<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[GRAPHIC]
CONDENSED
QUARTERLY FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
<PAGE>
IBRD Condensed Financial Statements 3
- --------------------------------------------------------------------------------
Table of Contents
September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Balance Sheet................................................................................................ 4
Statement of Income.......................................................................................... 5
Statement of Changes in Retained Earnings.................................................................... 5
Statement of Cash Flows...................................................................................... 6
Notes to Financial Statements................................................................................ 7
Review Report of Independent Accountants..................................................................... 11
</TABLE>
<PAGE>
4 IBRD Codensed Financial Statements
- --------------------------------------------------------------------------------
BALANCE SHEET
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SEPTEMBER 30,
1997 JUNE 30,
(UNAUDITED) 1997
----------------- ------------
<S> <C> <C>
ASSETS
Due from banks.................................................................. $ 665 $ 641
Investments
Trading....................................................................... 18,846 17,229
Held-to-maturity.............................................................. 1,294 1,279
Securities purchased under resale agreements--Trading........................... 59 97
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed
capital....................................................................... 1,900 1,902
Receivable from currency swaps
Investments--Trading.......................................................... 7,304 4,571
Borrowings.................................................................... 37,725 29,031
Other receivables............................................................... 2,360 2,678
Loans outstanding--Note B
Total loans................................................................... 153,716 157,381
Less undisbursed balance...................................................... 50,164 51,576
-------- ------------
Loans outstanding........................................................... 103,552 105,805
Less accumulated provision for loan losses.................................... 3,149 3,210
-------- ------------
Loans outstanding net of accumulated provision.............................. 100,403 102,595
-------- ------------
Other assets.................................................................... 2,107 1,922
-------- ------------
Total assets.................................................................... $ 172,663 $ 161,945
-------- ------------
-------- ------------
LIABILITIES
Borrowings
Short-term.................................................................... $ 8,744 $ 7,648
Medium- and long-term......................................................... 87,209 89,031
-------- ------------
95,953 96,679
Securities sold under repurchase agreements and payable for cash collateral
received
Trading....................................................................... 521 294
Held-to-maturity.............................................................. 79 --
Payable for currency swaps
Investments--Trading.......................................................... 7,274 4,694
Borrowings.................................................................... 38,800 29,687
Payable for Board of Governors-approved transfers--Note C....................... 141 201
Other liabilities............................................................... 3,468 3,162
-------- ------------
TOTAL LIABILITIES......................................................... 146,236 134,717
-------- ------------
EQUITY
Capital stock
Authorized (1,558,478 shares--September 30, 1997 and June 30, 1997)
Subscribed (1,512,211 shares--September 30, 1997 and June 30, 1997)........... 182,426 182,426
Less uncalled portion of subscriptions........................................ 171,378 171,378
-------- ------------
11,048 11,048
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SEPTEMBER 30,
1997 JUNE 30,
(UNAUDITED) 1997
----------------- ------------
<S> <C> <C>
Deferred amounts to maintain value of currency holdings of paid-in capital
stock......................................................................... (303) (106)
Payments on account of pending subscriptions.................................... 7 7
Retained earnings (see Statement of Changes in Retained Earnings, Note C)....... 15,956 16,194
Cumulative translation adjustment............................................... (281) 85
-------- ------------
TOTAL EQUITY.............................................................. 26,427 27,228
-------- ------------
Total liabilities and equity.................................................... $ 172,663 $ 161,945
-------- ------------
-------- ------------
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
<PAGE>
IBRD Codensed Financial Statements 5
- --------------------------------------------------------------------------------
STATEMENT OF INCOME
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30
(UNAUDITED)
--------------------
<S> <C> <C>
1997 1996
--------- ---------
Income
Loans--Note B.......................................................................... $ 1,694 $ 1,919
Investments
Trading.............................................................................. 255 164
Held-to-maturity..................................................................... 40 25
Securities purchased under resale agreements........................................... 6 18
Other.................................................................................. 2 3
--------- ---------
Total income....................................................................... 1,997 2,129
--------- ---------
Expenses
Borrowings............................................................................. 1,464 1,561
Securities sold under repurchase agreements and payable for cash collateral received... 22 12
Administrative--Note D................................................................. 149 170
Provision for loan losses--Note B...................................................... 12 31
Other.................................................................................. 4 2
--------- ---------
Total expenses..................................................................... 1,651 1,776
--------- ---------
OPERATING INCOME......................................................................... 346 353
Less contributions to special programs................................................... 30 30
--------- ---------
NET INCOME............................................................................... $ 316 $ 323
--------- ---------
--------- ---------
</TABLE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN RETAINED EARNINGS
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30
(UNAUDITED)
--------------------
<S> <C> <C>
1997 1996
--------- ---------
Retained earnings at beginning of the fiscal year..................................... $ 16,194 $ 16,099
Board of Governors-approved transfers--Note C....................................... (554) --
Net income for the period........................................................... 316 323
--------- ---------
