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REPORT OF THE TRUSTEE
HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Ascendas
Real Estate Investment Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the Unitholders. In accordance with the Securities
and Futures Act, Chapter 289 of Singapore, its subsidiary legislation, and the Code on Collective Investment Schemes, the Trustee shall
monitor the activities of Ascendas Funds Management (S) Limited (the “Manager”) for compliance with the limitations imposed on the
investment and borrowing powers as set out in the trust deed dated 9 October 2002 (as amended and restated) between the Trustee and
the Manager (the “Trust Deed”) in each annual accounting period and report thereon to Unitholders in an annual report.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these
fnancial statements, set out on pages 121 to 183, in accordance with the limitations imposed on the investment and borrowing powers
set out in the Trust Deed.
For and on behalf of the Trustee,
HSBC Institutional Trust Services (Singapore) Limited
Antony Wade Lewis
Director
Singapore
28 May 2012
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
118