1990 — Page 49

REPORT OF

THE

AUDITORS

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

We have audited the accounts set out on pages 35 to 46 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, 1990 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.

KPMG Peat Marwick

Certified Public Accountants Hong Kong, 11th April, 1991

47