iesy Repository GmbH - Irish Stock Exchange

INDEPENDENT AUDITORS’ REPORT
We have audited the amended consolidated annual financial statements (containing consolidated balance sheet,
consolidated income statement and notes to the consolidated financial statements) of iesy Repository GmbH, Hamburg, for
the business year from January 1, to December 31, 2003. The preparation of the consolidated annual financial statements and
group management report in accordance with German commercial law are the responsibility of the company’s managing
directors. Our responsibility is to express an opinion on the consolidated annual financial statements and the group
management report based on our audit.
We conducted our group audit of the consolidated annual financial statements in accordance with § 317 HGB (German
Commercial Code) and the German generally accepted standards for the audit of financial statements promulgated by the
Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements
materially affecting the presentation of the group net assets, financial position and results of operations in the consolidated
annual financial statements in accordance with German principles of proper accounting and in the group management report
are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the
Company and evaluations of possible misstatements are taken into account in the determination of audit procedures. The
effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated
annual financial statements and the management report are examined primarily on a test basis within the framework of the
audit. The audit includes assessing the financial statements of companies incorporated in the consolidated financial
statements, the scope of consolidation, accounting and consolidation principles used and significant estimates made by the
company’s managing directors as well as evaluating the overall presentation of the consolidated annual financial statements
and group management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, the consolidated annual financial statements give a true and fair view of the net assets, financial
position and results of operations of the Group in accordance with German principles of proper accounting. Overall the group
management report provides a suitable understanding of the group’s position and suitably presents the risks of future
development.
We issue this auditor’s report as a result of our on April 27, 2004 completed annual audit and our audit of the
subsequent amendment to the consolidated financial statements for the year ending December 31, 2003 (Change of the
presentation of the income and expense items in the profit and loss statement). We refer to section “Changes of consolidated
financial statements” of the notes to the amended financial statements. Our audit of the subsequent amendment has not led to
any reservations.
Frankfurt am Main, January 11, 2005
s// Dreßel s// ppa. Sattler
Wirtschaftsprüfer Wirtschaftsprüfer
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