We have audited the accompanying Balance Sheet of GRAMEEN FUND as at 31 December 2006 and also the related Income and Expenditure Statement and Cash Flow Statement for the year then ended. The Financial Statements are the responsibility of the Company's Management. Our responsibility is to express an independent opinion on the Financial Statements, based on our audit.

We conducted our audit in accordance with Bangladesh Standards 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 mis-statement. 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 the management, as well as evaluating the overall Financial Statements 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 Standards as adopted by the Institute of Chartered Accountants of Bangladesh, give a true and fair view of the state of the Company's affairs as at 31 December 2006 and of the results of its operation for the year then ended and comply with the Companies Act, 1994 and other applicable laws and regulations.