1. Who is HWT's Unit Registrar? HWT's Unit Registrar is Tricor Barbinder Share Registration Services. They can be contacted at (65) 6236 3333. ^ top 2. What is the HWT and how does it differ from other companies? Hyflux Water Trust ("HWT") was listed on the mainboard of the Singapore Stock Exchange on 3 December 2007 and is the first pure-play global water business trust to be listed on a securities exchange in Asia that provides investors with an opportunity to invest in water-related infrastructure assets in high-growth markets. HWT operates its water plants under long term concession agreements of between 20 to 30 years with most of its plants having minimum offtake provisions granted by the municipal governments. ^ top 3. What is HWT current portfolio of water related infrastructure assets? HWT’s current portfolio of 18 water plants comprise wastewater treatment plants (“WWTP”), water treatment plants (“WTP”) and water recycling plants (“WRP”) strategically located in coastal provinces of the People’s Republic of China (“PRC”). Thirteen of the plants (“Initial Portfolio”) were acquired when HWT was listed. In December 2008, unitholders approved the acquisition of 5 more water plants which the fifth and last water plant was acquired on 30 June 2009 (“ROFOAR Plants”). To date, HWT’s portfolio of water plants have a combined designed capacity of 580,000m3/day. ^ top 4. Who is the Sponsor and can both the Sponsor and HWT create a mutually beneficial relationship? HWT is sponsored by Hyflux Ltd (the "Sponsor"). This relationship allows HWT to leverage on the synergistic support and strengths of the Sponsor, including its extensive industry and market knowledge, domain expertise, and relationships with businesses and government authorities in key markets. In addition, HWT is able to tap into the Sponsor’s proprietary technologies as well as capabilities and expertise in the areas of Engineering, Procurement and Construction (“EPC”) and Operations & Maintenance (“O&M”). ^ top 5. What is the role of the Trustee-Manager of HWT? As the Trustee-Manager of HWT, Hyflux Water Trust Management (“HWTM”) is responsible for safeguarding the interests of unitholders in managing the business conducted by HWT. It sets the strategic direction of HWT and decides on the acquisition, divestment or enhancement of assets of HWT in accordance with its investment strategy. ^ top 6. How is the management fee to the Trustee-Manager structured? HWTM’s management fee encapsulates a tiered performance structure, which provides an incentive for the HWTM to realize the investment objectives of HWT. It is calculated based on the adjusted EBITDA per unit multiply by the numbers of units in issue at the end of the semi-annual period. ^ top 7. What is the growth strategy of HWT? Water and wastewater treatment industry is one of the most crucial infrastructure sectors globally and, in particular, in the PRC. With water shortage expected to persist and environmental protection increasingly receiving governmental focus and support, the market fundamentals and outlook of the water sectors remain positive. This presents HWT with the opportunities to invest in high quality assets to enhance unitholders’ value. To achieve this objective, HWT focuses on the following strategies: (a) Strategically expand the size of HWT’s portfolio of water related infrastructure assets via organic growth, in-built expansion potential and acquisitions of accretive assets; (b) Build and maintain a portfolio of high quality assets; and (c) Maintain prudent capital structure. Under a Deed of Right of First Offer and Refusal, HWT also has preferential rights to acquire from Hyflux Ltd their existing and future water-related projects. ^ top 8. What is HWT’s investment criteria? HWTM believes that a high quality asset portfolio will preserve and enhance its long-term cash-generating capability. As such, HWT will only consider investing in assets that meet the following criteria: Be involved in treatment, clarification, purification and/or distribution of raw water, seawater, wastewater and/or recycled water for industrial commercial, municipal, agricultural and/or residential users; Be yield accretive; Provide long-term, regular and predictable cash flow; Have an acceptable level of off-take risk; and Possess sound market fundamentals in terms of water supply-and-demand balance. ^ top 9. When does HWT's financial year begin and end? Our financial year begins on January 1 and ends on December 31. ^ top 10. How often does HWT release its financial results? We release our financial results on a quarterly basis via SGXNET. ^ top 11. When is HWT's Annual General Meeting? Shareholders will be informed on