risk Notes

24.  Early Redemption Amount:

Early Redemption Amount(s) per Calculation Amount payable on event of default or other early redemption and/or the method of calculating the same (if required or if different from that set out in the Conditions):

25.  Form of Notes:

Registered Notes:

Global Certificate available on Issue Date

26.  New Global Note (NGN):

27.  Global Certificate held under the new safe-keeping structure (NSS):

28.  Financial Centre(s) or other special provisions relating to payment dates:

29.  Talons for future Coupons or Receipts to be attached to Definitive Bearer Notes (and dates on which such Talons mature):

30.  Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made:

31.  Details relating to instalment Notes: Instalment Amounts, Instalment Dates:

32.  Redenomination, renominalization and reconventioning provisions:

33.  Consolidation provisions:

34.  Additional terms:

Applicable

For the purposes of this issue of Notes the first sentence of Condition 6(h) shall be deemed amended to read as follows: "If any date for payment in respect of any Note, Receipt or Coupon is not a business day, such date for payment shall be postponed to the next day that is a business day, unless it would thereby fall into the next calendar month, in which event such date shall be brought forward to the immediately preceding business day."

35.  Governing law:

36.  (i) If syndicated, names and addresses of Managers and underwriting commitments:

(ii)  Date of Terms Agreement:

(iii)  Stabilization Manager(s) (if any):

37.  If non-syndicated, name and address of Dealer:

Crédit Agricole Corporate and Investment Bank

12 Place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

38.  Total commission and concession:

39.  Additional selling restrictions:

LISTING

 (i)  Listing:

 (ii) Admission to trading:

RATINGS

 Ratings:

The Notes to be issued have been rated:

S & P: AAA

Moody's: Aaa

USE OF PROCEEDS

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

OPERATIONAL INFORMATION

Intended to be held in a manner which would allow Eurosystem eligibility:

No

No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper, and registered in the name of a nominee of one of the ICSDs acting as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met

ISIN Code:

CUSIP:

Any clearing system(s) other than Euroclear Bank SA/NV, Clearstream Banking S.A. and The Depository Trust Company and the relevant identification number(s):

Delivery:

Names and addresses of additional

Paying Agent(s) (if any):

Names and addresses of any Exchange Agent(s) (other than the Global Agent) (if any):

GENERAL

Applicable TEFRA exemption:

The undersigned agrees to purchase from you (the Corporation) the Corporation's Issue of USD 150,000,000 3.625% Notes due 1 December 2028 (the Notes) described in the Final Terms, dated as of the date hereof in the form of Annex 1 hereto (the Final Terms) at 9:00 a.m. New York time on 7 October 2025 (the Settlement Date) at an aggregate purchase price of USD 150,000,000 (which is 100.00% of the aggregate nominal amount of the Notes) on the terms set forth herein and in the Standard Provisions, dated as of 11 October 2021 (as amended from time to time, the Standard Provisions), incorporated herein by reference. In so purchasing the Notes, the undersigned understands and agrees that it is not acting as an agent of the Corporation in the sale of the Notes.

When used herein and in the Standard Provisions as so incorporated, the term Notes refers to the Notes as defined herein, the term Time of Sale refers to 30 September 2025 and the term Dealer refers to the undersigned. All other terms defined in the Prospectus, the Final Terms relating to the Notes and the Standard Provisions shall have the same meaning when used herein.

The Corporation represents and warrants to the undersigned that the representations, warranties and agreements of the Corporation set forth in Clause 2 of the Standard Provisions (with the term "Prospectus" revised to read the "Prospectus as amended and supplemented with respect to Notes at the date hereof") are true and correct on the date hereof. The Corporation has not committed or earmarked the proceeds of the Notes for lending to, or financing activities with, a specific person or organization.

The obligation of the undersigned to purchase Notes hereunder is subject to the accuracy, on the date hereof and on the Settlement Date, of the Corporation's representations and warranties contained in Clause 2 of the Standard Provisions and to the Corporation's performance and observance of all applicable covenants and agreements contained therein, in each case with respect to the Notes. The obligation of the undersigned to purchase Notes hereunder is further subject to the receipt by the undersigned of an officer's certificate of the Corporation substantially in the form referred to in Clause 6(a) of the Standard Provisions, dated as of the Settlement Date.

The Corporation agrees that it will issue the Notes and the undersigned agrees to purchase the Notes at the purchase price specified above (being equal to the issue price of 100 per cent. of the nominal amount of the Notes). For the avoidance of doubt, the purchase price of the aggregate nominal amount of the Notes is USD 150,000,000.

The Corporation hereby appoints the undersigned as a Dealer under the Standard Provisions solely for the purpose of the issue of Notes to which this Terms Agreement relates. The undersigned accepts such appointment, whereupon it shall be vested, solely with respect to this issue of Notes, with all authority, rights and powers of a Dealer purchasing Notes as principal set out in the Standard Provisions, a copy of which it acknowledges it has received.

In consideration of the Corporation appointing the undersigned as a Dealer under the Standard Provisions solely with respect to this issue of Notes, the undersigned hereby undertakes for the benefit of the Corporation, that, in relation to this issue of Notes, it will perform and comply with all of the duties and obligations expressed to be assumed by a Dealer under the Standard Provisions.

The undersigned acknowledges that such appointment is limited to this particular issue of Notes and is not for any other issue of Notes of the Corporation and that such appointment will terminate upon issue of the relevant Notes, but without prejudice to any rights (including, without limitation, any indemnification rights), duties or obligations of the undersigned which have arisen prior to such termination.

For purposes hereof, the notice details of the undersigned are set out in Schedule 1 hereto.

Solely for the purposes of the requirements of Article 9(8) of the Product Governance Rules under EU Delegated Directive 2017/593 (the MiFID Product Governance Rules) regarding the mutual responsibilities of manufacturers under the MiFID Product Governance Rules:

the Dealer, the Manufacturer, understands the responsibilities conferred upon it under the MiFID Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related information set out in the Final Terms in connection with the Notes; and

the Corporation notes the application of the MiFID Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Notes by the Manufacturer and the related information set out in the Final Terms in connection with the Notes.

Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:

the Dealer, the UK Manufacturer understands the responsibilities conferred upon it under the the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related information set out in the Final Terms in connection with the Notes; and

the Corporation notes the application of the UK MiFIR Product Governance Rules and acknowledges the target market and distribution channels identified as applying to the Notes by the UK Manufacturer and the related information set out in the Final Terms in connection with the Notes.

This Terms Agreement shall be governed by and construed in accordance with the laws of New York.

This Terms Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts together shall constitute one and the same instrument.

/s/ Tom Ceusters