Exhibit (d)(iv)
 
UK MiFIR product governance / Professional investors and ECPs target market
 
Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (“COBS”), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) (“UK MiFIR”); and (ii) all channels for distribution to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer‘s target market assessment) and determining appropriate distribution channels.
 
For the purposes of this provision, the expression “manufacturer” means the Dealer.
 
European Bank for Reconstruction and Development (the “Issuer”) does not fall under the scope of application of UK MiFIR. Consequently, the Issuer does not qualify as an “investment firm”, “manufacturer” or “distributor” for the purposes of UK MiFIR.
 
Pricing Supplement
 
4 September 2026
 
European Bank for Reconstruction and Development
TRY 2,000,000,000 40.00 per cent. Notes due 8 September 2028 (the “Notes”)
issued pursuant to the European Bank for Reconstruction and Development
EUR 60,000,000,000 Global Medium Term Note Programme for the issue of notes
 
PART A – CONTRACTUAL TERMS
 
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 3 July 2012, as supplemented by the Supplementary Offering Circulars dated 22 July 2019 and 13 June 2024 (together, the “Offering Circular”). This Pricing Supplement must be read in conjunction with such Offering Circular. Full information on the Notes is only available on the basis of the combination of this Pricing Supplement and the Offering Circular. The Offering Circular is available for viewing and copies may be obtained from the Issuer at 5 Bank Street, London, E14 4BG, United Kingdom.
 
SUMMARY OF THE NOTES
 
1
Specified Currency:
  
Turkish Lira (“TRY”), the lawful currency of the Republic of Türkiye, subject to the provisions set out in the Annex hereto
       
2
Nominal Amount:
  
TRY 2,000,000,000
       
3
Type of Note:
  
Fixed Rate
       
4
Issue Date:
  
8 September 2026
       
5
Issue Price:
  
100.00 per cent. of the Nominal Amount

6
Maturity Date:
  
8 September 2028, subject to the provisions set out in the Annex hereto
       
7
Fungible with existing Notes:
  
No
       
FORM OF THE NOTES
 
8
Form of Note:
  
Registered
       
9
New Global Note:
  
No
       
10
Specified Denomination:
  
TRY 10,000
       
11
Exchange of Bearer Notes:
  
Not Applicable
       
12
(a)       Talons for future Coupons to be attached to definitive Bearer Notes:
  
Not Applicable
       
 
(b)         Date(s) on which the Talons mature:
  
Not Applicable
       
13
(a)      Depositary for and registered holder of Registered Global Note:
  
Registered Global Note to be deposited with a common depositary for Euroclear and Clearstream, Luxembourg and registered in the name of Citivic Nominees Limited as nominee for the common depositary
       
 
(b)         Exchange of Registered Global Note:
  
Registered Global Note will only be exchangeable for definitive Registered Notes upon 45 days’ written notice in the limited circumstances as described on page 42 of the Offering Circular
       
PROVISIONS RELATING TO INITIAL PAYMENT
 
14
Partly Paid Notes:
  
No
       
PROVISIONS RELATING TO INTEREST
 
15
Interest Commencement Date:
  
8 September 2026
       
 
Fixed Rate Notes:
  
Applicable
       
16
(a)         Fixed Rate of Interest:
  
40.00 per cent. per annum payable annually in arrear
       
 
(b)         Fixed Interest Dates:
  
8 September in each year from, and including, 8 September 2027 to, and including the Maturity Date, subject to adjustment in accordance with the Business Day Convention specified below and subject to the provisions set out in the Annex hereto
       
 
(c)         Initial Broken Amount per Specified Denomination:
  
Not Applicable
       
 
(d)         Final Broken Amount per Specified Denomination:
  
Not Applicable
       
 
(e)         Fixed Day Count Fraction:
  
Actual/Actual – ICMA

2
 
(f)       Business Day Convention:
  
Following Business Day
       
 
(g)    Business Day definition if different from that in Condition 4(a)(iii):
  
