Report of the Directors

Hong Kong Ferry (Holdings) Co. Ltd.

21

AUDITORS

KPMG retire and, being eligible, offer themselves for re-appointment. A resolution for the re-

appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual

General Meeting.

On behalf of the board

Colin K.Y. Lam

Chairman

Hong Kong, 17 March 2000

Li Ning

Director

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