F. Kruger, A. Msa, P.M.N. M. S. Khan, Chairperson; H. Tuunanen, Vice Chairperson.Mwangala and H. Babaammi

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F. Kruger, A. Msa, P.M.N. M. S. Khan, Chairperson; H. Tuunanen, Vice Chairperson.Mwangala and H. Babaammi M. Ncube, Chief Economist and Vice President; S. KayizziMugerwa, Director; A. Salami, B. Barungi, and R. Bangurah, Development Research Department; B. Kokil, Manager; F. Lawson, P. Lartey and L. Kouakou, Statistics.( ) and P. de Castelnau ( ) T. Wasswa,( ) A. Portella,( ) Department; P. Quarcoo O. L. Pinzi, Director; J. Edjangue, Manager; E. Alexander, Manager; A. Rutayisire and B. Lo.( ) Language Services Department; and D. Short,() E. W. Goro ;() A. Odukomaiya, Director; N. Ngwenya, Manager; H. B. Othman and S. Oppong, Financial Control Department Communications and External Relations Department 323, 002. (26) 7 0 2 75 (26) 7 83 24 09 http://www.afdb.org : ISSN7378990 Design/Layout and Printing by PhoenixDesignAid ISO 400 certified and EMASapproved 203 ii

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5 323 002 (26) 73335 (26) 735933 204 7 262 8 32 2 8 2033 2043 204 203 203 vi

Mr. Ms. Mulu KETSELAMr. Amadou KONE Mr. Donald KABERUKA Mr. Shehu YAHAYA Moegamat Shahid KHAN Ms. Petronella MWANGALA Mr. Francois KRUGER Mr. Abdelmajid MELLOUKI Mr. Hau Sing TSE Mr. Dominic O NEILLMr. Heikki TUUNANEN Second Mr. Aliou Momodou NGUM Ms. Elizabeth MORRIS Mr. Leonard SENTOREMr. Christoph KOHLMEYER Mr. Tomoya ASANO vii 203

2033 Henrique PISSAIA de SOUZA (Brazil) Alfredo Paulo MENDES (GuineaBissau) M. M. OULD HAMMA KHATTAR (Mauritania) Elisabeth H. MORRIS (U.S.A.) Vacant Motena Ernestine TSOLO (Lesotho) Vacant Bernardo ABAGA NDONG MAYIE (Equatorial Guinea) Gauthier BOURLARD (Belgium) Heinrich Mihe GAOMAB II (Namibia) Vacant Ousman Sougui ABAKAR (Chad) Cornelius Karlens DEKOP (Botswana) Miata BEYSOLOW (Liberia) Vacant Vacant Jangro LEE (Republic of Korea) Gabriel SAMUELSSON (Sweden) Maria da Neves C. B. de SOUSA (São Tomé & Príncipe) Ali MOHAMED ALI (Djibouti) Abdulrahman ABUBAKR (Saudi Arabia) Elizabeth H. MORRIS (U.S.A.) Vacant Vacant Gauthier BOURLARD (Belgium) Vacant Cornelius Karlens DEKOP (Botswana) Miata BEYSOLOW (Liberia) Vacant Vacant Jangro LEE (Republic of Korea) Gabriel SAMUELSSON (Sweden) Maria da Neves C. B. de SOUSA (São Tomé & Príncipe) Ali MOHAMED ALI (Djibouti) Tomoya ASANO (Japan) Hadji BABAAMMI (Algeria) AbdulMagid GADAD (Libya) Vacant (U.S.A.) Mulu KETSELA (Ethiopia) Moegamat Shahid KHAN (South Africa) Christoph KOHLMEYER (Germany) Amadou KONE (Côte d Ivoire) François KRUGER (France) Mahomed R.J. MAHOMED (Mozambique) Abdelmajid MELLOUKI (Morocco) Abdallah MSA (Comoros) Petronella M. N. MWANGALA (Zambia) Alieu Momodou NGUM (The Gambia) Dominic O NEILL (U.K.) Leonard SENTORE (Burundi) Hau Sing TSE (Canada) Heikki TUUNANEN (Finland) Shehu YAHAYA (Nigeria) Mohamed Samy S. ZAGHLOUL (Egypt) Tomoya ASANO (Japan) Vacant (U.S.A.) Mulu KETSELA (ADB) Christoph KOHLMEYER (Germany) François KRUGER (France) Abdelmajid MELLOUKI (ADB) Petronella M. N. MWANGALA (ADB) Alieu Momodou NGUM (ADB) Dominic O NEILL (U.K.) Leonard SENTORE (ADB) Hau Sing TSE (Canada) Heikki TUUNANEN (Finland) Shehu YAHAYA (ADB) Mohamed Samy S. ZAGHLOUL (ADB) 203 viii

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20426 (KPMG) 203 3 203 203 203 3 5, Avenue du Ghana, Angle des Rues Pierre de Courbertin et Hédi Nouira BP 323 002 Tunis Belvédère Tunisia Tel: (26) 7 333 5 Fax: (26) 7 35 933 Email: afdb@afdb.com Internet: www.afdb.org 203 72

KPMG Audit, cours Valmy 92923 Paris La Défense Cedex France Téléphone : +33 (0) 55 68 68 68 Télécopie : +33 (0) 55 68 73 00 Site internet : www.kpmg.fr 5 002 2033 2023 (COSO) 203 3000(ISAE) () 73 203

African Development Bank Group Independent Auditor s Report to the Board of Governors of the African Development Bank Group regarding the effectiveness of internal controls over external financial reporting (2) (3) 3 203 3 203 20426 Valéry Foussé 203 74

6975 B/BG/2008/072008 29 202 469 6 4,96 2033 2 84 4,963,5 3202 2,2560,25 203 60,25 8 2,8 2033 200 200 0000 4374000 67,69 2,62 4,2 60 40 497 2033 22 20 66,055 202 66,975 203 66,975.7 20320 3,289 34,033 37,322 4,963 60,252 65,25 4,962 60,248 65,20 75 203

30 500 203 84 A 27 203 48 37 203 AA+ AAA 3,76 203 30 3,68 203 5,3 203 203 2,8 300 200 275 2033 3 2,95 203 204 3,063,9 203 76

3 203 3,783 7,485 4,294 8,446 7,649 50,96 52,24 7,007 25,000 200,000 46,460 809,524 240,000,489,000 448,39 2,389,000 35,000 239,000 44,367 369,600 26,909 967,20 9,853 84,704 74,782 327,466 65,204 80,7 54,000 87,942 73,960 94,647 2.7 ONE Upington CSTP 6 3 4 220.2 39.5 259.7 30.4 39.5 349.9 (200203) 3.5.5 43.0 95.0,294.0,489.0 3.7 3 66 60 20 520 6 3 6 77 203

203 5 2035 25,8 2,75 20,5 7 2,75 5 2,75 0 20 5 204 202A/B XAF XOF 78

3 5 () (3) (2) (5)(4) (6) 203 4 50 79 203

203 () (3) (2) (5) (4) (6) 202 80

203 203 4,6 35,6 203 95,780,33 203202 553,64 203 465,4203 29,69 4,4202 2033,25,7 0,97 07,55203 3,93,80 202 47 4.7 203 202 202 2.3% 49.88% 0.30%.04% 203.59% 47.79% 0.22%.25% 8 203

7,04 203 3 202 7,37,5926,45 203 97,65 7,97 8,572,3 202 () 203 (2) 202 203 202 3 6 0 0 3,4 3, 203 2023 57 29,7 2032009 203 3 0,58,95 202,0 4,49 2033 4,46 0,03 2023 33,9 203 202 490 5,83202 5,34 2033 203 07,5 20204 374,76 204 203 82

203,705.04,430.78 4,490.3 202,80.47 2,208.7 4,463.23 20 2,446.72,868.79 5,30.02 200 2,236.5,339.85 4,855.33 2009 5,32.5 2,352.29 5,002.53 5.7 2032009 + * *. + 4,22 4,875,6 2033 27202 203 2009 297 3 2,677 7. 3.8 9.39 4. 3.4 23.76 382.59 3.29. 5.23 20.55 6.49 7.69.87 6.25 2.48 0.59 9.42 304.3 37.63 39.2 2.77 6.8 06.08 64.3,430.78 6.7 203,43 203 3202 2,2 203 870 26,62 87,45 23,28 20367 203 767,03 202 543,4.7 3 203 % 0.58 % 5.46 %.23 % 9.58 % 73.5 83 203

2,000,500,000 500 0 2.7 2032009 2009 200 20 202 203 204 203 203 2022 202 204.205 204 203 84

2033 86 88 89 90 9 92 70

2033 203 202 954,33 88,453 3,80 3,80 6,085,45 6,487,52 985,959,558,333,204,974 88,374 95,22 655,48 567,456 843,855 762,668,440,695 0,885,804 32,494 86,854 525,03 438,555 82,90 76,537 2,08,03,487,750 40,672 30,42 543 64 4,25 3,062 20,996,72 2,24,553 86 203

202 203 440,804,642,268 2,083,072,246,4 432,34 83,773 52,596 97,852 2,75,956,02,844 3,278,800 2,947,444 2,27,96 89,528 2,839,475 (66,825) 2,672,650 3,47,084 (72,654) 2,974,430 2,667,435 5,340,085 5,83,3 2,856,88 2,24,553 20,996,72 87 203

203 3 203 202 335,02 35,64 3,242 99,345 3,949 4,827 470,203 555,336 (302,992) (356.40),850 39,56 34,08 (0,72) (4,796) (,698) (22,886) (2,339) (8,249) (7,349) 758 (49) 9,9 288 3,334 (2,266) 2,456 5,288 302,977 309,785 (0,969) (07,546) (6,697) (4,586) (4,982) (,940) (22,648) (4,072) 80,329 95,73 (07,500) (0,000) 72,829 85,73 88 203

202 85,73 55,299 79,984 (89,742) 45,54 45,54 3,254 203 72,829 24,629 46,083 45,905 6,67 6,67 89,446 2033 89 203

2033 202 2,505,975 (60,633) 2,803,296 (66,403) (37,203) (63,509) 4,88,523 88,68 88,68 9 (2,905) (2,905) 85,73 85,73 55,299 55,299 79,984 79,984 (92,647) (92,647) 9 2,905 2,905 2,905 (92,647) 55,299 79,984 45,54 333,500 333,500 (6,92) (6,92) 2023 203 2,839,475 (66,825) 2,89,94 (259,050) 8,096 6,475 5,340,085 72,829 72,829 24,629 24,629 46,083 46,083 45,905 45,905 45,905 24,629 46,083 6,67 307,609 307,609 (5,829) (5,829) 2033 3,47,084 (72,654) 2,964,743 (23,45) 42,725 62,558 5,83,3 90 203

203 3 203 202 72,829 85,73 6,697 4,586 4,35 29,687 23,294 (0,680) (4,670) (8,709) (9,9) (288) (758) 49 26,277 6,488 (65,995) 0,72 (3,334) 2,266 489 397 3,94 52,96 (,683) (6,887) (8,463) 5,55 (8,80) 62,335 (740,639) 322,876 (,430,78) (2,208,70) 767,028 543,45 3 (209,494) 342,283 400,855 88,689 (6,952) (22,387) 5 76 (85,875) (77, 083) 9,252 8,695 (555,962) (,324,752) 4,892,935 4,5,028 (4,050,75) (3,648,034) 30,780 328,378,44,540 83,372 7,738 (,236) (44,323) (7,740),4,843,583,583,267,520,4,843 3 33,387 530,390 954,33 88,453,267,520,4,843. (99,605) (207,908) 499,00 535,790 4,394 4,292.2 89,84 23,55 (852,269) (96,07) 803,065 8,222 9 203

