Independent auditor's report on financial statements of DB Alfa-Bank OJSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, April 8, 05/ - DB Alfa-Bank OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, presented KASE auditor's report of PricewaterhouseCoopers (Almaty) which was made on the bank's financial statement for 2004, prepared in compliance with International Financial Reporting Standards (IFRS). According to the audited financial statement the result of the bank's financial and economic activity as of December 31 of 2003 is as follows (in th. KZT, unless otherwise indicated): --------------------------------------------------- Indicator 2003 2004 ---------------------------- --------- ---------- Authorized capital (paid) 1,000,000 1,000,000 Shareholders' equity 9,552,194 2,748,628 Total assets 2,353,824 12,176,025 Sum of liquid assets 2,345,361 4,349,739 Loans to clients (net) 6,926,380 7,542,978 Loans and deposits to banks 339,003 345,635 Liabilities, total 7,198,370 9,427,397 Clients' funds 6,140,659 8,725,124 Funds of credit institutions 592,788 263,821 Subordinate debt 386,019 380,727 Issued bonds - - Net interest income 970,267 949,349 Net non-interest income 525,458 514,972 Operational expenses 613,036 576,327 Reserves 248,180 341,407 Net income 474,473 394,804 --------------------------------------------------- It's been calculated by the auditor's data: --------------------------------------------------- Return on equity (ROE), % 20.16 14.36 Return on assets (ROA), % 4.97 3.24 --------------------------------------------------- Audit was performed by PricewaterhouseCoopers in compliance with international standards on auditing. The bank's financial statements were correspondingly corrected in order to bring it in conformity with IFRS. In the auditor's opinion, the financial statements of DB Alfa-Bank OJSC in all significant aspects for sure reflects the bank's financial condition as of December 31 of 2004, and also results of its activity and cash flow for the year, which ended by the mentioned date, in compliance with international accounting standards. [2005-04-08]