1995 — Page 129

REPORT OF THE AUDITORS

Opinion

In our opinion, the accounts give a true and fair view, in all material respects, of the state of the Company's affairs as at 31 December 1995 and of its profit and cash flows for the year then ended and have been properly prepared in accordance with the Companies Ordinance.

KPMG Peat Marwick

Certified Public Accountants

Hong Kong, 11 April 1996

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