Independent Auditors’ Report 2003

 Consolidated Financial Statements Years ended 31 December 2003 and 2002 Together with Independent Auditors Report

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

We have audited the accompanying consolidated balance sheets of Joint Stock Company "The State Export-Import Bank of Ukraine" (the "Bank") and its subsidiary as at 31 December 2003 and 2002 and the related statements of income, cash flows and changes in shareholder's equity for the years then ended. These financial statements, on pages 6 to 47, are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits 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 audits 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 2003 and 2002 and the results of their operations and cash flows for the years then ended in accordance with International Financial Reporting Standards.





5 April 2004
Kyiv, Ukraine