The financial statements of the bank for the year ended 20 March 2004 have been examined and audited by the Audit Organization of Iran. The audit was conducted fully based on audit evidence and in accordance with the auditing standards, except for the investment made by the Bank in Neyshekar Development Company and its related industries as well as doubtful debts of BSI’s provinces. The financial statements were interpreted and verified by the auditor except for the above-mentioned cases. A copy of the full audit report issued by the Audit Organization is available for inspection at the bank’s head office in Tehran, Iran.