Distribution Report by Development Bank - Form DSTRBRPT

Title and Date. U.S.$40,000,000 4.333 per cent. Fixed Rate Notes due November 14, 2029

Interest Rate/Interest Payment Date. 4.333 per cent. per annum payable semi-annually in arrears on May 14 and November 14 of each year commencing on May 14, 2025, up to and including the Maturity Date. See, Final Terms, Item 15.

Maturity Date. November 14, 2029

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.

Distribution of Obligations

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.

Distribution Spread. See Final Terms, "Distribution".

Discounts and Commissions to Sub-Underwriters and Dealers. See Item 2(a) above.

Other Expenses of Distribution Not applicable.

Application of Proceeds. The net proceeds will be used for general operations of the Corporation in accordance with its Articles of Agreement.

Exhibits

Information Statement (dated October 3, 2024);¹

Prospectus (October 3, 2023);²

Final Terms (November 14, 2024); and

Terms Agreement (November 14, 2024).

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:

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:

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

(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 Interest Note/other variable-linked interest Note Provisions:

19.  Dual Currency Note Provisions:

20.  Call Option:

21.  Automatic Early Redemption:

22.  Put Option:

23.  Final Redemption Amount of each Note:

24.  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:

DTC Global Registered 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 installment Notes: amount of each installment, date on which each payment is to be made:

32.  Redenomination, renominalization and reconventioning provisions:

33.  Consolidation provisions:

34.  Additional terms:

35.  Governing law:

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

    (ii) Date of Terms Agreement:

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

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

BMO Capital Markets Corp.

151 West 42nd Street, Floor 9

New York, NY 10036

Attention: Sean Hayes

Telephone: 212-702-1866

Emails: [email protected]

    [email protected]

38.  Total commission and concession:

39.  Additional selling restrictions:

/s/ Tom M.V. Ceusters

1.  LISTING

(i) Listing:

Not listed

(ii)  Admission to trading:

Not Applicable

2.  RATINGS

Ratings:

Notes under the Program have been rated:

S & P: AAA

Moody's: Aaa

3.  INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in "Plan of Distribution" in the Prospectus, so far as the Corporation is aware, no person involved in the offer of the Notes has an interest material to the offer.

4.  OPERATIONAL INFORMATION

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

ISIN Code:

Common 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):

5.  GENERAL

Applicable TEFRA exemption:

The undersigned agrees to purchase from you (the "Corporation") the Corporation's U.S.$40,000,000 4.333 per cent. Fixed Rate Notes due November 14, 2029 (the "Notes") described in the Final Terms, dated as of the date hereof in the form of Annex I hereto (the "Final Terms") at 9:00 a.m. New York City time on November 14, 2024 (the "Settlement Date") at an aggregate purchase price of U.S.$ 40,000,000 (which is 100% of the aggregate nominal amount of the Notes) on the terms set forth herein and in the Standard Provisions, dated as of October 11, 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 November 6, 2024, 12:10 p.m. New York time 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).

The purchase price specified above will be paid by the Dealer to Citibank, N.A., as custodian for Cede & Co. as nominee for The Depository Trust Company, for transfer in immediately available funds to an account designated by the Corporation on the Settlement Date.

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 I hereto.

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/ Sean M. Hayes

/s/ Tom M.V. Ceusters