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)
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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 financial statements, set out on pages 122 to 202, 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
Esther Fong Su Ching
Head of Trustee Services
28 May 2015
R e p o r t o f t h e T r u s t e e
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As amended by the First Supplemental Deed dated 16 January 2004, the Second Supplemental Deed dated 23 February 2004, the Third Supplemental Deed
dated 30 September 2004, the Fourth Supplemental Deed dated 17 November 2004, the Fifth Supplemental Deed dated 20 April 2006, the First Amending and
Restating Deed dated 11 June 2008, the Seventh Supplemental Deed dated 22 January 2009, the Eighth Supplemental Deed dated 17 September 2009, the
Ninth Supplemental Deed dated 31 May 2010, the Tenth Supplemental Deed dated 22 July 2010 and the Eleventh Supplemental Deed dated 14 October 2011.
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