Annual Report 2023

129 2023 Annual Report Transport International Holdings Limited In compliance with the Listing Rules, the Directors, including the Independent Non-executive Directors, have reviewed and confirmed the following: 1. The foregoing continuing connected transactions conducted during the year ended 31 December 2023 with SHKPI, SHKRE(SL), KSMS, Nixon and certain subsidiaries of SHKP were entered into: (i) in the ordinary and usual course of the business of the Group; (ii) either on normal commercial terms or better; and (iii) in accordance with the relevant agreements governing them on terms that are fair and reasonable and in the interests of the Group and the shareholders of the Company as a whole; 2. the annual insurance premium paid and payable by the Group to SHKPI under the 2023/24 Insurance Arrangements for the year ended 31 December 2023 did not exceed the cap amount of HK$102,500,000, as disclosed in the announcement dated 29 December 2022; 3. the service fees received and receivable by Sun Bus Limited (inclusive of the fees for basic services, overtime services, on-demand additional services, and toll charges) from certain subsidiaries of SHKP under the Shuttle Bus Services Agreements for the year ended 31 December 2023 did not exceed the cap amount of HK$9,542,100, as disclosed in the announcement dated 5 August 2022; 4. the office and retail premises leasing management fees and other expenses payable by KTRE to SHKRE(SL) under the 2023-2025 Office and Retail Premises Leasing Management Agreements for the year ended 31 December 2023 did not exceed the cap amount of HK$186,525,000 and HK$54,290,000 respectively, as disclosed in the announcement dated 29 December 2022; 5. the property manager’s remuneration and other expenses payable by KTRE to KSMS under the 2023-2025 Property Management Agreement for the year ended 31 December 2023 did not exceed the cap amount of HK$7,185,000, as disclosed in the announcement dated 29 December 2022; and 6. the services fees payable by KMB to Nixon under the Cleaning Services Agreement for the year ended 31 December 2023 did not exceed the cap amount of HK$3,481,872, as disclosed in the announcement dated 28 September 2023. The Company’s auditor was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 (Revised) “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued an unqualified letter containing its findings and conclusions in respect of the continuing connected transactions conducted during the year ended 31 December 2023 as set out above in accordance with Rule 14A.56 of the Listing Rules. A copy of the auditor’s letter has been provided by the Company to The Stock Exchange of Hong Kong Limited.