Annual Report 2003

Independent auditors’ report to the Directors of Joint Stock Company “The State Export-Import Bank of Ukraine”

We have audited the accompanying consolidated balance sheet of Joint Stock Company “The State Export-Import Bank of Ukraine” (the “Bank”) and its subsidiary as at 31 December 2004 and the related statements of income, cash flows and changes in shareholder’s equity for the year then ended. These financial statements, on pages 1 to 27, 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 audit in accordance with International Standards on Auditing. Those 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, 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 audit provide a reasonable basis for our opinion.

In our opinion the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Bank and its subsidiary as at 31 December 2004 and the results of their operations and cash flows for the year then ended in accordance with International Financial Reporting Standards.



12 April 2005
Kyiv, Ukraine

Joint Stock Company “The State Export-Import Bank of Ukraine” Consolidated Financial Statements