Condition 4(a)(iii) applies and, for the avoidance of doubt, Istanbul shall be the principal financial centre. London and New York City shall be additional business centres
       
 
(h)      Calculation of interest to be adjusted in accordance with Business Day Convention specified above:
  
Yes
       
17
Zero Coupon Notes:
  
Not Applicable
       
18
Floating Rate Notes and Indexed Notes:
  
Not Applicable
       
PROVISIONS REGARDING PAYMENTS/DELIVERIES
 
19
Definition of “Payment Day” for the purpose of Condition 6(e) if different to that set out in Condition 6:
  
Condition 6(e) applies and, for the avoidance of doubt, Istanbul shall be the principal financial centre. London and New York City shall be additional business centres, subject to the provisions set out in the Annex hereto
       
20
Dual Currency Notes:
  
Not Applicable
       
21
Physically Settled Notes:
  
Not Applicable
       
PROVISIONS REGARDING REDEMPTION/MATURITY
 
22
(a)      Redemption at Issuer’s option:
  
No
       
 
(b)      Redemption at Noteholder’s option:
  
No
       
23
(a)        Final Redemption Amount per Specified Denomination (other than an Indexed or Formula Note where the index or formula applies to the redemption amount):
  
100.00 per cent. per Specified Denomination, subject to the provisions set out in the Annex hereto
       
 
(b)      Final Redemption Amount for each Indexed Note where the Index or Formula applies to the Final Redemption Amount:
  
Not Applicable
       
24
Instalment Note:
  
Not Applicable
       
25
Early Redemption Amount for each Note payable on an event of default:
  
Condition 5(d) applies, subject to the provisions set out in the Annex hereto
       
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
 
26
Method of distribution:
  
Non-syndicated

3
27
If Syndicated, names and addresses of Managers or, if Non-Syndicated name and address of the Dealer:
  
Mizuho International plc
30 Old Bailey
London EC4M 7AU
United Kingdom
       
28
Date of Syndication Agreement:
  
Not Applicable
       
29
Stabilising Manager(s):
  
Not Applicable
       
30
Additional selling restrictions:
  
The Republic of Türkiye:
The Dealer acknowledges that the offering of the Notes is not approved by the Capital Markets Board (“CMB”) under the Capital Markets Law (No. 6362) (“CML”) and the Communiqué regarding Foreign Securities, Depository Receipts and Foreign Investment Funds Shares (Serial VII No: 128.4). Therefore, no transaction that may be deemed as offering, marketing or sale of the Notes (or beneficial interests therein) in the Republic of Türkiye by way of private placement or public offering may be engaged in. Accordingly, the Dealer has represented and agreed that it has not and will not offer or sell the Notes to investors residing in the Republic of Türkiye without applying to the CMB and, in the case of a public offering, without issuing a prospectus and an offering circular approved by the CMB, except pursuant to an exemption from the prospectus and application requirements of or otherwise in compliance with the CML and any other applicable laws or regulations of the Republic of Türkiye. In addition, the Dealer represents and agrees that it has not sold or caused to be sold and will not sell or cause to be sold outside the Republic of Türkiye the Notes (or beneficial interests therein) to residents of the Republic of Türkiye, unless such sale is authorised pursuant to Article 15(d)(ii) of Decree 32 (as amended from time to time) and the CMB regulations.
       
31
Details of additional/alternative clearing system approved by the Issuer and the Agent:
  
Euroclear and Clearstream, Luxembourg only
       
32
Intended to be held in a manner which would allow Eurosystem eligibility:
  
No
       
33
Common Code:
  
349132931
       
 
ISIN Code:
  
XS3491329317
       
 
CUSIP Number:
  
Not Applicable

4
34
Listing:
  
Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and to be admitted to trading on the Regulated Market of the London Stock Exchange plc
       
35
In the case of Notes denominated in the currency of a country that subsequently adopts the euro in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, whether the Notes will include a redenomination clause providing for the redenomination of the Specified Currency in euro (a “Redenomination Clause”), and, if so specified, the wording of the Redenomination Clause in full and any wording in respect of redenominalisation and/or consolidation (provided they are fungible) with other Notes denominated in euro.
  
