AUDITOR'S REPORT FOR THE YEAR ENDED DECEMBER 31st,2005

In accordance with the mission of auditing NAIB’s financial statements attributed to us by the Ordinary General Assembly held on June 30t h, 2004, we are pleased to submit to you our audit report of NAIB’s aforementioned statements for the year ended December 31 st, 2005.

OUR OPINION ON THESE FINANCIAL STATEMENTS.

We have audited NAIB’s financial statements for the year ended December 31st, 2005.These financial statements are the responsibility of the Bank’s general management.Our responsibility is to express our opinion on these financial statements based on our audit.We conducted our audit in accordance with international standards on auditing and in accordance with the memorandum of the Central Bank of Tunisia n° 23-93 dated July 30t h, 1993 re g a rding the audit of banking institutions’ financial statements. We took into consideration the Bank’s repayments achieved till the date of our re p o r ts preparing in accordance with the Circular of the Central Bank of Tunisia N° 24-91 dated December 17, 1991 as amended.These standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free from any apparent misstatements or any material inconsistencies.The audit includes examination, on a test basis , of evidence relevant to the amounts and disclosures in these financial statements .The audit also includes an assessment of the accounting principles used and of the significant estimates made by the management, as well as an evaluation of the overall adequacy of the presentation of information in the financial statements.We believe that our audit provides a reasonable basis for our opinion.In our opinion, NAIB’s financial statements give a true and fair view, in all material respects, of the financial position of the bank as at December 31s t, 2005 and of the results of its operations and cash flows for the year then ended and have been properly prepared in accordance with institutions’ accounting system

SPECIFIC AUDIT

We conducted our audit and specific verifications in accordance with legislation in force, and with audit international standards .Based on our examination, we have not noted, or come across, any apparent misstatements or material inconsistencies in the financial information presented in the Board of Directors’ report, that would cont radict with NAIB’s f inancial statements for the year ended December 31st, 2005.