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Saraiva.com.br Editora
SaraivaSaraivaJurEnglish
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 To the Directors and Shareholders of Livraria e Papelaria Saraiva S.A. São Paulo - SP We have examined the balance sheet of Livraria e Papelaria Saraiva S.A., as of December 31, 2003 and 2002, and the respective statements of income, of changes in shareholders’ equity, and of changes in financial position, corresponding to the years ending on those dates, drawn up under the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements. Our examination was conducted in accordance with the auditing norms applicable in Brazil, and comprised: (a) planning the work, considering the relative importance of balances, the volume of transactions and the Company’s internal accounting and control systems; (b) checking, on a test basis, the evidence and registers that support the values and the accounting information published; and (c) assessing the more representative accounting practices and estimates adopted by the Company’s management, as well as the presentation of the financial statements taken as a whole. In our opinion, the financial statements mentioned above fairly represent, in all relevant aspects, the equity and financial position of Livraria e Papelaria Saraiva S.A. as of December 31, 2003 and 2002, the results of its operations, the changes in its shareholders’ equity and the changes in its financial position, corresponding to the years ending on those dates, according to the accounting practices adopted in Brazil. March 11, 2004 KPMG Auditores Independentes Adelino Dias Pinho |