Retained earnings at end of the period................................................ $ 15,956 $ 16,422
--------- ---------
--------- ---------
</TABLE>
<PAGE>
6 IBRD Codensed Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
EXPRESSED IN MILLIONS OF U.S. DOLLARS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30
(UNAUDITED)
--------------------
<S> <C> <C>
1997 1996
--------- ---------
Cash flows from lending and investing activities
Loans
Disbursements........................................................................... $ (3,289) $ (3,446)
Principal repayments and prepayments.................................................... 3,143 2,989
Investments: Held-to-maturity
Purchases............................................................................... (6,161) (1,736)
Maturities.............................................................................. 6,181 1,755
--------- ---------
Net cash used in lending and investing activities..................................... (126) (438)
--------- ---------
Cash flows used for payments for Board of Governors-approved transfers...................... (608) (85)
Cash flows from financing activities
Medium- and long-term borrowings
New issues.............................................................................. 4,597 3,943
Retirements............................................................................. (4,337) (2,519)
Net short-term borrowings................................................................. 1,089 870
Net currency swaps........................................................................ 112 (60)
Net capital stock transactions............................................................ 31 13
--------- ---------
Net cash provided by financing activities............................................. 1,492 2,247
--------- ---------
Cash flows from operating activities
Net income................................................................................ 316 323
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization........................................................... 185 99
Provision for loan losses............................................................... 12 31
Net changes in other assets and liabilities............................................. (89) (6)
--------- ---------
Net cash provided by operating activities............................................. 424 447
--------- ---------
Effect of exchange rate changes on unrestricted cash and liquid investments................. (87) 28
--------- ---------
Net increase in unrestricted cash and liquid investments.................................... 1,095 2,199
Unrestricted cash and liquid investments at beginning of the fiscal year.................... 16,829 14,730
--------- ---------
Unrestricted cash and liquid investments at end of the period............................... $ 17,924 $ 16,929
--------- ---------
--------- ---------
Composed of
Investments held in trading portfolio..................................................... $ 18,846 $ 17,432
Unrestricted currencies (included in Due from banks)...................................... 24 30
Net payable for investment securities traded/purchased.................................... (514) (711)
Net receivable from currency swaps--Investments........................................... 30 19
Net (payable) receivable for securities purchased/sold under resale/repurchase agreements
and payable for cash collateral received................................................ (462) 159
--------- ---------
$ 17,924 $ 16,929
--------- ---------
--------- ---------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate fluctuations
Loans outstanding....................................................................... $ (2,399) $ (116)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Investments: Held-to-maturity........................................................... (44) 15
Borrowings.............................................................................. (2,285) (57)
Currency swaps--Borrowings.............................................................. 307 --
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
<PAGE>
IBRD Codensed Financial Statements 7
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE A--FINANCIAL INFORMATION
The unaudited condensed financial statements should be read in conjunction
with the June 30, 1997 financial statements and the notes included therein. A
review of the interim financial information for the three months ended September
30, 1997 was performed by IBRD's independent public accountants in accordance
with standards established by the American Institute of Certified Public
Accountants and with International Standards on Auditing. The interim financial
information for the three month period ended September 30, 1996 is not covered
by the accountants' report as IBRD has engaged new auditors from July 1, 1997.
In the opinion of management, the condensed financial statements reflect all
adjustments necessary for a fair presentation of IBRD's financial position.
The results of operations for the first three months of the current fiscal year
are not necessarily indicative of results that may be expected for the full
year.
Certain reclassifications of the prior year's information have been made
to conform to the current period's presentation.
NOTE B--LOANS AND GUARANTEES
WAIVERS OF LOAN INTEREST AND CHARGES
On July 31, 1997, IBRD's Executive Directors approved a one-year interest
waiver of 25 basis points on disbursed and outstanding loans for all payment
periods commencing in the fiscal year ending June 30, 1998 for all eligible
borrowers. A similar waiver of 25 basis points was in effect for the fiscal year
ended June 30, 1997. In fiscal year 1995 IBRD's Executive Directors approved a
one-time 10 basis point interest waiver, for two consecutive six-month interest
periods, on multicurrency pool loans which a borrower converts from interest
rate terms in effect between 1982 and 1989 to interest rate terms in effect
since 1989. For the three months ended September 30, 1997, the combined effect
of these waivers was to reduce Net Income by $61 million ($67 million--September
30, 1996).
Further, on July 31, 1997, IBRD's Executive Directors approved a one-year
commitment fee waiver of 50 basis points on undisbursed loans to all borrowers
for all payment periods commencing in the fiscal year ending June 30, 1998. A
similar waiver of 50 basis points was in effect for the fiscal year ended June
30, 1997. For the three months ended September 30, 1997, the effect of the
commitment fee waiver was to reduce Net Income by $54 million ($57
million--September 30, 1996).
OVERDUE AMOUNTS
At September 30, 1997, principal installments of $4 million and interest and
other charges of $2 million payable to IBRD on loans, other than those referred
to in the following paragraph, were overdue by more than three months, and the
aggregate principal amounts outstanding on these loans were $64 million.
At September 30, 1997, loans made to or guaranteed by certain member
countries and the Federal Republic of Yugoslavia (Serbia and Montenegro) with an
aggregate principal balance outstanding of $2,057 million ($2,360 million--June
30, 1997), of which $1,074 million ($1,314 million--June 30, 1997) was overdue,
were in nonaccrual status. At such date, overdue interest and other charges in
respect of these loans totaled $910 million ($893 million--June 30, 1997). If
these loans had not been in nonaccrual status, income from loans for the three
months ended September 30, 1997 would have been higher by $31 million ($44
million--September 30, 1996).
