Moody's Credit Research report

"Moody’s rates the European Bank for Reconstruction and Development (EBRD) Aaa/Prime-1 with a stable outlook. The rating reflects the bank’s prudent capital and liquidity policies."

The following document is entitled "Credit Analysis. Moody's Global Sovereign - European Bank for Reconstruction & Development" (dated 26 August 2011).

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This posting of the following document on the EBRD web site does not imply endorsement or approval of its contents by the EBRD.

The following document shall not be construed to contain, explicitly or implicitly, any investment recommendations.

The following document does not constitute an offer of or an invitation by or on behalf of the EBRD to purchase or sell any securities, nor should it be considered investment advice.

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Last updated 22 April 2010