Not Applicable
       
36
Additional Information:
  
The provisions set out in the Annex hereto shall apply to the Terms and Conditions in accordance herewith
       
37
Total Commissions:
  
Not Applicable

This Pricing Supplement comprises the pricing supplement required for issue and admission to trading on the Regulated Market of the London Stock Exchange plc of the Notes described herein pursuant to the Euro 60,000,000,000 Global Medium Term Note Programme of European Bank for Reconstruction and Development as from 8 September 2026, or as soon as practicable thereafter.
 
RESPONSIBILITY
 
The Issuer accepts responsibility for the information contained in this Pricing Supplement other than the information contained under the heading “UK MiFIR product governance / Professional investors and ECPs target market”.
 
For and on behalf of
 
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
 
By:
 /s/ Aziz Jurayev
     

Authorised signatory

5
PART B – OTHER INFORMATION
 
1
LISTING
  
Application will be made by the Issuer (or on its behalf) for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and to trading on the Regulated Market of the London Stock Exchange plc with effect from 8 September 2026 or as soon as practicable thereafter. No assurance can be given that such listing and admission to trading will be obtained on such date, or, if obtained, that it will be maintained.
       
2
RATINGS
  
The Issuer and/or its debt obligations have been assigned an AAA credit rating from S&P Global Ratings Europe Limited (“S&P”), an Aaa credit rating from Moody’s Investors Service Ltd. (“Moody’s”), an AAA credit rating from Fitch Ratings Ltd. (“Fitch”) and an AAA credit rating from Scope Ratings GmbH (“Scope”). As defined by S&P, an “AAA” rating means that the ability of the Issuer to meet its financial commitment on its obligations is extremely strong. As defined by Moody’s, an “Aaa” rating means that the Issuer’s ability to meet its financial obligations is judged to be of the highest quality, with minimal credit risk. As defined by Fitch, an “AAA” rating denotes the lowest expectation of credit risk and means that the Issuer has an exceptionally strong capacity for timely payment of its financial commitments. As defined by Scope, an “AAA” rating means that the Issuer is of exceptionally strong credit quality.
       

3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
   
 
Save as discussed in the section headed “Subscription and Sale” in the Offering Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.
   
4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

 
(i)          Reasons for the offer:
  
The net proceeds of the issue of the Notes will be included in the ordinary capital resources of the Issuer and used in its ordinary operations.
       
 
(ii)          Estimated net proceeds:
  
TRY 2,000,000,000
       
 
(iii)          Estimated total expenses:
  
£1,500
       
5
YIELD
    
       
 
Indication of yield:
  
40.00 per cent. per annum.
       
     
As set out above, the yield is calculated at the Issue Date on the basis of the relevant Issue Price. It is not an indication of future yield.
       
6
HISTORIC INTEREST RATES
    
       
 
Not Applicable
    

6
7
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING
   
 
Not Applicable
   
8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT
   
 
Not Applicable

7
Annex
 
Settlement, Disruption and Fallback Provisions
 
All payments in respect of the Notes will be made in TRY, subject to the occurrence of a Settlement Disruption Event (as defined below) that results in any payment being made on a Postponed Fixed Interest Date1, the Postponed Maturity Date or the Postponed Early Redemption Date and will in all cases be subject to any fiscal or other laws applicable thereto.
 
