BANK OF BAKU
AUDITORS REPORT AND FINANCIAL STATEMENTS AT 31 DECEMBER 1999

	1999	1998
Custom duties paid	248,533	-
Depreciation on premises and equipment	145,983	117,936
Communication expenses	127,435	121,440
Professional fees	90,836	219,984
Supplies, stationery and printing	66,292	150,817
Rent for premises	25,225	51,828
Transportation expenses	23,281	47,005
Renovation expenses	20,133	47,160
Business trip expenses	5,960	30,421
Representation expenses	2,485	27,305
Other	105,017	125,757
Total general, administrative and other operating expenses	861,180	939,653

Note 1 Principal Activities 
Note 2 Basis of Presentation 
Note 3 Significant Accounting Policies 
Note 4 Cash and short-term Funds 
Note 5 Loans and Advances to Banks 
Note 6 Loans and Advances to Customers 
Note 7 Other Assets 
Note 8 Premises and Equipment 
Note 9 Due to Banks 
Note 10 Customer Accounts 
Note 11 Other Borrowed Funds 
Note 12 Other Liabilities
Note 13 Paid-in Capital 
Note 14 Retained earnings / Accumulated Deficit 
Note 15 Fees and Commission Income 
Note 16 Fees and Commission Expense
Note 17 General, Administrative and Other Operating Expenses 
Note 18 Taxation 
Note 19 Dividends 
Note 20 Asset and Liability Concentration 
Note 21 Risk Management 
Note 22 Commitments and Contingent Liabilities 
Note 23 Reconciliation of Azeri Accounting Rules to International Accounting Standards 
Note 24 Related Party Transactions