TRUST
STRUCTURE
[1]
Refers to the properties acquired by the Trust, whether directly or indirectly held through the ownership of special purpose vehicles. In Japan, the
ownership of the properties is held through the Tokumei Kumiai (“TK”) structure. Under the TK structure, the Trustee will, through its wholly-owned
subsidiary incorporated under Singapore laws, enter into TK agreement (or silent partnership agreement) as TK investor ("TK investor") with a company
incorporated under Japanese laws known as TK operator ("TK operator"). The TK operator is a company similar to a limited liability company in Singapore
whereby the TK investor is only liable to the extent of its contribution to the TK operator. Under the TK agreement, the TK investor shall inject funds to the
TK operator and the TK operator will acquire and own the property. Further details of the TK structure are set out in the relevant past announcements.
UNITHOLDERS
THE MANAGER
Parkway Trust
Management
Limited
Holding of
Units
THE
PROPERTIES
1
THE TRUSTEE
HSBC Institutional
Trust Services
(Singapore) Limited
Management
Fee and
Other Fees
Trustee’s
Fee
Management
and
Other
Services
Distributions
Net Property
Income/
Dividends
Ownership
Acts on
Behalf
of
Unitholders
3
A N N U A L R E P O R T 2 0 1 4
