<PAGE>
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[logo]
MANAGEMENT'S DISCUSSION & ANALYSIS
AND
CONDENSED QUARTERLY FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<PAGE>
CONTENTS
SEPTEMBER 30, 1999
<TABLE>
<S> <C>
MANAGEMENT'S DISCUSSION AND ANALYSIS
RESULTS OF OPERATIONS AND FINANCIAL HIGHLIGHTS 2
FUNDING RESOURCES 2
LOANS, GUARANTEES AND HEDGING PRODUCTS 2
IBRD CONDENSED FINANCIAL STATEMENTS
BALANCE SHEET 4
STATEMENT OF INCOME 5
STATEMENT OF COMPREHENSIVE INCOME 6
STATEMENT OF CHANGES IN RETAINED EARNINGS 6
STATEMENT OF CASH FLOWS 7
NOTES TO FINANCIAL STATEMENTS 8
REVIEW REPORT OF INDEPENDENT ACCOUNTANTS 11
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
This document should be read in conjunction with the International Bank for
Reconstruction and Development's (IBRD) financial statements and management's
discussion and analysis issued for the fiscal year ended June 30, 1999 (FY
1999). IBRD undertakes no obligation to update any forward-looking statements
made in such document.
RESULTS OF OPERATIONS AND FINANCIAL HIGHLIGHTS
For the three months ended September 30, 1999 (first quarter FY 2000),
reported net income was $417 million compared with $556 million in the first
quarter of FY 1999. The net return on average interest-earning assets for the
first quarter of FY 2000 was 1.09%, compared to 1.64% for the first quarter
of FY 1999, and 1.05% for the fiscal year ended June 30, 1999. The main
factor contributing to this decrease was a non-recurring realized gain in FY
1999 of $237 million, recognized upon liquidation of the held-to-maturity
investment portfolio during the first quarter. Net income for the first
quarter of FY 1999 excluding this one time gain was $319 million. Net income
for the first quarter of FY 2000 was therefore higher than comparable net
income for the same quarter last year by 31%. This $98 million increase in
net income, excluding the effects of the investment gain described above, was
due primarily to an increase of $78 million from net interest income. This
increase in net interest income results from the increases in the net
balances outstanding of average earning assets and interest bearing
liabilities. Average interest-earning assets increased $16,759 million,
contributing $253 million to income. This increase in income was offset by
$26 million attributable to decreases in the average return on assets,
primarily investments. Loan returns remained virtually unchanged from the
same quarter last year due to the compensating effects of the maturing of
higher-yield fixed rate loans, offset by the income contribution of reduced
interest waivers and higher-priced Special Structural Adjustment Loans.
Although the average volume of borrowings outstanding increased interest
expense by $207 million, a 21 basis point reduction in the cost of borrowings
offset that increase by $59 million. The reduction in the cost of borrowings
reflects the replacement of older, higher fixed rate debt with variable rate
issues.
The following are highlights of IBRD's financial performance:
<TABLE>
<CAPTION>
FY 2000 FY 1999 FY 1999
In millions of U.S. dollars 1st Qtr 1st Qtr Full Year
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net interest income $ 620 $ 779 $ 2,483
Average interest-earning assets $ 151,615 $ 134,856 $ 144,138
Return on average loans 6.56% 6.57% 6.58%
Return on average cash and investments 5.16% 9.51%(a) 6.01%
Cost of average borrowings, after swaps 5.78% 5.99% 5.92%
- ---------------------------------------------------------------------------------------
</TABLE>
a. Return includes gain on liquidation of the held-to-maturity portfolio, return
excluding this gain would have been 5.59%.
FUNDING RESOURCES
Equity
IBRD's subscribed capital at the end of the first quarter of FY 2000 was
$188,220 million, of which $11,395 million had been paid in. IBRD's equity
also included $17,463 million of retained earnings. On July 29, 1999, the
Executive Directors allocated out of the net income earned during FY 1999,
$700 million to the General Reserve and $255 million to the Pension Reserve.
On September 30, 1999, the Board of Governors allocated transfers of $663
million out of Retained Earnings. For details see Financial Statements-Note C
Retained Earnings, Allocations and Transfers. At September 30, 1999 the
equity capital-to-loans ratio was 20.65% compared to 21.35% at September 30,
1998.
LOANS, GUARANTEES AND HEDGING PRODUCTS
Introduction of New Loan and Hedging Products
On September 1, 1999, IBRD introduced a fixed-spread loan product available
for loans for which the invitation to negotiate is issued on or after
September 1, 1999. Fixed-spread loans carry a lending spread above LIBOR that
is fixed on the date the loan agreement is signed. The spread, which is
determined and announced by the IBRD from time to time, is currently 55 basis
points for U.S. dollar and euro, and 40 basis points for Japanese yen
denominated loans. These spreads reflect a 5 basis point risk premium over
most other IBRD loans which is charged to cover the increased refinancing
risk. In addition, the commitment charge for the first four years of each
fixed-spread loan is currently 85 basis points, 10 basis points higher than
that for other IBRD loans to reflect increased funding risk. Borrowers
selecting this product will have the flexibility to change the currency or
interest rate basis over the life of the loan, and more flexibility in
selecting repayment schedules, subject to policy limits.