<PAGE>
8 IBRD Codensed Financial Statements
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
A summary of countries with loans or guarantees in nonaccrual status
follows:
<TABLE>
<CAPTION>
IN MILLIONS
<S> <C> <C> <C>
SEPTEMBER 30, 1997
----------------------------------------------------
<CAPTION>
PRINCIPAL PRINCIPAL, INTEREST NONACCRUAL
BORROWER OUTSTANDING AND CHARGES OVERDUE SINCE
------------------
<S> <C> <C> <C>
WITH OVERDUES
Congo, Democratic Republic of.............................. $ 83 $ 72 November 1993
Iraq....................................................... 44 68 December 1990
Liberia.................................................... 138 251 June 1987
Sudan...................................................... 6 4 January 1994
Syrian Arab Republic....................................... 86 256 February 1987
Yugoslavia, Federal Republic of (Serbia/ Montenegro)....... 1,128 1,333 September 1992
----------- ------
Total........................................................ 1,485 1,984
WITHOUT OVERDUES
BOSNIA AND HERZEGOVINA..................................... 572 -- SEPTEMBER 1992
----------- ------
TOTAL........................................................ $ 2,057 $ 1,984
----------- ------
----------- ------
</TABLE>
- --------------------------------------------------------------------------------
On July 27, 1997, the Syrian Arab Republic and IBRD entered into an
agreement covering, among other things, the application of payments by Syria of
its overdue principal, interest, and charges. Under this agreement, Syria paid
the overdue principal to IBRD in one payment of $263 million on September 2,
1997. IBRD incurred a present value loss of $46 million which has been
considered in the determination of the Accumulated Provision for Loan Losses.
On November 3, 1997, loans made to or guaranteed by the Republic of Congo
were placed in nonaccrual status. The aggregate principal balance outstanding on
these loans at September 30, 1997 was $74 million, of which $7 million was
overdue. At September 30, 1997, overdue interest and other charges in respect of
these loans totalled $3 million. Income previously accrued on these loans but
not yet received at September 30, 1997, amounting to $4 million, was included in
Retained Earnings and income from loans for the three months ended September 30,
1997.
The average recorded investment in nonaccruing loans during the three
months ended September 30, 1997 was $2,257 million ($2,537 million--September
30, 1996).
During the three months ended September 30, 1997 and September 30, 1996, no
loans came out of nonaccrual status.
<PAGE>
ACCUMULATED PROVISION FOR LOAN LOSSES
An analysis of the changes to the Accumulated Provision for Loan Losses for
the three months ended September 30, 1997 and for the fiscal year ended June 30,
1997 appears below:
<TABLE>
<CAPTION>
IN
MILLIONS -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
SEPTEMBER 30 JUNE 30
------------- ---------
Balance, beginning of the fiscal year..................................................... $ 3,210 $ 3,340
Provision for loan losses................................................................. 12 63
Translation adjustment.................................................................... (73) (193)
------ ---------
Balance, end of the period................................................................ $ 3,149 $ 3,210
------ ---------
------ ---------
</TABLE>
<PAGE>
IBRD Codensed Financial Statements 9
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
GUARANTEES
Guarantees of $1,752 million at September 30, 1997 ($1,593 million--June 30,
1997) were not included in reported loan balances. At September 30, 1997, $386
million of these guarantees were subject to call ($148 million--June 30, 1997).
IBRD also has partially guaranteed the timely payment of interest amounts on
certain loans that have been sold. At September 30, 1997, these guarantees,
approximating $0.3 million ($0.5 million--June 30, 1997), were subject to call.
FIFTH DIMENSION PROGRAM
Under the International Development Association's (IDA) Fifth Dimension
program established in September 1988, a portion of principal repayments to IDA
are allocated on an annual basis to provide supplementary IDA credits to
IDA-eligible countries that are no longer able to borrow on IBRD terms, but have
outstanding IBRD loans approved prior to September 1988 and have in place an
IDA-supported structural adjustment program. Such supplementary IDA credits are
allocated to countries that meet specified conditions, in proportion to each
country's interest payments due that year on its pre-September 1988 IBRD loans.
To be eligible for such IDA supplemental credits, a member country must meet
IDA's eligibility criteria for lending, must be ineligible for IBRD lending and
must not have had an IBRD loan approved within the last twelve months. To
receive a supplemental credit from the program, a member country cannot be more
than 60 days overdue on its debt-service payments to IBRD or IDA. At September
30, 1997, IDA had approved credits of $1,521 million ($1,526 million--June 30,
1997) under this program from inception, of which $1,471 million ($1,435
million--June 30, 1997) had been disbursed to the eligible countries.
