AUDITORS' Report

INDENPENDENT AUDITOR'S REPORT

We have audited the accompanying financial statements of Grameen Trust, namely, Balance Sheet as of December 31, 2008 and the related Income Statement and Cash Flow Statements for the year then ended together with respective notes thereto as prepared and produced to us for our examination by the management of Grameen Trust. The preparation of these financial statements is the responsibility of the management of the organization. Our responsibility is to pronounce & express an independent opinion on these financial statements based on our verification.

We conducted our verification in accordance with International Standard on Auditing (ISA) as adopted in Bangladesh. 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 examination 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We also report that,

1) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our examination and made due verification thereof;

2) In our opinion, the financial statements, prepared in accordance with Bangladesh Accounting Standards (BSA) gives a true and fair view of the state of affairs of Grameen Trust as at December 31, 2008 and of the results of its operations and its cash flow for the year then ended and comply with the companies Act 1994 and other applicable laws and regulations.

HOWLADAR YUNUS & CO.
Chartered Accountants
Date: May 05, 2009