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COOL LIMITED ANNUAL REPORT 2001 41 AUDITORS REPORT Arthur Andersen & Co 21st Floor Edinburgh Tower The Landmark 15 Queen s Road Central Hong Kong TO THE SHAREHOLDERS OF COOL LIMITED (Incorporated
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Management of COOL Limited and the Group have engaged and intend to engage independent auditors to perform an annual audit of the financial statements in accordance with the requirements of the International Accounting Standards Board (IASB) as an independent auditor in the United Kingdom. We believe these auditors will be professional and competent. 2. All other matters we considered when preparing these financial statements have been decided by our board of directors and management of COOL Limited and the Group. Accordingly, these financial statements should not be considered as containing any material defect. We have no reason to believe that this is otherwise than satisfactory or in violation of the law or rules of any regulatory authority. Our results of operations are published in the report that accompanies this joint Annual Report. 3. We are registered in the UK under company number 12062877 and are controlled, directly or indirectly, on 1st July 2001, by the following: (a) the Chairman (who was the Chief Executive Officer in 2001), (b) the Secretary of the Group (who was the Director-General in 2001), (c) the Director of the Company (who was the Group Chief Executive in 2001), (d) a Director of Using Hào Securities Limited (the other direct or indirect share holding company of the Group) (who was the Chairman of the Group's Audit Committee in 2001), (e) the Director of Bosun International Limited (the other direct or indirect share holding company of the Group) (who was the Group's Management Committee in 2001), (f) a Director of the Group (who was the Managing Director of COOL Limited in 2004 and has a vote in the Group's directors on matters affecting COOL Limited in that capacity) 4. The Group has responsible for the consolidated accounts of COOL Limited for the year ended 31 March 2001. The Group's consolidated accounts are presented on pages 47 to 63 which are included in the Joint Annual Report. 5. We have audited COOL Limited on the basis of the standards in International Financial Reporting Standards. An audited copy of the report is attached. 4. PART II The Group has taken action against COOL Limited for non-compliance with our auditors' guidance regarding reporting cash receipts, cash expenditure, debt and equity. We have been provided with a draft report by the independent auditor appointed for the Group (Independent Auditor's Report) as at 30 April 2004. As described below, we have provided two copies of our analysis of the Independent Auditor's Report to the Group.

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