AUDITORS' REPORT

To the Members of Express Discount Limited:

We have audited the balance sheet of Express Discount Limited ("the Company") as at 31 March 2003 and the related profit and loss account and statement of cash flows for the year then ended, set out on pages 1 to 17 prepared under the historical cost convention and on the basis of the accounting policies set out on pages 1 and 2.

Respective responsibilities of directors and auditors
As described in the Statement of Directors' Responsibilities in relation to the financial statements, the directors are responsible for the preparation of the financial statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.

Basis of opinion
We conducted our audit in accordance with international standards on auditing. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment 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 dis.closed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary, including adequate returns from the branch not visited by us, in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements, and assessed whether the Company's books of account had been properly kept.

Banks and Other Financial Institutions Act, 1991
Based on our audit and the representations received, to the best of our knowledge and belief, the Company paid penalties in respect of prior year contravention of section 20(a) of the Banks and Other Financial Institutions Act, 1991 during the year ended 31st March 2003. This contravention, is more fully set out in Note 21 to the financial statements.

Opinion
In our opinion,
i. the Company's books of account have been properly kept;
ii. the financial statements referred to above, which are in agreement with the books of account, give a true and fair view of the state of affairs of the Company as at 31 March 2003 and of its profit and cash flows for the year then ended, and comply with the Banks and Other Financial Institutions Act, 1991, relevant Central Bank of Nigeria circulars, relevant Statements of Accounting Standards and the Companies and Allied Matters Act, 1990.

10 June, 2003

KPMG Professional Services, a partnership established under Nigerian law, is an affiliate of KPMG International, a Swiss association

Abeyomi D Sanni Adetola F. Adeyemi Olufemi B Abegunde

Adebisi O. Lamikanre Ayodele H Othihiwa Oluseyi T Bickersteth

Adekunle A. Elebute Joseph O. Tegbe

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