Form DSTRBRPT ASIAN DEVELOPMENT BANK

Item 7.

Exhibits

9.	Interest Basis (Condition 5):			Fixed Rate (Condition 5(a)) (further particulars specified below).
10.	Redemption/Payment Basis (Condition 6(a)):			Redemption at par.
11.	Change of Interest or Redemption/Payment Basis:			Not applicable.
12.	Put/Call Options (Conditions 6(e) and (f)):			Call Option (further particulars specified below).
13.	Status of the Notes (Condition 3):			Senior.
14.	Listing:			Luxembourg Stock Exchange.
15.	Method of distribution:			Non-syndicated.
Provisions Relating to Interest Payable
16.	Fixed Rate Note Provisions (Condition 5(a)):			Applicable.
	(i)	Rate(s) of Interest:		4.75 per cent. per annum, payable annually in arrear. For the avoidance of doubt, the interest payment per Specified Denomination shall be rounded to two decimal places, with U.S.$0.005 rounded upwards.
	(ii)	Interest Payment Date(s):		12 February of each year, commencing on 12 February 2026 up to and including the Maturity Date, adjusted in accordance with the applicable Business Day Convention.
	(iii)	Interest Period End Date(s):		12 February of each year, commencing on 12 February 2026 up to and including the Maturity Date.
	(iv)	Interest Period End Date(s) adjustment:		Unadjusted.
	(v)	Business Day Convention:		Following Business Day Convention.

TERMS AGREEMENT NO. 1734-00-2

 

under the

 

ASIAN DEVELOPMENT BANK

 

GLOBAL MEDIUM-TERM NOTE PROGRAM

 

U.S.$500,000,000 4.75 per cent. Callable Notes due 12 February 2030

 

10 February 2025

 

Asian Development Bank

6 ADB Avenue, Mandaluyong City

1550 Metro Manila

Philippines

 

Attention:  Assistant Treasurer, Funding Division

 

Wells Fargo Securities, LLC (the “Dealer”) agrees to purchase from the Asian Development Bank (“ADB”) its U.S.$500,000,000 4.75 per cent. Callable Notes due 12 February 2030 (the “Notes”) described in the pricing supplement dated as of the date hereof relating thereto (the “Pricing Supplement”) and the related Prospectus dated 9 December 2020 (as amended and supplemented and together with the documents incorporated by reference therein, the “Prospectus”) at 9:00 a.m., New York time, on 12 February 2025 (the “Settlement Date”) at an aggregate purchase price of U.S.$500,000,000 on the terms set forth herein and in the Standard Provisions dated as of 9 December 2020 (the “Standard Provisions”) relating to the issuance of Notes by ADB. The Standard Provisions are incorporated herein by reference. In so purchasing the Notes, the Dealer understands and agrees that it is not acting as an agent of ADB 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. All other terms defined in the Prospectus, the Pricing Supplement relating to the Notes and the Standard Provisions shall have the same meanings when used herein.

 

ADB represents and warrants to, and agrees with, the Dealer that the representations and warranties of ADB set forth in Section 2(a) of the Standard Provisions are true and correct as though made at and as of the date hereof and will be true and accurate as though made at and as of the Settlement Date.

 

The Dealer warrants and covenants that this Terms Agreement has been duly authorized, executed and delivered by it, and that such execution and delivery does not, and the performance by it of its obligations hereunder will not, contravene any provision of applicable law or its articles of association or equivalent constitutive documents or any judgment, order or decree of any governmental body, regulatory agency or court having jurisdiction over it. The Dealer warrants and covenants to ADB that the warranties of the Dealer set forth in Section 2(b) of the Standard Provisions are true and correct as though made at and as of the date hereof and will be true and accurate as of the Settlement Date.

