Salomon Annual R 96 Page 9
Salomon Swapco Inc
Report of Independent Accountants
Price Waterhouse
LLP
To the Board of Directors and Shareholder of Salomon Swapco Inc
In our opinion, the accompanying statements of financial condition and the related statements of
income, of changes in stockholder's equity and of cash flows present fairly, in all material respects,
the financial position of Salomon Swapco Inc (the "Company") at December 31, 1996 and 1995,
and the results of its operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles. These financial statements are the responsibility of the
Company's management; our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in accordance with generally
accepted auditing standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
January 23, 1997
New York, New York
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