                                                                                                             Sovereign and Supranational

CREDIT OPINION                               IBRD (World Bank)  Aaa stable

17 July 2026                                 Update following methodology update

 Update                                      Summary

RATINGS                                      The credit profile of the International Bank for Reconstruction and Development (IBRD)
IBRD                                         reflects its very high intrinsic financial strength, backed by very high shareholder support.
                                             IBRD's key credit strengths include high capital adequacy supported by a robust risk
Long-term Issuer                             framework, and preferred creditor status that ensures strong asset performance; its
Short-term Issuer                            extraordinary access to global funding markets, coupled with ample and high-quality
                                             liquidity, and very high shareholder support.

                             Rating Outlook  Exhibit 1

                             Aaa STA         IBRD's credit profile is determined by three factors

                             P-1  --

                                             Solvency                 Liquidity and funding
                                                aa3                              aaa

Contacts                                     Preliminary intrinsic financial strength        Qualitative adjustments
                                                                   aa1                                     +1
Kathrin                   +44.20.7772.1383

Muehlbronner

Senior Vice President                                                 Adjusted intrinsic financial strength           Strength of member support
                                                                                           aaa                                    Very High
kathrin.muehlbronner@moodys.com

Paolo Romanengo           +44.79.6692.3402

Ratings Associate                                                     Scorecard-Indicated Outcome Range
                                                                                         Aaa-Aa2
paolo.romanengo@moodys.com

Ariane Ortiz-Bollin       +1.212.553.4872

Associate Managing Director                  Source: Moody's Ratings

ariane.ortiz-bollin@moodys.com

Marie Diron               +44.20.7772.1968   Credit strengths

MD-Global Sovereign Risk

marie.diron@moodys.com                        Solid capital adequacy, supported by a robust risk management framework and preferred
                                                creditor status that contributes to very strong asset performance

CLIENT SERVICES             1-212-553-1653    Exceptional access to global funding markets and ample liquidity buffers
Americas                     852-3551-3077
Asia Pacific               81-3-5408-4100     Large buffer of callable capital, and very high willingness and ability of its globally
Japan                     44-20-7772-5454       diversified shareholder base to provide support
EMEA
                                             Credit challenges

                                              Lower capital adequacy metric than many similarly rated peers
Moody's Ratings                                                                 Sovereign and Supranational

Rating outlook

The stable outlook reflects our expectation that IBRD will maintain its very strong financial metrics as it continues to implement its
evolution roadmap. Although IBRD's capital adequacy metric may weaken gradually over the coming years, as lending will rise faster
in line with its financial planning, we expect asset performance to remain solid, anchored by prudent risk management. In addition,
we expect that IBRD's shareholders will continue to provide strong support in the coming years, given the bank's central role in global
development policy and finance.

Factors that could lead to a downgrade

Reassessment of the strength of shareholder support would exert negative pressure on the rating. A change in shareholder support
or in the institution's mandate, particularly due to geopolitical tensions among shareholders or policy shifts from key shareholders
could indicate that long-term support may not be as strong or as forthcoming as it has been in the past. Downward pressure could also
emerge if a substantial and multi-year deterioration in capital adequacy were to occur, with no indication of corrective actions being
taken. This is a low-probability scenario that could result from a rapid expansion in lending, combined with a decline in asset quality
and performance stemming from sovereign credit stress among IBRD's largest borrowing countries.

Key indicators

Exhibit 2                                         2020        2021        2022        2023        2024                                                        2025
                                            296,804     317,301     317,542     332,641     356,612                                                     399,511
 IBRD (World Bank)                                                                          150,063                                                     158,127
 Total Assets (USD million)                          0           0           0           0
 Total Risk-Adjusted Assets (USD Millions)   47,221      49,784      53,976      56,915      59,758                                                      66,410
 Usable Equity (USD Millions) [1]                                                                39.8                                                        42.0
 MAC Ratio [2]                                    0.0         0.0         0.0         0.0         0.5                                                         0.5
 Non-Performing Assets / DRA                      0.2         0.2         0.2         0.6
 Liquid Assets / ST Debt + CMLTD               167.3       199.5       194.6       204.7       198.5                                                       218.8
 Liquid Assets / Total Assets                    29.0        28.4        25.9        24.0        23.4                                                        25.8
 Availability of Liquid Resources [3]          110.9       136.8       132.9       132.6
 Weighted Average Shareholder Rating           Baa2        Baa2        Baa3        Baa3        121.8                                                       145.3
 Callable Capital / Gross Debt                 111.0       107.1       121.9       124.8       Baa3                                                        Baa3
                                                                                               114.7                                                         99.2

