We have audited the financial statements of the Bank of Alexandria S.A.E. for the financial year ended 31^st December 2007, from which the abbreviated financial statements attached hereto were extracted, in accordance with the Egyptian Auditing Standards and the applicable local laws and regulations. In our unreserved opinion stated in the report dated February 27^th 2008, the Bank's financial statements for the financial year ended December 31^st 2007, from which the abbreviated financial statements attached hereto were extracted, clearly and comprehensively express the Bank's financial position as at December 31^st 2007, as well as the operating results and cash flows thereof for the year then ended. This is in accordance with the rules for preparing financial statements of banks issued by the Central Bank of Egypt on June 27^th 2002 and amendments thereto.    

In our opinion, the abbreviated financial statements attached hereto are comprehensively consistent with the Bank's full financial statements for the financial year ended December 31^st 2007.

For a better understanding of the Bank's financial position as at December 31^st 2007 and operating results as well as cash flows for the year then ended as well as the scope of our audit, refer to the Bank's full financial statements for the financial year ended December 31^st 2007 and to our report thereon.

Cairo, February 27^th, 2008