NOTE C--RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS
Retained Earnings is comprised of the following elements at September 30,
1997 and June 30, 1997:
<TABLE>
<CAPTION>
IN
MILLIONS -------------------------------------------------------------------------------------
<S> <C> <C>
SEPTEMBER 30 JUNE 30
------------ ---------
Special Reserve...................................................... $ 293 $ 293
General Reserve...................................................... 14,659 14,159
Pension Reserve...................................................... 112 --
Surplus.............................................................. 576 457
Unallocated Net Income............................................... 316 1,285
------------ ---------
Total................................................................ $ 15,956 $ 16,194
------------ ---------
------------ ---------
</TABLE>
Unallocated Net Income consists of earnings in the current and immediately
preceding fiscal years. Commencing in 1950, a portion or all of the unallocated
Net Income has been allocated to the General Reserve. The Board of Governors,
consisting of one Governor appointed by each member, periodically approves
transfers out of unallocated Net Income and Surplus, components of Retained
Earnings, after an assessment by the Executive Directors of IBRD's reserve
needs, to various entities for development purposes consistent with IBRD's
Articles of Agreement.
On July 31, 1997, the Executive Directors allocated $500 million of the net
income earned in the fiscal year ended June 30, 1997 to the General Reserve and
$112 million to the Pension Reserve, representing the difference between actual
funding of the Staff Retirement Plan (the Plan) and the Plan's accounting
<PAGE>
expenses for the fiscal year 1997. This Pension Reserve would be reduced if in
any future fiscal year pension accounting expenses were to exceed the actual
funding of the Plan. On September 25, 1997, the Board of Governors approved the
following transfers out of unallocated Net Income: an amount equivalent to $304
million in SDRs (valued at June 30, 1997) to IDA by way of grant, an immediate
grant of $250 million to the Heavily Indebted Poor Countries Debt Initiative
Trust Fund, and $119 million to Surplus. At September 30, 1997, all transfers
had been made.
<PAGE>
10 IBRD Codensed Financial Statements
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE D--ADMINISTRATIVE EXPENSES
As a result of the reevaluation of the economic assumptions underlying
IBRD's pension expense methodology during the fiscal year 1997, and changes in
the Staff Retirement Plan assets at their fair value, IBRD recorded pension
income of $46 million for the three months ended September 30, 1997 ($nil at
September 30, 1996). This reevaluation was completed in March 1997, at which
time IBRD recorded pension income of $49 million for the nine months ended March
31, 1997.
<PAGE>
IBRD Codensed Financial Statements 11
- --------------------------------------------------------------------------------
REVIEW REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
DELOITTE TOUCHE
TOHMATSU
(International Firm)
------------------------------------------
1900 M Street NW
Washington, DC
</TABLE>
President and Board of Governors
International Bank for Reconstruction and Development
We have reviewed the accompanying condensed balance sheet of the
International Bank for Reconstruction and Development (IBRD) as of September 30,
1997, and the related condensed statements of income, changes in retained
earnings and cash flows for the three-month period then ended. These financial
statements are the responsibility of IBRD's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants and International Standards
on Auditing. A review of interim financial information consists principally of
applying analytical procedures to financial data and of making inquiries of
persons responsible for financial and accounting matters. It is substantially
less in scope than an audit conducted in accordance with auditing standards
generally accepted in the United States of America or with International
Standards on Auditing, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to such condensed financial statements for them to be in
conformity with accounting principles generally accepted in the United States of
America and with International Accounting Standards.
The balance sheet as of June 30, 1997 (not presented herein), from which the
condensed balance sheet as of June 30, 1997 was derived, was audited by other
auditors whose report dated July 28, 1997, expressed an unqualified opinion on
such balance sheet.
Deloitte Touch Tohmatsu (International Firm)
November 11, 1997
--------------------------------------
Beijing, London, Mexico City, Moscow,
Paris, Tokyo, Toronto
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 1
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
NEW BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT
- ---------------------------------------- ----- ----------- ------------- ---------------- --------------
<S> <C> <C> <C> <C> <C>
AUSTRALIAN DOLLARS
AUD 100 MILLION 6.75% CALLABLE BOND DUE
JULY 15, 2002......................... 38 AUD 1 100,000,000 74,450,000
CANADIAN DOLLARS
CAD 100 million 5-3/8% Notes due
December 30, 2002..................... 601 CAD 1 100,000,000 72,296,125
SWISS FRANCS
CHF 200 million 2.5% Notes due
12/28/2001............................ 246 CHF 1 200,000,000 134,698,276
DANISH KRONER
DKK 400 million 5.75% Notes due December
30, 2004.............................. 604 DKK 1 400,000,000 57,281,970
SPANISH PESETAS
ESP 16 billion 5% Bonds due August 18,
2002.................................. 19 ESP 1 16,000,000,000 103,039,670
POUNDS STERLING
GBP 125 million 7.0% eurnotes of 1997,
due August 10, 1999................... 598 GBP 1 125,000,000 211,762,500
GBP 300 million 7.125% Bonds due July
30, 2007.............................. 607 GBP 1 300,000,000 495,330,000
<CAPTION>
DESCRIPTION SETTLEMENT DATE
- ---------------------------------------- -----------------
<S> <C>
AUSTRALIAN DOLLARS
AUD 100 MILLION 6.75% CALLABLE BOND DUE
JULY 15, 2002......................... 15-JUL-1997
CANADIAN DOLLARS
CAD 100 million 5-3/8% Notes due
December 30, 2002..................... 25-JUL-1997
SWISS FRANCS
CHF 200 million 2.5% Notes due
12/28/2001............................ 28-AUG-1997
DANISH KRONER
DKK 400 million 5.75% Notes due December
30, 2004.............................. 18-AUG-1997
SPANISH PESETAS
ESP 16 billion 5% Bonds due August 18,
2002.................................. 18-AUG-1997
POUNDS STERLING
GBP 125 million 7.0% eurnotes of 1997,
due August 10, 1999................... 10-JUL-1997
GBP 300 million 7.125% Bonds due July
30, 2007.............................. 30-JUL-1997
</TABLE>
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 2
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
NEW BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT SETTLEMENT DATE
- ---------------------------------- ----------- ----------- ------------- ------------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
GBP 150 million 4.25% Notes, due
September 10, 2002.............. 615 GBP 1 150,000,000 237,390,000 10-SEP-1997
---------------
** Total By Currency.............. 944,482,500
---------------
GREEK DRACHMAS
GRD 15 billion Floating euroNotes,
due October 10, 2000............ 609 GRD 1 15,000,000,000 52,973,584 10-SEP-1997
GRD 15 billion Step Down Coupon
Bonds due September 9, 2002..... 612 GRD 1 15,000,000,000 52,475,074 09-SEP-1997
---------------
** Total By Currency.............. 105,448,658
---------------
ITALIAN LIRE
ITL 300 BILLION EURO LIRA CALLABLE
7/22/98 DUE JULY 22, 2004....... 37 ITL 1 300,000,000,000 171,271,002 22-JUL-1997
ITL Equity-Linked Bonds due August
28, 2002........................ 39 ITL 1 100,000,000,000 56,978,758 28-AUG-1997
ITL 1 trillion 6.50% Notes due
July 30, 2007................... 602 ITL 1 1,000,000,000,000 556,712,280 30-JUL-1997
ITL 1 Trillion Step Down Coupon
Notes due January 2, 2007....... 606 ITL 1 1,000,000,000,000 553,654,675 05-AUG-1997
---------------
** Total By Currency.............. 1,338,616,715
---------------
</TABLE>
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 3
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
NEW BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT
- --------------------------------------- ----------- ----------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