 [1] Usable equity is total shareholder's equity and excludes callable capital and accumulated other comprehensive income related to the pension plans
 [2] Usable equity / risk-adjusted assets
 [3] Liquid assets / net cash outflows (upcoming 18 months)
Source: Moody's Ratings

Profile

The IBRD is the original World Bank institution that was established as part of the Bretton Woods agreement of 1944 to help rebuild
Europe after World War II. It is a key member of the World Bank Group (WBG). Today, IBRD's main goals are to end extreme poverty
and boost shared prosperity on a livable planet in middle-income and lower-income countries. It does so by providing loans and
guarantees to the public sector and serving as a catalyst for additional external financial flows through co-financing arrangements.
The bank's objective is not to maximize profit, but to earn adequate income to ensure its financial sustainability and continue its
development activities. Therefore, it seeks to generate sufficient revenue to conduct its operations and be able to set aside funds
in reserves to strengthen its financial position. IBRD is one of the most active multilateral financial institution (MFI) issuers in the
international capital markets.

IBRD's main business activity is extending loans to eligible member countries by offering long-term loans that can have a final
maturity of up to 35 years (or up to 50 years for specific projects). Borrowers may customize their repayment terms to meet their debt

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the
most updated credit rating action information and rating history.

2 17 July 2026                                          IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings  Sovereign and Supranational

management or project needs, and loans are offered on fixed and variable terms in multiple currencies although borrowers generally
prefer loans denominated in US dollars and euros.

Detailed credit considerations

Our determination of a supranational's rating is based on three rating factors: solvency, liquidity and funding, and strength of member
support. For multilateral development banks (MDBs), the first two factors combine to form the assessment of intrinsic financial
strength, as shown on the cover page graphic. Additional factors can affect the intrinsic financial strength, such as risks stemming from
the operating environment or the quality of management. The strength of member support is then incorporated to yield a rating range.
For more information, please see our rating methodology for Multilateral Financial Institutions.

FACTOR 1: Solvency: aa3
IBRD's "aa3" solvency score reflects its strong capital adequacy and consistently very low ratio of nonperforming assets (NPA).

Capital ratio is supported by innovative capital instruments and final payments under capital increase
Our key metric for capital adequacy is the MFI adjusted capital (MAC) ratio, which stood at 42% of risk-adjusted development assets
in 2025 and translates into an initial score of "a2" for capital adequacy. The ratio improved compared to 2024, when it stood at just
below 40%, reflecting a faster increase in usable equity than risk-adjusted loans. The final capital adequacy score is set at "a1" to reflect
the wide diversification of IBRD's loan portfolio, being one of the few rated MFIs with a global reach.

IBRD uses the equity-to-loans (E/L) ratio as its key indicator for assessing its capital adequacy. The board approved a reduction in the
minimum ratio to 18% from 20% previously in two steps, effectively authorizing IBRD to assume moderately higher risk on its balance
sheet, in line with the recommendations of the G-20 Capital Adequacy Framework (CAF) report. Consequently, IBRD has accelerated
its loan disbursements over the past two to three years, reaching a net loan portfolio of $283.6 billion as of March 2026, compared
to $280 billion in June 2025. The E/L ratio remained broadly stable over the same period though, standing at 21.4% as of March
2026, because usable equity increased at a faster pace than lending, helped by payments under the 2018 capital increase and the first
purchases of hybrid capital as well as the provision of first-loss portfolio guarantees by several shareholders.

We expect a gradual reduction in the MAC (and the E/L) ratio over the coming years, as the bank leverages the new capital instruments
received and utilizes the additional headroom from lowering the minimum E/L. Overall, IBRD estimates that the various initiatives will
allow it to provide additional lending of around $100 billion over the next ten years. In addition, the bank received the last installments
of its 2018 capital increase, which added a further $7.2 billion in total in paid-in capital as of mid-April 2026. Usable equity according
to our definition stood at $67.1 billion as of March 2026 (based on unaudited financial statements), compared to $66.4 billion in June
2025. Overall we expect that IBRD's capital adequacy will likely remain solid. Besides observing the E/L ratio limits, the bank follows a
range of other prudential limits to ensure its long-term financial strength. For example, it is required to align its annual lending volumes
to its long-term sustainable capacity, which is defined over a 10-year horizon. It also maintains a crisis buffer, which is approved
annually by the board and is currently set at $10 billion (renewed in June 2025 for fiscal year FY2026).

The board approved to initiate the process of removing IBRD's statutory lending limit in mid-2023, which stipulates that the total
volume of outstanding financing provided by the IBRD may not exceed the sum of paid-in capital, reserves and callable capital. This
change will become effective upon requisite shareholder governments' ratification, which is ongoing.

