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Swire Pacific Limited


AUDITORS' REPORT


To the shareholders of Swire Pacific Limited
(Incorporated in Hong Kong with limited liability)


We have audited the accounts on pages 52 to 81 and pages 93 to 104 which have been prepared in accordance with accounting principles generally accepted in Hong Kong.


Respective responsibilities of directors and auditors

The Companies Ordinance requires the directors to prepare accounts which give a true and fair view. In preparing accounts which give a true and fair view it is fundamental that appropriate accounting policies are selected and applied consistently.

It is our responsibility to form an independent opinion, based on our audit, on those accounts and to report our opinion to you.


Basis of opinion

We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the accounts, and of whether the accounting policies are appropriate to the Company's and the Group's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the accounts are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the accounts. We believe that our audit provides a reasonable basis for our opinion.


Opinion

In our opinion the accounts give a true and fair view, in all material respects, of the state of the affairs of the Company and the Group as at 31st December 1996 and of the profit and cash flows of the Group for the year then ended and have been properly prepared in accordance with the Companies Ordinance.




Price Waterhouse
Certified Public Accountants
Hong Kong, 14th March 1997


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