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AUDITORS' REPORT

To the Members of L' Association des Francophones de Nanaimo

We have audited the balance sheet of L'Association des Francophones de Nanaimo as at
March 31, 2001 and the statements of operations, changes in net assets and cash flow for the
year then ended. These financial statements are the responsibility of the association's
management. Our responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with Canadian generally accepted auditing standards.
Those standards require that we plan and perform an audit to obtain reasonable assurance
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 financial statement
presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial
position of the association as at March 31, 2001 and the results of its operations and its cash
flows for the year then ended in accordance with Canadian generally accepted accounting
principles. As required by the Society Act (British Columbia), we report that in our opinion,
these principles have been applied on a basis consistent with that of the preceding year.

The comparative figures are unaudited. We did, however, issue a review engagement report on

them.
Jaalarrch a Jali
CHARTERED ACCOUNTANTS
Nanaimo, B.C.
May 9, 2001

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