3 17 July 2026   IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                                                                                             Sovereign and Supranational

Exhibit 3                                                                                                                        Exhibit 4

The increase in the MAC ratio reflects slower growth in loan                                                                     IBRD's MAC ratio is slightly below the median for other Aaa rated
disbursements than usable equity                                                                                                 entities
USD million (LHS), % (RHS)                                                                                                       MFI Adjusted Capital (MAC) ratio, %

           Risk-Adjusted Assets (LHS)  Usable Equity (LHS)  MAC Ratio (RHS)                                                                                                          Aaa median
180,000                                                                                  50
                                                                                                                                 120%

                                                                                                                                       aaa, 107%

160,000                                                                                                                          100%
                                                                                                                             45

140,000

120,000                                                                                40                                        80%
                                                                                                                                 60%
100,000                                                                                                                          40%              aa2, 62%        aa2, 61%
                                                                                                                             35
                                                                                                                                                                            a2, 42%
 80,000

60,000                                                                                 30                                                                                            a3, 34%

40,000                                                                                                                           20%
                                                                                                                            25

20,000

-                                                                                            20                                  0%
                             2024                           2025
                                                                                                                                       IDA        IADB            ADB       IBRD     EIB

The MFI Adjusted Capital (MAC) Ratio reflects usable equity over risk-adjusted assets                                            Sources: Moody's Ratings (2025)
Sources: IBRD and Moody's Ratings

Robust capital adequacy also reflects preferred creditor status and global diversification of assets

The risk-adjusted capital ratio also incorporates IBRD's preferred creditor status (PCS) vis--vis its sovereign borrowers as well as credit
enhancements in the form of guarantees received from several shareholders on specific exposures, which amounted to $14 billion as
of March 2026 (unaudited financials). The Bank has a solid and long-standing track record of PCS, as documented in its historic default
and recovery data, released in 2024 and which confirmed the extraordinarily strong asset performance of IBRD's loans. Since the start
of its lending in 1947, IBRD experienced 27 non-accrual events, with a peak of nine defaults during 1991-95, and an average default
rate of 0.7% from the first default in 1984 to 2023. Over the last decade or so, defaults have been much lower, with only one or two
countries in non-accrual. Similarly, IBRD's historical recovery rates have been very strong, reflecting both the fact that IBRD has always
been repaid and that it does not charge interest on overdue interest, that is, its loss calculations only incorporate the present value
of unpaid principal and interest. IBRD's average observed loss given default (LGD) across its full portfolio and over its entire history is
9.6%, with the highest observed LGD at 58.5%.

The diversification of IBRD's loan portfolio across regions and countries provides further credit protection. As the only truly global
public-sector MDB, IBRD has very low regional concentration. The five largest exposures accounts for around 31% of total DRAS, which
is at the lower end of sovereign-focused MDBs and the share has been on a declining trend over the past several years. In addition,
the credit quality of the largest exposures is good, with four of the borrowers rated Baa3 or higher. Similarly, while the single-largest
exposure - which is to India (Baa3 stable) - accounts for around 36% of usable equity, its share of total Development Related Assets
(DRAs) is small at around 8%. We take into account Exposure Exchange Agreements (EEAs) in our assessment of concentration, with
IBRD having EEAs in place with the Inter-American Development Bank (IADB, Aaa stable) and the African Development Bank (AfDB,
Aaa stable) and amounting to a total of $3.6 billion as of June 2025. In October 2025, the bank signed a new EEA with the Asian
Development Bank (ADB, Aaa stable) for the amount of $3 billion. Consistent with its conservative risk appetite, IBRD enters into EEAs
exclusively with AAA-rated MDBs.

IBRD limits its concentration risk based on a dual single borrower limit (SBL) system, effective since July 2019, which differentiates
between countries below and above the graduation discussion income (GDI) threshold. GDI is the level of gross national income per
capita of a member country above which graduation from IBRD starts being discussed. In FY2025, the GDI threshold stood at $7,895
and the SBL for countries below and above the GDI was $30.9 billion and $22.2 billion respectively. As of March 2026, IBRD had loans
to Ukraine (Ca stable) of $16.8 billion (FY2025: $16.9 billion) and extended guarantees of $0.4 billion, which are materially above
IBRD's limits. However, IBRD has received guarantees of $11.5 billion (2025: $11.2 billion) from shareholders for the benefit of Ukraine
that ensure that IBRD's ultimate exposure at risk is small. The guarantees cover both principal and interest.

