<PAGE>
International Bank for Reconstruction and
Development
Condensed
Quarterly Financial Statements
March 31, 1998
(Unaudited)
<PAGE>
International Bank for Reconstruction and
Development
<PAGE>
IBRD Condensed Financial Statements 3
- --------------------------------------------------------------------------------
Table of Contents
March 31, 1998
- --------------------------------------------------------------------------------
<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>
4IBRD Condensed Financial Statements
Balance Sheet
Expressed in millions of U.S. dollars
<TABLE>
<CAPTION>
March 31, 1998 June 30, 1997
-------------- -------------
(Unaudited)
<S> <C> <C>
Assets
Due from banks..................................................................... $ 657 $ 641
Investments
Trading.......................................................................... 23,844 17,229
Held-to-maturity................................................................. 2,652 1,279
Securities purchased under resale agreements--Trading.............................. 414 97
Nonnegotiable, noninterest-bearing demand obligations on account of subscribed
capital........................................................................... 2,099 1,902
Receivable from currency swaps
Investments--Trading............................................................. 8,539 4,571
Borrowings....................................................................... 47,057 29,031
Other receivables.................................................................. 2,237 2,678
Loans outstanding--Note B
Total loans...................................................................... 156,051 157,381
Less undisbursed balance......................................................... 47,769 51,576
-------------- ------------
Loans outstanding.............................................................. 108,282 105,805
Less accumulated provision for loan losses....................................... 3,290 3,210
-------------- ------------
Loans outstanding net of accumulated provision................................. 104,992 102,595
-------------- ------------
Other assets....................................................................... 2,279 1,922
-------------- ------------
Total assets....................................................................... $ 194,790 $ 161,945
-------------- ------------
-------------- ------------
Liabilities
Borrowings
Short-term....................................................................... $ 9,933 $ 7,648
Medium- and long-term............................................................ 95,324 89,031
-------------- ------------
105,237 96,679
Securities sold under repurchase agreements and payable for cash collateral
received
Trading.......................................................................... 618 294
Held-to-maturity................................................................. 1,363 --
Payable for currency swaps
Investments--Trading............................................................. 8,598 4,694
Borrowings....................................................................... 48,466 29,687
Payable for Board of Governors-approved transfers--Note C.......................... 131 201
Other liabilities.................................................................. 4,016 3,162
-------------- ------------
Total liabilities.............................................................. 168,446 134,717
-------------- ------------
Equity
Capital stock
Authorized (1,558,478 shares--March 31, 1998 and June 30, 1997
Subscribed (1,545,457 shares--March 31, 1998; 1,512,211 shares--June 30, 1997.... 186,436 182,426
Less uncalled portion of subscriptions........................................... 175,148 171,378
-------------- ------------
11,288 11,048
Deferred amounts to maintain value of currency holdings of paid-in capital stock... (564) (106)
Payments on account of pending subscriptions....................................... 7 7
Retained earnings (see Statement of Changes in Retained Earnings, Note C).......... 16,298 16,194
Cumulative translation adjustment.................................................. (685) 85
-------------- ------------
Total equity................................................................... 26,344 27,228
-------------- ------------
Total liabilities and equity....................................................... $ 194,790 $ 161,945
-------------- ------------
-------------- ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IBRD Condensed Financial Statements 5
- -------------------------------------------------------------------------------
Statement of Income
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
Three Months Ended Nine Months Ended
March 31 March 31
(Unaudited) (Unaudited)
------------------ -----------------
1998 1997 1998 1997
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Income
Loans--Note B.......................... $1,716 $1,742 $5,090 $5,541
Investments
Trading.............................. 271 175 789 514
Held-to-maturity..................... 40 25 127 76
Securities purchased under resale
agreements........................... 20 8 41 46
Other 4 6 8 11
------ ------ ------ ------
Total income....................... 2,051 1,956 6,051 6,188
------ ------ ------ ------
Expenses
Borrowings............................. 1,550 1,471 4,508 4,556
Securities sold under repurchase
agreements and payable for cash
collateral received.................. 31 10 67 36
Administrative--Note D................. 183 133 484 476
Provision for loan losses--Note B...... 53 -- 233 39
Other.................................. 3 3 8 7
------ ------ ------ ------
Total expenses..................... 1,810 1,617 5,300 5,114
------ ------ ------ ------
Operating Income......................... 241 339 731 1,074
Less contributions to special programs... 32 30 93 90
------ ------ ------ ------
Net Income............................... $ 209 $ 309 $ 658 $ 984
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Statement of Changes in Retained Earnings
Expressed in millions of U.S. dollars
- -----------------------------------------------------------------------------
Nine Months Ended
March 31
(Unaudited)
-----------------
1998 1997
------- -------
<S> <C> <C>
Retained earnings at beginning of the fiscal year.......... $16,194 $16,099
Board of Governors-approved transfers--Note C............ (554) (690)
Net income for the period................................ 658 984
------- -------
