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Independent Auditor’s Report

Independent Auditor’s Report

TO THE SHAREHOLDERS OF ALCO HOLDINGS LIMITED
(incorporated in Bermuda with limited liability)

We have audited the consolidated financial statements of Alco Holdings Limited (the “Company”) and
its subsidiaries (together, the “Group”) set out on pages 26 to 94, which comprise the consolidated and
company balance sheets as at 31st March 2015, and the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory information.

DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of consolidated financial statements that
give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong
Kong Institute of Certified Public Accountants and the disclosure requirements of the predecessor Hong Kong
Companies Ordinance (Cap. 32), and for such internal control as the directors determine is necessary to
enable the preparation of consolidated financial statements that are free from material misstatement, whether
due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these consolidated financial statements based on our audit and
to report our opinion solely to you, as a body, in accordance with Section 90 of the Companies Act 1981 of
Bermuda and for no other purpose. We do not assume responsibility towards or accept liability to any other
person for the contents of this report.

We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong
Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.

24 ALCO HOLDINGS LIMITED ANNUAL REPORT 2015