If the Calculation Agent (as defined below) determines (in its sole discretion acting in good faith and in a commercially reasonable manner) that a Settlement Disruption Event has occurred and is subsisting during a Determination Period (as defined below):
 
(i)          The Calculation Agent shall notify the Issuer and the Agent of its determination promptly after making such determination (but in no event later than 11.00 a.m. London time one (1) Business Day (as defined below) after the last day of the relevant Determination Period) whereupon the Agent shall promptly thereafter (but in no event later than one (1) Business Day after receipt of the aforementioned notice from the Calculation Agent) notify the Noteholders thereof (in accordance with Condition 13 of the Notes), and
 
(ii)          Noteholders will not be entitled to any amounts in respect of the Notes until the earlier to occur of (a) the day falling two (2) Business Days after the day on which the Issuer is notified by the Calculation Agent that a Settlement Disruption Event no longer subsists (in accordance with the paragraph below) and (b) the relevant Postponed Fixed Interest Date (as defined below), the Postponed Maturity Date (as defined below), or the Postponed Early Redemption Date (as defined below), as the case may be.
 
If a Settlement Disruption Event no longer subsists, on or before 5.00 p.m. London time on the fourth Business Day preceding the relevant Postponed Fixed Interest Date, the Postponed Maturity Date, or the Postponed Early Redemption Date (as the case may be) the Calculation Agent shall notify the Issuer and the Agent thereof promptly on or after the Business Day on which such Settlement Disruption Event no longer subsists (but in no event later than one (1) Business Day thereafter) whereupon the Agent shall promptly thereafter (but in no event later than one (1) Business Day after receipt of the aforementioned notice from the Calculation Agent) notify the Noteholders thereof (in accordance with Condition 13 of the Notes).
 
If any amount is to be paid on a Postponed Fixed Interest Date, the Postponed Maturity Date or the Postponed Early Redemption Date (as the case may be), regardless of whether a Settlement Disruption Event is still subsisting at such time, payment shall be made in United States Dollars (“USD”) and shall be calculated by the Calculation Agent (and promptly notified to the Agent and the Issuer (but in no event later than two (2) Business Days before the relevant Postponed Fixed Interest Date, the Postponed Maturity Date or the Postponed Early Redemption Date (as the case may be)) in an amount per Specified Denomination which shall be produced by the following provisions, such amount to be rounded to the nearest whole cent (with USD 0.005 being rounded upwards):
 
Relevant TRY Amount ÷ Reference Rate
 
For the avoidance of doubt, no additional amounts shall be payable by the Issuer in respect of any delay in payment beyond the originally scheduled Fixed Interest Date, Maturity Date, or as the case may be, Early Redemption Date (in each case, as adjusted, in accordance with the Following Business Day Convention) to the relevant Postponed Fixed Interest Date, Postponed Maturity Date or Postponed Early Redemption Date (as appropriate) because of the operation of the provisions of this Annex.
 
Following a determination by the Calculation Agent (in its sole discretion acting in good faith and in a commercially reasonable manner) that a Settlement Disruption Event has occurred during a Determination Period and that it subsists at 5.00 p.m. London time on the fourth Business Day preceding the relevant Postponed Fixed Interest Date, the Postponed Maturity Date, or the Postponed Early Redemption Date (as the case may be), any amount payable shall be made in USD in accordance with the provisions set out above.
 
8
For the purposes of these provisions:
 
“Best Execution Rate” means the rate at which the Calculation Agent may execute a transaction (or transactions) for the sale of the Reference TRY Amount and the purchase of USD at or about 11:00 a.m. London time on the day falling two (2) Business Days prior to the relevant Postponed Fixed Interest Date, the Postponed Early Redemption Date (if any) or the Postponed Maturity Date (as the case may be) for settlement offshore on the date that is falling two (2) Business Days thereafter;

“Business Day” means any day excluding Saturday and Sunday on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in Istanbul, London, and New York City;
 
“Calculation Agent” means Mizuho Bank Ltd., London Branch in accordance with the provisions of the Calculation Agency Agreement entered into between the Issuer and the Calculation Agent dated 4 September 2026 (as amended and/or supplemented from time to time). All references to the Calculation Agent shall include any successor or successors to Mizuho Bank Ltd., London Branch as Calculation Agent in respect of the Notes;
 