Retained earnings at end of the period..................... $16,298 $16,393
------- -------
------- -------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
6 IBRD Condensed Financial Statements
- -------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
Expressed in millions of U.S. dollars
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Nine Months Ended
March 31
(Unaudited)
-----------------------
<S> <C> <C>
Cash flows from lending and investing activities
Loans
Disbursements.................................................... $(16,048) $(10,453)
Principal repayments and prepayments............................. 8,482 9,563
Investments: Held-to-maturity
Purchases........................................................ (22,637) (6,593)
Maturities....................................................... 22,639 6,578
-------- -------
Net cash used in lending and investing activities............ (7,564) (905)
-------- -------
Cash flows used for payments for Board of Governors--approved
transfers.......................................................... (617) (681)
Cash flows from financing activities
Medium- and long-term borrowings
New issues....................................................... 22,614 10,725
Retirements...................................................... (12,110) (11,164)
Net short-term borrowings.......................................... 2,157 1,051
Net currency swaps................................................. (44) (215)
Net capital stock transactions..................................... 88 47
-------- -------
Net cash provided by financing activities.................... 12,706 445
-------- -------
Cash flows from operating activities
Net income......................................................... 658 984
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization.................................... 657 363
Provision for loan losses........................................ 233 39
Net changes in other assets and liabilities...................... 161 (121)
-------- -------
Net cash provided by operating activities.................... 1,709 1,267
-------- -------
Effect of exchange rate changes on unrestricted cash and liquid
investments........................................................ (140) (387)
-------- -------
Net increase (decrease) in unrestricted cash and liquid investments.. 6,093 (261)
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........ $ 22,922 $14,469
-------- -------
-------- -------
Composed of
Investments held in trading portfolio............................... $ 23,844 $14,948
Unrestricted currencies (included in Due from banks)............... 37 60
Net payable for investment securities traded/purchased............. (719) (167)
Net payable/receivable from currency swaps--investments............ (39) 30
Net payable for securities purchased/sold under resale/repurchase
agreements and payable for cash collateral received.............. (201) (423)
-------- -------
$ 22,922 $14,469
-------- -------
-------- -------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange
rate fluctuations
Loans outstanding.............................................. $ (5,089) $(8,194)
Investments: Held-to-maturity.................................. 12 65
Borrowings..................................................... (4,859) (6,403)
Currency swaps--Borrowings..................................... 797 (283)
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
IBRD Condensed 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 and nine months
ended March 31, 1998 was performed by the International Bank for
Reconstruction and Development's (IBRD) independent public accountants in
accordance with standards established by the American Institute of Certified
Public Accountants and with the International Auditing Practices Committee of
the International Federation of Accountants. The interim financial
information for the three and nine months periods ended March 31, 1997 was
reviewed by IBRD's predecessor auditors. In the opinion of management, the
condensed financial statements reflect all adjustments necessary for a fair
presentation of IBRD's financial position and results of operations. The
results of operations for the first nine 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.
During the third quarter of fiscal year 1998, IBRD adopted prospectively the
provisions of the Statement of Financial Accounting Standards (SFAS) No. 125,
entitled "Accounting for Transfers of Assets and Servicing of Financial
Assets and Extinguishments of Liabilities" that were deferred by SFAS No.
127. This statement deferred the provisions of SFAS No. 125 for transfers
involving repurchase agreements, securities borrowing/lending and collateral
agreements for transfers of financial assets until January 1, 1998. The
adoption of this standard did not have a material impact on IBRD's financial
statements.
Note B-Loans and Guarantees
Financial Terms of Loans
IBRD offers loan products with three types of standard financial terms for
new loan commitments: LIBOR-based single currency loans, fixed-rate single
currency loans and multicurrency pool loans. IBRD does not differentiate
among borrowers with respect to the lending spread of 50 basis points that it
charges on its loans, with the exception of the two loans described below.
IBRD has approved and disbursed two LIBOR-based single currency loans-one in
December 1997 and the other in March 1998-that have non-standard financial
terms. The first, an economic reconstruction loan in an amount of $3,000
million, carries a six-month LIBOR interest rate plus a fixed spread of 100
basis points. The second, a structural adjustment loan in an amount of $2,000
million, carries a six-month LIBOR interest rate plus a fixed spread of 75
basis points. Both loans have a loan origination charge. Neither loan is
eligible for the waivers described below.
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 and nine months ended March 31, 1998, the combined effect of these
waivers was to reduce Net Income by $61 million and $183 million, respectively,
compared to $61 million and $192 million for the respective fiscal year 1997
periods.
Further, on July 31, 1997, IBRD's Executive Directors approved a one-year
commitment charge 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 and nine months ended March 31, 1998, the
effect of the commitment charge waiver was to reduce Net Income by $51 million
and $160 million, respectively, compared to $56 million and $171 million for the
respective fiscal year 1997 periods.
