United Real Estate Multi Strategy Funds

United Real Estate Multi Strategy Funds United Global Real Estate Securities Fund United Asia Pacific Real Estate Income Fund Annual Report for the financial year ended 30 th June 2018

MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration No. : 198600120Z Tel: 1800 22 22 228 DIRECTORS OF UOB ASSET MANAGEMENT Lee Wai Fai Eric Tham Kah Jin Peh Kian Heng Thio Boon Kiat TRUSTEE State Street Trust (SG) Limited 168 Robinson Road #33-01, Capital Tower Singapore 068912 CUSTODIAN / ADMINISTRATOR / REGISTRAR State Street Bank and Trust Company, acting through its Singapore Branch 168 Robinson Road #33-01, Capital Tower Singapore 068912 AUDITOR PricewaterhouseCoopers LLP 7 Straits View, Marina One East Tower, Level 12 Singapore 018936 SUB-MANAGER (UNITED ASIA PACIFIC REAL ESTATE INCOME FUND) Sumitomo Mitsui Asset Management Company, Limited Atago Green Hills Mori Tower 28th Floor 2-5-1 Atago Minato-ku Tokyo 105-6228, Japan -1-

United Global Real Estate Securities Fund A) Fund Performance 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 4 May 2005 Ann Comp Ret Fund Performance/ Benchmark Returns United Global Real Estate Securities Fund 7.83-1.19 2.83 1.30 3.42 1.20 0.77 Benchmark 8.41 1.50 4.17 6.41 7.92 5.31 4.48 Source: Morningstar. Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: S&P Developed Property Index. For the twelve months ended 30 June 2018, the Fund rose 2.83% on a net asset value basis in Singapore Dollar terms, compared to the benchmark, the S&P Developed Property Index, which increased by 4.17% during the same period. As at 30 June 2018, the Fund was positioned 50.10% in the United States, 14.66% in Japan, 9.98% in Hong Kong, 6.88% in Australia, 5.63% in United Kingdom, 2.39% in Singapore, 9.89% in other regions and remaining in cash. Economic and Market Review Global equities ended the year strongly, with the US market outperforming the broader index while Europe lagged. Meanwhile, Japan and Asia Ex-Japan markets were roughly in line with the global benchmark. Global listed real estate underperformed the broader market with the S&P Developed Property Index returning 4.17% in Singapore Dollar terms compared to 9.65% for the MSCI All Country World Index. The Real Estate Investment Trust (REIT) segment was hit by rising bond yields in early 2018, as the asset class which delivers regular dividend distribution was often seen as bond-like. The overall sector was, however, relatively more stable than global equities over the last 12-month period, delivering roughly similar returns over the reporting period and outperforming the broad market in the second half. Outlook and Fund Strategy Our assessment of global macro conditions in 2018 has been that global economic growth has been above trend, corporate earnings are growing at double digit rates and that inflation and interest rates are normalising. We think macro fundamentals and in particular the strong earnings growth will prevail, continuing to support of markets in the second half of 2018. However, just as in the first half of the year, risk issues may trigger setbacks along the way. -2-

United Global Real Estate Securities Fund A) Fund Performance (continued) Our base case view on trade war risks has been that the rhetoric around negotiations will likely be more significant that the actual tariff policies. We also have been expecting that the first order effects of the trade disputes to be fairly limited. However, the events in June were worrisome insofar as the tariffs have moved beyond just rhetoric and turned into actual policy. Market confidence also showed how the secondary effects for trade disputes can be larger than the first order effects over time. In such an environment, REITs may be seen as a more stable investment option than equities. Institutional investors have shunned the asset class on fear of rising interest rate, and hence have underweight the sector. REITs as a group are seeing favorable earnings revisions and improving Returns on Equities (ROE). Although valuations are not cheap on a historical basis, they are by no means expensive. On balance, we believe this is sufficient to draw investors back into the sector, as market looks for avenues to avoid market volatility amidst noise of trade spats and fear of emerging market melt-down triggered by Turkey. To be sure, there may be some sub-sectors in the REIT space that face challenging operating environments, still there are others, such as data centres and retirement housing that are seeing strong structural growth. As such, being exposed to the right property categories and markets will be key to performance. The Fund is currently overweight the US, given our constructive view on the country s economy. We are also overweight Hong Kong and the UK. The portfolio is underweight Japan and Europe. Sector wise, we are overweight the retail segment given its attractive valuation. Overall, we continue to see strong macro fundamentals that should be supportive of markets. However, risk issues remain, including US trade disputes, Middle East conflicts, rising rates, and European politics. Our assessment remains that the fundamentals should outweigh the risks in the second half of 2018. -3-