4 17 July 2026                                                                                                                                    IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                                       Sovereign and Supranational

Exhibit 5                                                                              Exhibit 6

Individual country exposures are moderate                                              Portfolio distribution is well balanced across regions
Share of total exposure by country, % of total DRAs                                    Portfolio concentration, % of total disbursements

            India (Baa3 Stable)                                                        Latin America  Western and     Eastern and
                                                                                       and the        Central Africa  Southern Africa
  Indonesia (Baa2 Negative)                                                            Caribbean      4%              4%
                                                                                       26%
      Colombia (Baa3 Stable)                                                                                                    South Asia
                                                                                                                                13%
    Philippines (Baa2 Stable)
                                                                                                                      Middle East and
             Brazil (Ba1 Stable)                                                                                      North Africa
                                                                                                                      14%
              China (A1 Stable)
                                                                                       Europe and                     East Asia and
           Trkiye (Ba3 Stable)                                                        Central Asia                   Pacific
                                                                                       26%                            13%
         Mexico (Baa3 Stable)
                                                                                       Sources: IBRD audited financial statements, June 2025 and Moody's Ratings
      Argentina (Caa1 Stable)

         Egypt (Caa1 positive)

                                       0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

Total exposure is measured as loans, equity and non-EEA guarantees, net of guarantees
received.
DRAs = Development Related Assets
Sources: IBRD audited financial statements, June 2025 and Moody's Ratings

Asset performance remains very strong despite Belarus in continued non-accrual
Although higher than in previous years, IBRD's asset performance remained very strong, with its NPA ratio of 0.5% as of March 2026
resulting in an assessment of "aa1". Two countries, Zimbabwe and Belarus (C stable), were in non-accrual status as of March 2026.
IBRD classifies loans as nonperforming when a country is overdue on its payments by more than six months. It does not reschedule its
loans and it has never written off a loan. Instead, IBRD continues to seek full recovery of all arrears.

Zimbabwe has been in non-accrual status since October 2000, with an outstanding exposure of $424 million as of March 2026 or
about 0.15% of total gross loans and guarantees outstanding. The Belarus exposure is larger at around $1 billion or 0.35% of the total,
and has been in non-accrual since October 2022. IBRD's non-accrual is amply covered by the bank's accumulated loan loss provisions
of over $3.1 billion or about 1.1% of gross loans and guarantees. In addition to the two non-performing exposures, IBRD has a third very
small exposure that is overdue by more than three months. The first-loss portfolio-wide guarantees that IBRD has been receiving from
several shareholders will prevent further non-performing exposures in our calculations. Assuming that IBRD calls on the guarantors
in a timely fashion, the exposure to the borrower is covered by guarantees from highly-rated shareholders instead. We consider the
guarantees as akin to usable equity, and would therefore deduct any called portion from our calculation of usable equity.

Problem loans have decreased steadily since fiscal 2005, when the share of nonperforming loans reached 3.4% of total loans
outstanding, which is notable given IBRD's countercyclical lending during the global financial crisis and the pandemic. On average, IBRD
has historically experienced relatively higher NPA levels than some other Aaa-rated MDBs, such as ADB and EIB, which have long-term
histories of zero or near-zero NPA ratios. IBRD's NPA ratio is on par with the Aaa-rated median and stronger than some of its other
peers, such as IADB and AfDB. We expect the ratio to remain close to current levels over the coming years.

5 17 July 2026                                                                         IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                    Sovereign and Supranational

Exhibit 7

IBRD's asset performance remains very strong despite the inclusion of Belarus in 2023
NPAs as percentage of development-related assets, %

                 IBRD                 ADB   IADB  EIB         Aaa rated median

2.0%

1.5%

1.0%

0.5%

0.0%             2016                 2017  2018  2019  2020  2021                     2022  2023  2024                     2025
      2015

The Aaa median is not yet available.
Source: Moody's Ratings

FACTOR 2: Liquidity and funding score: aaa
IBRD's "aaa" liquidity and funding score is underpinned by its "aaa" quality of funding and "aa3" liquid resources scores.

Exceptional market access underpinned by strong brand and global benchmark status
IBRD benefits from very strong and regular access to funding markets, reflected in the frequency of its debt issuances, range of funding
instruments, including local-currency bonds, and its stable, diversified investor base. The bank's "aaa" quality of funding score reflects
this exceptional market access.

