1988 — Page 54

50

REPORT OF THE AUDITORS

TO THE MEMBERS OF THE KOWLOON MOTOR BUS COMPANY (1933) LIMITED

We have audited the accounts set out on pages 37 to 49 in accordance with approved Auditing Standards.

In our opinion, the accounts give a true and fair view of the state of the Company's affairs at 31st December, 1988 and of the profit and changes in financial position for the year ended on that date and have been properly prepared in accordance with the Companies Ordinance.

Peat Marwick

Certified Public Accountants Hong Kong, 13th April, 1989