REPORT OF THE TRUSTEE-MANAGER ANNUAL REPORT 2025 127 Options There were no options granted during the year by the Trustee-Manager to any person to take up unissued units in the Trust. No units have been issued during the year by virtue of the exercise of options to take up unissued units of the Trust. There were no unissued units of the Trust under option at the end of the year. Audit Committee The members of the audit committee of the Trustee-Manager (the “Audit Committee”) during the year, at the end of the year and at the date of this report were as follows: Ms. Seah Bee Eng (alias Jennifer Loh) (Chairperson) Professor Chan Fan-cheong, Tony Ms. Im Man Ieng The existing members of the Audit Committee are independent and are non-executive directors. The Audit Committee carried out its functions in accordance with its terms of reference and the relevant regulations including Regulation 13(6) of the Business Trusts Regulations. During the year ended 31 December 2025, the Audit Committee has, among others, reviewed: the scope and the results of internal audit procedures with the internal auditor of the Trustee-Manager; with the independent auditor of the Trust, the audit plan of the Trust and the independent auditor’s report in relation to signifi cant accounting, tax and internal control matters of the Trust arising from the statutory audit; the assistance given by the offi cers of the Trustee-Manager to the independent auditor; and the statement of fi nancial position and statement of changes in equity of the Trust and the consolidated fi nancial statements of the Group for the year ended 31 December 2025 before their submission to the Board of Directors of the Trustee-Manager (the “Board”), as well as the independent auditor’s report on the statement of fi nancial position and statement of changes in equity of the Trust and the consolidated fi nancial statements of the Group. The Audit Committee has recommended to the Board that the independent auditor, PricewaterhouseCoopers LLP, be nominated for re-appointment as the auditor of the Trust at the forthcoming Annual General Meeting of the unitholders. Board Opinion on the Adequacy of Internal Controls The Board, through the Audit Committee, has conducted a review of the adequacy and eff ectiveness of the Group’s systems of internal controls (including fi nancial, operational, compliance and information technology controls) and risk management systems for the year ended 31 December 2025, and is of the opinion that the Group’s internal control and risk management systems addressing material fi nancial, operational, compliance and information technology risks are adequate and eff ective to meet the needs of the Group in its current business environment as at 31 December 2025. The Board notes that the system of risk management and internal controls established by Management provides reasonable assurance that the Group, as it strives to achieve its business objectives, will not be signifi cantly aff ected by any event that can be reasonably foreseen or anticipated. However, the Board also notes that no system of risk management and internal controls can provide absolute assurance in this regard, or absolute assurance against poor judgement in decision-making, human error, losses, fraud or other irregularities.
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