IBRD is a benchmark issuer in the global capital markets and for the MDB sector as a whole. It fulfills most of its borrowing needs
through frequent bond issuances in the international capital markets in major trading currencies. The strength of its market access has
been tested and proven in numerous episodes of global market stress and heightened volatility. Since 1947, the bank has issued bonds
in more than 60 different currencies, and most borrowings are swapped into short-term variable rates in US dollars. IBRD also issues
debt in different thematic formats. For example, since 2008, IBRD issued approximately $20 billion in green bonds through more than
230 transactions in 28 currencies. In August 2018, the bank issued its first bond using blockchain technology, which was the world's
first bond to be created, allocated, transferred and managed through the use of distributed ledger technology. Since then, the bank
issued two further bonds in digital format, including a CHF-denominated bond settled in central bank digital currency, provided by the
Swiss National Bank in May 2024, further helping advance the digitalization of global capital markets.

The bank's investor base is diversified by both investor type and geography, demonstrating global support for its development mandate
and also reflecting the Basel Committee's classification of IBRD securities as a high-quality liquid asset with zero risk weight.

In FY 2025, IBRD raised a total of $64.5 billion of medium- and long-term debt, significantly higher than the prior year ($52.4 billion),
mainly as a result of higher debt servicing and refinancing requirements. This year's issuance is targeted at $50-60 billion, with $33.7
billion already raised by March.

IBRD strategically calls its debt to reduce its cost of borrowing; it may also repurchase its debt to meet other operational or strategic
needs such as providing liquidity to its investors. As of June 2025, IBRD's borrowing portfolio, after the effects of derivatives, carried
variable rates with a weighted average cost of 4.4% compared with 5.5% in FY2024, reflecting the reduction in short-term market
interest rates during the year.

Ample and high-quality liquidity is supported by a conservative liquidity management strategy
We assess IBRD's liquid resources at "aa3." We measure an MDB's availability of liquid resources as the coverage by liquid assets of the
estimated net cash outflows over a period of 18 months. With a ratio of about 145% in FY2025, IBRD's liquid resources more than fully
cover potential outflows and its ratio is broadly in line with that of other Aaa-rated MDBs. We expect the bank's liquid resources to
remain ample given IBRD's internal liquidity management policies and policy restrictions on leverage. As of June 2025, IBRD's treasury
asset portfolio was $102.7 billion.

6 17 July 2026                                                                         IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                                             Sovereign and Supranational

Exhibit 8                                                                  Exhibit 9

IBRD's availability of liquid resources ratio is broadly in line with its  Borrowings are skewed towards longer maturities
closest peers                                                              Percentage of outstanding borrowings by maturity, share of total
Liquid assets as a percentage of net cash outflows, latest (%)
                                                                                 Less than 1 year             1 to 5 years  Greater than 5 years
  400%
                                                                           100%
  350%
                                                                           90%
  300%
                                                                           80%
  250%
                                                                           70%
  200%
                                                                           60%
  150%
                                                                           50%
  100%
                                                                           40%
    50%
                                                                           30%
      0%
              ESM CEB AfDB AIIB IDA IBRD EBRD IFC NIB IADB ADB EIB         20%

Source: Moody's Ratings                                                    10%

                                                                           0%
                                                                                   FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

                                                                           Sources: IBRD and Moody's Ratings

IBRD's liquidity is underpinned by its conservative asset and liability management policies, which include the use of derivatives to
manage exposure to interest and currency risks, and repricing between loans and borrowing. IBRD's liquidity policy targets coverage
the next 12 months of projected debt service and net loan disbursement needs. The prudential minimum liquidity level is set at 80% of
the target liquidity, although IBRD typically has significantly higher liquidity levels. In FY2025, the size of the liquid asset portfolio was
equivalent to 148% of target liquidity levels.

For FY2026, the target liquidity level was set at $79 billion, compared with a target level of $65 billion for the last fiscal year, due to
the higher projected debt service and net loan disbursements. As of March 2026, IBRD's liquid asset portfolio was at 113% of target
liquidity. IBRD's policies also establish a soft upper guideline of 150% of the target liquidity level. Liquid assets are generally invested
in highly rated securities, with 77% rated Aa or above in FY25, reflecting the bank's objective of principal protection and its preference
for high-quality investments. IBRD's liquid asset investment portfolio consists mostly of sovereign bonds, debt instruments issued by
government agencies and bank time deposits. The treasury portfolio is also highly liquid, with a very short maturity profile: 81% mature
within six months and $24.3 billion mature within the next month, as of 30 June 2025.

Qualitative adjustments to intrinsic financial strength
Operating environment

We do not apply an adjustment for the operating environment given IBRD's globally diversified portfolio.