2033 2003 57 8 203 92

2 2005 5 202 2033 2033 93 203

( (2 ( 9 (i) 203 94

(ii) (iii) 95 203

(2) 990 20 9 203 96

2033 9 97 203

2 203 98

3 3 20 9 99 203

() (3) (2) 3 3 28 28 2033990 974 972 28 36 203 00

205 06 73 5 5 3 0 203

( 9 0 (2 203 02

2029 2090202 32 2037204 0 0 0 27 203 2 2032 03 203

50 0 3 0,54203 0 2 3 3 3 20363 9 203 9 2033 2023 79 2029 2,90202 202 203 04

327 20 7 32 32 203 7 7 204 32 32 203 0 45 05 203

8 (2) () (3) 203 06

202 203 202 88,453 3,80 2,898,638 3,597,839,558,333,974 393,06 540,002,04,32 488,467 76,537 203 954,33 3,80 3,0,539 2,974,92 985,959,204 394,699 683,950,585,840 574,656 82,90 ( 07 203

3 203 97 97 3,072,03 25,357 946,656 8.7 35 2,252,253 385,946,866,307 6. 526,388 283,776 242,62 2.09 0 552,87 552,87 4.77 8,777,599 667,355,0,244 9.58 6 8,44 53,959 64,482 0.56 2 94,650 94,650.68 5 32,808 32,808 0.28 () 4 52,083 52,083 0.45 4 26,555 6,494 20,06 0.7 3 4,264 4,264 0.04 3 65,403 6,28 4,85 0.04 24,977 7,97 7,780 0.07 2,894 2,894 0.02 2 5,470 5,470 0.05 3,589,506 52,352,068,54 9.22 48 3,585,65,53,636 2,432,05 20.99 8 472,343 94,977 277,366 2.39 5 20,976 84,594 26,382 0.23 5 299,44 94,805 04,609 0.9 2 20,886 20,886 0.8 90 2,887,488 3,850,666 9,036,822 77.99 07 3,947,556 759,072 639,466 2,549,08 22.0 297 6,835,044 759,072 4,490,32,585,840 00.00 2033 20 () 20.202 72.73 73.78 2033 0 20 22 (3) (2) ()22 08 203

(4) + A + A A A2 A A3 2+ BBB+ Baa 2 BBB Baa2 2 BBB Baa3 3+ BB+ Ba 3 BB Ba2 3 BB Ba3 4+ B+ B 4 B B2 4 5+ B B3 5 5 CCC+ Caa 6+ 6 CCC Caa2 6 7 CCC Caa3 8 9 CC Ca 0 C C 3 2,38203 2,73 203 203 54% 24% 2% 9% % 202 73% 5% % 0% % 20 70% 5% % 3% % 200 76% 2% 5% 3% 4% 2009 44% 33% 6% 3% 4% 2008 37% 33% 6% 6% 8% 09 203

30 %0.5 200 26.5 (2 22 (3) (2) () (2) () (4)(3) () : LEMAC (4) (3) (2) (6) (5) 203 0

3,58 2009 202 3,47203 203 36% 7% 3% 4% 2% 202 33% 9% 36% 9% 3% 20 36% 20% 35% 5% 4% 200 24% 20% 30% 24% 2% 2009 27% 8% 28% 24% 3% 2008 3% 6% 4% 28% 2% 203 34,96 52,49 202 202 4530 5 0,4 5 203

520 00() (2) (3 A2/P2/F2 A/A2 30 5 0 5 6 AAA/Aaa AA/Aa3 A/A2 AAA/Aaa AA/Aa3 A/A2 AAA/Aaa AA/Aa3 A/A2 AAA/Aaa AA/Aa3 A/A2 AAA ABS/MBS50 ABS/MBS 40 ABS/MBS MBS/ABS AA/Aa3 ISDA AA/Aa3 A/A3 203 2

* ** AAA AA+ AA A+ 203 5,898 544 34 0% 90% 0% 202 5,209,047 09 0% 54% 46% 20 5,393,92 46 0% 68% 32% 200 4,504,090 96 0% 80% 20% 2009 3,503 288 84 3% 45% 42% * ** 2033 2033 654 (0) 544 (408) 36 654 (0) 544 (408) 36 2033 880 (290) 590 3 593 880 (290) 590 3 593 2 3 203

AAA A + 5% 7% 9% 7% 0% 20% AA+ AA 44% 3% 33% 24% 25% 2% AAA 5% 62% 58% 69% 65% 59% 203 202 20 200 2009 2008 25 203,4 (2) () (4) (3) 203 4

2023 2033 2033 20,939 32,036 (5,879) 225,64 37,294 25,705 (75,90) 3,465 2,27,96 3,836,576 2,705,544,004,655 2,95,874,394,405 2,57,35 3,298,783 2,48,855 4,57,62 2,699,665,230,296 2,953,68,420,0 2,442,25 3,42,248,246,4,246,4,246,4 89,528,260,62 89,778 364,80 52,024 44,045 80,605 629,980 2,065,642 2,506,726,335,892 364,80 52,024 44,045 80,605 629,980 4,24,497 6,664,338 4,035,557,594,476 3,005,92,464,55 2,522,730 4,042,228 20,939 32,036 (5,879) 225,64 37,294 25,705 (75,90) 3,465,246,4,246,4,246,4 2,947,444 5,097,88 2,795,322,368,835 2,967,898,438,450 2,597,920 3,928,763 2023 (993,780) (,033,780) 45,26 (239,959) (306,862) (5,96) 9,694 (499,88) 2,75,956 3,265,739 3,337,86 2,69,485,00,629 2,540,07,243,953 2,972,749,82,76 2,23,959 3,382,942,929,526 694,767 2,488,46,263,647 2,472,93 2,083,072 2,083,072 2,083,072,02,844,603,08 406,258 77,260 32,898 43,79 43,79 70,64 3,85,96 3,686,090 2,489,330 77,260 32,898 43,79 43,79 70,64 4,368,092 5,98,049 5,872,272 2,006,786,06,665 2,53,865,307,366 3,83,095 (993,780) (,033,780) 45,26 (239,959) (306,862) (5,96) 9,694 (499,88) 2,083,072 2,083,072 2,083,072 3,278,800 4,868,757 3,744,074 2,246,745,323,527 2,583,826,287,672 3,682,93 5 203

2023 203 6

202 2033 2033 75,46 3,444 8,437 866,79 954,33 954,33 3,80 3,80 3,80,085,492,836,259 4,700 27,470 46,037 3,009,958 3,009,958,0,603,254,94 69,973 675,769 3,0,539 3,0,539,204,204,204 26,282 34,457 38,384 42,990 29,279 858,392 (4,537) 843,855 5,402,723 4,749,26 284,405 2,399,034,446,473,89,473,89 66,382 354,54 42,379 462,95 62,098 525,03 20,998 6,903 82,90 82,90 4,25 4,25 7,956,943 8,560,926 407,462 757,065 2,274,636 9,957,032 88,776 20,045,808 39,45 35,487 (90,24) (668) (,057,28) (973,288) (272,826) (,246,4) (53,696) (7,909,73) (,007,96) (3,976,056) (2,947,444) (2,947,444) (6,02,085) 2,03,779,070,38 2,87,229 (20,939) (20,939) (5,926,636) (5,770,465) (27,947) (668) (2,25,955) (3,94,67) (272,826) (4,24,497) 3 203 2,030,307 2,790,46 379,55 756,397 58,68 6,05,36 (84,050) 5,83,3 33.75 46.39 6.3 2.57 0.98 00.00 00.00 3 203 37.84 42.84 7.46.86 00.00 00.00 2,974,92 35,659 (63) 3,009,958 950,300 (97,239) (20,939) 7 203

2023 257,972 90,403 253,254 4,87 275,637 88,453 88,453 3,80 3,80 3,80,59,95,74,32,72 89,46 42,44 3,649,796 3,649,796 874,404,368,458 20,055 445,756 2,889,673 2,889,673,690,690 284,974 77,953 293,450 42,39 4,370 276,77 73,935 30,733 762,668 4,704,54 4,669,029 376,905 2,354,220,26 0,972,658 0,972,658 46,82 285,949 43,957 376,727 6,828 438,555 76,537 76,537 76,537 3,062 3,062 7,553,29 8,423,29 885,37 683,083 2,039,360 9,584,270 23,907 9,708,77 (,090,479) 35,02 (7,042) (3,83) (684,924) (,789,56) (293,96) (2,083,072) (7,236,808) (,540,755) (4,50,237) (3,278,800) (3,278,800) (4,657,00),065,808,250,560 3,334,52 993,780 993,780 (5,747,579) (6,035,898) (407,237) (3,83) (,85,649) (4,074,76) (293,96) (4,368,092) 3 202,805,640 2,387,393 478,080 65,270 87,7 5,50,094 (70,009) 5,340,085 32.77 43.33 8.67.82 3.4 00.00 00.00 3 202 36.30 42.96 9.0.64 00.00 00.00 3,597,839 55,383 (3,426) 3,649,796,502,950 (509,70) 993,780 20 5 8 203

0 3 0 2023 203 0 2033 %0 2,39.23 2,292.90 48.62 682.29 (.27) 5,783.77 (2.28) 4bps 2,452.40 2,37.77 429.33 769.72 (.27) 5,787.94.88 3bps 2,463.7 2,47.6 474.33 702.82 (.27) 5,786.2 0.5 0bp %0 2,48.59 2,63.22 434.44 708.08 (.40) 5,785.92 (0.3) 0bp %0 2,569.88 2,036.52 449.89 733.27 (.27) 5,788.28 2.23 4bps 2,508.75 2,86.89 439.9 650.75 (.27) 5,784.30 (.75) 3bps 2,498.58 2,78.03 397.65 72.92 (.27) 5,785.9 (0.4) 0bp %0 2,48.59 2,63.22 434.44 708.08 (.6) 5,786.7 0.2 0bp 2,688.45 2,7.72 37.58 708.08 (0.52) 5,83.3 0.66 0.42 2.0 0..54.2 6.77 0.93 9 203

2023 %0 2,263.63 2,8.32 467.27 608.59 7.50 5,465.32.57 3bps 2,38.68,972.57 478.64 685.73 7.50 5,463.2 (0.63) bp 2,324.5,977.53 527.82 624.96 7.50 5,462.33 (.42) 3bps %0 2,345.75,995.60 484.22 630.67 8.25 5,464.50 0.75 bp %0 2,425.74,876.05 500.74 652.8 7.50 5,462.22 (.53) 3bps 2,370.9 2,07.0 489.42 579.49 7.50 5,464.33 0.58 bp 2,365.40 2,02.32 443.89 635.95 7.50 5,465.06.3 2bps %0 2,345.75,995.60 484.22 630.67 6.82 5,463.07 (0.68) bp 2,299.56,759.73 488.98 630.67 6.34 5,340.28 0.66 0.42 2.0 0..54.7 32.42 0.95 () (2) 20 203

