  It has been observed recently that many properties of some near extremal
black holes can be described in terms of bound states of D-branes. Using a
non-renormalization theorem we argue that the D-brane description is the
correct quantum gravity description of the black hole at low energies. The low
energy theory includes the black hole degrees of freedom that account for the
entropy and describes also Hawking radiation. The description is unitary and
there seems to be no information loss at low energies.
