Gulf Petroleum Investment-KUWAIT

Islamic Shari' a Control Authority

Praising is solely to almighty God, God's blessing and peace are to be upon the last prophet without any other prophet after him, his kin and companion

To, Shareholders,

Gulf Petroleum Investment company

Dear Sirs,

According to the contract signed with us, checked and audited the contracts and transactions executed by the company during the year ended on 31/12/2005 and which were presented to us to give our opinion about their compliance with the Islamic law. The responsibility of executing the contracts and transactions in while our responsibility is restricted to giving an independent opinion for how far these contracts comply with the terms of the Islamic law according to our checking and auditing.

We preformed our auditing according to the terms of the financial transaction jurisprudence and contemporary diligences as stated in the decisions of the legal academies and criteria, issued by the accountancy and auditing authority for the Islamic financial institution. We believe that inquiries which we performed and also the information, explanation and confirmations which we obtained from the management of the company provides a suitable base for us to give our opinion regarding what are presented to us.

In our Opinion:

The contracts concluded by the company during the year ended on 31/12/2005 which were reviewed by us, were in compliance with the Islamic law.

The company in not authorized to set the ZAKAT aside and the responsibility of setting such ZAKAT aside in borne by the shareholders.