202 2033 2033 954,33 954,33 3,80 3,80 3,350,89 460,040 32,30 340,640 45,430,99,600 5,658 6,20,497 509 45 05 68 49 22,204,050,80 (206,325) 843,855 8,549,47 253,59 308,96 269,864 275,029,930,65 (,42),585,840 32,494 32,494 (45,45) (45,45) 525,03 525,03 20,998 6,903 82,90 4,25 4,25 3,929,857 74,082 62,33 60,572 726,508 3,9,690 25,768 20,045,808 (,246,4) (,246,4) (2,738,08) (5,98) (234,00) (235) (235) (54,085) 64,99 (2,968,383) (32,286) 04,544 97,067 9,558 9,7 (4,296,508) 98,626 (36,934) 9,323 (235) (34,968) 64,99 (4,24,497) 3 *203 (366,65) 82,708 484,397 70,895 726,273 3,056,722 45,967 5,83,3 * 6,085,45 35,659 (63) 6,20,497 2,947,444 (950,300) 97,239 2,968,383 2 203

2023 88,453 88,453 3,80 3,80 4,7,58 32,470 48,230 275,30 33,80 992,550 (33,879) 6,539,469 768 50 452 05 68 7,974 960,472 (97,804) 762,668 8,323,002 23,290 224,256 279,83 233,495,722,438,04,32 86,854 86,854 (28,508) (28,508) 438,555 438,555 76,537 76,537 3,062 3,062 4,340,654 553,270 705,938 555,066 565,373 2,79,596 96,280 9,708,77 (2,083,072) (2,083,072) (,672,232) (202,05) (24) (245,29) (24) (74,834) 9,762 (2,285,020) (444,639) 50,00 03,54 03,309 95,974 9,742 (4,99,943) (5,95) 03,273 (4,90) 95,733 (83,092) 9,762 (4,368,092) 3 *202 40,7 40,355 809,2 43,56 66,06 2,708,504 206,042 5,340,085 * 6,487,52 55,383 (3,426) 6,539,469 3,278,800 (,502,950) 509,70 2,285,020 22 203

990 997 6 6 6 (2) 25 () 0 0 203 202 23 203

5,67 5,6600 202 2033 203300 /+ 203202 0 /+202 203 202 203 202 (9,5) (9,5),706,229 (49,795) 66,45 49,428 (77,8) 997 2006 997 20296,73 203 997 9972,7 COSO 202 0 24 203

() (3) (2) 202 203 3 2033 954,33 954,33 954,33 3,80 3,80 3,80 2,974,92 3,0,539 6,085,45 6,27,886 985,959 985,959 985,959,204,204,204 843,855 843,855 843,855 6,466,424,229,440,695,55,856 525,03 525,03 525,03 82,90 82,90 82,90 3,977,337 525,03 6,420,662 20,923,02 20,770,608,246,4,246,4,246,4 97,852 97,852 97,852 2,27,96 89,528 2,947,444 3,073,058 97,852 2,27,96 2,065,642 5,65,40 5,29,024 25 203

2033 88,453 88,453 88,453 3,80 3,80 3,80 3,597,839 2,889,673 6,487,52 6,75,879,558,333,558,333,558,333,974,974,974 762,668 762,668 762,668 6,707 0,869,097 0,885,804,05,922 438,555 438,555 438,555 76,537 76,537 76,537 5,72,879 438,555 5,485,203 2,096,637 2,58,22 2,083,072 2,083,072 2,083,072 52,596 52,596 52,596 2,75,956,02,844 3,278,800 3,482,35 52,596 2,75,956 3,85,96 5,874,468 6,077,803 202 2033 2 3 203 202 203 202 203 202 203 202,70,782 2,58,492,085,275,33,023 78,855 26,324 2,974,92 3,597,839 3,790 3,45 976,322,533,96 5,847 2,002 985,959,558,333 6,466 6,707 6,466 6,707 2,597 6,473 52,46 432,082 525,03 438,555,727,69 2,68,380 2,078,063 2,863,647 697,8 579,408 4,502,350 5,6,434 (97,82) (509,975) (54,040) (2,62) (97,852) (52,596) (6,449,233) (4,928,074) (5,435,277) (7,022,769) (243,405) (225,4) (2,27,96) (2,75,956) (6,449,233) (4,928,074) (6,353,089) (7,532,744) (297,445) (227,735) (3,099,768) (2,688,552) 3 2 26 203

2 33 3 3 3 3 27 203

3 33 202 203 202 202 60,806 306,073 75,36 (34,990) (260,839) (4,646) 5,592 (7,808) 52,473 397 69,894 68,388 (4,089) (326) 30,95 270 5,48 (2,74) (,390) 22,582 (33,688) 33,688 2023 26,324 432,082 2,002 (2,62) (225,4) 203 203 26,324 432,082 2,002 (2,62) (225,4) (3,950) 3,802 (0,99) (2,643) 24,629 67,03 66,623 (8,37) (37,520) (37,449) (532) (0,98) (8,65) (4,969) 3,800 (,989),989 2033 78,855 52,46 5,847 (54,040) (243,406) 2033 2 3 2,907,454 6,054 74,466 3,242,974,39,390,39,390 2,907,454 6,054,33,856 4,382,364 (865,69) (80,609) (946,300) (865,69) (80,609) (946,300) 28 203

3 3 FX 29 203

3 0.253 % 0.4 203 3 3 +/00bps 203 +/00bps 203 38,293 (37,95) 202 2033 202 33,258 22,93 (6,872) (0,300) 29,07 203 29,07 52,706 (2,677) (22,504) 46,542 3 203 30

5 AA AAA30 5 6AAA AAA AA5 AA A/A3 46462033 270 202 2033 202 203 3 202 3,597,839 2,898,638 (8,965) 6,487,52 203 2,974,92 3,0,539 6,085,45 3 203

:202 203 3 202 203 53.2 95.2 26.28 74.40,355.70,392.35 38.92 204.64,274.0 883.68 289.63 24.72 3,597.84 2,974.9 202 203 42.43 46.04.7 4.57 54.4 60.6 202 203 37.7 27.80 9.55 0.70 0.02 22.58 90.02 27.80 202 203 56.04 88.29 5.79 408. 0.32 37.80 82.73 49.45 94.88 53.89,584.76,079.54 202 203 233.6 2.28 60.69 86. 833.2 984.24 26.89 52.27 442.35 392.23 72.7 70.83,668.92,806.96 202 2,966,30 2033 2033% 0,79,22 3579,3 (%.89 :202) 203 3 202 202 2,084.38 92.85 462.27 7.52 9.8.0 3,597.84 203,328.49 663.45 754.46 23.40 49.94 55.7 2,974.9 202 2033 202 203 88.30 60.65,60.30,777.86 09.25 30.94 25.4 25.39 739.38,05.70 2,898.64 3,0.54 202 203 40.3 69.97 60.75 20.06 69.97 202 203 20.9 359.84 25.69 2.83 8.73 32.49 9.5 270.60 445.76 675.76 202 203 567.69 687.8 48.32 77.90 58.39 345.53 874.40,0.6 202 203 88.30 60.65 692. 660.87 83.56 8. 23.6 5.00 389.84 399.57,377.42,254.20 203 32

2,932,52 :202 3,04,88 2033 3,70 202 3,33 2033 202 2033 203 202 340.28 53.26 456.89 320.03 303.56 474.03 353.53 274.62 445.8 332.87,2.0 965.83 3,0.54 2,898.64 354 2023242,57 2033 202 2033 203 202 746,84 824,365,237,05 378,98 79,625 50,629 253,508,83 24,49 96,008 2,337 28,87 237 98 950,300 97,239,502,950 509,70 3,06 63 4,370 3,426 32,643 5,03 35,659 63 55,383 3,426 985,959 97,852,558,333 52,596 33 203

202 2033 203 202 9,875,479 8,980,284 4,320,644 4,297,87,706,74,284,002,00 3,532 5,93,397 4,575,005 05,923 202,489 466,26 444,639 572,39 647,28 6,485,536 5,222,33 947 2033 0060 896 2033 67,74 2033 60,62 2033 62,44,82 20 5,9 203 34 203

98 98 982979 50 (5) 80 20 (5) 2 B/BG/87/ 50(5)50 () 5 (5) (2) 8 20027 B/BG/200/08 (2) (8) 202 2033 202 3,044 (,070),974 203,974 (770),204 3 35 203

20 (5) 202 2033 202 0,997,605 6,707,04,32 (28,508) 0,885,804 203,569,374 6,466,585,840 (45,45),440,695 3 203 36

202 2033 203 202 9,07,483 8,759,406 8,79,735 8,278,62 2,252,7 2,74,023 2,568,99 2,562,523 209,774 205,96 248,95 248,07,569,374,39,390 0,997,605,089,25 6,466 6,466 6,707 6,707,585,840,55,856,04,32,05.922 (45,45) (28,508),440,695,55,856 0,885,804,05,922 2033 9 2023 2033 203 202 490.05 320.54 96.82,007.4 934.69 596.0 438.3 5.06,039.20 723.57 69.06 268.90 3.72 89.68 995.2 656.3 228.82 3.02 887.97 834.92 696.07 96.8.4 894.02 820.9 6,050.6 85.38 0.02 6,865.56 6,705.0 9,07.48 2,268.58 209.78,585.84,04.3 37 203

202 2033 203 202 % % 90.78 7.7 260.85 34.06 2.60 2.55 3.85 3.53 73.99 86.86 0.02 0.37 632.09 5.46 734.08 6.66 4,68.59 4,032.46 5.8 8.2 879.34 89.0 2,902.84 2,5.03 6.45 3.03 8,475.40 73.5 7,445.65 67.60 456.80 469.55 2.68 7.53 47.28 93.60,65.8,904.94 2,268.57 9.58 2,585.62 23.48 40.22 5.03.00.79 0.20 02.66 42.42.23 55.48.4 2.89 29.94 5.4 2.35.7.37 28.89 40.82 67.36 0.58 93.48 0.85,585.84 00.00,04.3 00.00 3,47 :202 3 2033 202 2033 203 202 % % 5,39.28 46.53 4,654.70 42.26 295.2 2.55 389.85 3.54 2.60 0.02 2.55 0.02,026.62 8.86,084.6 9.85 5.02 0.04 32.89.2 4,858.73 4.94 4,746.3 43.09 6.47 0.06 3.40 0.03,585.84 00.00,04.3 00.00 38 203

202 2033 203 202 394,699 393,06 (206,325) (97,804) 3 88,374 95,22 30,92 :202330,35 2033 269,3 :202260,32 202 2033 203 202 330,347 30,96 (45,45) (28,508) 85,202 82,408 287,27 278,687 (206,325) (97,804) 80,946 80,883 3 202 203 203 202 28,508 8,024 22,886 2,339 (4,728) (798) (,52) (,057) 3 45,45 28,508 2033 2033,3 20222,32 34,96 20252,49 39 203

3 202 203 202 84,888 7,349 (,478) (2,955) 97,804 203 97,804 8,249 (5,7) (4,557) 206,325 3 3 2034,69 203 4,6 20332,98 5,5 :202 3,29203 3 3,29 :202 2033 4,27 :20273,78 972 7 7 4 3 65,9 :202 68 6985,69 :202 225,87 203 50 0,58 :202 0.542033 203 40

