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AUDITORS' REPORT TO THE SHAREHOLDER OFVICTORIA HOUSE PTE LTDWe have audited the ®nancial statements of Victoria House Pte Ltd for the ®nancial year ended31 March 2002 set out on pages E-53 to E-68. These ®nancial statements are the responsibility ofthe directors. Our responsibility is to express an opinion on these ®nancial statements based on ouraudit.We conducted our audit in accordance with Singapore Standards on Auditing. Those Standardsrequire that we plan and perform our audit to obtain reasonable assurance whether the ®nancialstatements are free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the ®nancial statements. An audit also includes assessingthe accounting principles used and signi®cant estimates made by the directors, as well as evaluatingthe overall ®nancial statement presentation. We believe that our audit provides a reasonable basis forour opinion.In our opinion,(a)the accompanying ®nancial statements are properly drawn up in accordance with the provisionsof the Singapore Companies Act (``Act'') and Singapore Statements of Accounting Standard andso as to give a true and fair view of:(i)(ii)the state of affairs of the Company as at 31 March 2002, its pro®t, changes in equity andcash ¯ows for the ®nancial year ended on that date; andthe other matters required by section 201 of the Act to be dealt with in the ®nancialstatements; and(b)the accounting and other records, and the registers required by the Act to be kept by theCompany have been properly kept in accordance with the provisions of the Act.PricewaterhouseCoopersCerti®ed Public AccountantsSingapore, 16 September 2002E-52