United Global Real Estate Securities Fund B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 30 June 2018 under review classified by i) Country Fair Value (S$) % of NAV Australia 406,378 6.88 Canada 114,702 1.94 France 248,942 4.21 Germany 121,925 2.06 Hong Kong 589,284 9.98 Japan 866,178 14.66 Singapore 141,381 2.39 Sweden 99,011 1.68 United Kingdom 332,477 5.63 United States 2,960,164 50.10 Portfolio of investments 5,880,442 99.53 Other net assets/(liabilities) 27,676 0.47 Total 5,908,118 100.00 ii) Industry Fair Value (S$) % of NAV Real Estate 5,880,442 99.53 Portfolio of investments 5,880,442 99.53 Other net assets/(liabilities) 27,676 0.47 Total 5,908,118 100.00 iii) Asset Class Fair Value (S$) % of NAV Quoted equities 5,880,442 99.53 Other net assets/(liabilities) 27,676 0.47 Total 5,908,118 100.00-4-

United Global Real Estate Securities Fund B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 30 June 2018 under review classified by (continued) iv) Credit rating of quoted bonds N/A C) Top Ten Holdings 10 largest holdings as at 30 June 2018 Fair Value (S$) Percentage of total net assets attributable to unitholders % SIMON PROPERTY GROUP INC 223,004 3.77 AEON REIT INVESTMENT CORP 204,356 3.46 SCENTRE GROUP 193,890 3.28 WP CAREY INC 181,479 3.07 SHAFTESBURY PLC 177,230 3.00 HOST HOTELS & RESORTS INC 174,126 2.95 RETAIL OPPORTUNITY INVESTMENTS CORP 168,870 2.86 VENTAS INC 167,960 2.84 PUBLIC STORAGE 166,107 2.81 JAPAN PRIME REALTY INVESTMENT CORP 163,506 2.77-5-

United Global Real Estate Securities Fund C) Top Ten Holdings (continued) 10 largest holdings as at 30 June 2017 Percentage of total net assets attributable to Fair Value unitholders (S$) % OMEGA HEALTHCARE INVESTORS INC 359,162 5.58 JAPAN REAL ESTATE INVESTMENT CORP 321,947 5.00 CAPITALAND MALL TRUST 305,137 4.74 APPLE HOSPITALITY REIT INC 285,946 4.44 RYMAN HOSPITALITY PROPERTIES INC 264,396 4.11 SUN HUNG KAI PROPERTIES LTD 242,760 3.77 SENIOR HOUSING PROPERTIES TRUST 216,700 3.37 WESTFIELD CORP 216,586 3.36 SCENTRE GROUP 214,838 3.34 VEREIT INC 206,219 3.21 D) Exposure to derivatives i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018 Contract or underlying principal amount Positive fair value % of NAV Negative fair value $ $ $ % of NAV Foreign currency contracts 9,026 6 -* 6 -* * denotes amount less than 0.01% ii) iii) There was a net realised loss of SGD 3,403 on derivative contracts during the financial year ended 30 June 2018. There was a net unrealised gain of SGD 0 on outstanding derivative contracts marked to market as at 30 June 2018. E) Amount and percentage of NAV invested in other schemes as at 30 June 2018 N/A -6-

United Global Real Estate Securities Fund F) Amount and percentage of borrowings to NAV as at 30 June 2018 N/A G) Amount of redemptions and subscriptions for the financial year ended 30 June 2018 Total amount of redemptions SGD 1,092,697 Total amount of subscriptions SGD 652,679 H) The amount and terms of related-party transactions for the financial year ended 30 June 2018 Please refer to Note 10 of the Notes to the Financial Statements. I) Expense ratios Please refer to Note 11 of the Notes to the Financial Statements. J) Turnover ratios Please refer to Note 11 of the Notes to the Financial Statements. K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts N/A L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017 N/A ii) Expense ratios for the financial year ended 30 June 2018 and 30 June 2017 N/A iii) Turnover ratios for the financial year ended 30 June 2018 and 30 June 2017 N/A 1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. -7-

United Global Real Estate Securities Fund M) Soft dollar commissions/arrangements UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management s duties to clients. As such services generally benefit all of UOB Asset Management s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts N/A -8-

United Asia Pacific Real Estate Income Fund A) Fund Performance Class SGD Acc 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 17 June 2013 Ann Comp Ret Fund Performance/ Benchmark Returns United Asia Pacific Real Estate Income Fund 4.48 2.84 6.58 6.59 6.93 N/A 6.56 Benchmark 6.25 3.79 8.87 8.77 9.02 N/A 9.08 Source: Morningstar. Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: S&P Asia Pacific REITs Index. Class SGD Dist 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 17 June 2013 Ann Comp Ret Fund Performance/ Benchmark Returns United Asia Pacific Real Estate Income Fund 4.43 2.82 6.61 6.60 6.84 N/A 6.49 Benchmark 6.25 3.79 8.87 8.77 9.02 N/A 9.08 Source: Morningstar. Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: S&P Asia Pacific REITs Index. -9-