050 20062 25 20 200930/2009B/BG/ 5 9 4 203

202 203 203 202 972,74,74 (49,92) (49,466) (489) (397) 758 (49) 62,098 6,829 993 9,740 25,7 2,447 20 6,248 6,458 975 2,456 748 850 967 9,090,38 4,279 985 35,325 27,403 0,942 * 980 982 2,048,778 2007 44 9,758 9,290 973 2,320 3,359 3,73 59,075 06,656 78,27 96 2,597 6,473 2,597 6,473 2007,27 748 2008 968 865 2007 663 363 2008 933,6 997 3,086 2,525 203 488 7,265 5,67 203 9,740 (AFricaRe) 977 33,356 3,845 20 8,7 9,407 5,23 4,252 59,075 77,73 3,559 200 9,779 20,335 3,897 2009 4,56 5,737 3,26 200,469 8,09 9,320 LLC 200 4,792 9,362 5,405 2 2009 2,922 3,072 2,486 LLC 2008 875 6,7,65 PCC 2008,044 7,654 4,427 200 9,300 3,054,053 2008 37 7,855 0,73 LLC 2007 2,790 7,92 6,25 202 26,673,895 3,767 LLC 200 6,254 2,646,844 202 2,092 2,33 944 2 998 77 94 2,275 3 2005 6,65 23,740 24,08 4 2008 0,894 27,656 2,879 LLP 202 9,98,663 03 200 850,953 2,353 20 2,046 9,942 9,896 2008 3,524 4,850 4,946 20 6,267 5,954 9,859 202 4,733,76 808 200 2,03 7,206 6,609 PCC 2 2008 760 9,490 6,243 PCC 3 202 6,999 9,808 3,709 200 2,840 708 7 203 4,356 27 2007 6,328 23,907 7,02 2 2008 75 5,246 7,65 996 727 23,444 3,963 20 4,274,78,3 76,200 285,84 245,67 235,275 462,95 376,726 235,275 525,03 438,555 00 335.59 :202402.50 2033 42 203

4,29 :202 20337,06 20 76,54 :20282,90 2033 26,86 6,952 (53) 43,760 20,835 963 2,798 06,026 5,989 (53) 2,962 58,70 3,67 (53) 6,284 3,282,032 4,34 22,753 03 22,856,34,687 23,028 203 480 480 3 96,440 6,697 (49) 03,088 40,672 9,925 664 20,589,209 76,55 6,033 (49) 82,499 39,463 44,528 4,829 (49) 49,308,976 0,094,02,96 3,8 2,893 02 2,995 86 23,028 480 3 3 203 43 203

04,8 22,387 (337) 26,86 20,03 732 20,835 84,708 2,655 (337) 06,026 48,86 (439) 0,072 (279) 58,70,098 2,242 (58) 3,282 24,34 (,56) 22,753 2,000 9,34,34 202 480 480 3 92,82 4,586 (328) 96,440 30,42 9,494 43 9,925 90 72,688 4,55 (328) 76,55 29,5 4,67 3,82 (27) 44,528 3,642 9,280 87 (57) 0,094 3,88 2,79 02 2,893 860,34 480 3 3 202 202 2033 202 2,75.96,02.84 3,278.80 203 2,27.9 89.53 2,947.44 760,80 :202462,202033 00 27,09 2033 A 203 44

202 2033 2033 % % % 53.70 0.0 0.0 277.7 6.8 5.5 (2.33) 2.60 0.6 5,970.20 0.3 4.4 (277.45) 0.05.4 445.02 26.42.72 22.7 (456.3) 0.9 3. 425.43.0 3.74 4.0 (403.92) 3.54 9.0 6,633.4 590,9 2.39 3.3 (3,323.62) 2.00 3.4 (3,32.46) 2.00 3.0 686.90 0.66 0.9 2,837.85 0.09 7.9 3,595.86 0.40 2.9 (,454.64) 0. 3.4 (370.2) 0.93.2 3,82.68 89.04 3.28 4.6 5.68 3.92.5 (3,635.3) 3.28 4.7 (638.06).37 6.0 7.05 3.22 4.35 4. 802.73 4.45 4.4 57.86 2.57 4.6 (32.06).2 5.6 0,944.54 806,37 2.65 4.6 282.85 6.3 6.4 (7,427.39) 2.56 5.7 (3,950.52).90 3.4,83.38 4.32 2.0 2.3 9,60.78 0.48 5.4 4,3.72 0.67 3. (2,488.07) 0.8 4.4 (370.2) 0.93.2 2,27.92 820.69 2.59 4.4 8.7 (206.92) (.6) 7.25 205.86 2,27.92 89.53 2.59 4.4 729.42 (.06) (64.8) (27.94) 2,27.92 89.53 2.59 4.4 87.6 (29.00) 3073.63320.272033 3 203 AUD, CHF, NZD, TRY, ZAR 45 203

2023 % % % 46.37 8.7 6.8 4,545.59 0.48 2.5 (265.90) 0.37 2.4 484.84 454.82 2.85 5.3 (679.57).63 23.8 587.73 3.53 2.26 3.8 68.4 0.0 0.4 (534.5) 2.08 3.3 (68.4).53 0.4 5,984.53 592.09 2.9 3.3 (2,79.9) 2.77 3.0 (2,92.64) 2.2 2.9 66.84 0.59 2.0 2,676.92 0.49 8.8 3,53.79 0.68 3.0 (,279.63) 0.26 3.8 (38.82) 0.53 3. 4,440.04 4.24 3.56 4.5 5.54 3.92 2.6 (3,82.5) 3.36 4.5 (964.78) 2.93 5.5 6.98 3.03 9.55 3.6 782.03 4.22 3.4 792.28 2.08 4.6 (228.84).07 6. 0,909.4,088.5 3.5 4.5 5.9 8.54 6.6 (6,670.9) 2.99 5.9 (3,877.42) 2.32 3.6,266.55 6.56.5 2.9 8,004.53 0.85 4.7 4,04.48 0.94 3.2 (2,308.88) 0.77 6. (387.23) 0.7 2.6 2,75.96,04.7 2.99 4.4 (823.35) (250.7) (.87) 803.6 249.54 2,75.96,02.84 2.99 4.4 (20.9) (0.63) (838.72) (c) (25.70) (c) 2,75.96,02.84 2.99 4.4 (858.9) (252.33) 3482.43367.672023 3 202 AUD, CHF, NZD, TRY, ZAR 2033 ( 2,94.74 239.52 2,434.26 744.42 23.55 767.97 2,77.98 2,77.98,286.24,286.24 2,384.0 2,384.0 2,483.05 0.3 2,483.36,864.53 263.38 2,27.9 46 203

(2 0.38.0 2.48 296.58 296.58 7.7 7.7 28.27 28.27 466.65 466.65 809.59.0 820.69 (.6) (.6) 808.43.0 89.53 2023 ( 2,704.70 376.90 3,08.60 2,03.34 2,03.34 842.53 842.53 2,490.0 2,490.0,85.55,85.55 2,544.56 0.37 2,544.93,798.69 377.27 2,75.96 (2 34.97 3.53 328.50 5.62 5.62 260.26 260.26 500.33 500.33,09.8 3.53,04.7 (.87) (.87),089.3 3.53,02.84 2033 27,9 3 275,96 :202 2,262,95 :2022,499,55 203 47 203

2023 30,45 20246,82 20246,082033 79,98 2023 935,04 :2026,04 999 3099829 2,87,6235 567,000 0 (94%)(6%) 60 40 7 89,9 0,8 B/BG/2009/05 B/BG/2008/07 22,20 2,870 2033 2009 200220,9,63 82.70 23.947 22.20 203 48

2394720027 4374000 67687 40 60 94 6 63,296 202 20 2023 04/202/B/BG 60/40 44,588 66,88,469 2033 202 2033 203 202 0000 66,975,050 66,975,050 (,764,99) (,760,009) 65,20,3 65,25,04 (60,247,795) (60,252,358) 4,962,336 4,962,683 (,85,390) (2,23,360) 359 405 3,47,305 2,839,728 (22) (253) 3 3,47,084 2,839,475 38,832033,764,92 4.86 38.83 2002 (6) 9923 2003 49 203

2033 % % 00,937.592 46,433 962,940 0,562.59 2 2,003 0.032 2,506 7,522 2,628 0.04 3 73,933.66 35,98 703,42 74,558.67 4 69,02.09 58,79 632,845 69,727.092 5 3,957 0.504 5,536 304,047 32,582 0.5 6 2,36 0.95 6,085 7,533 2,986 0.203 7 27,02 0.426 2,784 257,345 27,637 0.433 8 5,066 0.238 8,03 42,626 5,69 0.246 9 4,762 0.075 2,380 45,250 5,387 0.084 0 49,047 0.774 24,27 466,27 49,672 0.778 0,08 0.58 5,006 95,7 0,644 0.67 2 89,258.408 48,32 844,260 89,844.406 3 76,28.20 40,537 720,758 76,753.202 4 9,696 0.53 4,560 92,43 0,32 0.62 5 268,26 4.229 24,745 2,556,520 268,75 4.207 6 54 0.009 596 4,826,66 0.08 7 2,833 0.045,50 26,822 3,458 0.054 8 64,962.025 34,496 65,25 65,587.027 9 306,882 4.84 9,558 2,949,270 307,507 4.84 20,23 0.09,57 0,68,838 0.029 2 4,869 0.077 2,593 46,00 5,494 0.086 22 8,422 0.33 3,94 80,303 9,047 0.42 23 79,704.257 37,074 759,945 80,329.257 24 30,685 2.06 63,,243,748 3,30 2.056 25 4,320 0.068 2,62 4,054 4,945 0.077 26 66,84.054 30,75 638,24 67,466.056 27 7,25 0.4 8,230 64,280 7,876 0.23 28 24,67 0.38 2,758 228,907 24,792 0.388 29 5,376 0.243 7,685 46,08 6,00 0.25 30,83 0.029,640 6,499 2,438 0.038 3,94 0.03 2,427 6,986 2,566 0.04 32 44,264 2.276 65,329,377,32 44,889 2.268 33 25,74 0.406 2,45 244,96 26,366 0.43 34 0,40 0.6 5,350 96,057 0,765 0.69 35,64 0.026 80 5,600 2,266 0.035 36 69,3.09 30,64 660,28 69,56.089 37 235,0 3.709 7,482 2,233,620 235,735 3.69 38 28,660 0.452 3,567 273,050 29,285 0.458 39 90,890.434 4,655 867,250 9,55.433 40 2,38 0.94 6,557 6,637 2,943 0.203 4 257,25 4.057 20,463 2,45,688 257,800 4.036 42 3,666 0.058 3,96 32,760 4,29 0.067 43 27,673 0.437 2,847 263,88 28,298 0.443 44 7,780 0.28 9,387 68,420 8,405 0.288 45 4,03 0.648 8,98 392,20 4,728 0.653 46 342,666 5.405 63,78 3,263,490 343,29 5.374 47 222,65 3.52 7,69 2,08,990 223,240 3.495 48 3,698 0.058 4,067 32,96 4,323 0.068 49 4,58 0.656 25,582 390,230 42,206 0.66 50 39,953 0.63 8,393 38,58 40,578 0.635 5 2,653 0.342,734 204,800 22,278 0.349 52 6,037 0.253 8,04 52,363 6,662 0.26 53 592,080 9.34 284,979 5,635,853 592,705 9.278 3,806,823 60.050,857,224 36,2,06 3,839,690 60.08 50 203

