To the Directors of MTR Corporation

Introduction

MTR Corporation (“MTRC”) has issued a Sustainability Report 2004 (“the Report”) covering its approach to corporate sustainability and detailing the social responsibility, environment and economic contributions it has made during 2004. We have been asked to consider selected statements made and data reported in the Report. The objectives of our assurance, the scope of our work and our findings are detailed below.

The Directors are solely responsible for the contents of the Report, the reliability of the information presented and its maintenance and integrity on the internet. Our responsibility is only to the management of the company and is to report on the statements and data indicated based on our assurance work and on the terms agreed with management for this purpose. The work described below has been carried out solely for the Directors and was not planned in contemplation of any third party relying on it. Accordingly, PricewaterhouseCoopers will accept no responsibility for the use or interpretation of the results of its work by any third parties.

Our objectives

The overall objectives of our procedures were to:

• Assess whether the selected statements and data in the Report are supported by underlying evidence;

• Read the Report to assess the consistency of the information presented with the findings of our work.
  

Assurance work performed

Our procedures were limited to:

• Interviews with management and personnel in the sustainable development, operations, property, project and human resources divisions, involved in providing information for inclusion in the Report in relation to the
  selected statements and data;
• Examination on a test basis of documentary evidence relating to the selected statements and data on which we report;
• Assessment of the relevant sections of the Report relating to the selected statements and data to check for consistency with the findings of our work.