“Determination Period” means (i) in relation to any Fixed Interest Date, the period which falls between ten (10) and three (3) Business Days (inclusive) preceding the relevant Fixed Interest Date, as adjusted in accordance with the Following Business Day Convention; (ii) in relation to the Maturity Date, the period which falls between ten (10) and three (3) Business Days (inclusive) preceding the Maturity Date, as adjusted in accordance with the Following Business Day Convention; and (iii) in relation to any Early Redemption Date, the period which falls between ten (10) and three (3) Business Days (inclusive) preceding any Early Redemption Date, as adjusted in accordance with the Following Business Day Convention, as the case may be;
 
“Postponed Early Redemption Date” means the tenth Business Day following the originally scheduled Early Redemption Date (if any);
 
“Postponed Fixed Interest Date” means the tenth Business Day following the originally scheduled Fixed Interest Date;
 
“Postponed Maturity Date” means the tenth Business Day following the originally scheduled Maturity Date;
 
“Reference Dealers” means leading dealers, banks or banking corporations, which regularly deal in the USD/TRY exchange market, as selected by the Calculation Agent in its sole discretion, acting in good faith and in a commercially reasonable manner;
 
“Reference Rate” means the lowest of such firm quotes (expressed in TRY per one USD) as the Calculation Agent is able to obtain from five (5) Reference Dealers at or about 11.00 a.m. London time for the sale of the Reference TRY Amount and the purchase of USD, on the day falling two (2) Business Days prior to the relevant Postponed Fixed Interest Date, the Postponed Early Redemption Date (if any) or the Postponed Maturity Date (as the case may be) for settlement offshore on the date that is falling two (2) Business Days thereafter, as calculated by the Calculation Agent (the “Dealer Poll”). If at least three Reference Dealers provide such firm quotes, the lowest of such quotes shall be the Reference Rate. If two or one Reference Dealers provide such a firm quote, the Reference Rate shall be the lower of the two quotes provided, or if one quote is provided, such quote. Notwithstanding the foregoing, if two or one Reference Dealers provide a firm quote, the Calculation Agent (in consultation with the Issuer), may disregard the result of such Dealer Poll and execute a transaction (or transactions) for the sale of the Reference TRY Amount at or about 11.00 a.m. London time at the Best Execution Rate, following which such Best Execution Rate shall be the Reference Rate.
 
If (i) no Reference Dealer provides a firm quote pursuant to the Dealer Poll, or (ii) in the event that (a) two or one Reference Dealer quotes are obtained, (b) the Calculation Agent (in consultation with the Issuer) elects to disregard the result of the Dealer Poll and (c) the Calculation Agent is unable to obtain a Best Execution Rate, then in each case, the Calculation Agent shall determine the Reference Rate in its sole discretion, acting in good faith and in a commercially reasonable manner, which may result in a USD equivalent amount calculated to be zero;
 
9
“Reference TRY Amount” means an amount that is no greater than the Relevant TRY Amount multiplied by N, where “N” means the number obtained by dividing the Nominal Amount outstanding by the Specified Denomination;
 
“Relevant TRY Amount” means the TRY amount per Specified Denomination which would have been payable on the relevant date if a Settlement Disruption Event had not occurred; and
 
“Settlement Disruption Event” means any of the events specified under (i) and (ii) below, as determined by the Calculation Agent in its sole discretion acting in good faith and in a commercially reasonable manner:
 
(i)           the imposition of laws or regulations by the relevant central banking authority or other legislative, governmental or regulatory authority of the Republic of Türkiye which: (a) require non-residents of the Republic of Türkiye to obtain permission from such central banking authority or other authority to obtain TRY, or (b) otherwise restrict a non-resident’s ability to obtain TRY, or (c) otherwise regulate the purchase or holding of TRY such that costs are imposed in obtaining TRY which would not be imposed in the absence of such regulations, or (d) has the direct or indirect effect of hindering, limiting or restricting the transfer of TRY from the Republic of Türkiye to recipients resident in another country;
 
(ii)          Euroclear and/or Clearstream, Luxembourg suspend or cease acceptance of TRY as a settlement currency.
 

10