SeABank's Finalcial Report 2009

INDEPENDENT AUDITORS’ REPORT

To the Shareholders

Southeast Asia Commercial Joint Stock Bank

Scope

We have audited the accompanying consolidated balance sheet of Southeast Asia Commercial Joint Stock Bank (“the Bank”) and its subsidiary (collectively, “SeABank”) as of 31 December 2009 and the related consolidated statements of income and cash flows for the year then ended and the explanatory notes thereto.  These consolidated financial statements are the responsibility of the Bank’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audit. 

We conducted our audit in accordance with Vietnamese Standards on Auditing.  Those standards require that we plan and perform the audit to obtain reasonable assurance that the consolidated financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated 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 consolidated financial statements.  We believe that our audit provides a reasonable basis for our opinion.

Audit opinion

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of Southeast Asia Commercial Joint Stock Bank and its subsidiary as of 31 December 2009 and of their consolidated results of operations and their consolidated cash flows for the year then ended, in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for Credit Institutions and other relevant accounting regulations stipulated by the State Bank of Vietnam and accounting principles generally accepted in Vietnam.

KPMG Limited

Vietnam

Investment Certificate No: 011043000345

Audit Report No: 09-02-192

______________________________________           _________________________________

Wang Toon Kim                                                 Nguyen Thuy Duong

CPA No. N.0557/KTV                                        CPA No. 0893/KTV

Deputy General Director