<PAGE>
8 IBRD Condensed Financial Statements
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
Overdue Amounts
At March 31, 1998, no loans payable to IBRD, other than those referred to in the
following paragraphs, were overdue by more than three months.
At March 31, 1998, 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 $2,081 million ($2,360 million--June 30, 1997),
of which $1,130 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 $940 million ($893 million--June 30, 1997). If these
loans had not been in nonaccrual status, income from loans for the three and
nine months ended March 31, 1998 would have been higher by $14 million and $70
million, respectively, compared to $33 million and $113 million for the
respective fiscal year 1997 periods.
A summary of countries with loans or guarantees in nonaccrual status follows:
<TABLE>
<CAPTION>
In millions
- ---------------------------------------------------------------------------------------------------------
March 31, 1998
---------------------------------------------------------
Principal Principal interest Nonaccrual
Borrower outstanding and charges overdue since
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
With overdues
Congo, Democratic Republic of ............ $ 82 $ 79 November 1993
Congo, Republic of ....................... 72 19 November 1997
Iraq ..................................... 42 67 December 1990
Liberia .................................. 134 254 June 1987
Sierra Leone ............................. 2 1 January 1998
Sudan .................................... 6 5 January 1994
Syrian Arab Republic ..................... 73 241 February 1987
Yugoslavia, Federal Republic of
(Serbia/Montenegro) ..................... 1,106 1,404 September 1992
------- ------
Total ......................................... 1,517 2,070
Without overdues
Bosnia and Herzegovina ................... 564 ---
------- ------
Total ......................................... $2,061 $2,070
------- ------
------- ------
- ---------------------------------------------------------------------------------------------------------
a. Represents interest and charges overdues.
</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,
and has been making monthly payments to IBRD since then.
The average recorded investment in nonaccruing loans during the three and nine
months ended March 31, 1998 was $2,094 million and $2,159 million, respectively,
compared to $2,370 million and $2,458 million for the respective fiscal year
1997 periods.
During the nine months ended March 31, 1998 and March 31, 1997, no loans came
out of nonaccrual status.
<PAGE>
IBRD Condensed Financial Statements 9
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
Accumulated Provision for Loan Losses
An analysis of the changes to the Accumulated Provision for Loan Losses for the
nine months ended March 31, 1998 and for the fiscal year ended June 30, 1997
appears below:
<TABLE>
<CAPTION>
In millions
- -----------------------------------------------------------------------
March 31 June 30
---------- ---------
<S> <C> <C>
Balance, beginning of the fiscal year $3,210 $3,340
Provision for loan losses 233 63
Translation adjustment (153) (193)
---------- ---------
Balance, end of the period $3,290 $3,210
---------- ---------
---------- ---------
</TABLE>
Guarantees
Guarantees of $2,058 million at March 31, 1998 ($1,593 million--June 30, 1997)
were not included in reported loan balances. At March 31, 1998, $380 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 March 31, 1998, these guarantees, approximating $0.2
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 March 31,
1998, IDA had approved credits of $1,616 million ($1,526 million--June 30, 1997)
under this program from inception, of which $1,514 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 March 31, 1998 and
June 30, 1997:
<TABLE>
<CAPTION>
In millions
- -----------------------------------------------------------------------
March 31 June 30
---------- ---------
<S> <C> <C>
Special Reserve $ 293 $ 293
General Reserve 14,659 14,159
Pension Reserve 112 --
Surplus 576 457
Unallocated Net Income 658 1,285
---------- ---------
Total $16,298 $16,194
---------- ---------
---------- ---------
</TABLE>
<PAGE>
10 IBRD Condensed Financial Statements
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
Unallocated Net Income consists of earnings in the current fiscal year.
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, elements 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
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 March 31, 1998, all transfers had
been made. On April 6, 1998, the Board of Governors approved a transfer from
Surplus, by way of grant, in the amount of $150 million to the Multilateral
Investment Guarantee Agency (MIGA) to be used as part of MIGA's capital
resources to strengthen its financial position. Since this transfer had not been
approved at March 31, 1998, no payable had been recognized at that date.
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 $47 million and $142 million for the three and nine months ended March 31,
1998 compared to $49 million for the nine months ended March 31, 1997.
IBRD is reviewing the status of the Retired Staff Benefits Plan (RSBP) in
connection with the accounting treatment for the assets and liabilities of the
RSBP. This review could result in either the recognition of the assets and
liabilities of the RSBP on IBRD's Balance Sheet, or the continuation of
off-balance sheet accounting. At March 31,1998, the projected excess of plan
assets over liabilities attributable to IBRD was $175 million.
<PAGE>
IBRD Condensed Financial Statements 11
- --------------------------------------------------------------------------------
Review Report of Independent Accountants
- --------------------------------------------------------------------------------
Deloitte Touche Tohmatsu
(International Firm)
1900 M Street NW
Washington, DC
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 March 31, 1998, and the
related condensed statements of income, changes in retained earnings and cash
flows for the three-month and nine-month periods 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 the International Auditing
Practices Committee of the International Federation of Accountants. 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.
