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StartFor investorsFinancial statementsConsolidated financial statements 2000

Auditors' Report on Summarised Consolidated Financial Statements

ZAO PricewaterhouseCoopers Audit
Kosmodamianskaya Nab. 52, Bld. 5
113054 Moscow Russia
Telephone +7 (095) 967 6000
Facsimile +7 (095) 967 6001

To the Shareholders and Board of Directors of JSC "Red October":

  1. We have audited the consolidated financial statements of JSC "Red October"and its subsidiaries (together the "Group") as at 31 December 2000 and for the year then ended, from which the accompanying summarised consolidated financial statements were derived, in accordance with International Standards on Auditing. Those consolidated financial statements (not included herein) were prepared in accordance with International Accounting Standards. In our report dated 1 August 2001 we expressed an unqualified opinion on the consolidated financial statements from which the summarised consolidated financial statements were derived.

  2. In our opinion, the accompanying summarised consolidated financial statements are consistent, in all material respects, with the consolidated financial statements from which they were derived.

  3. For a better understanding of the Group's financial position and the results of its operations and its cash flows for the period and of the scope of our audit, the summarised consolidated financial statements should be read in conjunction with the consolidated financial statements from which the summarised consolidated financial statements were derived and our audit report thereon.

Moscow, Russian Federation
1 August 2001