Financial indicators

Independent Auditor's Report, 2006

Auditors' conclusion
of the independent auditing firm "CAUPERWOOD"
on financial accounts of the Public Company
commercial bank with foreign capital "Promekonombank"
for the period expired on December 31, 2006

We carried out the audit of financial accounts of the Public Company commercial bank with foreign capital "Promekonombank" (hereinafter the Bank) as of the end of the day of December 31, 2006 including: report balance, report on financial results, report on cash flow, report on owned capital and notes to the reports.

The Management of the Bank bears responsibility for preparation and presentation of such financial accounts according to the requirements of the Law of Ukraine on "Business and Financial Accounting in Ukraine" of 16.07.1999 № 996-XIV (amended and supplemented), national Regulations (standards) on business accounting (amended and supplemented) and Instructions in the procedure of drafting and promulgation of financial accounts of the banks of Ukraine (amended and supplemented) approved by the decision of the Board of NBU of 07.12.2004 № 598. The Management of the Bank is responsible for: provision of necessary conditions for correct book-keeping; for observance of common methodological fundamentals of book-keeping; for drafting and presentation of authentic financial accounts that should not contain any mistakes and misrepresentations, for choice of successive accounting policy including the principles of estimation of accounting categories and methods of registration of specific accounting categories.

We bear responsibility for expression of thoughts in relation to these financial accounts on the basis of the results of the audit. We carried out the audit in accordance with the requirements of the "International Standards of Audit, provision of confidence and ethics" accepted as National standards of audit in Ukraine, the Law of Ukraine on "Auditing Activity" of 22.04.1993 № 3125-HІІ (amended and supplemented) and other legislative acts of Ukraine.

The "International Standards of Audit, provision of confidence and ethics" require observance of requirements to ethics as well as planning and carrying out of audits to obtain sufficient confidence that the financial accounts do not contain any substantial misinterpretations resulting from fraud or mistakes. In carrying out estimation of these risks we considered the measures of internal control which deal with preparation and authentic presentation of financial accounts. The audit also includes estimation of the used registration policy, acceptability of registration estimations carried out by management and estimation of a general presentation of financial accounts.

We consider that proper and sufficient audit proofs were obtained to express our thought.

In our opinion the financial accounts of the as of December 31, 2006 in all the important aspects equitably and authentically represent its financial state and financial results for a period which expired on the indicated date in accordance with the requirements of the Law of Ukraine on "Business and Financial Accounting in Ukraine" of 16.07.1999 № 996-XIV (amended and supplemented), national Regulations (standards) on business accounting (amended and supplemented) and Instructions in the procedure of drafting and promulgation of financial accounts of the banks of Ukraine (amended and supplemented) approved by the decision of the Board of NBU of 07.12.2004 № 598.

Director general V.V. Galasiuk

Auditor E.I. Belyy
(certificate of the auditor of the right to carry out audit of banks № 0000029)