The condensed statements of income, changes in retained earnings and cash flows
for the three-month and nine-month periods ended March 31, 1997 were reviewed by
other auditors whose report, dated April 25, 1997, stated that they were not
aware of any material modifications that should be made to those financial
statements for them to be in conformity with generally accepted accounting
principles in the United States of America and with International Accounting
Standards.
Deloitte Touche Tohmatsu (International Firm)
May 14, 1998
Beijing London Mexico City Moscow New York
Paris Tokyo Toronto
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 1
SEC Report on Changes in Borrowings
NEW BORROWING (MLT) 01-JAN1998 thru 31-MAR-1998
<TABLE>
Source: Public
Settlement
Description Issue # Currency Tranche Bond Amount US$ Equivalent Date
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
- ------------------
AUD 100 MILLION EURO PUBLIC BOND 6% DUE 25 FEBRUARY 2008 662 AUD 1 100,000,000 66,560,000 25-FEB-1998
Canadian dollars
- ----------------
CAD 100 million 5.0% 3-year euronote due March 2, 2001 667 CAD 1 100,000,000 70,249,385 02-MAR-1998
Swiss francs
- ------------
CHP 200 Million 2.5% Notes of 1998, due December 28, 2001 246 CHF 3 200,000,000 138,150,169 09-FEB-1998
Deutsche mark
- -------------
DEM 500 Million 4.75% Notes of 1998, due December 30, 2003 649 DEM 1 550,000,000 274,649,821 17-FEB-1998
Spanish pesetas
- ---------------
ESP 15 billion 4.125% notes, due February 13, 2001 20 ESP 1 15,000,000,000 97,087,379 13-FEB-1998
French francs
- -------------
FRF 1 Billion 11-year TEC-10 Linked Euronotes, due 1/12/2009 640 FRF 1 1,000,000,000 163,633,984 12-JAN-1998
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 2
SEC Report on Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Pounds sterling
- ------------------
GBP 100 million 6.50% Notes due 1/7/2003 643 GBP 1 300,000,000 493,170,000 07-JAN-1998
GBP 150 million 6.875% Notes of 1998 due
January 19, 2000 648 GBP 1 150,000,000 245,025,000 19-JAN-1998
GBP 200 million 6.25% Euronote due
November 26, 2004 659 GBP 1 200,000,000 327,660,000 05-FEB-1998
GBP 150 million Eurobond Issue due
November 6, 2001 673 GBP 1 150,000,000 247,995,000 16-MAR-1998
-------------
** Total by Currency 1,333,850,000
-------------
Greek drachmas
- --------------
GRD 8 billion 10% Bonds due February 25, 2003 669 GRD 1 8,000,000,000 27,851,274 25-FEB-1998
Hong Kong dollars
- -----------------
HKD 300 Million 10% Euronotes of 1997, due
January 8, 2001 644 HKD 1 300,000,000 38,709,677 08-JAN-1998
HKD 1 billion 11% Euronotes, due
February 17, 2001 653 HKD 1 1,000,000,000 129,219,835 17-FEB-1998
HKD 1 billion 8.6% Bonds due March 20, 2001 679 HKD 1 1,000,000,000 129,090,557 20-MAR-1998
-----------
*Total By Currency 297,020,069
-----------
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 3
SEC Report on Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN 1998 thru 31-MAR 1998
<TABLE>
<CAPTION>
Source: Public
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ------------ ------- -------- --------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Italian lira
400 BILLION EQUITY LINKED NOTES
due March 4, 2003 29 ITL 1 400,000,000,000 224,825,198 04-MAR-1998
ITL DOMESTIC LIRA 1 TRILLION ZERO COUPON
BONDS DUE 3/26/2018 30 ITL 1 1,000,000,000,000 555,675,952 26-MAR-1998
ITL 200 BILLION FIXED/REVERSE FLOATER BONDS
DUE July 8, 2008 46 ITL 1 200,000,000,000 111,172,874 08-JAN-1998
ITL 300 bil Fixed/Reverse Floater
due January 12, 2010 48 ITL 1 300,000,000,000 167,270,700 12-JAN-1998
ITL FIXED/REVERSE FLOATER 150 BILLION DUE
January 12, 2010 48 ITL 2 150,000,000,000 83,635,350 12-JAN-1998
ITL FIXED/REVERSE FLOATER 150 BILLION DUE
January 12, 2010 48 ITL 3 150,000,000,000 83,635,350 12-JAN-1998
ITL FIXED/REVERSE FLOATER BONDS DUE
February 12, 2010 49 ITL 1 400,000,000,000 223,523,626 12-FEB-1998
ITL FIXED/REVERSE FLOATER DUE