<PAGE>
As of September 30, 1999 no fixed-spread loans had been approved.
In addition to the new loan product, IBRD also plans to begin offering
hedging products that would be linked to borrowers' existing IBRD loans,
providing them with additional instruments by which to manage currency,
interest rate, and on a case-by-case basis, commodity price risks. These
hedging products are expected to be available during the third quarter of FY
2000.
Policy-Based Guarantees
As another part of IBRD's strategy to expand its range of instruments
available to borrowers, IBRD has also introduced policy-based guarantees.
These guarantees, which cover a portion of debt service on specific
borrowings by eligible member countries from private foreign creditors, are
in support of agreed structural, institutional and social policies and
reforms. Initially, IBRD is proceeding with a pilot program of up to $2,000
million of exposure. On September 16, 1999, the Executive Directors
authorized the first such guarantee, in the amount of $250 million in
connection with a Special Structural Adjustment Loan.
<PAGE>
BALANCE SHEET
EXPRESSED IN MILLIONS OF U.S. DOLLARS
<TABLE>
<CAPTION>
September 30, 1999 June 30, 1999
(Unaudited)
------------------ -------------
<S> <C> <C>
Assets
Due from banks $ 704 $ 697
Investments-Trading 28,078 30,345
Securities purchased under resale agreements-Trading - 6
Nonnegotiable, noninterest-bearing demand obligations on account of
subscribed capital 1,778 1,846
Receivable from currency swaps
Investments-Trading 10,372 11,420
Borrowings 72,780 67,592
Loans outstanding-Note B
Total loans 167,417 168,600
Less undisbursed balance 47,732 51,372
------- -------
Loans outstanding 119,685 117,228
Less accumulated provision for loan losses 3,640 3,560
------- -------
Loans outstanding net of accumulated provision 116,045 113,668
------- -------
Other assets 5,256 5,234
------- -------
Total assets $235,013 $230,808
-------- --------
-------- --------
Liabilities
Borrowings
Short-term $ 3,427 $ 5,328
Medium- and long-term 112,402 110,411
Securities sold under repurchase agreements and payable for cash collateral
received-Trading 13 102
Payable for currency swaps
Investments-Trading 11,253 11,501
Borrowings 73,875 70,484
Payable for Board of Governors-approved transfers-Note C 1,276 607
Liabilities for other postretirement benefits 107 103
Other liabilities 4,454 4,251
------- -------
Total liabilities 206,807 202,787
------- -------
Equity
Capital stock-Authorized (1,581,724 shares-September 30, 1999 and June 30, 1999)
Subscribed (1,560,243 shares-September 30, 1999 and June 30, 1999) 188,220 188,220
Less uncalled portion of subscriptions 176,825 176,825
------- -------
11,395 11,395
Amounts to maintain value of currency holdings of paid-in capital stock (300) (453)
Payments on account of pending subscriptions 7 7
Retained earnings (see Statement of Changes in Retained Earnings, Note C) 17,463 17,709
Accumulated other comprehensive income-Note D (359) (637)
------- -------
Total equity 28,206 28,021
------- -------
Total liabilities and equity $235,013 $230,808
-------- --------
-------- --------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
STATEMENT OF INCOME
EXPRESSED IN MILLIONS OF U.S. DOLLARS
<TABLE>
<CAPTION>
Three Months Ended
September 30
(Unaudited)
------------------
1999 1998
---- ----
<S> <C> <C>
Income
Loans-Note B $2,002 $1,835
Investments
Trading 396 312
Held-to-maturity - 284
Securities purchased under resale agreements 1 6
Income from Staff Retirement Plan and other postretirement benefits plans 43 68
Other 15 7
----- -----
Total income 2,457 2,512
----- -----
Expenses
Borrowings 1,779 1,631
Securities sold under repurchase agreements and payable for cash collateral
received - 27
Administrative 209 229
Provision for loan losses-Note B 21 35
Other - 4
----- -----
Total expenses 2,009 1,926
----- -----
Operating Income 448 586
Less contributions to special programs 31 30
----- -----
Net Income $ 417 $ 556
----- -----
----- -----
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN MILLIONS OF U.S. DOLLARS
<TABLE>
<CAPTION>
Three Months Ended
September 30
(Unaudited)
------------------
1999 1998
------ -------
<S> <C> <C>
Net income $417 $556
Other comprehensive income-Note D
Currency translation adjustments 278 375
---- ----
Total other comprehensive income 278 375
---- ----
Comprehensive income $695 $931
---- ----
---- ----
</TABLE>
STATEMENT OF CHANGES IN RETAINED EARNINGS
EXPRESSED IN MILLIONS OF U.S. DOLLARS
<TABLE>
<CAPTION>
Three Months Ended
September 30
(Unaudited)
------------------------
1999 1998
-------- --------
<S> <C> <C>
Retained earnings at beginning of the fiscal year $ 17,709 $ 16,733
Board of Governors-approved transfers-Note C (663) (90)
Net income for the period 417 556
-------- --------
Retained earnings at end of the period $ 17,463 $ 17,199
-------- --------
-------- --------
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
STATEMENT OF CASH FLOWS
EXPRESSED IN MILLIONS OF U.S. DOLLARS
<TABLE>
<CAPTION>
Three Months Ended
September 30
(Unaudited)
--------------------------
1999 1998
--------- ---------
<S> <C> <C>
Cash flows from lending and investing activities
Loans
Disbursements $ (3,149) $ (3,745)
Principal repayments and prepayments 2,624 2,658
Investments: Held-to-maturity
Purchases of securities and repayments of securities sold under repurchase agreements - (13,266)
Maturities of securities and proceeds from securities sold under repurchase agreements - 13,426