LUXEMBOURG FRANCS
LUF 2 billion 5.5% Notes due September
17, 2007............................. 12 LUF 1 2,000,000,000 54,884,742
NEW ZEALAND DOLLARS
NZD 100 million 7.00% notes of 1997,
due July 25, 2000.................... 595 NZD 1 100,000,000 64,750,000
NZD 600 million Zero coupon Global
Bonds due August 20, 2007............ 611 NZD 1 600,000,000 385,980,000
NZD 500 million 7% Global Notes due
September 18, 2000................... 613 NZD 1 500,000,000 317,300,000
---------------
** Total By Currency................... 768,030,000
---------------
UNITED STATES DOLLARS
USD 250 million 6% euro Issue due July
14, 1999............................. 599 USD 1 250,000,000 250,000,000
USD 200 million 5.50% Notes due July
27, 2000............................. 605 USD 1 200,000,000 200,000,000
USD 300 million 6% Euro Issue due
August 22, 2000...................... 608 USD 1 300,000,000 300,000,000
USD 300 million 6.25% Notes of 1997,
due September 26, 2001............... 614 USD 1 300,000,000 300,000,000
---------------
** Total By Currency................... 1,050,000,000
---------------
<CAPTION>
DESCRIPTION SETTLEMENT DATE
- --------------------------------------- -----------------
<S> <C>
LUXEMBOURG FRANCS
LUF 2 billion 5.5% Notes due September
17, 2007............................. 17-SEP-1997
NEW ZEALAND DOLLARS
NZD 100 million 7.00% notes of 1997,
due July 25, 2000.................... 25-JUL-1997
NZD 600 million Zero coupon Global
Bonds due August 20, 2007............ 20-AUG-1997
NZD 500 million 7% Global Notes due
September 18, 2000................... 18-SEP-1997
** Total By Currency...................
UNITED STATES DOLLARS
USD 250 million 6% euro Issue due July
14, 1999............................. 14-JUL-1997
USD 200 million 5.50% Notes due July
27, 2000............................. 22-JUL-1997
USD 300 million 6% Euro Issue due
August 22, 2000...................... 22-AUG-1997
USD 300 million 6.25% Notes of 1997,
due September 26, 2001............... 26-SEP-1997
** Total By Currency...................
</TABLE>
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 4
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
NEW BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE BOND AMOUNT US$ EQUIVALENT SETTLEMENT DATE
- ------------------------------------- ----------- ----------- ------------- --------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
SOUTH AFRICAN RAND
ZAR 2 Billion Zero Coupon notes of
1997, due July 14, 2027............ 594 ZAR 1 2,000,000,000 439,415,580 14-JUL-1997
ZAR 1 Billion Zero Coupon of 1997,
due July 14, 2027.................. 594 ZAR 2 1,000,000,000 219,707,790 14-JUL-1997
ZAR 150 million, Step-Down 5-year
notes due Sept. 4, 2002............ 610 ZAR 1 150,000,000 31,897,926 04-SEP-1997
ZAR 250 million notes of 1997, due
September 25, 2000................. 617 ZAR 1 250,000,000 53,151,908 25-SEP-1997
---------------
** Total By Currency................. 744,173,204
---------------
** Total By Source................... 5,447,401,860
---------------
</TABLE>
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 5
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Official
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- ------------------------------------ ----------- ----------- ------------- ------------------- --------------
<S> <C> <C> <C> <C> <C>
DEUTSCHE MARK
8.48% DEM Notes of 1992, Due August
1, 1997 275 DEM 1 250,000,000 135,589,543
<CAPTION>
DESCRIPTION REDEMPTION DATE
- ------------------------------------ -----------------
<S> <C>
DEUTSCHE MARK
8.48% DEM Notes of 1992, Due August
1, 1997 01-AUG-1997
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 6
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- ------------------------------------- ----------- ----------- ------------- ------------------- --------------
<S> <C> <C> <C> <C> <C>
6.25% DM Bonds of 1987, due 1997..... 249 DEM 1 600,000,000 334,112,930
SPANISH PESETAS
12.25% ESB Bonds of 1987, due 1997... 1 ESP 1 10,000,000,000 65,082,981
FRENCH FRANCS
10.90% F Bonds of 1985, due 1997..... 2 FRF 1 1,000,000,000 164,541,341
ITALIAN LIRE
ITL 200 BILLION 10.5% 2-YEAR BONDS OF
1995, DUE JULY 3, 1997............. 510 ITL 1 200,000,000,000 117,819,630
JAPANESE YEN
7.00% JPY/NZD Dual Currency Bonds of
96, due August 29, 1997............ 21 JPY 1 66,676,700 562,198
DUAL CURRENCY JPY/AUD SPECIAL
BONDS--FIRST OFFERING (A).......... 192 JPY 1 30,000,000,000 255,754,476
--------------
** Total By Currency................. 256,316,674
--------------
<CAPTION>
DESCRIPTION REDEMPTION DATE
- ------------------------------------- -----------------
<S> <C>
6.25% DM Bonds of 1987, due 1997..... 17-JUL-1997
SPANISH PESETAS
12.25% ESB Bonds of 1987, due 1997... 08-SEP-1997
FRENCH FRANCS
10.90% F Bonds of 1985, due 1997..... 22-JUL-1997
ITALIAN LIRE
ITL 200 BILLION 10.5% 2-YEAR BONDS OF
1995, DUE JULY 3, 1997............. 03-JUL-1997
JAPANESE YEN
7.00% JPY/NZD Dual Currency Bonds of
96, due August 29, 1997............ 29-AUG-1997
DUAL CURRENCY JPY/AUD SPECIAL
BONDS--FIRST OFFERING (A).......... 30-JUL-1997
** Total By Currency.................
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 7
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- -------------------------------------- ----------- ----------- ------------- ------------------- ---------------
<S> <C> <C> <C> <C> <C>
NETHERLANDS GUILDERS
7.5% f. Bonds of 1985, due
1991-1997........................... 73 NLG 1 57,148,000 28,130,938
NEW ZEALAND DOLLARS
12.50% NZD Bonds of 1990, due JULY 25,
1997................................ 2 NZD 1 250,000,000 161,875,000
UNITED STATES DOLLARS
USD ZERO Coupon of 1985, due 15 Aug.
1997................................ 189 USD 13 18,000,000 18,000,000
9% US$ Notes of 1987, due 1997........ 212 USD 1 295,200,000 295,200,000
5-7/8% 5-Year Bonds of 1992, due July
16, 1997............................ 248 USD 1 1,500,000,000 1,500,000,000
ESP-DEM Exch. Rate Linked USD Notes of
1992 due Aug. 7, 1997............... 249 USD 1 50,000,000 50,000,000
---------------
** Total By Currency.................. 1,863,200,000
---------------
** Total By Source.................... 2,991,079,494
---------------
<CAPTION>
DESCRIPTION REDEMPTION DATE
- -------------------------------------- -----------------
<S> <C>
NETHERLANDS GUILDERS
7.5% f. Bonds of 1985, due
1991-1997........................... 01-SEP-1997
NEW ZEALAND DOLLARS
12.50% NZD Bonds of 1990, due JULY 25,
1997................................ 25-JUL-1997
UNITED STATES DOLLARS
USD ZERO Coupon of 1985, due 15 Aug.