% % 3,806,823 60.050,857,224 36,2,06 3,839,690 60.08 54 5,847 0.092 6,08 52,364 6,472 0.0 55 69,83.09 48,393 643,440 69,808.093 56 26,589 4.26 6,750 2,499,40 262,24 4.05 57 54,435 2.436 76,504,467,850 55,060 2.427 58 28,230 0.445 2,65 269,696 28,856 0.452 59 5,264 0.24 6,895 45,750 5,889 0.249 60 40,736 0.643 8,85 389,80 4,36 0.647 6 6,422 0.0 509 63,720 7,047 0. 62 75,59.92 54,79 70,740 76,26.93 63 98,545.554 48,84 936,640 99,70.552 64 93,528.475 46,33 888,950 94,53.474 65 7,286.24 35,34 677,550 7,9.26 66 239,52 3.778 8,654 2,276,560 240,46 3.759 67 3,75 0.492 5,444 296,30 3,800 0.498 68 * 243,449 3.84 57,930 2,276,560 244,074 3.82 69 * 28,476 0.449 4,08 270,660 29,0 0.456 70 9,707 0.53 9,720 87,350 0,332 0.62 7 2,293 0.94 5,490 7,440 2,98 0.202 72 07,234.692 53,23,09,220 07,859.688 73 73,83.65 36,578 70,740 74,456.66 74 28,476 0.449 4,08 270,660 29,0 0.456 75 4,256 0.225 7,068 35,500 4,88 0.233 76 54,763 0.864 26,668 520,970 55,388 0.867 77 48,537 6.602 86,856 3,998,59 49,62 6.562 78 350,270 5.525 73,520 3,329,80 350,895 5.493 2,532,643 39.950,289,860 24,036,689 2,548,270 39.892 6,339,466 00.000 3,47,084 60,247,795 6,387,960 00.000 2033 * % 40 % 60,20635 =() 974 974 202 2033 203 202 66,825 60,633 5,829 6,92 3 72,654 66,825 5 203

203 202 202 2,803,296 85,73 2,905 2023 2,89,94 72,829 2033 2,964,743 0 :20207,50 2006 203 202 202 42,292 (2,000) (5,000) 2023 35,292 202 8,50 (0,000) 2033 33,442 202 2033 203 202 35,000 35,000 62,500 68,000 2,000 0,000 5,000 07,500 0,000 52 203

202 2033 203 202 302,533 36,762 22,832 22,784 9,37,39 276 299 335,02 35,64 202 2033 203 202 7,756 205,385 (7,220) (8,535) (23,294) 2,495 3,242 99,345 :20202,6 2033 27,7332,53 2,89 202 2033 203 202 308,602 358,382 (5,60) (,972) 302,992 356,40 2033 93,98 :2020,06 53 203

202 2033 203 202 60,770 202,324 (272,620) (34,480) (,850) (39,56) 2033 202 203 202 46,824 (30,454) (2,76) 20,282 34,08 (0,72) 46,08 2033 79,98 203 3 20,28 :2022,72 203 5,9 7,8 20 203 202 26,29 223, 76,02 70,24 337,240 293,352 (225,874) (85,270) (397) (536) 0,969 07,546 7,75 :2020, 54 203

202 8,390 3,34 2,524 203 8,55 8,048 6,599 9893 98930 89 5 30 2004 2,52 2007 8,2 2008 9 202 626020 60 2023 20 202 6062 0,90 203 2023 55 203

20027 F/BD/2002/8 B/BD/2002/7 2003 3,0 0,70 202 203 203 202 203 202 43.85 32.58 5.47 0.8 (9.35) (8.76) (2.33) (2.2) 34.50 23.82 3.4 8.69 9.3 8.32 5.38 4.22 (5.36) (6.83) 38.45 25.3 8.52 2.9 07,29 :202 96,302033 88,33 :20330,8 56 203

202 2033 203 202 203 202 45.84 364.94 25.85 22.4 22.03 36.0 0.30 0.43 9.42 7.5 4.67 4.23 9.7 8.76 2.34 2.2 (2.99) (.38) (2.36) (3.07) 454.0 45.84 30.80 25.85 523.3 4.00 58.85 0.5 34.50 23.82 3.4 8.68 9.7 8.76 2.33 2.2 9.3 8.32 6.23 5.32 (23.35) 72.6 (6.59) 35.65 (2.99) (.38) (2.36) (3.07) 550.3 523.3 6.60 58.85 3 (96.30) (07.29) (30.80) (33.00) 2033202 2033 66,6 46,53 96,64 :202 62,4 :202 203 202 20 200 2009 454.0 45.84 364.94 345.40 302.25 (550.3) (523.3) (4.0) (338.25) (304.68) (96.30) (07.29) (46.07) 7.5 (2.43) (26.37) (33.05) (48.95) (4.48) (47.40) (40.24) (63.59) (90.98) (35.84) (28.38) (66.6) (96.64) (39.93) (77.32) (75.78) 57 203

203 202 20 200 2009 30.8 25.85 22.4 8.67 5.67 (6.60) (58.85) (0.5) (74.22) (67.08) (30.79) (33.00) (88.0) (55.55) (5.4) (2.89) (2.8) (.90) (.22) (0.43) (43.64) (60.23) (24.59) 2.05 0.30 (46.53) (62.4) (26.49) 0.83 (0.3) 202 2033 203 202 203 202 4.2 3.63 4.2 3.63 3.80 3.73 3.80 3.73 2.30 2.23 6.00 6.00 5.00 5.00 204 204 2008 2009 AAA 6 5 2033 203 22 6,5 58 203

204 205 206 207 208 209 2023 2.50 2.60 2.80 2.90 3.00 7.60 3.94 7.7 9.20 22. 24.69 57.96 % % 203 202 203 202 6,69 4,2 (4,498) (3,029) 40,874 43,79 (3,607) (32,994) % % 203 202 203 202 7,2 7,872 (8,74) (9,775) 79,735 80,88 (94,29) (96,592) 202 2033 203 202 202,52 77,80 66,255 35,502 68,362 63,393 36,408 436,769 43,04 202 2033 35,272033 2,40 59 203

24 53 (20) 74 50 35 :20235 :203 5 202 2033 202 2033,78 :202 203 60

202 2033 203 202 20,203 8,973 8,30 7,205 4,075 3,798 32,588 29,976 2033 4,7 :206,7 : 202 2033 203 202 252,005 246,325 5,749 8,795 57,62 74,426 325,366 339,546 9,646,68 335,02 35,64 3,242 99,345 3,949 4,827 2,456 5,288 482,659 570,624 0 20335,57 6,07 :202 6 203

202 2033 203 55,640 4,292 95,92 68,806,687 385 226,722 4,99 0,92 4,254 36,67 2,976 9,549 08,290 60,559 5,23 0,66 05,477 23,663 9,934 335,02 202 67,299 4,90 05,92 72,454 3,65 559 254,308 4,764 9,92 0,85 34,57 22,537 4,302 96,856 72,063 4,83 6,736 06,97 25,702 4,86 35,64 90 2033 20427 204 62 203

202 2033 203 202 UA = SDR = 29.5609 27.7968 3.4733.9698 0.93548 0.953662 0.79 9.76098.54.53692.7377.48835.63856.52954.88633.87224 60.7684 52.764 20.349 20.224 27,664.50 28,938.60 2.55438 2.39022 0.434665 0.43205.9324.9324 2.559 2.966 32,606.40 32,0.00 3.62486 3.4807 6.544 3.0656 5.7750 5.7846 46.3927 46.936 95.4845 84.2957 3.32879 3.0728 3,875.62 4,26.4 33.553 3.893 732.94 764.734.3729.40874 0,688.00 0,590.0 50.322 46.642 8.33556 8.69762 8.47538 7.94757 0.0229 0.04 9.4398 8.55432,625.62,648.35 238.993 238.295.427.6583 9.3977 9.666 62.62 33.02 3.09997 2.73457 * 63 203

2 ( 2002 26 2004 (2 B/ 45200425BG/2004/07 30 20058B/BG/2005/052003 20067B/BG/2007/042004 20082005 25 (3 203 64

999 33 80 40 5 29 332033 (MDRI) (4 20058 00 38 33 2006 3,84 65 203

3 (8) 202 2033 97626 ( 30 2006 25 2 50 2008 26 0 4 39,9025 97739,6 976 35 50 98 9844 0,87 8 98 7 52,29 985 3 7.38 7 202 2033 203 202 28,586 28,586 53,423 52,060 (6,237) (6,025) 65,772 64,62 3,656 4,905 07,097 2,664,286,58 49 67 3 3 45,607 50,840 67,698 78,997 (,926) (4,376) 65,772 64,62 74 20(2 66 203

202 2033 202 72,464 4,762 (74,028) 3,99 92 2,277 3,99 203 82,462 4,78 (80,076) 7,05,780 5,324 7,05 3,2 :2032,60 2033 4 85 0 74 9 70 970 3 70 ( 9744 74 9 (2 20 9745 5,55975 3,452033 4,45 3,45 :202 (3 (XX) 33 AHG/Res 9845 2 67 203

202 2033 203 202 5 52 200 94 35 346 (29) (30) (25) (25) 297 29 282 277 5 4 297 29 649 65 649 65 20,768 20,80 5,55 5,558 26,39 26,368 (23,370) (23,092) 2,949 3,276,072 745,877 2,53 2,949 3,276 3,895 4,28 5 68 203

202 2033 203 202 67,757 66,909 9,25 9,859 2,89,088 298 32,739 2,502,33,439,442,355 4,850 365 37 2,520 2,27 70,25 64,530 8,96 8,596 6,389 3,525,0,233 22,596,490 4,933 2,596,946 2,364 3,835,869,590 25 27 6,57 5,425 3,058 3,683 23,803 27,86,406 2,39 (FAPA) 20,656 2,545 6,64 4,275,360 960 4,67 4,588 4,397,236,45 32,62 7,224,352,307 095,337 89 65 77,780 65,294 73 74 3,433,986 4,438 2,234 8,533 3,740 28,842 29,635 205 205 434 79 2,972 6,05,406 3,005 37 2 2,940 404 68,870 78,20 39 47 547,883 508,96 69 203

5 002 2033 2033 32 32 203 70

African Development Bank Independent Auditor s Report to the Board of Governors of the African Development Bank 2033 20426 Valéry Foussé 7 203

204 25,39 96,244 30,369,059 29,39 3,262 285,392 9,740 7,663 8,675,956,92 576 603 28,240 89,365 374,757 0,720 385,477 * (248,006) 37,47 * 72 203

8 4,58 2054 2006 5,67 0,75 0,5 050 830 3 22,83 203 2020 6,203 2,0 3203 20 3,77203 83 35,4 203 204 5,35 0,98206 3 2033204 2054 20062006 203 3 73 203