Governance, including risk management, risk appetite and strategy

We apply a +1 upward adjustment for governance, as we believe that IBRD's risk-management policies and practices are exceptionally
strong, which moves its adjusted intrinsic financial strength score to "aaa". IBRD's governance is solid, with robust oversight by the
board and a strong and independent risk management function. Liquidity and capital management are robust and prudent. Our
assessment of the bank's strong quality of management is consistent with assessments for other large, well-established MDBs,
including EIB, IADB, ADB and the European Bank for Reconstruction and Development (Aaa stable). The adjustment reflects IBRD's
comprehensive policy framework and strong risk management culture, and IBRD has often set standards for the sector as a whole.

FACTOR 3: Strength of member support score: Very High
We score strength of member support as "Very High", resulting in a theoretical three notches of uplift to IBRD's adjusted intrinsic
financial strength of "aaa". This reflects the strong ability and willingness of shareholders to provide support to IBRD in case needed.

Strong ordinary support is underpinned by highly rated shareholders and policy relevance

7 17 July 2026                                                                   IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                                           Sovereign and Supranational

Our assessment of ordinary support at "aa3" incorporates the weighted average shareholder rating of "baa3" - our key indicator for
shareholders' ability to provide support - as well as our view of IBRD's very strong track record of delivering on its mandate and its
very high policy relevance to shareholder, given IBRD's pivotal role in development finance and its global reach. Shareholders have
repeatedly provided additional capital to the bank, including the most recent increase agreed in 2018 and concluded earlier this year.
More recently, several highly rated shareholders have committed to provide hybrid capital and first-loss portfolio- wide guarantees,
which points to a very strong willingness of support by its members.

Exhibit 10

Largest non-borrowing members exemplify strength of shareholder support

In $ millions

                                                                         Share of total  Share of total                   Capital subject to Total subscribed
                                                                                             capital
Member                                          Moody's Ratings          voting power                    Paid-in capital  call        capital
                                                                                            16.7%
US                                              Aa1                      15.8%                           3,896.00         50,627.10   54,523.10

Japan                                           A1                       7.0%            7.4%            1,751.90         22,361.20   24,113.10

Germany                                         Aaa                      4.2%            4.4%            1,043.50         13,261.10   14,304.60

France                                          Aa3                      3.8%            4.0%            956.60           12,145.70   13,102.30

UK                                              Aa3                      3.8%            4.0%            975.70           12,126.60   13,102.30

Saudi Arabia                                    Aa3                      2.7%            2.8%            668.30           8,616.60    9,284.90

Italy                                           Baa2                     2.6%            2.8%            668.60           8,517.10    9,185.70

Canada                                          Aaa                      2.5%            2.6%            619.50           7,879.80    8,499.30

The Netherlands                                 Aaa                      1.9%            2.0%            475.40           6,052.30    6,527.70

Spain                                           A3                       1.9%            2.0%            461.20           5,919.80    6,381.00

Others                                                                   54.1%           51.3%           11,394.60        156,416.80  167,811.00

                                         TOTAL                           100.0%          100.0%          22,911.30        303,924.10  326,835.40

of which non-borrowing and highly rated                                  61.3%           64.1%           15,119.10        194,345.50  209,464.60

Moody's ratings are foreign-currency issuer ratings as of 13 July 2026.
Sources: IBRD and Moody's Ratings

Shareholders' high capacity to provide support is also underpinned by the high creditworthiness of the bank's largest and non-
borrowing members, which we reflect in an upward adjustment to the ordinary strength of support score. We only consider non-
borrowing members that are rated at least A2 for this adjustment. In IBRD's case their share of subscribed capital stands at over 46%.
Only two of the top 10 shareholders -- China (A1 stable) and India (Baa3 stable) -- are borrowers; the remainder have never borrowed
or no longer borrow from the bank.

IBRD also stands out for its very large global membership base, with 189 members, which reduces the financial and economic linkages
among members and which we also reflect in an upward adjustment to the ordinary support score. As a global MDB with broad
geographic distribution of members, IBRD does not face the risk that isolated regional crises would significantly impair its members'
ability to provide support. As the bank's largest risk is credit risk from lending activities, diversification of borrowing and non-borrowing
members ensures a high number of large shareholding members that can be called upon to provide financial assistance that are not the
sources of the financial stress at hand.

Large cushion of callable capital in case of need in financial stress situation
In addition to high ability to support, IBRD has a very large cushion of callable capital at hand in case it ever was needed. Our
quantitative metric takes into consideration the coverage of gross outstanding debt obligations by callable capital. IBRD's coverage
was 99.2% in the last fiscal year, leading to a score of "aa1". We also apply a positive one-notch adjustment to reflect IBRD's strong
enforcement mechanism of contractual support. IBRD's clear and transparent process for responding to a capital call and ample share
of callable capital that would be available on short notice underpin this assessment. Besides the United States (Aa1 Stable) as the
single-largest shareholder, the high portion of callable capital pledged by members rated Aaa through Baa3 supports the stability of the
contractual support assessment.

