FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES REPORT OF INDEPENDENT AUDITORS  Shareholders and Board of Directors First Commonwealth Financial Corporation We have audited the accompanying consolidated balance sheet of First Commonwealth Financial Corporation  and subsidiaries (the “Company”) as of December 31, 2003, and the related consolidated statement of income,  changes in shareholders’ equity, and cash flows for the year then ended. 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 audit. The financial statements of the Company for the years ended December 31,  2002 and 2001, were audited by other auditors whose report dated January 22, 2003, expressed an unqualified  opinion on those statements. We conducted our audit in accordance with auditing standards generally accepted in the United States.  Those standards 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. 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 audit provides a reasonable basis for our opinion. In our opinion, the 2003 financial statements referred to above present fairly, in all material respects, the  consolidated financial position of the Company at December 31, 2003 and the consolidated results of their  operations and their cash flows for the year then ended in conformity with accounting principles generally  accepted in the United States. Pittsburgh, Pennsylvania January 28, 2004 13