DBS Trustee Limited (the “Trustee”) is under a duty to take into custody and hold the assets of EC World Real Estate Investment Trust (“ECW”) held by it or through its subsidiaries (collectively the “Group”) in trust for the holders (“Unitholders”) of units in ECW (the “Units”). In accordance with the Securities and Futures Act 2001, its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of EC World Asset Management Pte. Ltd. (the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out in the trust deed dated 5 August 2015 as amended by the First Amending and Restating Deed dated 29 June 2016, First Supplemental Deed dated 27 October 2016, Second Supplemental Deed dated 7 August 2019, Third Supplemental Deed dated 9 April 2020 and Fourth Supplemental Deed dated 23 February 2023 (the “Trust Deed”) between the Trustee and the Manager in each annual accounting period and report thereon to Unitholders in an annual report. To the best knowledge of the Trustee, other than disclosures made by the Manager on (i) the imposition of mortgages over Fuzhou E-Commerce, Fuheng Warehouse and Hengde Logistics including via SGX announcements made on 2 January 2024, 15 January 2024, 18 January 2024, 24 January 2024, 25 January 2024, 1 February 2024, 27 February 2024, 31 March 2024, 1 May 2024, 31 May 2024, 30 June 2024, 1 September 2024, 30 September 2024 and 14 April 2025, (ii) the distributions of ECW including via SGX announcements made on 27 February 2024 and (iii) the ECW Facilities including via SGX announcements made on 27 February 2024, 31 March 2024, 1 May 2024, 31 May 2024, 11 June 2024, 30 June 2024, 17 July 2024, 26 October 2024, 11 November 2024 and 18 November 2024, and (iv) the responses to substantive and relevant questions on 26 July 2024, the Manager has, in all material respects, managed ECW and its subsidiaries during the financial year covered by these financial statements set out on pages 73 to 125, 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 DBS Trustee Limited Chan Kim Lim Director Singapore 15 April 2025 EC WORLD REIT 68 REPORT OF THE TRUSTEE
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