February 12, 2010 49 ITL 2 150,000,000,000 83,821,360 12-FEB-1998
ITL 150 BILLION FIXED/REVERSE FLOATER BONDS
DUE 2/12/2010 49 ITL 3 150,000,000,000 83,821,360 12-FEB-1998
Eurolira 500 billion 5 3/8% bonds due
February 25, 2013 657 ITL 1 500,000,000,000 279,064,576 25-FEB-1998
---------------
**Total By Currency 1,896,446,346
---------------
Japanese yen
JPY 100 Billion 2.00 Global Bond of 1998,
Due Feb. 18, 2008 670 JPY 1 100,000,000,000 793,021,412 18-FEB-1998
New Zealand Dollars
NZD 400 million Zero Coupon Global Notes
due 8/20/2007 611 NZD 2 400,000,000 229,600,000 26-FEB-1998
NZD 250 MILLION INCREASE IBRD 7% GLOBAL
NOTES DUE 9/18/2000 613 NZD 2 250,000,000 4,750,000 03-MAR-1998
NZD 100 MILLION 7.0% GLOBAL NOTES DUE
SEPTEMBER 18, 2000 613 NZD 3 100,000,000 57,900,000 03-MAR-1998
---------------
**Total By Currency 432,250,000
---------------
</TABLE>
<PAGE>
ACT_RPT_025
Page 4
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LIABILITIES MANAGEMENT SYSTEM
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
<TABLE>
<CAPTION>
Source: Public
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- -------------------------------------- -------- -------- --------- ------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Polish Slotye
- -------------
PLN 7 BIL. ZERO-COUPON 30 yr non-call
5 yr due Mar. 20, 2028 53 PLN 1 7,000,000,000 2,055,438,102 20-Mar-1998
PLN 3.5 BIL. Zero Cpn 30-yr now-call
5 yr due Mar. 20, 2028 53 PLN 2 3,500,000,000 1,027,719,051 20-Mar-1998
PLN 175 Million 18% Notes due Feb 27, 2003 672 PLN 1 175,000,000 49,504,950 27-Feb-1998
PLN 100 Million EUROBOND issue due
March 9, 2005 (GDIF676) 676 PLN 1 100,000,000 28,591,851 09-Mar-1998
** Total By Currency --------------
3,161,253,954
--------------
Swedish Kronor
- --------------
SEK 500 mill 6% Euronotes due Jan 9, 2004 642 SEK 1 500,000,000 61,842,919 09-Jan-1998
SEK 500 million 5.375% notes due
February 26, 2003 663 SEK 1 500,000,000 62,204,528 26-Feb-1998
** Total By Currency --------------
124,047,447
--------------
United States dollars
- ---------------------
USD 150 million 6% non-call 1-year euronotes
due 3/11/2003 51 USD 1 150,000,000 150,000,000 11-Mar-1998
USD 500 m. 30-yr callable zero coupon Eurobond
due 2/18/2028 52 USD 1 500,000,000 500,000,000 18-Mar-1998
USD 1 billion 5.50% Notes of 1998, due
January 21, 2003 646 USD 1 1,000,000,000 1,000,000,000 21-Jan-1998
USD 200 Million 3% Euronotes of 1998, due
February 5, 2001 650 USD 1 200,000,000 200,000,000 02-Feb-1998
USD 500 million 5-1/2% Euronotes due
February 2, 2001 656 USD 1 500,000,000 500,000,000 02-Feb-1998
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 5
SEC Report On Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
<TABLE>
<CAPTION>
Source: Public
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ----------- ------- -------- ------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
USD 500 MILLION 5-1/2% EURONOTES DUE FEBRUARY 2, 2001 658 USD 2 500,000,000 500,000,000 02-FEB-1998
USD 2 billion 5.75% Euronotes due February 6, 2008 665 USD 1 2,000,000,000 2,000,000,000 06-FEB-1998
USD 4 billion 5.625% Global Notes due March 17, 2003 674 USD 1 4,000,000,000 4,000,000,000 17-MAR-1998
USD 125 Million, 3.10% Euronotes due December 18, 2001 678 USD 1 125,000,000 125,000,000 26-MAR-1998
--------------
** Total By Currency 8,975,000,000
--------------
South African Rand
- ------------------
ZAR 1 Billion Zero Coupon Euro Note due April 1, 2022 576 ZAR 5 1,000,000,000 202,122,280 09-MAR-1998
ZAR 1 billion increase, zero coupon Euronote due
Apr. 1, 2022 576 ZAR 6 1,000,000,000 200,984,830 20-MAR-1998
ZAR 2 billion Zero Coupon Notes of 1998, due
Dec. 29, 2028 638 ZAR 3 2,000,000,000 405,309,560 05-FEB-1998
ZAR 2 billion Re-opening of IBRD Zero-coupon Euro Notes 638 ZAR 4 2,000,000,000 401,404,920 24-MAR-1998
ZAR 2 billion, Zero coupon EuroNote, Due
December 29, 2028 638 ZAR 5 2,000,000,000 401,404,920 24-MAR-1998
