1992 — Page 55

REPORT OF THE AUDITORS

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

We have audited the accounts on pages 41 to 52 in accordance with Auditing Standards.

In our opinion, the accounts give a true and fair view of the state of the Company's affairs at 31st December, 1992 and of its 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, 15th April, 1993

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