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ANNUAL REPORT 2011 //

57

Statement by the Trustee-Manager

In the opinion of the directors of the Trustee-Manager,

(a)

the consolidated income statement and consolidated statement of comprehensive income set out in the

accounts on pages 60 and 61 are drawn up so as to give a true and fair view of the results of the business

of the Group for the period from 25 February 2011 (date of constitution of the Trust) to 31 December 2011;

(b)

the statements of fnancial position set out on pages 62 and 63 are drawn up so as to give a true and fair view

of the state of affairs of the Trust and of the Group as at 31 December 2011;

(c)

the statements of changes in equity set out on page 65 are drawn up so as to give a true and fair view of the

changes in equity of the business of the Trust and of the Group for the period from 25 February 2011 (date of

constitution of the Trust) to 31 December 2011;

(d)

the consolidated statement of cash fows set out on page 64 is drawn up so as to give a true and fair view

of the cash fow of the business of the Group for the period from 25 February 2011 (date of constitution

of the Trust) to 31 December 2011; and

(e)

at the date of this statement, there are reasonable grounds to believe that the Trustee-Manager will be able to

pay the Trust’s debts as and when they fall due.

In accordance with Section 86(2) of the Act, we further certify:

(a)

the fees or charges paid or payable out of the trust property of the Trust to the Trustee-Manager are in

accordance with the Deed of Trust dated 25 February 2011 constituting the Trust;

(b)

the interested person transactions entered into by the Group during the period from 25 February 2011 (date of

constitution of the Trust) to 31 December 2011 are not detrimental to the interests of all the unitholders of the

Trust as a whole based on the circumstances at the time of the relevant transactions; and

(c)

the Board of Directors of the Trustee-Manager is not aware of any violation of duties of the Trustee-Manager

which would have a materially adverse effect on the business of the Trust or on the interests of all the

unitholders of the Trust as a whole.

The Board of Directors has, on the date of this statement, authorised the above statements and the accounts of the

Group as at and for the period from 25 February 2011 (date of constitution of the Trust) to 31 December 2011 for issue.

On behalf of the Board of Directors of the Trustee-Manager

John Edward Wenham Meredith

Ip Sing Chi

Director

21 February 2012

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