Proceeds from sale of held-to-maturity portfolio - 1,389
--------- ---------
Net cash (used in) provided by lending and investing activities (525) 462
--------- ---------
Cash flows used for payments for Board of Governors-approved transfers (15) (9)
Cash flows from financing activities
Medium- and long-term borrowings
New issues 5,280 3,987
Retirements (6,508) (1,597)
Net capital stock transactions 15 120
Other financing activities (2,126) (1,572)
--------- ---------
Net cash (used in) provided by financing activities (3,339) 938
--------- ---------
Cash flows from operating activities
Net income 417 556
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 213 164
Income from Staff Retirement Plan and other postretirement benefits plans 43 68
Provision for loan losses 21 35
Net changes in other assets and liabilities (62) (91)
Gain on sale of held-to-maturity portfolio - (237)
--------- ---------
Net cash provided by operating activities 632 495
--------- ---------
Effect on liquid investments due to decrease in net assets associated with
other postretirement benefits - 650
Effect of exchange rate changes on unrestricted cash and liquid investments 33 204
--------- ---------
Net (decrease) increase in unrestricted cash and liquid investments (3,214) 2,740
Unrestricted cash and liquid investments at beginning of the fiscal year 30,122 23,505
--------- ---------
Unrestricted cash and liquid investments at end of the period $ 26,908 $ 26,245
--------- ---------
--------- ---------
Composed of
Investments held in trading portfolio $ 28,078 $ 26,777
Other (1,170) (532)
--------- ---------
$ 26,908 $ 26,245
--------- ---------
--------- ---------
Supplemental disclosure
Increase (decrease) in ending balances resulting from exchange rate
fluctuations
Loans outstanding $ 1,932 $ 2,540
Investments: Held-to-maturity - 13
Borrowings 3,047 2,984
Currency swaps-Borrowings (1,611) (868)
</TABLE>
The Notes to Financial Statements are an integral part of these Statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE A-FINANCIAL INFORMATION
The unaudited condensed financial statements should be read in conjunction
with the June 30, 1999 financial statements and the notes included therein. A
review of the interim financial information for the three months ended
September 30, 1999 and 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 by the International Auditing Practices Committee of
the International Federation of Accountants. 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 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 period's information have been
made to conform to the current period's presentation.
NOTE B-lOANS AND GUARANTEES
Waivers of Loan Interest and Commitment Charges
On July 29, 1999, the Executive Directors approved an interest waiver of five
basis points on disbursed and outstanding loans to eligible borrowers, except
that for loans where the invitation to negotiate was issued on or after July
31, 1998, which carry a 75 basis point lending spread, the interest waiver is
25 basis points. This is effective for payment periods beginning during the
fiscal year ending June 30, 2000. A similar waiver was in effect for the
fiscal year ended June 30, 1999. For the three months ended September 30,
1999 and 1998, the effect of this waiver was to reduce Net Income by $14
million and $54 million, respectively.
Further, on July 29, 1999, the 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, 2000. A similar waiver of 50 basis points was in effect for the fiscal
year ended June 30, 1999. For the three months ended September 30, 1999 and
1998, the effect of the commitment charge waiver was to reduce Net Income by
$60 million and $52 million, respectively.
Overdue Amounts
At September 30, 1999, no loans payable to IBRD, other than those referred to
in the following paragraph, were overdue by more than three months.
At September 30, 1999, 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 $2,089 million ($2,053
million-June 30, 1999), of which $1,288 million ($1,249 million-June 30,
1999) was overdue, were in nonaccrual status. At such date, overdue interest
and other charges in respect of these loans totaled $1,041 million ($1,011
million-June 30, 1999). If these loans had not been in nonaccrual status,
income from loans for the three months ended September 30, 1999 would have
been higher by $18 million ($14 million-September 30, 1998). A summary of
countries with loans in nonaccrual status follows:
<PAGE>
<TABLE>
<CAPTION>
In millions
- --------------------------------------------------------------------------------------------------------------------------
September 30, 1999
----------------------------------------------------------------
Borrower Principal Principal, interest Nonaccrual
outstanding and charges overdue since
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
WITH OVERDUES
Congo, Democratic Republic of $ 83 $ 101 November 1993
Congo, Republic of 69 43 November 1997
Iraq 41 70 December 1990
Liberia 138 287 June 1987
Sudan 5 5 January 1994
Syrian Arab Republic 42 172(a) February 1987
Yugoslavia, Federal Republic of (Serbia and
Montenegro) 1,133 1,651 September 1992
------ ------
Total 1,511 2,329
WITHOUT OVERDUES
Bosnia and Herzegovina 578 - September 1992
------ ------
TOTAL $2,089 $2,329
------ ------
------ ------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
a. Represents interest and charges overdue.
