TRANSLATION OF AUDITORS’ REPORT

ORIGINALLY ISSUED IN ARABIC

AUDITORS’ REPORT

ON THE SUMMARY FINANCIAL STATEMENTS OF BANQUE DU CAIRE

FOR THE FISCAL YEAR ENDED 30 JUNE 2005

TO THE SHAREHOLDERS OF BANQUE DU CAIRE

¨ We have audited the Financial Statements of Banque du Caire SAE (An Egyptian Joint Stock Company) as at 30 June 2005, from which the accompanying Summary Financial Statements were derived, according to the Egyptian Auditing Standards and in light of the applicable Egyptian laws and regulations .

¨ In our opinion, as stated in our report dated 20 March 2005, the Financial Statements, from which the accompanying Summary Financial Statements were derived, present clearly and fairly, in all material aspects, the financial position of Banque du Caire SAE and the results of its operations, cash flows and the change in shareholders equity for the year ended 30 June 2005 and are in accordance with the Egyptian Accounting Standards.

¨ We also report to you our opinion that the accompanying Summary Financial Statements comply, in all material aspects , with the Complete Financial Statements of the Bank for the fiscal year ended 30 June 2005 .

¨ For a more comprehensive understanding of the Bank’s financial position as at 30 June 2005 and the results of its operations, cash flows and the change in shareholders equity as well as the scope of our audit, it might be deemed necessary to refer to the Complete Financial Statements of the Bank for the year then ended and our full report on it .

Cairo, March 2006

Hassanein Kamel Ahmed Seham Amer Mohamed Selim

Fellow of the Egyptian Society of Taxes Central Organization of Auditing

(Abou Saada Co. ) Nexia Int’l