BROWNEDWARDS  a^-tifieii ptMic accomuants  INDEPENDENT AUDITOR’S REPORT  Report on the Finandal Statements  Management’s Responsibility for the Financial Statements  Auditor’s Responsibility  Your Success is Our Focus  124 Newman Avenue • Harrisonburg, VA 22801-4004 • 540-434-6736 • Fax: 540-434-3097 • wvro.BEcpas.cora  The Board of Directors  Blue Ridge Bankshares, Inc.  Luray, Virginia  We have audited the accompanying consolidated financial statements of Blue Ridge Bankshares, Inc. and  subsidiaries, which comprise the consolidated balance sheets as of December 31, 2012 and 2011, and the related  consolidated statements of income, changes in stockholders’ equity, comprehensive income, and cash flows forthe  years then ended, and the related notes to the fmancial statements.  Management is responsible for the preparation and fair presentation of these consolidated financial  statements in accordance with accounting principles generally accepted in the United States of America; this  includes the design, implementation, and maintenance of intemal control relevant to the preparation and fair  presentation of financial statements that are free from material misstatement, whether due to fraud or error.  Our responsibility is to express an opinion on these consolidated financial statements based on our audit.  We conducted our audit in accordance with auditing standards generally accepted in the United States of America.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the  consolidated financial statements are free of material misstatement.  An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the  consolidated financial statements. The procedures selected depend on the auditor’s judgment, 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 ofthe consolidated 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 ofthe entity’s intemal control.  Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting  policies used and the reasonableness of significant accounting estimates made by management, as well as  evaluating the overall presentation ofthe consolidated financial statements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our  audit opinion. 