Report of the Independent Auditors, KPMG, to the Shareholders of
Sierra Leone Commercial Bank Limited

We have audited the accompanying balance sheet of Sierra Leone Commercial Bank Limited as of 31 December 2003 and the related statements of income and cash flows for the year then ended.  These financial statements are the responsibility of the directors.  Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing as promulgated by the International Federation of Accountants.  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 examining 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 directors, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

 In our opinion the financial statements give a true and fair view of the financial position of the bank as of 31 December 2003 and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board and have been properly prepared in accordance with the requirements of the Companies Act Cap. 249.

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