Minutes of Meeting of the Board of Directors of IFC, held in the Board Room on Thursday, June 22, 2006, at 2:36 p.m. CHAIRMAN:

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1 FROM: Vice President and 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 Thursday, June 22, 2006, at 2:36 p.m. CHAIRMAN: Paul Wolfowitz, President followed by: Lars Thunell, Executive Vice President DIRECTORS AND ALTERNATES ACTING AS DIRECTORS: July 13, 2006 S. Aass (Alternate) Z. Khan (Alternate) A. Almofadhi A. Locoh-Donou (Temporary Alternate) J. Alvarez (Temporary Alternate) K. Luniku (Temporary Alternate) G. Alzetta C. McCoy (Temporary Alternate) T. Antoine (Temporary Alternate) T. Oya (Alternate) J-K. Choi I. Rivera (Temporary Alternate) S. Dib C. Sergeant (Alternate) P. Duquesne M. Sinamenye J. Familiar (Alternate) J. van der Kaaij W. Hermann (Alternate) P. Veglio A. Jehani (Temporary Alternate) P. Vudthitornetiraks (Temporary Alternate) S. Katash (Temporary Alternate) J. Zou ALTERNATES NOT ACTING AS DIRECTORS: A. Alkhalifa J. Yang A. Kohler

2 - 2 - IFC/M OFFICERS AND STAFF PARTICIPATING: W.P. Ofosu-Amaah, Vice President A. Shapiro, Director, CCBDR and Corporate Secretary M. Dutta-Sen, CGFP4 J. Sullivan, General Counsel K. Finkelston, CEAR4 D. Berry, Vice President, CHAVP A. Khan, CFNOP D. Duff, Vice President, CIOVP M. Kozloski, CFNOP F. Khambata, Vice President, CPRVP G. Myers, CLEIT H. Celaya, Director, CFNDR J. Scriven, CGFOP J. Koskelo, Director, CGFDR G. Kajubi, Corporate Secretariat Minutes of Previous Meeting 2. The Board of Directors approved the minutes of the meeting held on May 25, 2006 (IFC/M ). IFC s FY07-09 Business Plan and Budget 3. The Board of Directors considered the President s Memorandum and report entitled IFC's FY07-09 Business Plan and Budget (IFC/R ; and /1, dated May 31 and June 22, respectively), and approved the recommendations set out in paragraph 8.1 of Section VIII of the report and the "Revisions to the Recommendations" (IFC/R /1). East Asia and Pacific Region Avenue Asia Special Situations Fund IV, LP 4. The Board of Directors considered the President s Recommendation and a Report (IFC/R , and /1 dated June 12 and 21, 2006, respectively) on a proposed investment in Avenue Asia Special Situations Fund IV, LP in the East Asia and Pacific Region, and, with Ms. Dorn abstaining (by dated June 21, 2006) adopted the following resolution: RESOLUTION NO. IFC paragraph 8.01 of the Report, distributed under transmittal memorandum IFC/R , substantially on the terms therein set forth; and

3 - 3 - IFC/M Mexico Su Casita WHL II 5. The Board of Directors considered the President s Recommendation and a Report (IFC/R , dated June 12, 2006) on a proposed investment in Su Casita WHL II in Mexico, and adopted the following resolution: RESOLUTION NO. IFC paragraph 6.1 of the Report, distributed under transmittal memorandum IFC/R , substantially on the terms therein set forth; and Record of Investments Proceeding under the Streamlined Procedure 6. The Board of Directors recorded its authorization for Management to proceed with the following investments under the Streamlined Procedure: (a) Croatia an investment in Agrokor Group (IFC/R , dated June 1, 2006) in the form of a loan of up to Euro 40 million (US$49.6 million equivalent) in PIK Vrbovec and Belje d.d., of the Agrokor Group, authorized on June 12, 2006; (b) East Asia and Pacific Region an equity investment in Asian Lion Fund (IFC/R , dated June 1, 2006) of up to US$6 million, authorized on June 12, Ms. Dorn (by dated June 12, 2006) wished to be recorded as abstaining. (c) Egypt an investment in Sonut Expansion (IFC/R , dated June 2, 2006) in the form of an A Loan of up to US$10 million; and a C Loan of up to US$4 million, authorized on June 13, Ms. Dorn (by dated June 13, 2006) wished to be recorded as abstaining. (d) Brazil an investment in Rio Bravo Securitizadora S.A. (IFC/R , dated June 2, 2006) in the form of a local currency, credit-linked guarantee of up to 50 million Brazilian Reais (approximately US$21 million equivalent) for the benefit of Rio Bravo Securitizadora S.A., authorized on June 13, 2006;

4 - 4 - IFC/M (e) Southern Europe Region an investment in Mercator Poslovni Sistem, d.d. (IFC/R , dated June 2, 2006) in the form of an A Loan of up to Euro 40 million (US$49.6 million equivalent); and a B Loan of up to Euro 110 million (US$136.5 million equivalent), authorized on June 13, Ms. Dorn (by dated June 13, 2006) wished to be recorded as opposed. (f) China an investment in Stora China-II (IFC/R , dated June 6, 2006) in the form of an A Loan of up to US$50 million; and a B Loan of up to US$175 million, authorized on June 15, Ms. Dorn (by dated June 15, 2006) wished to be recorded as abstaining. (g) (h) Southern Europe Region an investment in Raiffeisen International: Southern Europe Housing Program in Bosnia and Herzegovina, Kosovo, and Serbia and Montenegro (IFC/R , dated June 7, 2006) in the form of a loan of up to Euro 35 million (US$45 million equivalent), authorized on June 16, Ms. Dorn (by dated June 16, 2006) wished to be recorded as opposed. Russian Federation an investment in Eurosib Terminal (IFC/R , dated June 7, 2006), consisting of: (i) a A Loan of up to US$33 million; (ii) a B Loan of up to US$71.5 million; and (iii) a C Loan of up to US$15 million, to CJSC Eurosib Terminal, CJSC Eurosib Test and CJSC Eurosib Terminal Operator, as joint and several borrowers, authorized on June 16, 2006; and (i) India an investment in Chennai Water (IFC/R , dated June 7, 2006) in the form of an A Loan of up to Indian Rupees 1.16 billion (approximately US$25 million equivalent), authorized on June 16, Algeria Increase in Approved Investment in Société des Fertilisants d Algérie, S.P.A (Fertial) 7. The Board of Directors recorded its approval on June 15, 2006 of the recommendation contained in paragraph 2 of the President s Memorandum entitled Algeria - Proposed Increase in Approved Investment in Société des Fertilisants d Algérie, S.P.A. (Fertial) (IFC/R , dated June 9, 2006), and adopted the following resolution: RESOLUTION NO. IFC paragraph 1 of the President s Memorandum (IFC/R ), substantially on the terms therein set forth; and Independent Evaluation Group Annual Review of FY2005 Evaluation Findings in IFC

5 - 5 - IFC/M The Board of Directors recorded on June 16, 2006 their noting of the report entitled Independent Evaluation Group Annual Review of FY2005 Evaluation Findings in IFC, along with the "Draft Management Response" (IFC/R , dated April 20, 2006; and /1-4). Adjournment 9. The meeting adjourned at 5:08 p.m. Distribution: Executive Directors and Alternates President Bank Group Senior Management Vice Presidents, Bank, IFC and MIGA Directors and Department Heads, Bank, IFC and MIGA

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:

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: 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/M2006-0022