Отчет аудиторов

B-dul Negruzzi nr. 2, cam. 416 Municipiul Chisinau, MD-2001 Republica Moldova
Tel: Fax: Nr înreg.: Cod fiscal/TVA:	+ 373 (2) 54 77 24 + 373 (2) 26 07 29 177 014 597/29.01.1998 7152019/0200500
To the Shareholders and Board of Directors of Moldindconbank S.A. 38, Armeneasca Str. Chisinau Republic of Moldova

Independent Auditors’ Report on Condensed Financial Statements

We have audited the balance sheet of Moldindconbank S.A. (the ‘Bank’) as at December 31, 2005 and the related statements of income, cash flows and changes in shareholders’ equity for the year then ended, from which the summarized financial statements were derived, in accordance with National Standards on Auditing. In our report dated February 24, 2006, we expressed an unqualified opinion on the financial statements from which the summarized financial statements were derived.

In our opinion, the accompanying summarized financial statements are consistent, in all material respects, with the financial statements from which they were derived.

For a better understanding of the Bank’s financial position and the results of its operations for the period and of the scope of our audit, the summarized financial statements should be read in conjunction with the financial statements from which the summarized financial statements were derived and our audit report thereon.

February 24 , 2006