203 2,054.48,702.2 6,327.68 202,659.5,69.60 6,92.62 20,475.74,296.65 5,45.36 200,36.00,65.45 5,556.59 2009,798.54,726.43 5,248.8 7.7 2032009 * + * + * 202 3 24,225,24 203 77 202 2032009 8,8 2033 7,2 968,66 202 8203 5,53692 45,54 202,7 203 06 203 3 7,2 8,8 2004 78,07 4,68 37 () (2) 3,24 3 3,42 2033 67,33202,94 87,96 3,470 3,252,7 203 202 3.7 2032009,500,000 56,77 202 55,06203 3 6,9 2033 500 0 2009 200 20 202 203 203 74

77,58202 65 67 203 202 203 202 38,94 202 3,87 2,07 3,84203 202 (3)3 202,7,7 202 203 203 23,52 202 64,6 202 203,6 52,57 85,27 40,60 203 225,87202 65,9 203 68,69 202 202 87,96 203 67,33 75 203

2033 78 79 80 8 82 204

203 3 203 202 65,394 06,08,004,275,95,002 2,067,836 2,6,268 3,072, 3,3,270 2,389,924 2,373,46 56,0 48,87 30,024 8,563 86,035 67,434 (,68) (07,506) 5,60,846 5,750,677 22,766,462 22,439,309 (,503) (39,05) 22,764,959 22,400,204 (34,33) (,354,425) 22,423,826 2,045,779 (7,08) (7,08) 22,46,808 2,038,76 667,239 583,523 23,084,047 2,622,284 (27,726) (28,855) 22,956,32 2,493,429 (279,30) (273,923) 22,677,020 2,29,506 509,960 425,270 (3,95) (8,390) (285,959) (305,44) 22,769,06 2,330,945 (4,00,75) (3,358,986) (84,000) (84,000) (4,799,44) (4,823,297) (8,82,644) (7,23,985) 5,60,846 5,750,677 78 203

2033 203 202 58,054 47,57 9,524 8,52 67,334 87,958 79 595 (225,874) (85,270) (38,937) (3,87) (84) (305) (3,62) (,390) (23,525) (64,64),378,047,06,042 83,76 87,99 84,690 35,000 (5,378) 8,470,29 0,668 9,482 (3,876),56,686,244,223 (642,89) (40,937) (,060,09) (767,664) 56,770 55,058 43,406 5,040 36,694 (,586,992) (,077,849) (48,83) 0,760 5,750,677 5,648,97 5,60,846 5,750,677 79 203

202 (64,64) (3,876) (78,490) 203 (23,525) 9,482 (04,043) 2033 203 80

2033 203 202 (23,525) (64,64) 3,99 (9,420) 38,937 3,87 (7,40) (4,746) (4,443) 66,007 (02,972) 9,098 (642,89) (40,937) (,060,09) (767,664) 56,770 55,058 43,406 2,98 98,40 94,945 (725,602) (,394,69) (,642,005) 429,2 320,924 936,407,064,037 84,690 35,000,450,308,49,96 9,695 2,676 (37,38) (200,270) 287,890 488,60 250,752 287,890 65,394 06,08 85,358 8,872 250,752 287,890 (5,040) (36,694) (5,378) 8,470 8 203

2033 972 (4) (2)20027 F/BG/200/03 (7) (7) (50%) () 35 0.885265 203 82

978 0,92052 F/ BG/ 92/ 09926 22 993 993 202 2033 203 202 9.397020 6.06830 3.624860 3.48070.638560.529540 8.335560 8.697620.4270.65830 95.484500 84.295700 62.62000 33.020000,625.620000,648.350000 0.434665 0.43205 9.43980 8.554320 0.93548 0.953662 6.54400 3.065600 0.022900 0.04000.37290.408740 3.099970 2.734570.540000.536920 83 203

2006 3 20068F/ BG/ 2006/ 3 F/ BG/ 2006/ 2 (70%) 4 ( (75%) (2 2006 3 3 203 84

(i (ii 85 203

203 86

87 203

2 3 203 88

26/2 89 203

203 90

2033 2033 * * % 26,305,45 84,080 482,788 738,547 9.03 6 67,89 67,89 0.83 4 79,327 2,900 45,328 3,099 0.38 34 945,68 72,940 334,437 538,304 6.58 3 335,722 39,500 02,282 93,940 2.37 2 48,363 48,363 0.59 32 42,700 3,28 46,463 335,09 4.09 6 23,628,925 2,703 0.27 40 275,954 3,970 25,854 246,30 3.0 4,342,30 38,385 490,000 83,96 9.95 2 2,003 7,800 3,203 0.04,70,70 0.0 0 30,857 30,857 0.38,040,040 7 87,045 2,35,895 83,05.0 7 79,393 269 79,24 0.97 28 98,586 8,95 89,635. 9 23,244 64,565 48,679.82 22 388,997 22,220 76,533 90,244 2.32 0 34,848 34,848 0.43 4 4,628 560 4,068 0.05 35 453,967 2,90 65,354 367,423 4.49 8 3,324 3,324 0.38 + 5 76,67 76,67 2.6 3 76,220 9,99 57,02 0.7 3 5,546 5,546 0.07 7 64,328 64,328 0.79 38 730,768 202,545 528,223 6.46 2 62,303 4,690 57,63 0.7 25,346 25,346 0.3 8 22,624 2,598 20,026 0.24 29 583,588 3,60 302,625 267,353 3.27 2 37,855 3,906 23,949 0.29 2 7,563 0,000 7,563 0.09 54,625,504 38,720 72,554 774,230 9.46 5 26,466 26,230 236 0 35 39,08 9,220,09 28,752.57 42 568,822 33,856 8,5 46,85 5.09 22 303,095 08,045 95,050 2.38 7 35,44 35,44.65 5 30,633 30,633 0.37 23 20,89 74,577 35,62.66 4 63,844 0,094 53,750 0.66 2,773,773 0.02 35 703,793 266,68 437,2 5.34 2,929,929 0.5 2 207,83 73,86 34,627.65 25 783,089 20,580 28,45 38,094 4.66 2 83,380 6,000 53,850 3,530 0.7 870 2,980,667 650,524 4,47,499 8,82,644 00.00 20 20 + 203. * 203 3 ** 9 203

A2/P2/F2 A/A2 30 AAA/Aaa AAA/Aaa 5 AA/Aa3 AA/Aa3 0 5 A/A2 A/A2 6 AAA/Aaa AA/Aa3 A/A2 AAA/Aaa AA/Aa3 A/A2 AAA ABS/MBS50 ABS/MBS40 ABS/MBS 5 MBS/ABS ISDA AA/Aa3 A/A3 +A 4% 6% % AA +AA 48% 33% 34% AAA 48% 6% 55% 203 202 20 203 92

75 50 () (2) (2) () () (2) 93 203

2033 3 3 4 4 5 5 65,394 65,394,032,335 749,467 295,405 30,33 238,063 455,50 3,072, 678,047 547,256 436,977 286,479 92,38 249,027 2,389,924 86,035 86,035,96,8,296,723 732,382 587,80 430,20 704,537 5,73,464 (,68) (,68) (,68) (,68) 3 203,850,93,296,723 732,382 587,80 430,20 704,537 5,60,846 2023 3 3 4 4 5 5 06,08 06,08 855,749 843,590 559,220 90,09 304,220 558,472 3,3,270 928,778 67,877 492,749 272,798 35,680 25,579 2,373,46 67,434 67,434,957,979,46,467,05,969 462,87 339,900 584,05 5,858,83 (07,506) (07,506) (07,506) (07,506) 3 202,850,473,46,467,05,969 462,87 339,900 584,05 5,750,677 94 203

2033 65,394 65,394 65,394,004,275 2,067,836 3,072, 3,5,84 2,389,924 2,389,924 2,389,924 86,035 86,035 86,035,004,275 4,709,89 5,73,464 5,792,537,68,68,68,68,68,68 2023 06,08 06,08 06,08,95,002 2,6,268 3,3,270 3,447,257 2,373,46 2,373,46 2,373,46 67,434 67,434 67,434,95,002 4,663,8 5,858,83 5,994,70 07,506 07,506 07,506 07,506 07,506 07,506 202 2033 203 202,004,275,95,002 2,067,836 2,6,268 3,072, 3,3,270 95 203

202 2033 203 202 203 202 203 202 203 202 0.28 57.74 75.08 24.4 85.36 8.88 26.0 29.53 23.32 22.72 33.90 83.32 52.25 44.52 442.25 5.7 76.60 223.42 5.24 59.65 524.09 07.42 73.84 78.55 47.54 65.03 25.00 32.38 20.47 55.72 5.38 39.6 39.0 20.07 64.95 5.40 308.79 759.08 258.96 286.47 436.53 49.45,004.28,95.00 202 2033 203 202 505.36 446.02 380.6 404.83 66.48 244.24 4.0 8.25 43.53 48.27 38.3,004.28,95.00 202 2033 203 202 203 202 203 202 203 202 2.82 2.78 2.82 2.78 647.88 732.49 406.60 32.6 20.57 40.76,75.05,85.86 46.07 27.38 55.24 9.50 32.87 34.24 334.8 443.2 347.89 335.46 53.65 95.5 44.25 43.90 545.79 474.5,54.66,298. 75.49 599.26 97.69 28.90 2,067.84 2,6.27 202 2033 203 202 526.98 409.73 369.3 438.76 228.92 34.98 297.32 7.77 238.06 260.69 407.25 520.34 2,067.84 2,6.27 96 203

4022033 040 639 040 500000 9 0.753 0.5 996 90 8 30 0.75 % 0.5 2033 3.83 :20233.40 275.79 2033 98.0:20203.7283.56:202 2.072033 38.7920333.84:202 2023 39.47 520 723.99 : 202882.642033 97 203

202 2033 203 202 % % 73.83 2.2 62.05 2.25 77.39 0.95 7.87.00 82.0.00 78.7.09 89.32.09 83..5 98.07.20 89.84.25 7,66.93 93.64 6,728.4 93.26 8,82.64 00.00 7,23.99 00.00 202 2033 203 202 % %.69 0.4 2.98 0.8.28 0.4.40 0.6 3,20.98 38.4 2,767.56 38.37 660.34 8.07 722.73 0.02 2.05 0.26 23.79 0.33 369.3 4.5 226.6 3.4 4.24 0.8 6.06 0.22 56.92 0.70 57.0 0.79 3,96.5 47.86 3,375.50 46.79 0.32 0.35 8,82.64 00.00 7,23.99 00.00 2 8 () (2) 98 203

7.08 999 60.96 32.04 999 999 32 80 40 84 2023 20058 00 2005 25 38 33 2006 5.52 :2025.53 2033 225.9928 :20229 225.99:202 2033942.7:202942.7 99 203

2033 202 203 202 235,096 4,588,20 4,823,297 235,096 4,247,658 4,482,754 * 9,550 9,550 340,543 340,543 * (43,406) (43,406) 3 235,096 4,564,345 4,799,44 235,096 4,588,20 4,823,297 * 2002 26 36,50,77 2008 20 F/BG/20/0 203202,0 6,0 203 3.77 2033 30 200 203

203 26 25 204 F/BG/204/0 30 5,94 2023 583.52 993 494.99 496.99 8 202 2033 202 56,224 (64,64) (8,390) 203 (8,390) (23,525) (3,95) 3 8 3.75:202.68 2023 20 203

