Auditors

Delloitte & Touche SRL Bd Negruzzi 2, of. 416 Chisinau, MD-2001, Republic of Moldova
Tel: Fax: www.deloitte.com	+ 373 (2) 54 77 24 + 373 (2) 26 07 29
To the Shareholders and Board of Directors of Moldindconbank S.A. 38, Armeneasca Str. Chisinau Republic of Moldova

Independent Auditors' Raport

We have audited the accompanying balance sheet of Moldindconbank S.A. (the ‘Bank’) as at December 31, 2003 and December 31, 2002 and the related statements of operations, cash flows and changes in shareholders’ equity for the years then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audits in accordance with the International Standards on Auditing. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, the evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to in the opening paragraph present fairly, in all material respects, the financial position of Moldindconbank S.A. as at December 31, 2003 and December 31, 2002 and the results of its operations, cash flows and changes in shareholders’ equity for the years then ended in conformity with the International Financial Reporting Standards (formerly known as International Accounting Standards).

March 23, 2004