Auditor's Report

To the members of
Trinidad & Tobago Manufacturers’ Association

We have audited the balance sheet of Trinidad & Tobago Manufacturers' Association as at 31 December 2003, the statements of income, changes in equity and cash flows and related notes for the year then ended, as set out on pages 26 to 37. These financial statements are the responsibility of the AssociationÕs management. 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. 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 management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Association as at 31 December 2003 and the results of its operations, changes in equity and cash flows for the year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
Port of Spain
Trinidad, West Indies
13 February 2004