3 85.27:202225.87 50 74 203 202

2033 %,842 7,08 9,77 8,63,842 7,08 9,77,000.000 50.000 2,842 92 435,24 22,684 560,688 452,252 08,436 48,67 0.082 0.004 3 6,860 6,956,877,300 400,000 2,29,6 2,29,6 52,306 7.827 0.89 4 4,45 4,45 8,290 8,290 20.255.03 5 9,2,284,3 94,27,487,595,487,595 29,637 6.36 0.38 6,842 92 3,258 9,608 43,629 43,629 74.3 3.707 7 7,368 36,628 43,996 43,996 4,473 9.873 0.994 8 2,763 358,050 84,28 445,094 445,094 2,266 26.404.320 9 4,605,382 05,754,74,74 0 40,693 40,693 40,693 20.543.027,794 9,069 0,424 3,287 3,287 9,562 04.20 5.20 2 4,605,842 503,854 77,294 587,595 587,595 8,608 03.783 5.89 3 4,605 3,684 927,99 78,04,4,249,4,249 3,653 3.573 0.79 4 2,763 2,938 688,537 00,843 795,08 795,08 25,296 56.75 2.836 5 3,86 338,003 83,922 435,74 435,74 2,994.80 5.59 6 8,809,95,04 356,206 2,280,056 2,280,056 72,803 9.55 0.476 7,842 339,085 2,024 452,95 45,993,870 8.90 0.40 8 3,86 6,908,353,038 204,452,578,24,578,24 95,664 42.343 2.7 9 9,2 45,805 53,857 208,873 208,873 5,967 44.88 2.24 20 4,974 59,485 7,36 7,820 7,820 3,8 6.575 0.329 2,303,303,303.74 0.586 22 8,290 232,665 9,543 260,498 260,498 3,997 23 4,800 3,073,420,274 572,403 2,000,550 2,000,550 63,37 22.62.08 24 4,605 2,303 804,06 79,774 990,788 990,788 28,03 50.748 2.537 25 3,86 283,62 95,706 393,34 393,34 9,396 36.332.87 26 5,526 64,344 9,624 79,494 79,297,377.802 0.090 27 3,684,842 735,730 20,066 942,322 94,974 26,4 0.367 0.08 28 2,434 8,290 2,222,705 38,083 2,624,52 2,40,586 222,926 47,945 9.394 4.570 29 3,86 2,83,392 274,604 2,47,82 2,47,82 52,876 08.482 5.424 87,539 7,70 94,709 94,709 24,377 4,060 8,763,70 3,747,35 22,766,462 22,46,808 7,08 34,33 667,239 2,000.000 00.000 38,565 2,64 60,79 38,565 2,64 6,95 26 204 203 203

5 002 2033 3 203 526 3 35 35 3 35 355 26 3 35 355 26 203 204

African Development Fund Independent Auditor s Report on the special purpose financial statements of the African Development Fund to the Board of Governors of the African Development Fund 2033 204 26 Valéry Foussé 205 203

24, 970 50 242,20 204 203 206

202203 3 278,778,77 203 202 260 2,93,7 87 202 2032009 200 35 2033 23,3343 45,75 8.7 2032009 (30) 976 2007 2006 2008 25 (30) 208 8 7 6 5 4 3 2 0 2009 200 20 202 203 2033 20,75 202 26,57 0,38 0,45 203 0,98 7,89 05,70,93 202 203 3.7 0.96 40.70 202 2.90.76 22.86 20 0.00 8.67 9.73 200 0.70 5.02 8.94 2009 5.00 4.87 24.2 8.7 203 2009 207 203

3 6,09 3 6,28203 3,0202 60,05 2033 0,96202,76 2033203 69238,07 3 235,06 98,73 203 47 203 208

2033 20 22 23 23 24 25 233

202 4,905 2,664,58 67 3,588 50,986 (46) 50,840 78,997 203 3,656 07,097,286 49 3,338 45,753 (46) 45,607 67,698 2033 203 20

202 4,376 203,926 28,586 52,060 (6,025) 36,035 28,586 53,423 (6,237) 37,86 64,62 65,772 78,997 67,698 2 203

202,700 980 5 2,73 536 6 552 563 2,68 (52) 2,06 203,530 455,985 397 (4) 393 2 405,580 (27),363 203 3 203 22

2033 203 202,363 2,06,363 2,06 203 3 202 28,586 50,044 (5,892) 62,738 2,06 2,06 (33) (33) 203202 3 28,586 52,060 (6,025) 64,62,363,363 (22) (22) 203 3 28,586 53,423 (6,237) 65,772 23 203

203 3 203 202,363 2,06 2 (55) 47 (92) (8) (,225) 2,665 (0,097) 5,45 (959) (,758) 6,087 6,276 3 (23,39) (6,506) (8,263) (,988) (285) (669) (28,645) 2,488 53,574 5,086 24,929 53,574 3,273 48,669 3,656 4,905 24,929 53,574 2,52 2,258 2 (43) (69) 24 203

203 3 97626 30 2006 26 2008 26 0 7.3 7 5.53692.54000 2033 25 203

( 9 203 26

(2 27 203

2 3 203 28

0 203 20 0 0 3 203 3 327 20 7 32 32 29 203

327 204 203 32 203 ( 203 220

2033 * * 2 0,64 0,000 64.4 3 5,67 5,67.29 940 940 2.05 3 0,220 0,220 22.34,023,023 2.24 865 865.89 4,565 4,565 9.98 6,400 6,400 832 832.82 4,8 4,8 9 74 74.56 2 828 828.8 755 755.65,305,305 2.85 2 2,922 2,922 6.39 3,487 3,268 29 0.48 5,000 5,000 3 9,05 6,500 2,605 5.69 6 6 0.03 6,500 6,500 2 7,425 6,500 925 2.02 2 7,726,528 6,98 3.55 895 895.96 6,670 6,670 35 98,9,670 40,696 45,753 00.00 203 3 2033 22 203

P&S + A + A A A2 A A3 2+ BBB+ Baa 2 BBB Baa2 2 BBB Baa3 3+ BB+ Ba 3 BB Ba2 3 BB Ba3 4+ B+ B 4 B B2 4 5+ B B3 5 5 CCC+ Caa 6+ 6 CCC Caa2 6 7 CCC Caa3 8 9 CC Ca 0 C C 30 (2 222 203

30 AAA/Aaa AAA/Aaa 5 AA/Aa3 AA/Aa3 0 5 AAA/Aaa AA/Aa3 AAA/Aaa AA/Aa3 AAA A/A2 A/A2 6 A/A2 A/A2 ABS/MBS50 ABS/MBS 40 5ABS/MBS MBS/ABS. AA/Aa3 0 AA A + 6% 8% 27% 2% 3% % AA AA + 44% 9% 23% 40% 37% 34% AAA 50% 63% 50% 48% 60% 55% 203 202 20 200 2009 2008 223 203

3 22.86 :20240.702033 4 2 202 2033 2033 3,656 3,656 29,940 43,50 33,40 387 20 07,097,338,338 7,59 4,649 3,656 3,237 2,799 23,893 (46) 45,607 52,453 48,59 36,796 3,237 3,86 24,03 (46) 67,698 (,926) (,926) 3 *203 50,527 48,59 36,796 3,237 3,86 24,03 (46) 65,772 * 2023 4,905 4,905 80,680 40,270 74 2,664,588,588 7,775 5,79 4,64 3,632 3,93 25,954 (46) 50,840 94,948 46,06 4,64 3,632 3,93 26,668 (46) 78,997 (4,376) (4,376) 3 *202 80,572 46,06 4,64 3,632 3,93 26,668 (46) 64,62 * 224 203

40 00 202 2033 00 00 203 202 203 202 (98) (47) 99 48 203 3 3,656 3,656 3,656 07,097 07,097 07,097,338,338,338 45,607 45,607 45,027 07,097 60,60 67,698 67,8,926,926,926,926,926,926 202 3 4,905 4,905 4,905 2,664 2,664 2,664,588,588,588 50,840 50,840 52,0 2,664 57,333 78,997 80,258 4,376 4,376 4,376 4,376 4,376 4,376 225 203

AA AAA A 2033 202 2033 203 202,273 48,670 502 720 77,77 48,953 7,55 23,32 07,097 2,664 202 2033 2 3 203 202 203 202 203 202 203 202,273 48,670,273 48,670 502 720 502 720 77,77 48,953 77,77 48,953 7,665 7,55 5,656 7,55 23,32 89,044 05,288 7,55 5,656 502 720 07,097 2,664 226 203

3 202 2033 202,089 (238) (30) () 720 203 720 (27) () 502 3 202 2033 202 80,680 40,270 74 2,664 203 29,940 43,50 33,40 387 20 07,097 2.55 20207.05 2033 0.54 202 0.23 2003 222003 22 2003 222003 3 B/BG/2003/ 4 2 20 0.75 2008 2008 ADB/BD/WP/2008/96 (3) 0.75 (2)() 6 20(4) 0.5 (3) 0.75 (2) () 5 (5) (4) 0.5 227 203

200.75 00 2033 202 2033 203 202 % % 7.5 6.42 7.78 5.26 4.65 0.6 5.79.36 3.66 8.00 4.64 9.0 3.24 7.08 3.64 7.4 2.80 6.2 3.9 6.25 23.89 52.22 25.95 50.89 45.75 00.00 50.99 00.00 2.03 202 2.02 2033 0.740.76 2023 202 2033 203 202 755 757 (46) (46) 609 6 975 946 (536) (525) 439 42 228 203

202 2033 203 202 46 46 3 46 46 202 2033 203 202 525 54 3 536 525 202 2033 203 202 3 45,753 45,027 50,986 52,0 (46) ( 46) 45,607 45,027 50,840 52,0 25 50 97739.69764 39.90 52.2935 5098 9844 0.87 8 98 7 985 3 7.38 7 35.7200 2006 4 200929.04200 229 203

202 2033 202 50,044 2,06 2032023 52,060,363 2033 53,423 2006 0.22202 2033 0.5 202 2033 203 202 6,025 5,892 22 33 3 6,237 6,025 202 2033 203 202,348,562 3 30 5 08,530,700 202 2033 203 202 67 559 (62) 42 455 980 230 203

20 0.54 :202 20330.40 0.03 2033 0.23 :202 8 202 203 202,700 980 2,680 203,530 455,985 23 203

202 2033,530,700 766 89 292 293 38 43 334 373 203 202 30 203 2042 204 203 232

5 002 2033 2033 2 8 2 8 233 203

Nigeria Trust Fund Independent Auditor s Report to the Board of Governors of the African Development Bank in respect of the Nigeria Trust Fund 2033 20426 Valéry Foussé 203 234