During fiscal year 1999 Sudan reached an understanding with IBRD and the
International Development Association (IDA) under which Sudan has agreed to
make regular monthly payments of $1 million commencing in July 1999. These
payments will be applied first to IBRD arrears and then to arrears with IDA.
The average recorded investment in nonaccruing loans during the three months
ended September 30, 1999 was $2,072 million ($2,054 million-September 30,
1998).
During the three months ended September 30, 1999 and 1998, no loans came out
of nonaccrual status.
Accumulated Provision for Loan Losses
Changes to the Accumulated Provision for Loan Losses for the three months
ended September 30, 1999 and for the fiscal year ended June 30, 1999 appears
below:
<TABLE>
<CAPTION>
In millions
- --------------------------------------------------------------------------------
September 30 June 30
------------ ------------
<S> <C> <C>
Balance, beginning of the fiscal year $3,560 $3,240
Provision for loan losses 21 246
Translation adjustment 59 74
------ ------
Balance, end of the period $3,640 $3,560
------ ------
------ ------
- --------------------------------------------------------------------------------
</TABLE>
Of the Accumulated Provision for Loan Losses of $3,640 million ($3,560
million-June 30, 1999), $700 million is attributable to the nonaccruing loan
portfolio at September 30, 1999 ($700 million-June 30, 1999).
Guarantees
Guarantees of $1,908 million at September 30, 1999 ($1,973 million-June 30,
1999) were not included in reported loan balances. At September 30, 1999,
$485 million of these guarantees were subject to call ($466 million-June 30,
1999).
Fifth Dimension Program
Under the Fifth Dimension Program established by IDA 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. At September 30, 1999, IDA had approved credits of $1,625
million ($1,623 million-June 30, 1999) under this program from its inception,
of which $1,606 million ($1,604 million-June 30, 1999) had been disbursed to
the eligible countries.
Segment Reporting
For the first quarter of fiscal year 2000, loans to two countries
individually generated in excess of 10 percent of loan income. Loan income
from these two countries was $222 million and $213 million respectively.
<PAGE>
NOTE C-RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS
Retained Earnings was comprised of the following elements at September 30,
1999 and June 30, 1999:
<TABLE>
<CAPTION>
In millions
- --------------------------------------------------
September 30 June 30
------------ ---------
<S> <C> <C>
Special Reserve $ 293 $ 293
General Reserve 16,109 15,409
Pension Reserve 549 294
Surplus 95 195
Unallocated Net Income 417 1,518
------- -------
Total $17,463 $17,709
------- -------
------- -------
- --------------------------------------------------
</TABLE>
On July 29, 1999, the Executive Directors allocated $700 million of the net
income earned in the fiscal year ended June 30, 1999 to the General Reserve
and $255 million to the Pension Reserve, representing the difference between
actual funding of the Staff Retirement Plan (SRP) and its accounting income
for the fiscal year 1999.
On September 30, 1999, the Board of Governors approved the following
transfers out of unallocated Net Income: an amount equivalent to $273 million
in SDRs (valued at June 30, 1999) to IDA, $200 million to the Heavily
Indebted Poor Countries (HIPC) Debt Initiative Trust Fund, $60 million to the
Trust fund for Gaza and West Bank, and $30 million for capacity building in
Africa. In addition, the Board of Governors approved the transfer of $75
million in SDRs (valued at June 30, 1999) to IDA from Surplus. Of the total
amount of these transfers by IBRD to IDA ($348 million in SDRs valued at June
30, 1999) $300 million is to be drawn down in fiscal year 2005 and $48
million is available immediately as a reimbursement of IDA's share of the
fiscal year 1999 cost of implementing the Strategic Compact of IBRD and IDA.
At the same time, the Board of Governors also approved a transfer from
surplus of $25 million for emergency rehabilitation assistance for Kosovo. At
September 30, 1999, the unpaid balances of all of the above-mentioned
Board-approved transfers have been included in Payable for Board of
Governors-approved Transfers on the balance sheet.
NOTE D-COMPREHENSIVE INCOME
For IBRD, comprehensive income comprises currency translation adjustments and
net income. These items are presented in the Statement of Comprehensive
Income. The following table presents the changes in Accumulated Other
Comprehensive Income balances for the three months ended September 30, 1999
and 1998:
<TABLE>
<CAPTION>
In millions
- ------------------------------------------------------------------------
Accumulated Other
Comprehensive Income(a)
-----------------------
1999 1998
------- -------
<S> <C> <C>
Balance, beginning of the fiscal year $(637) $(960)
Changes from period activity 278 375
----- -----
Balance, end of the period $(359) $(585)
----- -----
----- -----
- ------------------------------------------------------------------------
</TABLE>
a. The total accumulated other comprehensive income represents the cumulative
translation adjustments.
<PAGE>
REVIEW REPORT OF INDEPENDENT ACCOUNTANTS
DELOITTE TOUCHE
TOHMATSU
(INTERNATIONAL FIRM)
- --------------------------- ----------------------------------
555 12th 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
September 30, 1999, and the related condensed statements of income,
comprehensive income, changes in retained earnings, and cash flows
for the three month periods ended September 30, 1999 and 1998,
These financial statements are the responsibility of IBRD's
management.
We have 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 each 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.
