Bahamas - FirstCaribbean International Bank

PricewaterhouseCoopersP.O. Box N-3910Providence HouseEast Hill StrreetNassau, The BahamasTelephone (242) 302-5300Facsimile (242) 302-5350To the Shareholders ofFirstCaribbean International Bank (Bahamas) LimitedWe have audited the accompanying consolidated balance sheet of FirstCaribbean InternationalBank (Bahamas) Limited (the “Bank”) as of October 31, 2002 and the related consolidatedstatements of income, changes in shareholders’ equity/head office accounts and cash flows for theten month period January 1 to October 31, 2002. These consolidated financial statements are theresponsibility of the Bank’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.We conducted our audit in accordance with International Standards on Auditing. Those Standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.In our opinion, the consolidated financial statements present fairly, in all material respects,the financial position of the Bank as of October 31, 2002 and the results of its operations, changesin shareholders’ equity/head office accounts and its cash flows for the period then ended inaccordance with International Accounting Standards.Chartered AccountantsJanuary 30, 2003