203967 2032009 2009* 200 20 202 203 967203 32.2 0.7 2. 2.5 6.4 489.6 9.5 4.6 34 26.8 02 0.5 272.3 45.4,447.0 65 58.3 70.2 63.6 85.5,937.00 5 0.5 7 7. 30.7 43.4 7.7 85.6 47.3 42.8,9.40 2.8 3.4 0. 0.6 2.2 333.6 275.9 239.6 453.8 323.0 243.9 5,863.4 224.4 67. 66 85.7 2,38.0 2 2.9 2 05.7 28.7 5. 67 72.9,786.50 0.7 34. 49 7.8 5.5 473.5 52 29.6 55 54 4.7,977.20 5.9 0.6 0.4 2.6 3.6 99.4 4.8 27.4 32.2 0.3.4 5.9 3.9 90.4 57.3 4. 6 53.8 694 0.7. 25.6 388.2 3.7 0.3 8.2 4.3 26.9. 3.3 55.8 35 6.7 04.9 28 239.5,62.50 55.6 560.3 6.2 447.2 597.3 0,032.4 276.7 296.6 545.7 354.6 22.6 5,383.30 0.5 0.5,89.50 0.6 0.6 77.9 65.4 0.6 0.8 3,76.50 583 59.7 355.3 754 204.6 6,95.50 2.4 3.6 6.2.7 508.6,050.4,47.9 902.2,5.5 228.8 8,496.9 2 4.9 22.9 397.2,.00 2. 0.6,54.50,732.90 403.7 30 273. 3,758.50 0.3 32.6 5 6.6 33.3,023.50.3 0.7 6. 6. 8.8 759.9 0.3 0.5 0.5 30.4 7.4 7.3 35 49. 4.7 0 52.5 3. 848.2. 0.6 2.3 76.9 882 437.9 0.3 99 850.2 3.6 37.9 60 57.5 26.5,324.80 0.6 0.6 5 0.5 99.4 373.9 3,395.2 492.8 403.7 464.0 65.2 2,385. 236 203

203967 2032009 2009* 200 20 202 203 967203 22 43 30 40.5 665.3 62.6 35.2 50 79.5 905.9 37 20.5 30 67. 334.9 324.8 23 0. 04.3 62.3,779.40 9 2 3.5 0.6 249.2 7.4 70 68.8 3.3,750.00 5.2 50.6 22.4 79.3 4. 5.7 207.7 3.8 3.2 36.2 7. 43.4 35.9 49.5 66.5 52 0.7 36,034.0 2 54.2 25.3 3.6.2 525.6 365 67.8 453.6 63.9 40.6 3,98.00 69.5 70.8 35.4 4.7 82.,062.00 36.3 29.2 37.8 23.3 2 439 2.8 32.5 77.7 2.7.3 329,242.0 595.8,02.8 44.7 99.0 4,307.2,027.0 39. 735.2 82.0 884.9 6,38.9 7,505.7 3,674.5 4,27.9 3,602.8 3,56. 67,223.8 * 237 203

2 203 2022 203 202 205 202 207 203 (205 20) 207 203 207 203 3 206 204 202 203 238

3 xiv 203 2004.0 xv 2.0 6. 9 203 / 202 2. 34 203.4 37 203 202 2.4 54 203.5 55 2 2.5 3.5 6 203 3 0 204. 40 203.4 x.0 xi 203 2008 2.0 xi 203 3.0 xvi 203 2004 4.0 xvi 203 967 5.0 xvi 203 967 6.0 xvi 203 2004 7.0 5. 5 2. 7 % 3. 7 % 4. 7 % 5. 8 6. 5.2 32 203 2008.4 33 203 ( )2.4 33 203 ( )2.4 33 203 ( ) 2.4 35 203 3.4 35 203 4.4 35 203 5.4 36 203 6.4 36 203 7.4 37 203 8.4 39 203 9.4 42 203 0.4 43 203.4 43 203 2.4 239 203

9.2 20 2.2 20 3.2 2 4.2 25.3 26 2.3 27 3.3 39.4 4 2.4 42 3.4 43 4.4 44 Africa 50 5.4 44 203 6.4 45 7.4 45 8.4 46 9.4 47 0.4 56.5 57 2.5 203 240

3 ACPU Staff Appeals Committee ADB African Development Bank ADEA Association for the Development of Education in Africa ADER Annual Development Effectiveness Review ADF African Development Fund ADB African Development Bank AGOA African Growth and Opportunity Act AIDI African Infrastructure Development Index AIFF African Infrastructure Financing Facility ALSF African Legal Support Facility AMBD Committee on Administrative Matters Affecting the Boards of Directors AMCOW African Ministers Council on Water ANRC African Natural Resources Centre ANRE Annual Report Committee APRM African Peer Review Mechanism AU African Union AUC African Union Commission AUFI Audit and Finance Committee AWF African Water Facility BCP Business Continuity Plan BRICS Brazil, Russia, India, China, South Africa CAEMC Central African Economic and Monetary Community CAIIP Community Agriculture, Infrastructure Improvement Program CAR Central African Republic CIDA Canadian International Development Agency CO2 Carbon dioxide CODE Committee on Operations and Development Effectiveness COMESA Common Market for Eastern and Southern Africa CPIA Country Policy and Institutional Assessment CRMU Compliance Review and Mediation Unit CSP Country Strategy Paper CWHOLE Committee of the Whole DAM Delegation of Authority Matrix DDR Demobilisation, Disarmament and Reintegration DFI Development Finance Institution DIRA Department Overseeing the Return to Abidjan DRC Democratic Republic of Congo EAC East African Community EADI African Development Institute ECA Economic Commission for Africa ECOA Ethics and Compliance Officers Association ECOWAS Economic Community of West African States EITI Extractive Industries Transparency Initiative ESTA Statistics Department EU European Union FDI Foreign Direct Investment FAPA Fund for African Private Sector Assistance FO Field Office FSF Fragile States Facility GAFSP Global Agriculture and Food Security Program GCI General Capital Increase GCIVI Sixth General Capital Increase GDP Gross Domestic Product GEF Global Environment Facility GVC Global Value Chain HIPC Heavily Indebted Poor Countries HIV/AIDS Human Immunodeficiency Virus/Acquired Immunodeficiency Syndrome HLP High Level Panel HQ Headquarters HR Human Resources IACD Integrity and AntiCorruption Department ICA Infrastructure Consortium for Africa ICB International Competitive Bidding ICT Information and Communications Technology IGAD InterGovernmental Authority for Development ILO International Labour Organization IPPF Infrastructure Project Preparation Facility IPR Implementation Progress and Results IRM Independent Review Mechanism ISPs Institutional Support Programs ISS Integrated Safeguards System IT Information Technology IWRM Integrated Water Resources Management KMS Knowledge Management Strategy KPIs Key Performance Indicators LIBOR London Interbank Offered Rate LICs Low Income Countries LOC Line of Credit MARFOP Mano River Forest Ecosystems Conservation Program MARS Management Action Record System MDBs Multilateral Development Banks MDGs Millennium Development Goals MDRI Multilateral Debt Relief Initiative MDWPP MultiDonor Water Partnership Program MNCs Multinational Companies MICs MiddleIncome Countries 24 203

MW Megawatt NASDAQ National Association of Securities Dealers Automated Quotations NEPAD New Partnership for Africa's Development NSO NonSovereign Operations NTF Nigeria Trust Fund OAGL Office of the Auditor General ODA Official Development Assistance OECD Organisation for Economic Cooperation and Development OPEV Operations Evaluation Department PASEL Electricity Access Support Project PBA PerformanceBased Allocation PBO PolicyBased Operation PCG Partial Credit Guarantee PCR Project Completion Report PIDA Program for Infrastructure Development in Africa PL Professional Level PPA Performance Based Allocation PPP Public Private Partnership PRG Partial Risk Guarantee PSF Private Sector Credit Enhancement Facility RECs Regional Economic Communities REDD Reducing Emissions from Deforestation and Forest Degradation RISP Regional Integration Strategy Paper RMCs Regional Member Countries RPA Risk Participation Agreements RR Readiness Review RRC Regional Resources Centres RWSSI Rural Water Supply and Sanitation Initiative SADC Southern African Development Community SAB Sanctions Appeal Board SCO Staff Council SEZs Special Economic Zones SMCC Senior Management Coordination Committee SMEs Small and MediumSize Enterprises SSA SubSaharan Africa STI Science Technology and Innovation TEU Twentyfoot Equivalent Unit TRA Temporary Relocation Agency TYS TenYear Strategy UA Unit of Account UNDP United Nations Development Program UNECA United Nations Economic Commission for Africa USA United States of America USD United States Dollar WAEMU West African Economic and Monetary Union ZIMFUND Zimbabwe MultiDonor Trust Fund 203 242

4 3 203 8,763,672 EUR 2,87,88 9,22,973 2,504,543 28,947,79 5,732,5 CAD 5,000,000 USD 3,845,000 EUR 00,000 EUR 5,900,000 EUR 6,009,290 EUR,27,800 EUR 5,749,358 EUR 82,222 EUR 2,902,249 EUR 5,36,083 EUR 7,052,45 EUR 25,000,000 EUR 5,000 EUR 2,000,000 EUR 0,788,685 EUR 74,963 EUR 2,95,623 EUR 2,000,000 USD 5,000,000 USD 2,000,000 USD,800,000 243 203

4 3 203 00,230,476 32,929,53,987,959 4,42,908 3,68,093 EUR 37,679,53 EUR 6,25,956 EUR 4,226,775 USD 37,260,000 USD 2,648,047 USD 0,645,670 USD 3,05,935 USD,20,868 USD 3,3,525 USD 84,068 USD 84,308 USD 2,286,789 USD 3,020,990 USD 200,000 USD,47,87 USD 472,749 USD 8,840 USD 400,570 USD 30,63 USD 99,900 203 244

4 3 203 3,50,53 4,533,946 6,480,500 EUR 500,000 EUR 66,298 EUR 269,950 EUR,324,960 EUR 300,000 EUR 43,35 EUR 20,464 EUR 758,266 EUR 380,678 EUR 5,000,000 EUR 9,550 4,727,293 48,70,464 EUR 7,000,000 EUR 62,65 EUR 54,906 EUR 3,302,85 EUR 2,00,84 EUR 0,524 EUR 3,690 DKK 7,700,000 CAD 9,750,000 NOK 45,000,000 GBP 9,000,000 EUR 2,000,000 EUR 2,00,94 UA 6,300,000 DKK 5,000,000 USD 93,670 USD,000,000 245 203

4 3 203 ( 20030 (2 (3 22,25,58 3,908,3 2,92,724 29,67,57 3,544,650 EUR 82,57 EUR 26,404,626 EUR 30,829,647 EUR 53,000,000 EUR 500,000 EUR 7,936,470 EUR 9,287,804 USD 5,999,802 USD 4,47,643 USD 45,552,009 EUR 2,758,009 EUR,244,468 203 246

4 3 203 465,253 USD 74,26 8,02,54 USD 24,509,390 620,76,705 247 203

4 203 3 3,592,299 CAD 5,596,75,348,538 USD 2,000,000 2,698,260 EUR 5,04,492 3,638,845 EUR 3,350,000 4,72,096 USD 6,753,685.85 2,93,76 EUR 2,783,573.0 7,94,062 JPY 2,336,393,740 23,257,693 USD 26,608,63 8,783,044 USD 25,000,000 2,00,998 NOK 2,000,000 2008 2 203 248

4 203 3 ( (2 2,062,684 EUR 2,000,000 5,68,29 SEK 50,977,654,84 4,06,747 CHF 5,576,43,6 7,477,272 GBP 3,000,000 8,468,934 249 203

5 2.7520.5 725.8 2.75 2.75 0 5 5 20 204 3 0.75 0.5 0 50 520 (203 20) 2 8 30 0,50.75 976 2008 203 3 6 6 6 2060 520 6 3 6 5 5 203 250

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203 252

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