NORTH AFRICAN INTERNATIONAL BANK

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

Auditors Géneral's Report

Auditors Special's Report

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

HONOURABLE SHAREHOLDERS

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.

TRANSACTIONS CONCLUDED IN THE COURSE OF 2005

We have not been informed by our Board of Directors of the occurrence of any special transactions contracted between your company and persons mentioned in article 200 of the Companies Code and the article 29 of law 65-2001.We have not discovered during our examination of NAIB’s financial statements for the year ended 31s t December 2004 the occurrence of such transactions.

TRANSACTIONS CONCLUDED IN THE COURSE OF 2005

We have not been informed by the Board of Directors of the occurrence of any special transaction concluded in past financial years and still outstanding in 2005, with persons mentioned in the aforementioned articles.We have not discovered during our examination of the financial statements of North Africa international bank for the year ended December 31s t, 2005, the occurrence of such transactions.

AUDITORS:Chiheb GHANMI

Générale d’Audit et Conseil International .

Tunis , July 06 2006


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