At no time during the year was the company a party to any arrangements to enable the directors of the company to acquire benefits by means of the acquisition of shares in or debentures of the company or any other body corporate.

AUDITORS

Peat, Marwick, Mitchell & Co. retire and, being eligible, offer themselves for re-appointment.

Hong Kong, 19th November 1985

5

By order of the Board NGAN Shing-kwan Chairman

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