ZAR 100 million 13.50% 5-year Notes due 1/28/1998 647 ZAR 1 100,000,000 20,401,918 28-JAN-1998
ZAR 2 BILLION ZERO COUPON NOTES DUE FEBRUARY 17, 2026 664 ZAR 1 2,000,000,000 404,899,280 17-FEB-1998
ZAR 100 million 13.125% EuroNotes due March 19, 2008 675 ZAR 1 100,000,000 20,122,749 19-MAR-1998
ZAR 50 MILLION INCREASE 13.125% DUE MARCH 19, 2008 675 ZAR 2 50,000,000 10,061,375 19-MAR-1998
ZAR 200 Million Euronotes of 1998, due June 30, 1999 677 ZAR 1 200,000,000 40,213,130 30-MAR-1998
ZAR 200 MIL. INCREASE OF 16.0% EURONOTES DUE
JUNE 30, 1999 677 ZAR 2 200,000,000 40,213,130 30-MAR-1998
--------------
**Total By Currency 2,147,138,092
--------------
--------------
**Total By Source
19,978,209,332
--------------
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 6
SEC Report on Changes in Borrowings
NEW BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source: Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Bond Amount US$ Equivalent Settlement Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Hong Kong dollars
- ------------------
HKD 350 million 10.75% due Feb. 6, 2003 652 HKD 1 350,000,000 45,246,236 06-FEB-1998
HKD 400 million 11% Bonds due January 27, 2003 655 HKD 1 400,000,000 51,652,893 27-JAN-1998
-----------
** Total by Currency 96,899,129
-----------
Japanese yen
- ------------
JPY/USD EUROBOND Issue due March 5, 2001 (GDIF 671) 671 JPY 1 1,298,000,000 10,346,752 05-MAR-1998
United States dollars
- ---------------------
USD 10 Million 5.710% Euronotes of 1998,
due 2/12/2008 668 USD 1 10,000,000 10,000,000 12-FEB-1998
-----------
**Total By Source 117,245,881
-----------
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 7
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source: Official
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Deutsche mark
6.86% Deutsche Mark Note of 1993, Due 2/1/98 276 DEM 1 250,0000,000 138,412,136 01-FEB-1998
</TABLE>
*Indicates Partial Maturity
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_25
LIABILITIES MANAGEMENT SYSTEM Page 8
SEC REPORT ON CHANGES IN BORROWINGS
MATURED BORROWINGS (MLT) 01-JAN-1998 THRU 31-MAR-1998
Source: Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- -------------------------------------------- ------- -------- -------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Australian dollars
- ------------------
10.125% EURO-AUD NOTES OF 1994, DUE
1/30/98 15 AUD 1 100,000,000 67,850,000 30-JAN-1998
Canadian dollars
- ----------------
7.25% 5-YEAR BONDS OF 1993, DUE
MARCH 23, 1998 35 CAD 1 250,000,000 176,304,654 23-MAR-1998
Czech Koruna
- ------------
10.20% CZK 2.5 Billion Euronotes of 1996,
due 1/23/1998 519 CZK 1 2,500,000,000 70,132,129 23-JAN-1998
Spanish pesetas
- ---------------
12.45% ESP BONDS OF 1993 DUE FEBRUARY 9,
1998 12 ESP 1 10,000,000,000 66,006,601 09-FEB-1998
8.25% ESP 15 BILLION BONDS OF 1996, DUE
FEBRUARY 16, 1998 15 ESP 1 15,000,000,000 97,548,286 16-FEB-1998
--------------
Total By Currency 163,554,887
--------------
Italian lire
- ------------
12-1/8% ITL BONDS OF 1991, DUE JANUARY 2,
1998 15 ITL 1 300,000,000,000 170,533,029 02-JAN-1998
ITL 350 BN 10-5/8% 3-Yr Bonds of 1995, due
3/27/98 506 ITL 1 350,000,000,000 193,997,173 27-MAR-1998
</TABLE>
*Indicates Partial Maturity
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 9
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
<TABLE>
<CAPTION>
Source: Public
Redemption
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
ITL 150 BN 10 5/8% 3-YR. BONDS of 1995, due
MARCH 27, 1998 506 ITL 2 150,000,000,000 83,141,646 27-MAR-1998
--------------
** Total By Currency 447,671,848
--------------
Japanese yen
- ------------
5.125% JPY Bonds of 1988, due Mar. 17, 1998
(4th Offering A) 153 JPY 1 93,377,000,000 725,540,016 17-MAR-1998
5.125% JPY Bonds of 1988, due Mar. 17, 1998
(4th Offering B) 156 JPY 1 60,000,000,000 466,200,466 17-MAR-1998
--------------
