Republic of the Union of Myanmar Treasury Bonds (“the Bonds”) are Myanmar Kyat denominated Bonds issued with a fixed coupon which is paid semi-annually in arrears. The Face Value of the Bonds and final payment of Coupon Interest is paid on maturity.

Republic of the Union of Myanmar Treasury Bills (“the Bills”) are Myanmar Kyat denominated Bills issued on a discount to par basis. Bills do not pay a coupon. The Face Value of the Bills is paid on maturity.

The Government of the Republic of the Union of Myanmar.

As at the date of this memorandum, neither the Myanmar Government nor its debt securities are rated by any credit rating agency.