TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 219

OF CREDIT AND COMMERCE HONG KONG LIMITED

AUDITORS' REPORT

To the Messers of

Bank of Credit and Cosmerce long Kong Lisited

We have sudited the accounts set out on pages 3 to 14 in accordance with approved Auditing Standards.

We draw attention to Note 1 which describes the basis on which the accounts have been prepared.

In our opinion, the accounts have been properly prepared in accordance with the provisions of the Companies Ordinance applicable to banking companies and, on that basis, give a true and fair view of the state of affairs of the bank and of the group at 31 December 1990 and of the loss of the group the year then ended.

for

Price Waterhouse

Price Waterhouse

Certified Public Accountants

Hong Kong

28 June 1971

S660 S8 ZS8

(3SNOH INO) DO SWWOO

ZS:81 60-80-166T

45