United Asia Pacific Real Estate Income Fund A) Fund Performance (continued) Class USD Dist 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 25 November 2014 Ann Comp Ret Fund Performance/ Benchmark Returns United Asia Pacific Real Estate Income Fund 0.45 0.80 7.66 5.98 N/A N/A 4.69 Benchmark 2.18 1.73 9.93 8.32 N/A N/A 6.93 Source: Morningstar. Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: S&P Asia Pacific REITs Index. SGD Accumulated Class For the year ended 30 June 2018, the Fund rose by 6.58%, compared with an 8.87% gain in the benchmark S&P Asia Pacific REITs Index, in Singapore Dollar terms. SGD Distributed Class For the year ended 30 June 2018, the Fund rose by 6.61%, compared with an 8.87% gain in the benchmark S&P Asia Pacific REITs Index, in Singapore Dollar terms. USD Distributed Class For the year ended 30 June 2018, the Fund rose by 7.66%, compared with a 9.93% gain in the benchmark S&P Asia Pacific REITs Index, in US Dollar terms. The Fund s underperformance was due to its stock selection in Australia. This was offset by positive stock selection in Japan. Contributors to performance include Goodman Group (Australia), Invesco Office J-REIT (Japan) and Global One REIT (Japan). The key detractors from performance were Aeon REIT Investment Corp (Japan), Fukuoka REIT (Japan) and Stockland (Australia). During the period under review, the Fund increased its weight to Japan in view of its attractive yield spread. The Fund reduced its exposure in Singapore after a strong performance in the first half. As at 30 June 2018, the Fund was positioned 41.16% in Japan, 27.18% in Australia, 16.55% in Singapore, 7.17% in Hong Kong, 1.99% in France with the remainder in cash. -10-

United Asia Pacific Real Estate Income Fund A) Fund Performance (continued) Economic and Market Review Asia Pacific REITs rose during the period under the review. The momentum tapered off as volatility levels spiked beginning in February with corrections griping the entire equity market. A wave of concerns surfaced during the period; an escalation of trade spats between the US and China, an emerging markets rout which threatened to spread to Asia, fears of normalising US interest rates that would encourage outflows from the region. 10-year US Treasury yields rose significantly as the US Federal Reserve (Fed) raised interest rates. The new Fed Chairman voiced preference for communicating better guidance for the markets. The European Central Bank (ECB) announced that quantitative easing will end in December 2018, and its June meeting kept a dovish undertone, as the Governing Council pledged to keep policy rates unchanged at least through the summer of 2019. The best performing Asia Pacific REIT market for the period under review was Hong Kong with its strong leasing market. Retail rentals recovered as retail sales rebounded on the back of robust local consumption and recovering mainland tourist visitation. Grade A office rentals continued to move up despite new supply in the decentralised area, supported by strong demand from mainland Chinese firms. The Bank of Japan maintained its accommodating monetary policy and the 10-year government bond yield remained close to zero. Japan REITs underperformed in the first half of the period under review on the back of outflows from a local mutual fund but outperformed in the second half as cheap valuations attracted foreign fund inflow. Robust demand led to better than expected office leasing market which added momentum to the fund inflow. Higher earnings guidance, revaluation gain as well as merger and acquisition activities supported the sentiment in Australia REITs. Meanwhile, the macro outlook was mixed, with a favourable macro backdrop of brisk business investment spending tempered by high household debt amid a subdued wage growth environment. In view of the weak job market, the Reserve Bank of Australia held its official cash rate steady at a record low of 1.5%. Singapore REITs declined in the second half after a strong rally in the first half of period under review. Share prices weakened as the REITs embarked on capital raising to fund acquisitions. Acquisitions outside of Singapore increased given limited options at home. The conditions for leasing continued to improve against the backdrop of diminishing new supply. Outlook and Fund Strategy We expect the equity markets in Asia Pacific to remain volatile in the near term. The uncertainties surrounding US-China trade war remains an overhang for many Asian markets and sectors. Investors are largely expecting the trade war to dampen global growth and this should have a direct impact on countries and companies heavily reliant on exports for growth. -11-

