Auditors' Report
The Board of Directors

We have audited the accompanying Balance Sheet of Grameen Bank as of December 31, 2001 and the related Profit and Loss Account, Cash Flow Statement and Notes to the Financial Statements for the year then ended. The preparation of these financial statements is the responsibility of the Bank management. Our responsibility is to express an independent opinion on these financial statements based on our audit.

We conducted our audit in accordance with Bangladesh Standard on Auditing (BSA). 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 audit provides a reasonable basis for our opinion.

In our opinion, the financial statements prepared in accordance with International Accounting Standard (IAS), give a true and fair view of the state of the Bank's affairs as on December 31, 2001 and of the results of its operations and its Cash Flow for the year then ended and comply with the requirements of the Grameen Bank Ordinance 1983 and International Accounting Standards.

We also report that:

i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;
ii) in our opinion, proper books of accounts as required by law have been kept by the bank so far as it appeared from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches other than 30 branches and 2 zonal office not visited by us; and
iii) the bank's Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of account and returns.

Ahmad & Ahmad
Chartered Accountants
Mahfel Huq & Co.
Chartered Accountants
July 24, 2002