We have audited the accompanying consolidated balance sheet of Qatar Insurance Company S.A.Q., as of 31 December 2004 and the related consolidated statements of income, changes in equity and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. 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 accompanying financial statements present fairly, in all material respects, the consolidated financial position of Qatar Insurance Company S.A.Q., as of 31 December 2004, and the consolidated results of its operations, changes in its equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Furthermore, in our opinion the financial statements provide the information required by the Qatar Commercial Companies Law No. 5 of 2002 and the Company’s Articles of Association. We are also of the opinion that proper books of account were maintained by the Company and the contents of the directors’ report are in agreement with the Company’s financial statements. To the best of our knowledge and belief and according to the information given to us, no contraventions of the Law or the Company’s Articles of Association were committed during the year which would materially affect the Company’s activities or its financial position.

                                                                                                                               For Deloitte & Touche

Doha, Qatar                                                                                                        Samer Jaghoub
January 16, 2005                                                                                               License No. 88