February 18, 2015

Report of the Independent Auditor on the
Summarized Consolidated Financial Statements

To the Members of
North Shore Credit Union (doing business as BlueShore Financial)

The accompanying summarized consolidated financial statements, which comprise the summarized consolidated balance sheet as at December 31, 2014 and the summarized consolidated statement of income and retained earnings for the year then ended are derived from the audited consolidated financial statements of North Shore Credit Union (doing business as BlueShore Financial) and its subsidiaries for the year ended December 31, 2014. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated February 18, 2015.

The summarized consolidated financial statements do not contain all of the disclosures required by International Financial Reporting Standards. Reading the summarized consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of North Shore Credit Union (doing business as BlueShore Financial) and its subsidiaries.

Management’s responsibility for the summarized consolidated financial statements

Management is responsible for the preparation of a summary of the audited consolidated financial statements on the basis described in note 1.

Auditor’s responsibility

Our responsibility is to express an opinion on the summarized consolidated financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements.”

Opinion

In our opinion, the summarized consolidated financial statements derived from the audited consolidated financial statements of North Shore Credit Union (doing business as BlueShore Financial) and its subsidiaries for the year ended December 31, 2014 are a fair summary of those financial statements in accordance with the basis described in note 1.

Chartered Accountants

PricewaterhouseCoopers LLP
PricewaterhouseCoopers Place, 250 Howe Street, Suite 700, Vancouver Canada V6C 3S7
T: +1 604 806 7000, F: +1 604 806 7806, www.pwc.com/ca

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.