Continuing the improvement of the data collection and the reporting systems that underpin our identified priority risk areas has been the principal undertaking in our assurance programme during 2004. This is the second of our four-year programme engaging PricewaterhouseCoopers as our assurance provider. The statements and data in the report marked with the symbol are the subject of the assurance work. Their report is presented at the end of this document.

By compiling this report we benchmark ourselves against the best in international market practices and against our peers in the rail services industry. Just as importantly, we use this exercise as a means to measure and focus on our own internal framework for building a sustainable future. This past year has proved an opportune time to review our progress and strengthen the underlying systems that deliver best practice. These systems are the tools with which we will address our future opportunities and risks.

The MTRC welcomes comments from and dialogue with readers of this report. Previous years' feedback has provided invaluable insight into our reporting standards and we look forward to your continued correspondence in helping us to improve ourselves and ultimately, the world in which we operate. Contact the Sustainability Development Manager at sdmngr@mtr.com.hk with any comments or questions.