1997................................ 15-AUG-1997
9% US$ Notes of 1987, due 1997........ 12-AUG-1997
5-7/8% 5-Year Bonds of 1992, due July
16, 1997............................ 16-JUL-1997
ESP-DEM Exch. Rate Linked USD Notes of
1992 due Aug. 7, 1997............... 07-AUG-1997
** Total By Currency..................
** Total By Source....................
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 8
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JUL-1997 thru 30-SEP-1997
Source : Private
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- ------------------------------------ ----------- ----------- ------------- ------------------- --------------
<S> <C> <C> <C> <C> <C>
SWISS FRANCS
7% CHF Notes of 1990, due August 27,
1997.............................. 225 CHF 1 200,000,000 133,093,765
ITALIAN LIRE
ITL 12.125% MTN of 1992, due August
21, 1997.......................... 1025 ITL 1 30,000,000,000 16,770,176
JAPANESE YEN
4.8% JPY Bonds of 1987, due Jul. 20,
1997 (Series E)................... 141 JPY 1 10,000,000,000 86,505,190
UNITED STATES DOLLARS
Zero-coupon US$ Bonds of 1987, due
2037/38........................... 215 USD 2 3,700,000 3,700,000
USD Floating Rate Notes of 1992 due
July 22, 1997..................... 1019 USD 1 10,000,000 10,000,000
USD FRN of 1992, due 8/11/97........ 1021 USD 1 30,000,000 30,000,000
USD 20 Million MTN of 1992, due
August 14, 1997................... 1023 USD 1 20,000,000 20,000,000
USD 75 mn 5-Year FRN of 1992, due
Sept. 9, 1997..................... 1027 USD 1 75,000,000 75,000,000
--------------
** Total By Currency................ 138,700,000
--------------
<CAPTION>
DESCRIPTION REDEMPTION DATE
- ------------------------------------ -----------------
<S> <C>
SWISS FRANCS
7% CHF Notes of 1990, due August 27,
1997.............................. 27-AUG-1997
ITALIAN LIRE
ITL 12.125% MTN of 1992, due August
21, 1997.......................... 21-AUG-1997
JAPANESE YEN
4.8% JPY Bonds of 1987, due Jul. 20,
1997 (Series E)................... 20-JUL-1997
UNITED STATES DOLLARS
Zero-coupon US$ Bonds of 1987, due
2037/38........................... 23-SEP-1997
USD Floating Rate Notes of 1992 due
July 22, 1997..................... 22-JUL-1997
USD FRN of 1992, due 8/11/97........ 11-AUG-1997
USD 20 Million MTN of 1992, due
August 14, 1997................... 14-AUG-1997
USD 75 mn 5-Year FRN of 1992, due
Sept. 9, 1997..................... 09-SEP-1997
-----------------
** Total By Currency................
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 9
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Private
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT REDEMPTION DATE
- ---------------------------------- ----------- ----------- ------------- ------------------- -------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
EUROPEAN CURRENCY UNITS
ECU FRN of 1992, Due July 28,
1997............................ 1018 XEU 1 15,000,000 16,237,800 28-JUL-1997
--------------
** Total By Source................ 391,306,931
--------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 10
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Loans
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- ------------------------------------ ----------- ----------- ------------- ------------------- --------------