We have previously audited, in accordance with auditing standards
generally accepted in the United States of America and with
International Standards on Auditing, the balance sheet including
the summary statement of loans and the statement of subscriptions
to capital stock and voting power, of IBRD as of June 30, 1999, and
the related statements of income, comprehensive income, changes in
retained earnings, and cash flows for the fiscal year then ended
(not presented herein); and in our report dated July 28, 1999, we
expressed an unqualified opinion on those financial statements. In
our opinion, the information set forth in the accompanying
condensed balance sheet as of June 30, 1999 is fairly stated, in
all material respects, in relation to the balance sheet from which
it has been derived.
[Deloitte Touche Tohmatsu (International Firm)]
October 29, 1999
------------------------------------------
Beijing London Mexico City Moscow New York
Paris Tokyo Toronto
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 1
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
New Borrowings
- --------------
MTBOC
-----
Australian Dollar
- -----------------
BOND/SELL AUD/IBRD/0503AUD05.50 0000003842 AUD 500,000,000 331,250,000 14-Jul-1999 14-May-2003
-------------
Total By Currency 331,250,000
-------------
Pound Sterling
- --------------
BOND/SELL GBP/IBRD/1201GBP05.37 0000003851 GBP GBP0744GDI03 100,000,000 155,850,000 12-Jul-1999 03-Dec-2001
BOND/SELL GBP/IBRD/1201GBP05.37 0000003876 GBP GBP0744GDI04 50,000,000 77,925,000 12-Jul-1999 03-Dec-2001
BOND/SELL GBP/IBRD/1201GBP05.37 0000003892 GBP GBP0744GDI05 1,000,000,000 1,614,500,000 10-Aug-1999 03-Dec-2001
BOND/SELL GBP/IBRD/0103GBP06.50 0000003943 GBP GBP0643GDI07 100,000,000 160,685,000 10-Sep-1999 07-Jan-2003
-------------
Total By Currency 2,008,960,000
-------------
Greek Drachma
- -------------
BOND/SELL GRD/IBRD/0601GRD06.25 0000003879 GRD 10,000,000,000 31,340,101 16-Jul-1999 01-Jun-2001
-------------
Total By Currency 31,340,101
-------------
Hong Kong Dollar
- ----------------
BOND/SELL HKD/IBRD/0702HKD07.25 0000003821 HKD 300,000,000 38,666,271 02-Jul-1999 02-Jul-2002
BOND/SELL HKD/IBRD/0902HKD07.45 0000003930 HKD HKD0805GDI01 250,000,000 32,196,165 03-Sep-1999 03-Sep-2002
BOND/SELL HKD/IBRD/0902HKD07.75 0000003933 HKD 1,000,000,000 128,766,418 13-Sep-1999 13-Sep-2002
-------------
Total By Currency 199,628,854
-------------
Japanese Yen
- ------------
BOND/SELL JPY/IBRD/0719JPYSTR02 0000003845 JPY JPY0138GDI01 1,000,000,000 8,178,287 07-Jul-1999 07-Jul-2019
BOND/SELL JPY/IBRD/0719JPYSTR 0000003822 JPY JPY0133GDI01 1,000,000,000 8,187,661 08-Jul-1999 08-Jul-2019
BOND/SELL JPY/IBRD/0709JPYSTR01 0000003844 JPY JPY0136GDI01 1,000,000,000 8,173,941 13-Jul-1999 13-Jul-2009
BOND/SELL JPY/IBRD/0719JPYSTR03 0000003850 JPY JPY0139GDI01 1,200,000,000 9,870,450 15-Jul-1999 15-Jul-2019
BOND/SELL JPY/IBRD/0709JPYSTR 0000003867 JPY JPY0140GDI01 1,000,000,000 8,337,850 21-Jul-1999 21-Jul-2009
BOND/SELL JPY/IBRD/0709JPYSTR02 0000003881 JPY JPY0141GDI01 1,000,000,000 8,337,850 21-Jul-1999 21-Jul-2009
BOND/SELL JPY/IBRD/0714JPYSTR 0000003886 JPY 3,000,000,000 25,736,713 29-Jul-1999 29-Jul-2014
BOND/SELL JPY/IBRD/0809JPYSTR01 0000003905 JPY 1,000,000,000 8,705,493 17-Aug-1999 17-Aug-2009
BOND/SELL JPY/IBRD/0809JPYSTR 0000003897 JPY 1,000,000,000 8,969,012 24-Aug-1999 24-Aug-2009
BOND/SELL JPY/IBRD/0811JPYSTR 0000003925 JPY SWAPT55151 1,300,000,000 11,698,538 25-Aug-1999 25-Aug-2011
BOND/SELL JPY/IBRD/0809JPYSTR02 0000003923 JPY JPY0150GDI01 2,000,000,000 17,904,302 26-Aug-1999 26-Aug-2009
BOND/SELL JPY/IBRD/0909JPYSTR 0000003928 JPY JPY0149GDI01 1,000,000,000 9,007,792 08-Sep-1999 08-Sep-2009
