CMB_1993 — Page 7

Report of the Directors (Continued)

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

During the year under review, the company did not grant to any director or chief executive or to the spouse or children under 18 years

any such director or chief executive any right to subscribe for shares of the company.

of

age

of

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

company

to

SUBSTANTIAL INTERESTS IN THE SHARE CAPITAL OF THE COMPANY

As far as the directors are aware, no shareholder of the company who is not a director of the company is, directly or indirectly interested in 10 per cent, or more of the issued share capital of the company.

DIRECTORS' INTEREST IN CONTRACTS

Madam Ngan Kit-ling is the sole proprietor of Ngan & Co., one of the company's solicitors, and as such has an interest in legal fees and expenses paid by the company to that firm.

DIRECTORS' SERVICE CONTRACTS

No director proposed for re-election at the forthcoming ordinary yearly meeting has an unexpired service contract with the company which is not determinable by the company within one year without payment of compensation, other than normal statutory obligations.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

During the year, neither the company nor any of its subsidiary has purchased, sold or redeemed any of the company's listed securities.

SUMMARY OF FINANCIAL DATA

A summary

AUDITORS

of the group's financial data for the last five years is shown on page 25.

A resolution for the reappointment of KPMG Peat Marwick as auditors of the company is to be proposed at the forthcoming ordinary yearly meeting.

By order of the board

NGAN Shing-kwan Chairman

Hong Kong, 10th November, 1993

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