** Total By Currency 1,191,740,482
--------------
United States dollars
- ---------------------
11.125% US$ Bonds of 1983, due 1998 159 USD 1 92,597,000 92,597,000 13-JAN-1998
USD ZERO Coupon of 1985, due 15 Feb. 1998 189 USD 43 18,000,000 18,000,000 15-FEB-1998
CMT-SURF USD FRNS OF 1993 DUE 3/17/98 256 USD 1 100,000,000 100,000,000 17-MAR-1998
--------------
** Total By Currency 210,597,000
--------------
--------------
** Total By Source 2,327,851,000
--------------
</TABLE>
- -----------------
Indicates Partial Maturity
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 10
SEC Report On Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
<TABLE>
<CAPTION>
Source: Private
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Swiss Francs
- ------------
7.125% CHF Notes of 1990, due March 6, 1998 219 CHF 1 100,000,000 67,695,640 06-MAR-1998
7-1/2% SWISS FRANC NOTES OF 1991, DUE JAN 21, 1998 230 CHF 1 100,000,000 66,467,265 21-JAN-1998
--------------
** Total By Currency 134,162,905
--------------
Netherlands guilders
- --------------------
9% F. Private Placement of 1983, due 1989/98 35 NLG 1 15,000,000 7,286,505 17-JAN-1998
99% NLG Private Placement of '84 Due 1990-99 50 NLG 1 15,000,000 7,301,046 15-FEB-1998*
--------------
** Total By Currency 14,587,551
--------------
United States dollars
- ---------------------
Zero-coupon US$ Bonds of 1987, due 2037/38 215 USD 3 3,645,000 3,645,000 27-JAN-1998
Zero-coupon US$ Bonds of 1987, due 2037/38 215 USD 4 5,700,000 5,700,000 25-FEB-1998
--------------
** Total By Currency 9,345,000
--------------
--------------
** Total By Source 158,095,456
--------------
</TABLE>
- --------------
Indicates Partial Maturity
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 11
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source = Loans
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount
- ----------- ------- -------- ------- -----------------
<S> <C> <C> <C> <C>
Japanese yen
- ------------
5.80% JPY Loan of 1987, due Feb. 26, 2001 123 JPY 1 1,800,000,000
JAPANESE YEN LOAN of 1987, DUE 1994/2001 125 JPY 3 1,000,000,000
JAPANESE YEN LOAN of 1987, DUE 1996-2001 127 JPY 1 660,000,000
JAPANESE YEN LOAN of 1987, DUE 1994-1999 131 JPY 1 2,700,000,000
JAPANESE YEN LOAN of 1987, DUE 1993-1998 135 JPY 1 2,700,000,000
JAPANESE YEN LOAN of 1987, DUE 1994-1999 136 JPY 1 1,350,000,000
5.5% JPY Loan of 1988, due Mar. 25, 98/03 (Ref. #64/JPY 45b) 154 JPY 1 5,900,000,000
Transferable JPY Loan of 1991, due 1998 197 JPY 1 10,000,000,000
7.10% Transferable JPY Loan of 1991, Due 3/29/98 198 JPY 1 10,000,000,000
7.50% Transferable JPY Loan of 1991, Due 1998 198 JPY 2 10,000,000,000
** Total by Currency
Luxembourg francs
- -----------------
5.55% LUF 1 Billion Bank Loan of 1995 due March 30, 1998 11 LUF 1 1,000,000,000
Netherlands guilders
- --------------------
7.875% f. Loan of 1984, due 1986-00 63 NLG 1 5,155,000
7.875% f. Loan of 1984, due 1991-00 63 NLG 2 4,565,000
7.875% f. Loan of 1984, due 1996-05 63 NLG 3 2,700,000
7.875% f. Loan of 1985, due 1991/2000 67 NLG 1 10,000,000
* Indicates Partial Maturity
<CAPTION>
Description US$ Equivalent Redemption Date
- ----------- -------------- ---------------
<S> <C> <C>
Japanese yen
- ------------
5.80% JPY Loan of 1987, due Feb. 26, 2001 14,619,883 16-FEB-1998 *
JAPANESE YEN LOAN of 1997, DUE 1994/2001 8,050,018 10-FEB-1998 *
JAPANESE YEN LOAN of 1997, DUE 1996-2001 5,269,461 02-FEB-1998 *
JAPANESE YEN LOAN of 1997, DUE 1994-1999 20,377,358 12-JAN-1998 *
JAPANESE YEN LOAN of 1997, DUE 1993-1998 21,353,313 20-FEB-1998 *
JAPANESE YEN LOAN of 1997, DUE 1994-1999 10,188,679 12-JAN-1998 *
5.5% JPY Loan of 1988, due Mar. 25, 90/03 (Ref. #64/JPY 45b) 45,176,110 25-MAR-1998 *
Transferable JPY Loan of 1993, due 1998 78,864,353 09-MAR-1998
7.10% Transferable of JPY Loan of 1991, Due 3/29/90 77,519,380 30-MAR-1998
7.50% Transferable of JPY Loan of 1991, Due 1998 77,519,380 30-MAR-1998