BOND/SELL JPY/IBRD/0911JPYSTR 0000003935 JPY SWAPT55176 1,100,000,000 9,908,571 08-Sep-1999 08-Sep-2011
BOND/SELL JPY/IBRD/0909JPYSTR01 0000003937 JPY 1,500,000,000 13,511,688 08-Sep-1999 08-Sep-2009
BOND/SELL JPY/IBRD/0904JPYSTR 0000003941 JPY 3,000,000,000 28,212,724 16-Sep-1999 16-Sep-2004
BOND/SELL JPY/IBRD/0907JPYSTR 0000003936 JPY SWAPT55187IB 1,200,000,000 11,565,708 17-Sep-1999 17-Sep-2007
BOND/SELL JPY/IBRD/0914JPYSTR 0000003996 JPY 1,000,000,000 9,257,116 22-Sep-1999 24-Sep-2014
BOND/SELL JPY/IBRD/0919JPYSTR 0000003955 JPY SWAP55377IB 1,000,000,000 9,508,415 29-Sep-1999 17-Sep-2019
</TABLE>
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 2
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
-------------
Total By Currency 215,072,110
-------------
Polish Zloty
- ------------
BOND/SELL PLN/IBRD/0901PLNSTR 0000003945 PLN 100,000,000 24,390,244 10-Sep-1999 10-Sep-2001
-------------
Total By Currency 24,390,244
-------------
Slovak Koruna
- -------------
BOND/SELL SKK/IBRD/0902SKK15.00 0000003946 SKK 1,000,000,000 24,100,451 24-Sep-1999 24-Sep-2002
-------------
Total By Currency 24,100,451
-------------
United Stated Dollar
- --------------------
BOND/SELL USD/IBRD/0704USD06.00 0000003874 USD 1,000,000,000 1,000,000,000 16-Jul-1999 16-Jul-2004
BOND/SELL USD/IBRD/0700USDSTR 0000003895 USD USD0802GDI01 100,000,000 100,000,000 28-Jul-1999 28-Jul-2000
BOND/SELL USD/IBRD/0804USDSTR 0000003901 USD 15,000,000 15,000,000 11-Aug-1999 11-Aug-2004
BOND/SELL USD/IBRD/0802USD05.97 0000003899 USD USD0803GDI01 40,000,000 40,000,000 12-Aug-1999 12-Aug-2002
BOND/SELL USD/IBRD/0802USD05.80 0000003909 USD USD0804GDI01 17,500,000 17,500,000 26-Aug-1999 27-Aug-2002
BOND/SELL USD/IBRD/0804USDSTR01 0000003926 USD 22,000,000 22,000,000 26-Aug-1999 26-Aug-2004
BOND/SELL USD/IBRD/0904USDSTR 0000004000 USD SWAPT55411 25,000,000 25,000,000 15-Sep-1999 15-Sep-2004
BOND/SELL USD/IBRD/0902USD06.25 0000003987 USD 1,000,000,000 1,000,000,000 16-Sep-1999 16-Sep-2002
BOND/SELL USD/IBRD/0902USD05.65 0000003998 USD USD0811GDI01 28,000,000 28,000,000 23-Sep-1999 24-Sep-2002
BOND/SELL USD/IBRD/0904USDSTR01 0000004004 USD 150,000,000 150,000,000 30-Sep-1999 30-Sep-2004
-------------
Total By Currency 2,397,500,000
-------------
South African Rand
- ------------------
BOND/SELL ZAR/IBRD/0404ZAR13.75 0000003828 ZAR 125,000,000 20,627,063 01-Jul-1999 19-Apr-2004
BOND/SELL ZAR/IBRD/0404ZAR13.75 0000003834 ZAR ZAR0779GDI04 100,000,000 16,501,650 01-Jul-1999 19-Apr-2004
BOND/SELL ZAR/IBRD/0403ZAR13.00 0000003882 ZAR 100,000,000 16,256,198 21-Jul-1999 07-Apr-2003
-------------
Total By Currency 53,384,911
-------------
-------------
Total 5,285,626,670
-------------
MTBOZ
-----
United States Dollar
- --------------------
BOND/SELL USD/IBRD/0806USDSTR 0000003902 USD 40,000,000 40,000,000 09-Aug-1999 09-Aug-2006
-------------
Total By Currency 40,000,000
-------------
-------------
Total 40,000,000
-------------
</TABLE>
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 3
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Maturing Borrowings
- --------------------
MTBOC
-----
AUSTRALIAN SCHILLING
- --------------------
BOND/SELL ATS/IBRD/0899ATS06.63 0000000035 ATS ATS0011MLT01 1,000,000,000 78,043,357 11-Aug-1987 10-Aug-1999
-------------
Total By Currency 78,043,357
-------------
Australian Dollar
- -----------------
BOND/SELL AUD/IBRD/0799AUD08.25 0000000043 AUD AUD0539GMT01 100,000,000 67,100,000 08-Jul-1996 08-Jul-1999
BOND/SELL AUD/IBRD/0799AUD08.25 0000000044 AUD AUD0539GMT02 50,000,000 33,550,000 08-Jul-1996 08-Jul-1999
BOND/SELL AUD/IBRD/0899AUD07.50 0000000046 AUD AUD0545GMT01 134,500,000 87,135,825 13-Aug-1996 13-Aug-1999
-------------
Total By Currency 187,785,825
-------------
