Trust
Structure
1 Refers to the properties acquired by the Trust, whether directly or indirectly held through the ownership of special purpose vehicles. In Singapore,
the ownership of the properties is held directly by the Trustee. In Malaysia, the ownership of the properties is held indirectly by the wholly-
owned subsidiaries of the Trustee. 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.
THE
PROPERTIES
1
THE TRUSTEE
HSBC Institutional
Trust Services
(Singapore) Limited
THE MANAGER
Parkway Trust
Management
Limited
UNITHOLDERS
Management
Fee and
Other Fees
Holding of
Units
Ownership
Trustee’s
Fee
Management
and
Other
Services
Distributions
Net Property
Income/
Dividends
Acts on
Behalf
of
Unitholders
ParkwayLife REIT
Annual Report 2015
1
