In compliance with the audit mission entrusted to us by your general meeting of shareholders, we have the honor to present our audit report concerning the financial statements of the Bank of Tunisia and Emirates for the financial year ended as of December 31, 2011, as annexed to this report, showing a total balance sheet of 627,805 TND thousand and a net profit of 2,958 thousand dinars. According to the specific verifications and information provided by law and professional standards.