Canadian Dollar
- ---------------
BOND/SELL CAD/IBRD/0799CAD10.13 0000000053 CAD CAD0030MLT01 150,000,000 100,904,780 20-Jul-1989 20-Jul-1999
-------------
Total By Currency 100,904,780
-------------
Swiss Franc
- ------------
BOND/SELL CHF/IBRD/0799CHF05.75 0000000070 CHF CHF0216MLT01 100,000,000 63,455,803 20-Jul-1989 20-Jul-1999
-------------
Total By Currency 63,455,803
-------------
Czech Koruna
- ------------
BOND/SELL CZK/IBRD/0899CZK15.00 0000000096 CZK CZK0681GDI01 1,000,000,000 29,226,947 16-Apr-1998 16-Aug-1999
-------------
Total By Currency 29,226,947
-------------
Deutsche Mark
- --------------
BOND/SELL DEM/IBRD/0799DEM06.75 0000000105 DEM DEM0260MLT01 600,000,000 327,804,563 28-Jul-1989 28-Jul-1999
-------------
Total By Currency 327,804,563
-------------
Euro Currency
- -------------
BOND/SELL EUR/IBRD/0899EURFLT 0000001117 EUR XEU1024MTN01 50,000,000 52,195,000 27-Aug-1992 27-Aug-1999
-------------
Total By Currency 52,195,000
-------------
Pound Sterling
- --------------
BOND/SELL GBP/IBRD/0899GBPFLT 0000000187 GBP GBP1020MTN01 25,000,000 40,467,500 03-Aug-1992 03-Aug-1999
BOND/SELL GBP/IBRD/0899GBP07.00 0000000174 GBP GBP0598GMT01 125,000,000 201,812,500 10-Jul-1997 10-Aug-1999
-------------
Total By Currency 242,280,000
-------------
Hong Kong Dollar
- ----------------
BOND/SELL HKD/IBRD/0799HKD07.00 0000000200 HKD HKD0540GMT01 1,000,000,000 128,882,588 08-Jul-1996 08-Jul-1999
-------------
Total By Currency 128,882,588
-------------
Japanese Yen
- ------------
BOND/SELL JPY/IBRD/0201JPY02.50 0000000314 JPY JPY0123MLT01 1,800,000,000 15,517,910 16-Mar-1987 16-Aug-1999
BOND/SELL JPY/IBRD/0801JPY02.50 0000000316 JPY JPY0125MLT03 1,000,000,000 8,717,635 01-Apr-1987 10-Aug-1999
BOND/SELL JPY/IBRD/0701JPY03.10 0000000317 JPY JPY0127MLT01 660,000,000 5,723,453 29-May-1987 02-Aug-1999
BOND/SELL JPY/IBRD/0999JPY05.40 0000000328 JPY JPY0145MLT01 30,000,000,000 282,339,655 30-Sep-1987 30-Sep-1999
</TABLE>
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 4
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
BOND/SELL JPY/IBRD/0799JPY02.30 0000000321 JPY JPY0131MLT01 3,000,000,000 24,483,800 30-Dec-1987 12-Jul-1999
BOND/SELL JPY/IBRD/0303JPY05.50 0000000331 JPY JPY0154MLT01 5,900,000,000 56,689,887 25-Mar-1988 27-Sep-1999
BOND/SELL JPY/IBRD/0799JPY03.50 0000000325 JPY JPY0136MLT01 1,500,000,000 12,241,900 29-Dec-1988 12-Jul-1999
BOND/SELL JPY/IBRD/0999JPY05.25 0000000341 JPY JPY0179MLT01 68,000,000,000 621,685,866 20-Sep-1989 14-Sep-1999
--------------
Total By Currency 1,027,400,106
--------------
Netherlands Guilder
- -------------------
BOND/SELL NLG/IBRD/0700NLG08.13 0000000378 NLG NLG0072MLT01 12,500,000 5,781,160 10-Jul-1985 12-Jul-1999
--------------
Total By Currency 5,781,160
--------------
New Zealand Dollar
- ------------------
BOND/SELL NZD/IBRD/0799NZD09.00 0000000389 NZD NZD0541GMT01 100,000,000 53,230,000 08-Jul-1996 08-Jul-1999
BOND/SELL NZD/IBRD/0799NZD09.00 0000000390 NZD NZD0541GMT02 100,000,000 53,230,000 08-Jul-1996 08-Jul-1999
BOND/SELL NZD/IBRD/0799NZD09.00 0000000391 NZD NZD0541GMT03 50,000,000 26,615,000 08-Jul-1996 08-Jul-1999
-------------
Total By Currency 133,075,000
--------------
United States Dollar
- --------------------
BOND/SELL USD/IBRD/0799USD07.851 0000000530 USD USD0246COL01 18,500,000 18,500,000 16-Mar-1988 01-Jul-1999
BOND/SELL USD/IBRD/0999USD07.75 0000000540 USD USD0277COL01 8,000,000 8,000,000 04-Apr-1988 15-Sep-1999
BOND/SELL USD/IBRD/0999USD05.10 0000000544 USD USD0283COL01 5,900,000 5,900,000 07-Apr-1988 15-Sep-1999
BOND/SELL USD/IBRD/0999USD06.13 0000000546 USD USD0285COL01 1,500,000 1,500,000 07-Apr-1988 15-Sep-1999
BOND/SELL USD/IBRD/0799USD07.852 0000000562 USD USD0402COL01 17,000,000 17,000,000 01-Jun-1988 01-Jul-1999
