We have audited the accompanying balance sheet of Tai Fung Bank Ltd., Macau as of December 31, 2002, and the related profit and loss account for the year then ended. These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. It also includes assessing the accounting principles used and significant estimate made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements give a true and fair view of the state of the Bank’s affairs as at December 31, 2002 and of it's profit for the year ended on that date.

Iong Hin Registered Public Auditor Macau February 24, 2003