--------------
358,944,915
--------------
Luxembourg france
- -----------------
5.55% LUF 1 Billion Bank Loan of 1995 due March 30, 1998 26,512,892 30-MAR-1998
Netherlands guilders
- --------------------
7.875% f. Loan of 1984, due 1996-00 2,515,164 15-JAN-1998 *
7.875% f. Loan of 1984, due 1991-00 2,227,264 15-JAN-1998 *
7.875% f. Loan of 1984, due 1996-05 1,317,330 15-JAN-1998 *
7.875% f. Loan of 1985,due 1991/2000 4,843,315 16-MAR-1998 *
* Indicates Partial Maturity
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 12
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source : Loans
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
--------------
** Total By Currency 10,903,077
--------------
--------------
** Total By Source 396,360,904
--------------
</TABLE>
* Indicates Partial Maturity
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page13
SEC Report on Changes in Borrowings
MATURED BORROWINGS (COLTS) 01-JAN-1998 thru 31-MAR-1998
Source: Private
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redempation Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
United States Dollars
9.17% COLTS DUE 29-JAN-1998 193 USD 1 5,000,000 5,000,000 29-JAN-1998
8.95% COLTS DUE 10-FEB-1998 200 USD 1 700,000 700,000 10-FEB-1998
8.95% COLTS DUE 03-FEB-1998 204 USD 1 250,000 250,000 03-FEB-1998
8.875% COLTS DUE 16-FEB-1998 215 USD 1 2,700,000 2,700,000 16-FEB-1998
8.8% COLTS DUE 16-FEB-1998 217 USD 1 1,000,000 1,000,000 16-FEB-1998
8.79% COLTS DUE 19-FEB-1998 222 USD 1 4,200,000 4,200,000 19-FEB-1998
8.77% COLTS DUE 19-FEB-1998 224 USD 1 500,000 500,000 19-FEB-1998
8.93% COLTS DUE 24-FEB-1998 225 USD 1 5,000,000 5,000,000 24-FEB-1998
8.85% COLTS DUE 16-FEB-1998 228 USD 1 1,400,000 1,400,000 16-FEB-1998
8.85% COLTS DUE 01-MAR-1998 231 USD 1 100,000 100,000 01-MAR-1998
8.77% COLTS DUE 04-MAR-1998 241 USD 1 250,000 250,000 04-MAR-1998
8.97% COLTS DUE 18-MAR-1998 248 USD 1 5,000,000 5,000,000 18-MAR-1998
7.83% COLTS DUE 15-MAR-1998 251 USD 1 10,000,000 10,000,000 15-MAR-1998
7.8% COLTS DUE 15-MAR-1998 254 USD 1 12,000,000 12,000,000 15-MAR-1998
7.8% COLTS DUE 15-MAR-1998 261 USD 1 5,000,000 5,000,000 15-MAR-1998
5.75% COLTS DUE 16-MAR-1998 278 USD 1 4,700,000 4,700,000 16-MAR-1998
5.4% COLTS DUE 16-MAR-1998 281 USD 1 3,500,000 3,500,000 16-MAR-1998
5.25% COLTS DUE 15-JAN-1998 295 USD 1 3,750,000 3,750,000 15-JAN-1998
9.5% COLTS DUE 15-MAR-1998 353 USD 1 1,100,000 1,100,000 15-MAR-1998
9.6% COLTS DUE 15-MAR-1998 358 USD 1 300,000 300,000 15-MAR-1998
9.3% COLTS DUE 16-MAR-1998 459 USD 1 100,000 100,000 16-MAR-1998
0% COLTS DUE 13-FEB-1998 1067 USD 1 886,000 886,000 13-FEB-1998
8.4% COLTS DUE 15-JAN-1998 1492 USD 1 100,000 100,000 15-JAN-1998
8.28% COLTS DUE 15-MAR-1998 1496 USD 1 25,000 25,000 15-MAR-1998
8.27% COLTS DUE 04-FEB-1998 1499 USD 1 50,000 50,000 04-FEB-1998
8% COLTS DUE 16-FEB-1998 1507 USD 1 100,000 100,000 16-FEB-1998
8.125% COLTS DUE 15-MAR-1998 1512 USD 1 25,000 25,000 15-MAR-1998
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 14
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Redemption Amount US$ Equivalent Redemption Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
8.18% COLTS DUE 06-MAR-1998 1517 USD 1 500,000 500,000 06-MAR-1998
--------------
** Total By Currency 66,236,000
--------------
--------------
** Total By Source 66,236,000
--------------
</TABLE>
<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ACT_RPT_025
LIABILITIES MANAGEMENT SYSTEM Page 15
SEC Report on Changes in Borrowings
MATURED BORROWINGS (MLT) 01-JAN-1998 thru 31-MAR-1998
Source : Public
<TABLE>
<CAPTION>
Description Issue # Currency Tranche Prepayment Amount US$ Equivalent Prepayment Date
- ----------- ------- -------- ------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Portuguese escudos
- ------------------
6.70 percent Step up Callable
notes due 2006 7 PTE 1 10,000,000,000 53,796,413 06-MAR-1998
</TABLE>