BOND/SELL USD/IBRD/0899USD09.55 0000000600 USD USD0606COL01 25,000 25,000 05-Aug-1988 05-Aug-1999
BOND/SELL USD/IBRD/0999USD09.69 0000000620 USD USD0654COL01 548,000 548,000 07-Sep-1988 01-Sep-1999
BOND/SELL USD/IBRD/0999USD09.14 0000000704 USD USD1132COL01 950,000 950,000 02-Jun-1989 15-Sep-1999
BOND/SELL USD/IBRD/0799USD08.50 0000000713 USD USD1178COL01 900,000 900,000 19-Jul-1989 19-Jul-1999
BOND/SELL USD/IBRD/0899USD08.60 0000000716 USD USD1201COL01 2,000,000 2,000,000 21-Jul-1989 02-Aug-1999
BOND/SELL USD/IBRD/0799USD08.53 0000000715 USD USD1195COL01 25,000 25,000 24-Jul-1989 26-Jul-1999
BOND/SELL USD/IBRD/0799USD08.60 0000000717 USD USD1206COL01 16,000,000 16,000,000 26-Jul-1989 30-Jul-1999
BOND/SELL USD/IBRD/0899USD08.54 0000000719 USD USD1215COL01 100,000 100,000 31-Jul-1989 02-Aug-1999
BOND/SELL USD/IBRD/0899USD08.41 0000000722 USD USD1236COL01 25,000 25,000 03-Aug-1989 03-Aug-1999
BOND/SELL USD/IBRD/0899USD08.23 0000000724 USD USD1241COL01 500,000 500,000 08-Aug-1989 09-Aug-1999
BOND/SELL USD/IBRD/0899USD08.45 0000000725 USD USD1251COL01 60,000 60,000 15-Aug-1989 16-Aug-1999
BOND/SELL USD/IBRD/0999USD08.68 0000000734 USD USD1288COL01 75,000 75,000 12-Sep-1989 15-Sep-1999
BOND/SELL USD/IBRD/0999USD09.00 0000000797 USD USD1465COL01 75,000 75,000 10-Oct-1990 15-Sep-1999
BOND/SELL USD/IBRD/0899USD04.50 0000000570 USD USD0500GMT01 200,000,000 200,000,000 26-Aug-1994 26-Aug-1999
BOND/SELL USD/IBRD/0999USD02.51 0000000571 USD USD0501GMT01 50,000,000 50,000,000 15-Sep-1994 15-Sep-1999
BOND/SELL USD/IBRD/0999USD07.13 0000000535 USD USD0265MLT01 1,500,000,000 1,500,000,000 27-Sep-1994 27-Sep-1999
BOND/SELL USD/IBRD/0999USD05.68 0000000587 USD USD0549GMT01 1,000,000,000 1,000,000,000 26-Sep-1996 27-Sep-1999
BOND/SELL USD/IBRD/0799USD06.00 0000000598 USD USD0599GMT01 250,000,000 250,000,000 14-Jul-1997 14-Jul-1999
-------------
Total By Currency 3,072,183,000
-------------
South African Rand
- ------------------
</TABLE>
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 5
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
BOND/SELL ZAR/IBRD/0899ZAR13.63 0000000851 ZAR ZAR0544GMT01 200,000,000 32,375,556 12-Aug-1996 12-Aug-1999
-------------
Total By Currency 32,375,556
-------------
-------------
Total 5,481,393,684
-------------
MTBOZ
-----
Japanese Yen
- ------------
BOND/SELL JPY/IBRD/0999JPY00.00 0000000356 JPY JPY0213MLT01 86,000,000,000 826,406,573 21-Jul-1994 20-Sep-1999
-------------
Total By Currency 826,406,573
-------------
United States Dollar
- --------------------
BOND/SELL USD/IBRD/0899USD00.00 0000000471 USD USD0189MLT15 18,000,000 18,000,000 06-Mar-1985 16-Aug-1999
-------------
Total By Currency 18,000,000
-------------
-------------
Total 844,406,573
-------------
</TABLE>
<PAGE>
International Bank for Reconstruction and Development
Treasury Asset Liability Risk System (TALRS)
SEC Report -- Changes in Borrowings Page 6
Borrowings (MLT) July 01, 1999 thru September 30, 1999
<TABLE>
<CAPTION>
Settlement Maturity
Borrowing Type Description Trade ID Currency External ID Currency Amount US$ Equivalent Date Date
- -------------- ----------- --------- -------- ----------- --------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Early Retirement
- ----------------
MTBOC
-----
Australian Dollar
- -----------------
BOND/BUY AUD/IBRD/0702AUDSTR 0000003888 AUD 100,000,000 66,325,000 15-Jul-1999 15-Jul-2002
-------------
Total By Currency 66,325,000
-------------
Euro Currency
- -------------
BOND/BUY EUR/IBRD/0324EURSTR01 0000004009 EUR 81,344,000 84,496,080 20-Sep-1999 18-Mar-2024
-------------
Total By Currency 84,496,080
-------------
-------------
Total 150,821,080
-------------
</TABLE>
