December 02, 2009 12:07 PM Eastern Time

FRN Variable Rate Fix

Re:	EUROPEAN BANK FOR RECONSTRUCTION & DEVELOPMENT
	ITL 1.25E+11
	MATURING: 04-Dec-2018
	ISIN: XS0092294262

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
04-Dec-2009 TO 04-Dec-2010 HAS BEEN FIXED AT 6.760520 PCT

DAY BASIS: 30/360

INTEREST PAYABLE VALUE 04-Dec-2010 WILL AMOUNT TO:
ITL 338026 PER ITL 5000000 DENOMINATION