Auditor’s Letter Lewiston 25. QUARTERLY RESULTS OF OPERATIONS (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2002 and 2001: THREE MONTHS ENDED Mar 31 June 30 Sept 30 Dec 31 2001 Interest income $20,751 $20,552 $19,989 $18,578 Interest expense  10,483 9,423 8,469 7,314 Net interest income 10,268 11,129 11,520 11,264 Provision for loan losses 714 714 789 1,464 Income before income taxes  5,382 5,992 6,460 4,746 Applicable income taxes  1,762 1,989 1,980 1,431 Net income  3,620 4,003 4,480 3,315 Per common share: Basic 0.44 0.50 0.55 0.41 Diluted 0.44 0.49 0.55 0.41 THREE MONTHS ENDED Mar 31 June 30 Sept 30 Dec 31 2002 Interest income $18,582 $18,661 $18,746 $18,583 Interest expense  6,779 7,027 7,136 6,773 Net interest income 11,803 11,634 11,610 11,810 Provision for loan losses 647 1,303 570 560 Income before income taxes  6,064 6,211 6,807 6,843 Applicable income taxes  2,004 2,003 2,235 2,183 Change in accounting for goodwill 449 — — — Net income  3,611 4,208 4,572 4,660 Per common share: Basic  0.44 0.53 0.57 0.58 Diluted 0.44 0.52 0.57 0.58 64 Camden National Corporation and Subsidiaries Camden National Corporation and Subsidiaries 65 BEERY. CUMIN MCNEIL & PARKER ttt Cee PRLS ACCOR REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Shareholders and Board of Directors Camslen National Corporation We have auchited the accompanying consolidated statements of condition of Camden National Corporation and Subsidiaries as of December 31, 2002 ard 2001 and the related consolidated Statements of income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2102. These financial statements are the responsibility of the Company's management. Our responsibility is bo express un opinion on these financial stalerments based on our audits, We conducted our audits in accordance with U.S. generally accepted auditing standards, Those standards require that we plan and perform the awdit to obtain reasoneble assurance about whether the financial slatemenis are free of material misstatement. An audit includes cxamining, 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 fer our opinion. In our opinion, the financial statement referred 10 above present fairly, in all material respects, the consolidated financial position of Camden Notional Corporation and Subsidiaries a of December 31, 2002 and 20h, and the consolidated results of their operations and their conseliduter cash flows for each of the three years in the period ended December 31, 2002, in conformity with US. generally noeepled accounting principles, Portland, Maine January 30, 2003 FORMAHMD,. Hl BANGOR, Al LEBAHO®, He o BAHNCHESTER. NH te, re