<S> <C> <C> <C> <C> <C>
JAPANESE YEN
5.80% JPY Loan of 1987, due Feb. 16,
2001.............................. 123 JPY 1 1,800,000,000 15,544,041
JAPANESE YEN LOAN OF 1987, DUE
1994/2001......................... 125 JPY 3 1,000,000,000 8,438,819
JAPANESE YEN LOAN OF 1987, DUE
1996-2001......................... 127 JPY 1 660,000,000 5,617,021
JAPANESE YEN LOAN OF 1987, DUE
1994-1999......................... 131 JPY 1 2,700,000,000 23,830,538
JAPANESE YEN LOAN OF 1987, DUE
1993-1998......................... 135 JPY 1 2,700,000,000 22,848,439
JAPANESE YEN LOAN OF 1987, DUE
1994-1999......................... 136 JPY 1 1,350,000,000 11,915,269
6 %JPY Loan of 1989, due Jul. 10, 1997
(Ref. #86)......................... 176 JPY 1 20,000,000,000 176,522,507
--------------
** Total By Currency................ 264,716,634
--------------
NETHERLANDS GUILDERS
8.125% NLG LOAN OF 1985, DUE
1993-2000......................... 72 NLG 1 12,500,000 6,326,871
--------------
** Total By Source.................. 271,043,505
--------------
<CAPTION>
DESCRIPTION REDEMPTION DATE
- ------------------------------------ -----------------
<S> <C>
JAPANESE YEN
5.80% JPY Loan of 1987, due Feb. 16,
2001.............................. 18-AUG-1997 *
JAPANESE YEN LOAN OF 1987, DUE
1994/2001......................... 11-AUG-1997 *
JAPANESE YEN LOAN OF 1987, DUE
1996-2001......................... 31-JUL-1997 *
JAPANESE YEN LOAN OF 1987, DUE
1994-1999......................... 10-JUL-1997 *
JAPANESE YEN LOAN OF 1987, DUE
1993-1998......................... 21-AUG-1997 *
JAPANESE YEN LOAN OF 1987, DUE
1994-1999......................... 10-JUL-1997 *
** Total By Currency................
NETHERLANDS GUILDERS
8.125% NLG LOAN OF 1985, DUE
1993-2000......................... 10-JUL-1997 *
** Total By Source..................
</TABLE>
* Indicates Partial Maturity
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 11
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
MATURED BORROWINGS (COLTS) 01-JUL-1997 thru 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE REDEMPTION AMOUNT US$ EQUIVALENT
- ------------------------------------ ----------- ----------- ------------- ------------------- --------------
<S> <C> <C> <C> <C> <C>
UNITED STATES DOLLARS
8.9% COLTS DUE 09-JUL-1997.......... 94 USD 1 150,000 150,000
9% COLTS DUE 23-JUL-1997............ 96 USD 1 10,000,000 10,000,000
9.02% COLTS DUE 28-JUL-1997......... 98 USD 1 5,000,000 5,000,000
9.15% COLTS DUE 05-AUG-1997......... 100 USD 1 5,150,000 5,150,000
9.9% COLTS DUE 15-SEP-1997.......... 117 USD 1 5,800,000 5,800,000
9.89% COLTS DUE 15-SEP-1997......... 120 USD 1 3,300,000 3,300,000
10.03% COLTS DUE 15-SEP-1997........ 122 USD 1 5,000,000 5,000,000
10.125% COLTS DUE 15-SEP-1997....... 126 USD 1 10,180,000 10,180,000
7.9% COLTS DUE 01-SEP-1997.......... 249 USD 1 2,000,000 2,000,000
9.9% COLTS DUE 15-SEP-1997.......... 252 USD 1 50,000 50,000
7.8% COLTS DUE 15-AUG-1997.......... 263 USD 1 1,000,000 1,000,000
9.3% COLTS DUE 01-JUL-1997.......... 503 USD 1 1,000,000 1,000,000
9.45% COLTS DUE 05-AUG-1997......... 605 USD 1 25,000 25,000
8.55% COLTS DUE 15-SEP-1997......... 1202 USD 1 550,000 550,000
8.89% COLTS DUE 21-JUL-1997......... 1448 USD 1 55,000 55,000