 

The obligation of the Dealer to purchase Notes hereunder is subject to the continued accuracy, on each date from the date hereof to and including the Settlement Date, of ADB’s representations and warranties contained in the Standard Provisions and to ADB’s performance and observance of all applicable covenants and agreements contained herein and therein. The obligation of the undersigned to purchase Notes hereunder is further subject to the additional conditions (if applicable) set forth in Section 6 of the Standard Provisions, including the receipt by the Dealer of the document referred to in Section 6(c)(i) of the Standard Provisions.

 

ADB certifies to the Dealer that, as of the Settlement Date, (i) ADB has performed all of its obligations under the Standard Provisions and this Terms Agreement required to be performed or satisfied on or prior to the Settlement Date and (ii) the Prospectus, as supplemented by the Pricing Supplement, contains all material information relating to the assets and liabilities, financial position, and net income of ADB, and nothing has happened or is expected to happen that would require the Prospectus, as supplemented by the Pricing Supplement, to be further supplemented or updated.

 

The following additional terms shall apply to the issue and purchase of Notes:

 

The Standard Provisions and this Terms Agreement, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the laws of England.

 

Except for the rights of Indemnified Parties to enforce the indemnities provided under Section 7 of the Standard Provisions, a person who is not a party to this Terms Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Standard Provisions or this Terms Agreement. Any date or period specified in the Standard Provisions or this Terms Agreement may be postponed or extended by mutual agreement between ADB and the Dealer but, as regards any date or period originally fixed or so postponed or extended, time shall be of the essence. The Standard Provisions and this Terms Agreement, and any documents entered into pursuant thereto, constitute the entire agreement between ADB and the Dealer in relation to the subject matter thereof and supersede and extinguish, and each of ADB and the Dealer in entering into this Terms Agreement and such other documents agrees that it does not rely on and shall have no remedy in respect of, all prior drafts and all prior agreements, understandings, undertakings, arrangements, representations and warranties (of any nature whatsoever, of any person whether party to this Terms Agreement or not and whether written or oral) in relation to such subject matter other than as expressly set out in the Standard Provisions and this Terms Agreement, save that nothing herein shall exclude or limit any liability or remedy arising as a result of fraud or affect or diminish ADB’s or the Dealer’s liability under Section 7 of the Standard Provisions.

 

With respect to any legal action or proceedings (“Proceedings”) arising out of or in connection with this Terms Agreement, each of the parties irrevocably submits to the exclusive jurisdiction of the courts of England, provided, however, that in accordance with Article 50, paragraph 2 of the Agreement Establishing the Asian Development Bank (the “Charter”), no action shall be brought against ADB by any member of ADB, or by any agency or instrumentality of a member, or by any entity or person directly or indirectly acting for or deriving claims from a member, or from any entity or instrumentality of a member, and that, in accordance with Article 50, paragraph 3 of the Charter, the property and assets of ADB shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against ADB.

 

ADB hereby irrevocably appoints Law Debenture Corporate Services Limited at 8^th Floor, 100 Bishopsgate, London EC2N 4AG, United Kingdom as its agent in England to receive, for it and on its behalf, service of process in any Proceedings in England. If for any reason such process agent ceases to be able to act as such or no longer has an address in London, ADB irrevocably agrees to appoint a substitute process agent and shall immediately notify the Dealer of such appointment in accordance with Section 10 of the Standard Provisions and this Terms Agreement. Nothing shall affect the right to serve process in any manner permitted by law.

 

Nothing in this Terms Agreement shall be construed as an express or implied waiver, renunciation or other modification of any immunities, privileges or exemptions of ADB accorded under the Charter, international convention or any applicable law.

 

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.

 

	WELLS FARGO SECURITIES, LLC
	By:	/s/ BARBARA GARAFALO

		Name:	BARBARA GARAFALO
		Title:	Managing Director

[Signature continued on following page]

CONFIRMED AND ACCEPTED, as of the
date first written above:
ASIAN DEVELOPMENT BANK
By:	/s/ MARIA A. LOMOTAN
	Name:	MARIA A. LOMOTAN
	Title:	Assistant Treasurer

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