Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Tuesday, June 6, 2006, at 2:35 p.m. CHAIRMAN:

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FROM: Vice President Corporate Secretary 1. There were present: OFFICIAL USE ONLY IFC/M For meeting of Board: Date to be determined Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Tuesday, June 6, 2006, at 2:35 p.m. CHAIRMAN: Declan Duff, Vice President, CIOVP DIRECTORS AND ALTERNATES ACTING AS DIRECTORS: A. Alkhalifa (Alternate) S. Katash (Temporary Alternate) T. Antoine (Temporary Alternate) H. Kawauchi (Temporary Alternate) D. Benicio (Temporary Alternate) Z. Khan (Alternate) S. Cham (Temporary Alternate) S. Leydier (Temporary Alternate) J-K. Choi K. Luniku (Temporary Alternate) M. Dorschel (Temporary Alternate) M. Nemli (Alternate) J. Familiar (Alternate) Huy Nguyen (Temporary Alternate) Z. Fei (Temporary Alternate) J. Quijria A. Fitrat (Temporary Alternate) R. Ritterhoff (Temporary Alternate) T. Ingolfsson J. van der Kaaij A. Jehani (Temporary Alternate) M. Varea (Temporary Alternate) J. Karnowski (Alternate) P.J. Williams (Temporary Alternate) June 28, 2006

2 - 2 - IFC/M OFFICERS AND STAFF PARTICIPATING: W.P Ofosu-Amaah, Vice President K. Kelhofer, CGFFS Corporate Secretary G. Konda, CSEDR D. McLean, Deputy General Counsel, CLEDC P. Martelli, CLAR3 J. Koskelo, Director, CGFDR A. Perez, CMFDR R. Kyte, Director, CESDR M. Reyes-Retana, CGFP4 S. Mavaddat, Director, CSEDR Z. Saban, CLEEF D. Tsitsiragos, Director, CGMDR R. Sturm, CESGE V. Choy, CLETR Z. Youssoufou, CESGM M. Eliaschev, CGFTG G. Kajubi, Corporate Secretariat M. Gouled, CGFTG Minutes of Previous Meeting 2. The Board of Directors approved the minutes of the meeting held on May 2, 2006 (IFC/M ). Nigeria Access Bank Plc (Access Bank) 3. The Board of Directors considered the President s Recommendation a Report (IFC/R , dated May 24, 2006) on a proposed investment in Access Bank Plc. (Access Bank) in Nigeria, adopted the following resolution: RESOLUTION NO. IFC paragraphs of the Report, distributed under transmittal memorum IFC/R , substantially on the terms therein set forth; Hungary OTP Sub-Sovereign Schools Energy Efficiency Program 4. The Board of Directors considered the President s Recommendation a Report (IFC/R , dated May 24, 2006) on a proposed investment in OTP Sub-Sovereign Schools Energy Efficiency Program in Hungary, adopted the following resolution:

3 - 3 - IFC/M RESOLUTION NO. IFC paragraphs of the Report, distributed under transmittal memorum IFC/R , substantially on the terms therein set forth; Turkey Sanko Cement 5. The Board of Directors considered the President s Recommendation a Report (IFC/R , dated May 24, 2006) on a proposed investment in Sanko Cement in the Republic of Turkey, adopted the following resolution: RESOLUTION NO. IFC paragraph 6.1of the Report, distributed under transmittal memorum IFC/R , substantially on the terms therein set forth; Mexico Banco del Bajio 6. The Board of Directors considered the President s Recommendation a Report (IFC/R , dated May 24, 2006) on a proposed investment in Banco del Bajio in Mexico, adopted the following resolution:

4 - 4 - IFC/M RESOLUTION NO. IFC paragraphs of the Report, distributed under transmittal memorum IFC/R , substantially on the terms therein set forth; Record of Investments Proceeding under the Streamlined Procedure 7. The Board of Directors recorded its authorization for Management to proceed with the following investments under the Streamlined Procedure: (a) Cambodia an investment in Acleda Bank (IFC/R , dated May 9, 2006) in the form of a senior loan of up to US$5 million, authorized on May 18, Ms. Dorn (by dated May 18, 2006) wished to be recorded as opposed. (b) India an investment in Atul Limited (IFC/R , dated May 10, 2006) consisting of a senior loan of up to US$17.5 million; an equity investment of up to US$5 million, authorized on May 19, 2006; (c) India an investment in ABC Coffee (IFC/R , dated May 10, 2006) in the form of a loan of up to US$10 million, a quasi equity of up to US$5 million, authorized on May 19, 2006; (d) (e) China an investment in Hyflux (IFC/R /1, dated May 8 16, 2006, respectively) consisting of: (i) an A Loan of up to US$25 million equivalent to Tianjin Dagang NewSpring Co. Ltd.; (ii) a preferred equity of up to US$20 million equivalent in SinoSpring Utility Limited, authorized on May 22, Ms. Dorn (by dated May 17, 2006) wished to be recorded as abstaining. India an investment in DCM Shriram Consolidated Limited II (DSCL II) (IFC/R , dated May 15, 2006) in the form of an A loan of up to US$15 million, authorized on May 24, 2006;

5 - 5 - IFC/M (f) Azerbaijan an equity investment in Azerigazbank (AGB) Equity (IFC/R , dated May 16, 2006) of up to US$2.3 million, authorized on May 25, 2006; (g) Armenia an investment in Inecobank (IFC/R , dated May 18, 2006), consisting of: (i) a Senior Loan of up to US$3 million; (ii) an equity investment of up to US$1.4 million for a stake of up to 10% in Inecobank, authorized on May 30, 2006; (h) China an equity investment in Neophotonics (IFC/R , dated May 19, 2006) of up to US$10 million, authorized on May 31, Ms. Dorn (by dated May 31, 2006) wished to be recorded as opposed. South Africa A Jeopardy Case Additional Shareholder Loan Guarantee for Black Empowerment Transaction in Connection with IFC s Investment in Hernic Ferrochrome Pty. Limited (Hernic) 8. The Board of Directors recorded its approval on May 18, 2006 of the recommendation contained in paragraph 3 of the President s Memorum entitled South Africa A Jeopardy Case Proposed Additional Shareholder Loan Guarantee for Black Empowerment Transaction in Connection with IFC s Investment in Hernic Ferrochrome Pty. Limited (Hernic) (IFC/R , dated May 12, 2006), adopted the following resolution: RESOLUTION NO. IFC paragraphs of the Report, distributed under transmittal memorum IFC/R , substantially on the terms therein set forth; Jordan Country Assistance Strategy Final Text for Disclosure 9. The Board of Directors recorded its approval on May 30, 2006 of the recommendation for public disclosure contained in paragraph 3 of the Memorum from the Vice President Corporate Secretary entitled Jordan Country Assistance Strategy Final Text for Disclosure (IFC/R /3, dated May 17, 2006).

6 - 6 - IFC/M Adjournment 10. The meeting adjourned at 4:01 p.m. Distribution: Executive Directors Alternates President Bank Group Senior Management Vice Presidents, Bank, IFC MIGA Directors Department Heads, Bank, IFC MIGA