Dear Readers,

In this fourth year of reporting to you on MTRC’s commitment to sustainability, I am pleased to say that we made substantial progress in establishing a solid framework for our continued advancement along this path. Company-wide efforts and measurable progress have brought us in line with benchmarked international practice as escribed in the GRI Guidelines and World Economic Forum initiatives. Gratifyingly, we have been recognised for our achievements by industry, our peers and most recently, by our stakeholders. We have been named Hong Kong’s most socially responsible listed company in a survey conducted among local university students.

In 2004, we further aligned sustainable development with our corporate strategy. Sustainability is no longer a process objective but rather a source of competitive advantage for business. This shift in strategic positioning is pivotal to our future as we move into new markets and business opportunities.

In terms of our work in progress for the year, I am pleased to report that once again we have met most service and environmental targets set and have maintained our international ratings as a global business and industry leader. We have again been included in the DJSI and FTSE4Good Indices and are ranked among the top 100 companies in the annual Global Initiatives Survey. We have achieved laudable success with no environmental fines across all six company divisions for the year and have again rewarded our shareholders with dividends reflecting our success as a value-driven business.