The Audit Committee

The Audit Committee is an independent body answerable directly to the Board of Governors and responsible for verifying that the operations of the Bank have been conducted and its books kept in a proper manner. It reports to the Board of Governors and, at the time of approval by the Governors of the Annual Report of the Board of Directors, issues a statement on the audits carried out. The Audit Committee is composed of three members and three observers, appointed by the Governors for a term of office of three years.

As the Audit Committee is non-resident, members do not receive a remuneration from the Bank. For each meeting day of the Committee (normally ten per year) in which they participate Members and Observers of the Audit Committee receive an indemnity of EUR 1050. In addition the Bank pays a per diem of EUR 200 as a lump-sum reimbursement for hotel and related expenses to be covered by individual Committee Members and reimburses travel expenses.

Date of situation:16-07-2007

Chairman

Maurizio DALLOCCHIO

Members

Constantinos KARMIOS

Ortwin KLAPPER

Observers

Nikolaos PHILIPPAS

Éric MATHAY

José RODRIGUES DE JESUS