Cromwell European REIT - Annual Report 2021

CROMWELL EUROPEAN REIT 193 ANNUAL REPORT 2021 Perpetual (Asia) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Cromwell European Real Estate Investment Trust (the “Trust”) and its subsidiaries (collectively “CEREIT”) in trust for the holders of units (“Unitholders”) in the Trust. In accordance with, among other things, the Securities and Futures Act, Chapter 289 of Singapore, its subsidiary legislation and the Code on Collective Investment Schemes and the Listing Manual (collectively referred to as the “laws and regulations”), the Trustee shall monitor the activities of Cromwell EREIT 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 28 April 2017 (as amended, varied or supplemented from time to time) (the “Trust Deed”) between the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report. To the best knowledge of the Trustee, the Manager has, in all material respects, managed CEREIT during the year covered by these financial statements, set out on pages 199 to 272 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, Perpetual (Asia) Limited Ms Sin Li Choo Director Singapore Date: 31 March 2022 REPORT OF THE TRUSTEE Year ended 31 December 2021