1988 — Page 30

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REPORT OF THE AUDITORS

TO THE MEMBERS OF HONG KONG FERRY (HOLDINGS) COMPANY LIMITED

We have audited the accounts set out on pages 11 to 27 in accordance with approved Auditing Standards.

In our opinion, the accounts give a true and fair view of the state of affairs of the company and of the group at 31 December 1988 and of the profit and changes in financial position of the group 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, 8 March 1989

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