Audit report TRUSTAFRICA 2007

TRUSTAFRICA INDEPENDENT AUDITOR’S REPORT YEAR ENDED MARCH 31, 2007 TRUSTAFRICA INDEPENDENT AUDITOR’S REPORT YEAR ENDED MARCH 31, 2007 Board of Trustees TrustAfrica We have audited the accompanying financial statements comprising the balance sheet of TrustAfrica as of March 31, 2007, and the related profit and loss accounts for the year then ended. These financial statements are the responsibility of the management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes an examination, on a test basis, of 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. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TrustAfrica as of March 31, 2007 and the results of its operations for the year then ended, on the basis of accounting described in note 2. RACINE MEMBER OF ERNST & YOUNG Makha Sy Partner July 16, 2007 ...