the notice of AGM via the following: (a) Receiving HWT’s annual report by mail (b) Press advertisements with local business newspapers; and (c) SGXNET announcement. ^ top 12. How can I obtain a copy of HWT's annual report? You can obtain a copy of our latest annual report from our corporate website at URL address: http://www.hyfluxwatertrust.com/publications.html ^ top 13. What is the definition of Distributable Cash? Distributable Cash is derived from taking consolidated net profit after tax and adjustments for the following items: (a) deduct unrealised income and add unrealised expenses (unrealised income and expenses include, but are not limited to, unrealised exchange differences and accretion and fair value adjustments relating to financial instruments and amortisation costs); (b) deduct repayments of principal amounts of loans; (c) deduct cash required to meet any loan, financing or contractual obligations of HWT; (d) add all payments received, or deducting all payments refunded, by the Trustee-Manager under any arrangement involving guaranteed amounts of distributable cash; (e) add any other amount that HWT may receive, or deducting any other amount that HWT may have to refund or pay, from time to time; (f) add the portion of cash used to reduce the financial receivable recognised under INT FRS 112 Service Concession Arrangements (see “Factors Affecting Results of Operations and Discussion of Liquidity and Market Risk — Significant Accounting Policies” in the Prospectus for details) and the Trustee-Manager’s Management Fee, Acquisition Fee and/or Divestment Fee paid or payable in Units, if any; (g) add all depreciation and amortisation expenses; and (h) add deferred tax expense or deducting deferred tax credit. ^ top 14. Can you explain HWT’s distribution policy? HWT makes distribution to HWT’s unitholders on a semi-annual basis. The amount for distribution is calculated as at 30 June and 31 December each year for the 6 months preceding each of these dates. Distributions will be paid in Singapore dollars within 90 days after the end of each distribution period. HWT will distribute at least 90% of its Distributable Cash, with the actual level of distribution to be determined at the Trustee-Manager’s discretion. ^ top 15. How do I find out how much distributions were declared by HWT? Details on the actual half year and full year distributions will be declared in HWT’s 2Q and Full Year Financial Results and Distribution Announcements, which will usually be announced in August and February respectively. The following information on the distributions will be declared in the said announcements: (a) actual amount of the distribution per unit (“DPU”), (b) the book closure date, (c) the date of payment of the distribution. ^ top 16. What is “Book Closure Date”? The “Book Closure Date” is the date that the Transfer Books and Register of HWT will be closed for the purpose of determining each unitholder’s entitlement to the distribution. ^ top 17. How do I know if I am entitled to distributions as a unitholder? Unitholders whose Securities Accounts with The Central Depository (Pte) Limited (“CDP”) are credited with units on the book closure date will be entitled to the distributions declared for the relevant period. ^ top 18. Do I need to pay tax on my distributions? Distributions from Units received by either Singapore tax resident unitholders or non-Singapore tax resident unitholders are exempted from Singapore income tax and are also not subject to Singapore withholding tax. The unitholders are not entitled to tax credits of any taxes paid by the Trustee Manager. ^ top 19. Where are HWT's units traded? HWT's units are traded on the main board of Singapore Stock Exchange (“SGX-ST”). ^ top 20. How can I trade HWT's units? Trading of HWT units in SGX-ST is scripless. Investors can trade HWT’s units through any Singapore licensed securities firm. The minimum trading size for HWT is 1,000 units. ^ top 21. What is the total number of HWT units in issue? A total number of 301,270,933 HWT units are on issue as at 31 March 2010. ^ top 22. When was HWT listed and at what price? HWT was listed on 3 December 2007 and its IPO Offering Price was S$0.78 per Unit. ^ top 23. What are the Reuters and Bloomberg codes for HWT? Reuters: HYWT.SI Bloomberg: HYFT SP ^ top 24. Can I buy the units directly from HWT? No, HWT does not offer a direct purchase plan. ^ top 25. Where is HWT's headquarters? We are located at: Hyflux Water Trust Management Pte. Ltd. Hyflux Building 202 Kallang Bahru Singapore 339339 ^ top 26. Who can I contact if I have questions on HWT? For enquiries, please contact (65) 6499 5000 or send an email to enquiry@hyfluxwatertrust.com ^ top