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~ ~ • ' H O E L T I N G HOELTING & COMPANY, INC. • CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT Boanl of Directors Fremont National Bank Canon City, Colorado We have audited the accompanying balance sheets of Fremont National Bank as of December 3 1, 2000 and 1999, and the related statements of income, changes in stockholder's equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are tree 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. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fremont National Bank as of December 31, 2000 and 1999, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles. Hoelting & Company, Inc. ' Certified Public Accountants Colorado Springs, Colorado ' February 8, 2001 (Except for Note 13, as to ' Which the date is March 9, 2001) 1 320 PRAIRIE ROAD P.O. BOX 1176 COLORADO SPRIIJGS. CO 80901 (719) 630-1091 .FAX (719) 630 0522 ' Member of American Institute of Certified Public Accountants & Colorado Society of Certified Public Accountants