Longman Nigeria Plc - Auditor's Report

Akintola Williams Deloitte

Chartered Accountants

235 Ikorodu Road, lIupeju

P.O. Box 965, Marina

Lagos, Nigeria

Tel: +234 1 2717800

+234 1 4930720-4

Fax +234 1 4970023

www.deloitte.com.ng

We have audited the financial statements of Longman Nigeria Pic as at 31 December, 2007 set out on pages . 19 to 32 which have been prepared on the basis of the accounting policies set out on page 19 and other explanatory notes on pages 23 to 30.

Directors' responsibility for the Financial Statements

The Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the Companies and Allied Matters Act, CAP C20 LFN 2004. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors' responsibility

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 comply with ethical requirements and plan and perform the audit to obtain reasonable assura,nce as to whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the Company has kept proper accounting records and the financial statements are in agreement with the records in all material respects and give in the prescribed manner, information required by the Companies and Allied Matters Act CAP C20 LFN 2004.. The financial statements give a true and fair view of the financial position of Longman Nigeria Pic as at 31 December, 2007 and of its financial performance and its cash flows for thc year then ended in accordance with the Statement of Accounting Standards issued by the Nigerian Accounting Standard Board and' relevant International Financial Reporting Standards.

Aklntola Williams Delaitte - Nigeriais the Headquarters of the West & Central Africa practice of Deloitte, the global multidisciplinary professional services firm. Deloitte West and Central Africa - Offices in Lagos. Abuja & Port Harcourt (Nigeria); Accra (Ghana); Banjul (The Gambia); Douala (Cameroon); Malabo (Equatorial Guinea)