SOUTH AFRICA HOME LOANS

completed

Summary Of Project Information (SPI)Project NameSouth Africa - SAHLRegionSub-Saharan AfricaSectorProject No009599Projected Board DateNovember 30, 1999Company NameA Home Loans (Pty) LimitedTechnical Partner and/or Major Shareholders The technical project sponsors are Simon Stockley and Dave Barber two South African businessmen with significant experience in the property and finance sector. Other shareholders include the Beare Family, Peregrine Limited and the International Bank of South Africa. Project Cost Including proposed IFC investment IFC will take a 10% equity stake in SA Home Loans. The purchase price for IFC''s investment is under negotiation. Location of project and Description of site SA Home Loans is located in Durban, Kwazulu Natal Province, South Africa. The operations are run from an office building in Durban North. Description of Company and Purpose of Project The principal business objective of SA Home Loans is to originate, initially through refinancings but subsequently also through new mortgage originations, high quality residential mortgages featuring strong borrower repayment capacity and low Loan to Value (LTV) ratios. SAHL intends to fund its origination of the mortgages through the issuance of credit-rated, mortgage-backed securities initially in the domestic market. Using a combination of efficient, securitization driven funding and low overheads, SAHL will offer mortgage rates 2 to 3 percent lower than those currently oferred by the large commercial banks, which are the sole source of private sector mortgage finance in South Africa at this time. Should this project be successful it will represent the first major securitization in Sub-Saharan Africa, and hopefully introduce this new form of financing to the region.Environmental Category and Issues This is a category C project according to IFC''s environmental review procedures and is likely to have minimal or no adverse environmental impacts. No further environmental review is required.Date SPI sent to InfoShop October 13, 1999“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384