Oriental Bank of Commerce

To,

The Shareholders

1. We have audited the attached Balance Sheet of Oriental Bank of Commerce as atMarch 31, 2010, and also the Profit and Loss account and the Cash Flow statement annexedthereto for the year ended on that date in which are incorporated the returns of 20branches audited by us, 1259 branches audited by branch auditors. The branches audited byus and those audited by other auditors have been selected by the bank in accordance withthe guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in theBalance Sheet and the Profit & Loss Account are the returns from 229 branches and arepresentative office at Dubai which have not been subjected to audit. These unauditedbranches account for 0.56 per cent of advances, 3.36 per cent of deposits, 0.25 per centof interest income and 3.43 per cent of interest expense. These financial statements arethe responsibility of the bank’s management. Our responsibility is to express anopinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally acceptedin India. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement(s). Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by the management, as well as evaluating the overallfinancial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

3. The Balance Sheet and the Profit and Loss account have been drawn up in forms"A" and "B" respectively of the Third Schedule to the BankingRegulation Act, 1949.

4. Without qualifying our opinion attention is invited to: a) Note no. 11 of schedule18 regarding the claim lodged by the bank with Government of India under Agricultural DebtWaiver and Debt Relief Scheme 2008.

b) Note no. 17 of schedule 18 regarding adhoc provision of Rs. 304.00 crore made onaccount of wage revision.

c) Note no. 21 of schedule 18 regarding inclusion of not readily realisable advancesand not readily realisable assets pertaining to erstwhile global trust bank as part of theassets of the bank, which was otherwise required to be taken on collection basis as perthe scheme of amalgamation.

5. The impact, if any, on account of balancing of books, confirmation/reconciliation and clearance of outstanding entries in certain accounts is not accountedfor as the same is not ascertainable (refer note no.6 of schedule 18).

6. Subject to the limitations of the audit indicated in paragraph 1 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980,and subject also to the limitations of disclosure required therein and further subject toour observations in paragraph 5 above, we report that: i) We have obtained all theinformation and explanations which to the best of our knowledge and belief, were necessaryfor the purposes of our audit and have found them to be satisfactory.

ii) The transactions of the bank, which have come to our notice have been within thepowers of the bank.

iii) The returns received from the offices and branches of the bank have generally beenfound adequate for the purposes of our audit and where the particulars in the returnsreceived were incomplete/ inadequate, we have relied upon the information and explanationsfurnished by the management.

iv) In our opinion, the Balance Sheet, Profit and Cash Flow Statement comply with theapplicable accounting standards.

v) In our opinion, as shown by the books of the Bank, and to the best of ourinformation and according to the explanations given to us:

a) The Balance Sheet, read with Significant Policies and Notes to Accounts is a fulland fair Balance Sheet containing all the necessary particulars, is properly drawn up soas to exhibit a true and fair view of the state of affairs of the bank as at 31st March,2010 in conformity with the accounting principles generally accepted in India;

b) The Profit and Loss account, read with Significant Accounting Policies and Notes toAccounts shows a true balance of the Profit, in conformity with accounting principlesgenerally accepted in India, for the year ended 31st March, 2010; and

c) The Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.