8.8% COLTS DUE 04-AUG-1997.......... 1450 USD 1 25,000 25,000
9.05% COLTS DUE 25-AUG-1997......... 1452 USD 1 40,000 40,000
9.06% COLTS DUE 27-AUG-1997......... 1455 USD 1 375,000 375,000
9.28% COLTS DUE 04-SEP-1997......... 1458 USD 1 100,000 100,000
9.125% COLTS DUE 15-SEP-1997........ 1461 USD 1 100,000 100,000
8.05% COLTS DUE 01-SEP-1997......... 1541 USD 1 50,000 50,000
--------------
** Total By Currency................ 49,950,000
--------------
--------------
** Total By Source.................. 49,950,000
--------------
<CAPTION>
DESCRIPTION REDEMPTION DATE
- ------------------------------------ -----------------
<S> <C>
UNITED STATES DOLLARS
8.9% COLTS DUE 09-JUL-1997.......... 09-JUL-1997
9% COLTS DUE 23-JUL-1997............ 23-JUL-1997
9.02% COLTS DUE 28-JUL-1997......... 28-JUL-1997
9.15% COLTS DUE 05-AUG-1997......... 05-AUG-1997
9.9% COLTS DUE 15-SEP-1997.......... 15-SEP-1997
9.89% COLTS DUE 15-SEP-1997......... 15-SEP-1997
10.03% COLTS DUE 15-SEP-1997........ 15-SEP-1997
10.125% COLTS DUE 15-SEP-1997....... 15-SEP-1997
7.9% COLTS DUE 01-SEP-1997.......... 01-SEP-1997
9.9% COLTS DUE 15-SEP-1997.......... 15-SEP-1997
7.8% COLTS DUE 15-AUG-1997.......... 15-AUG-1997
9.3% COLTS DUE 01-JUL-1997.......... 01-JUL-1997
9.45% COLTS DUE 05-AUG-1997......... 05-AUG-1997
8.55% COLTS DUE 15-SEP-1997......... 15-SEP-1997
8.89% COLTS DUE 21-JUL-1997......... 21-JUL-1997
8.8% COLTS DUE 04-AUG-1997.......... 04-AUG-1997
9.05% COLTS DUE 25-AUG-1997......... 25-AUG-1997
9.06% COLTS DUE 27-AUG-1997......... 27-AUG-1997
9.28% COLTS DUE 04-SEP-1997......... 04-SEP-1997
9.125% COLTS DUE 15-SEP-1997........ 15-SEP-1997
8.05% COLTS DUE 01-SEP-1997......... 01-SEP-1997
** Total By Currency................
** Total By Source..................
</TABLE>
<PAGE>
NOVEMBER 17, 1997 ACT RPT 025
10:05:41 Page 12
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC REPORT ON CHANGES IN BORROWINGS
PREPAYMENT ADVICES (MLT) 01-JUL-1997 THRU 30-SEP-1997
Source : Public
<TABLE>
<CAPTION>
DESCRIPTION ISSUE # CURRENCY TRANCHE PREPAYMENT AMOUNT US$ EQUIVALENT PREPAYMENT DATE
- ------------------------------------ ----------- ----------- ------------- ------------------ -------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
AUSTRALIAN DOLLARS
7.65% AUD NOTES OF 1996, DUE JUNE 1,
1999.............................. 534 AUD 1 16,412,000 11,897,059 30-SEP-1997
POUNDS STERLING
GBP 350 million Zero-coupon Notes,
due July 17, 2000................. 31 GBP 1 100,000,000 168,540,000 17-JUL-1997
ITALIAN LIRE
ITL 200 BILLION 5-YR CAPPED AND
CALLABLE FLOATER.................. 13 ITL 1 200,000,000,000 117,819,630 03-JUL-1997
ITL 800 billion 6.5% notes due on
March 4, 2004..................... 26 ITL 1 160,000,000,000 86,686,568 08-AUG-1997
ITL 800 billion 6.5% notes due on
March 4, 2004..................... 26 ITL 1 33,000,000,000 19,052,568 29-SEP-1997
--------------
** Total By Currency................ 223,558,766
--------------
UNITED STATES DOLLARS
6.70% USD CALLABLE NOTES OF 1996,
DUE JULY 19, 1999................. 18 USD 1 50,000,000 50,000,000 19-JUL-1997
--------------
** Total By Source.................. 453,995,825
--------------
</TABLE>