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Moody's Ratings                                                                                  Sovereign and Supranational

Exhibit 11                                                       Exhibit 12

Highly rated sovereigns provide most of the callable capital...  ...with most of the callable capital provided by 10 sovereigns
Percentage of subscribed capital by rating, % of total (FY2025)  Share of callable capital provided, % of total (FY2025)

                Below Baa or not                                 United States                   17%
                rated
                20%                       Aaa-rated              Japan                       7%
                                          15%

                                                                 China                   6%

                                                                 Germany             4%

                                                                 France              4%

                Baa-rated                                        United Kingdom      4%
                13%
                                          Aa-rated               India           3%
                                 A-rated  33%
                                 19%
                                                                 Russia          3%

                                                                 Saudi Arabia    3%

                                                                 Italy           3%

Foreign-currency government bond ratings as of 16 January 2026.                          0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Sources: IBRD and Moody's Ratings
                                                                 Sources: IBRD and Moody's Ratings

Callable capital is an unconditional and full faith obligation of each member country, the fulfillment of which is independent of
the action of other shareholders. If one or more of the member countries fail to meet this obligation, successive calls on the other
members will be made until the full amount needed is obtained. However, no country is required to pay more than its total callable
subscription. As a result, IBRD does not have support pledged on a joint-and-several basis.

The 2018 capital increases result in additional subscribed capital of $57.2 billion, with $7.2 billion of paid-in capital and $50 billion of
in additional callable capital, as of 16 April 2026, slightly below the originally targeted amount of $7.5 billion in paid-in capital, but in
line with earlier capital increases. Despite earlier uncertainty over continued US support at the beginning of last year, IBRD has since
received the US's share of the capital increase, as well as other expressions of support.

ESG considerations

IBRD (World Bank)'s ESG credit impact score is CIS-1

Exhibit 13

ESG credit impact score

Source: Moody's Ratings

IBRD's credit impact score (CIS-1) indicates that ESG considerations have a positive impact on the rating. For IBRD, this reflects
neutral-to-low exposure to environmental risk, positive exposure to social risk and very strong governance. IBRD's resilience to ESG
risks is further supported by its highly diverse global membership and the particular importance assigned to the bank by large non-
borrowing members.

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Moody's Ratings             Sovereign and Supranational

 Exhibit 14

 ESG issuer profile scores

Source: Moody's Ratings

Environmental
IBRD's exposure to environmental risks reflects its highly diversified lending portfolio, both from a regional and sector perspective,
along with its robust environmental safeguard policies and technical assistance capacities for climate mitigation and adaptation
project lending. IBRD is a leader among MDBs in its use of climate financing and in its active role in supporting global climate change
initiatives.

Social
IBRD's exposure to social risks reflects its very strong position regarding responsible production and credit positive support from
its mission to end extreme poverty and boost shared prosperity on a livable planet. The IBRD extensively uses public consultation
processes to ensure buy-in from key stakeholders and has outstanding community and stakeholder outreach. IBRD does not face any
issues attracting highly skilled personnel and there are no health and safety considerations that would negatively or positively affect the
issuer profile.

Governance
IBRD's very strong governance reflects the bank's very high quality of management and best-in-class financial strategy and risk
management practices. IBRD has one of the longest track records of strong and credible management among MDBs.

ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com. In order to view the
latest scores, please click here to go to the landing page for the entity/transaction on MDC and view the ESG Scores section.

Recent developments

Solid financial performance continues, while lending growth is moderate
IBRD's (unaudited) net income was $1.7 billion for the first nine months of its fiscal year 2026 (FY26) which runs from 1 July 2025 to
30 June 2026. This compares with net income of $1.2 billion during the same period in FY25. Loan interest revenues net of borrowing
expenses continue to be the main  and broadly stable - income driver for IBRD, generating revenues of $2.6 billion in the nine months
to March 2026. The increase in net income was primarily due to an increase in mark-to-market gains on both the trading and non-
trading portfolios. At the same time, loan loss provisioning increased by $220 million and the Board approved an increase of $282
million in transfers.

