TAILIEUCHUNG - STARHILL REAL ESTATE INVESTMENT TRUST

In addition to establishing a wholly owned subsidiary (or setting up a joint venture in India), a foreign company may establish its presence in India by setting up a liaison office, representative office, project or site office or branch. However, a branch of a foreign company attracts a higher rate of tax than a subsidiary or joint venture company. A l iaison off ice (also known as representative off ice) acts as a communication channel between the head office abroad and parties in India. It cannot carry on commercial activities in India and cannot earn income in India. The. | STARHiLL REIT the journey continues STARHILL REAL ESTATE INVESTMENT TRUST STARHILL REIT 1 annual report 2011 Table of Contents CORPORATE REVIEW FINANCIAL STATEMENTS 2 Financial Highlights 3 Fund Performance 4 Property Portfolio JW Marriott Hotel Kuala Lumpur The Residences Properties 10 Chief Executive Officer s Statement 14 Corporate Information 15 Profile of the Board of Directors 17 Statement on Corporate Governance 21 Analysis of Unitholdings 22 Statement of Interests of Directors of the Manager 24 Manager s Report 36 Statement by Manager 36 Statutory Declaration 37 Trustee s Report 38 Independent Auditors Report 40 Statement of Comprehensive Income 42 Statement of Financial Position 44 Statement of Changes in Net Asset Value 45 Statement of Cash Flow 46 Notes to the Financial .

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