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CONTENTS
    1 Financial Highlights
    3 Quarterly Results
    4 Corporate Profile
    5 Significant Events
    6 Chairman's Statement
  10 Driving a Difference
  16 Strategic Direction
  18 Organisation Structure
  19 Board of Directors
  22 Present and Past Directorships
  24 The Manager
  25 The Property Manager
  30 Trust Structure
  31 Corporate Governance
  46 Special Feature
      - Transforming Asia's
        Prime Office Landscape

  52 Singapore Office Market Review
  56 Singapore REIT Industry
  58 Operations Review
      - Property Portfolio

  64 Portfolio at a Glance
  66 Operations Review
      - One Raffles Quay
      - Prudential Tower Property
      - Keppel Towers and GE Tower
      - Bugis Junction Towers
  74 Financial Review
  83 Risk Management
  84 Unit Price Performance
  87 Financial Calendar
  88 Safety Management
  90 Environmental Responsibility
  92 People
  94 Investor Relations
  96 Community
  98 Statistics of Unitholdings
100 Corporate Information

FINANCIAL STATEMENTS
102 Report of the Trustee
103 Statement by the Manager
104 Independent Auditors' Report
105 Balance Sheet
106 Statement of Total Return
107 Distribution Statement
108 Portfolio Statement
109 Statement of Movements in
      Unitholders' Funds

110 Statement of Cash Flows
112 Notes to the Financial
      Statements

132 Additional Information