AUDITORS' REPORT

KPMG West Africa (Nigeria)

Report of the Auditors to the Members of
EXPRESS DISCOUNT LIMITED

We have audited the financial statements on pages 28 to 38 which have been prepared on the basis of the accounting policies set out on page 27.

Respective responsibilities of Directors and Auditors
As described on page 8 the company’s directors are responsible for the preparation of the financial statements. It is our responsibility to form an independent opinion, based on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with generally accepted auditing standards. An audit includes examination, on a test basis of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assesment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with evidence to give resonable assurance that the financial statements are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements. The financial statements are in agreement with the books of accounts which have been properly kept and we obtained the information and explanations we required.
Opinion
In our opinion, the financial statements give a true and fair view of the state of affairs of the company as at 31 March, 2002 and of the profit and cash flow of the company for the year ended on that date and have been properly prepared in accordance with Banks and Other Financial Institutions Act 1991, relevant Central Bank of Nigeria circulars, the Companies and Allied Matters Act, 1990, and relevant statements of accounting standards issued by the Nigerian Accounting Standards Board.

CHARTERED ACCOUNTANTS

Festus O. Adesanya Ibiene A.Willie-Harry

LAGOS, NIGERIA
2 July, 2002

KPMG West Africa(Nigeria),a Nigeria partnership, is a member of KPMG International, a Swiss association.

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