IBRD focuses on an internal profitability metric, its allocable income, which excludes some adjustments, including unrealized mark-
to-market gains or losses and pension-related adjustments. In addition, Board-approved transfers - the largest being to IDA - are also
excluded from this metric. So far in FY26, allocable income was $1.7 billion, similar to the year before. Net of transfers, the income is
typically retained as surplus or in reserve. IBRD's paid-in equity and reserves grew to $65.6 billion by March 2026 from $63.3 billion
in FY2025. We exclude accumulated other comprehensive income (mainly related to pension benefits) from our calculation of usable
equity.

IBRD's net loan commitments (ie approved by the Board)  were high at $33 billion but actual disbursements were lower than in the
previous year in both gross and net terms, despite IBRD's intention to increase lending. Net loan disbursements were the lowest for
several years at $5.2 billion, given high loan repayments from borrowers. IBRD's key internal metric  the equity-to-loan ratio - has
remained stable at 21.5%, despite shareholder approval to reduce the policy minimum ratio (and increase risk appetite) to 18%.

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Moody's Ratings  Sovereign and Supranational

Strong evidence of shareholder commitment while US support has been reaffirmed
As stated above, we take the commitment of several highly rated shareholders to subscribe to IBRD's hybrid capital and Enhanced
Callable Capital and to provide a first-loss portfolio wide guarantee as clear indications of very strong shareholder support for IBRD and
its updated mission. As of 30 March 2026, IBRD has signed bilateral agreements for hybrid capital with eleven shareholders for a total
notional value of $989 million, out of which $664 million has been settled and reported in the balance sheet. Also, portfolio-wide first
loss guarantee agreements of $1.1 billion notional were effective with two shareholders. We include the various capital-like instruments
in our calculation of usable equity.

In January 2026, New Zealand (Aaa negative) was the first shareholder to commit $50 million to the IBRD's Enhanced Callable Capital
(ECC) instrument, which ensures that additional capital becomes available to IBRD earlier than is the case with standard callable
capital, and which we also consider as usable equity. The ECC would be called when IBRD is facing an imminent threat of losing its Aaa
rating, and would have to be provided within two to three months. Once called, the ECC converts into permanent paid-in capital, albeit
with no additional voting rights for the participating shareholder. In addition, the majority of shareholders have subscribed to and paid
the capital payments due under the 2018 capital increase, including the US.

11 17 July 2026  IBRD (World Bank)  Aaa stable: Update following methodology update
Moody's Ratings                                                                                     Sovereign and Supranational

Rating methodology and scorecard factors: IBRD (World Bank) - Aaa stable

Factor / Subfactor        Metric                                                Initial score  Adjusted score Assigned score

Factor 1: Solvency (50%)                                                                       aa3        aa3

Capital adequacy (30%)                                                                         a1

                          MFI Adjusted Capital (MAC) ratio                      a2

                          Trend                                                 0

                          Concentration                                         +1

Asset performance (20%)                                                                        aa1

                          Non-performing assets                                 aa1

                          Trend                                                 0

                          Excessive development asset growth                    0

Factor 2: Liquidity and funding (50%)                                                          aaa        aaa

Liquid resources (5%)                                                                          aa3

                          Availability of liquid resources                      aa3

                          Trend in coverage outflow                             0

                          Access to extraordinary liquidity                     0

Quality of funding (45%)                                                                       aaa

Preliminary intrinsic financial strength                                                                  aa1

Other adjustments                                                                                         +1

Operating environment                                                           0

Governance                                                                      +1

Adjusted intrinsic financial strength                                                                     aaa

Factor 3: Strength of member support (+3,+2,+1,0)                                              Very High  Very High

Ordinary support (70%)                                                                         aa3

                          Weighted average shareholder rating                   Baa3

                          Track Record of Support and Policy Relevance          Very High

                          Large presence of highly-rated non-borrowing members  1

                          Diversification of shareholder base                   1

Extraordinary support (30%)

                          Contractual support                                   aa1            aaa

                          Strong enforcement mechanism                          +1

                          Payment enhancements                                  0

Scorecard-Indicated Outcome Range                                                                         Aaa-Aa2

Rating Assigned                                                                                           Aaa

Note: Our ratings are forward-looking and reflect our expectations for future financial and operating performance. However, historical results are helpful in
understanding patterns and trends of an issuer's performance as well as for peer comparisons. Additional considerations that may not be captured when historical
metrics are used in the scorecard may be reflected in differences between the adjusted and assigned factor scores. Furthermore, in our ratings we often incorporate
directional views of risks and mitigants in a qualitative way. For more information please see our Multilateral Financial Institutions rating methodology.

Source: Moody's Ratings

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Moody's Ratings  Sovereign and Supranational

Related websites and information sources

 Moody's Supranational web page

 Moody's Sovereign and supranational rating list

 IBRD (World Bank) website

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