United Asia Pacific Real Estate Income Fund A) Fund Performance (continued) Against the backdrop of global uncertainties, we expect Asia Pacific REITs to outperform the broad equity market. REITs offer investors regular income payments from steady rental stream earned by underlying real estate assets with a lower volatility versus investing in the broad equity market. Asia Pacific REITs offer attractive headline dividend yields and yield spreads over the 10-year government bond yields. The REITs are not highly leveraged with large proportion of debt on fixed rates and hence we see limited impact from higher interest costs. We expect Asia Pacific REITs to continue to adopt active asset recycling strategies. Favourable supply-demand dynamic also supports the leasing markets and asset value in this region. Rising income from both organic and inorganic growth should support distribution per unit (DPU) amid a rising interest rate environment. We focus on REITs that can deliver above average growth from rental increases as well as those active in asset acquisitions, asset enhancement or capital recycling. Valuations of Japan REITs are still considerably cheap. We remain positive on the Japan office market. Despite some pick up in new supply, the vacancy rate has been declining consistently. Economic fundamentals seem to be far stronger than expected and it is creating new and strong demand in the Japan s office market. In Singapore, improved supply-demand dynamics in the office and hospitality sector underpins the positive outlook for 2018 and 2019. We turned more positive on the retail sector as retail outlet consolidation has slowed down. We prefer REITS that are well positioned in the rental upcycle and have the ability to make accretive acquisitions. The Hong Kong REIT sector should remain attractive to investors as the physical residential market faces headwinds from rising rates and property tightening measures. Better transportation connectivity between HK & Mainland China should lead to higher tourist arrivals and retail sales. We like retail REITs. Valuations of Australia REITs are less attractive after the recent outperformance. Investment demand for residential property will remain weak. On the other hand, the retail trend has improved. We like REITs with good quality properties and have the ability deliver above average growth. -12-

United Asia Pacific Real Estate Income Fund B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 30 June 2018 under review classified by i) Country Fair Value (S$) % of NAV Australia 1,936,728 27.18 France 141,582 1.99 Hong Kong 510,549 7.17 Japan 2,933,042 41.16 Singapore 1,179,211 16.55 Portfolio of investments 6,701,112 94.05 Other net assets/(liabilities) 424,263 5.95 Total 7,125,375 100.00 ii) Industry Fair Value (S$) % of NAV Real Estate 6,701,112 94.05 Portfolio of investments 6,701,112 94.05 Other net assets/(liabilities) 424,263 5.95 Total 7,125,375 100.00 iii) Asset Class Fair Value (S$) % of NAV Quoted equities 6,701,112 94.05 Other net assets/(liabilities) 424,263 5.95 Total 7,125,375 100.00 iv) Credit rating of quoted bonds N/A -13-

United Asia Pacific Real Estate Income Fund C) Top Ten Holdings 10 largest holdings as at 30 June 2018 Fair Value (S$) Percentage of total net assets attributable to unitholders % LINK REIT 510,549 7.17 SCENTRE GROUP 482,061 6.76 GOODMAN GROUP 358,582 5.03 NIPPON BUILDING FUND INC 322,506 4.53 ORIX JREIT INC 285,267 4.00 JAPAN RETAIL FUND INC 270,275 3.79 NIPPON REIT INC 261,203 3.67 THE GPT GROUP 254,878 3.58 DEXUS 254,334 3.57 SEKISUI HOUSE REIT INC 244,872 3.44 10 largest holdings as at 30 June 2017 Percentage of total net assets attributable to Fair Value unitholders (S$) % SCENTRE GROUP 316,517 4.76 GOODMAN GROUP 307,530 4.62 DEXUS 296,354 4.46 DAIWA OFFICE INVESTMENT CORP 264,023 3.97 LINK REIT 251,438 3.78 LASALLE LOGIPORT REIT 249,906 3.76 KENEDIX OFFICE INVESTMENT CORP 235,275 3.54 DAIWA HOUSE REIT INVESTMENT CO 232,210 3.49 MIRVAC GROUP 222,703 3.35 INVINCIBLE INVESTMENT CORP 218,990 3.29 D) Exposure to derivatives i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018 N/A -14-

United Asia Pacific Real Estate Income Fund D) Exposure to derivatives (continued) ii) There was a net realised loss of SGD 2,996 on derivative contracts during the financial year ended 30 June 2018. iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2018 N/A E) Amount and percentage of NAV invested in other schemes as at 30 June 2018 N/A F) Amount and percentage of borrowings to NAV as at 30 June 2018 N/A G) Amount of redemptions and subscriptions for the financial year ended 30 June 2018 Total amount of redemptions SGD 1,316,502 Total amount of subscriptions SGD 1,654,240 H) The amount and terms of related-party transactions for the financial year ended 30 June 2018 Please refer to Note 10 of the Notes to the Financial Statements. I) Expense ratios Please refer to Note 11 of the Notes to the Financial Statements. J) Turnover ratios Please refer to Note 11 of the Notes to the Financial Statements. K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts N/A -15-

United Asia Pacific Real Estate Income Fund L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017 N/A ii) Expense ratios for the financial year ended 30 June 2018 and 30 June 2017 N/A iii) Turnover ratios for the financial year ended 30 June 2018 and 30 June 2017 N/A 1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. M) Soft dollar commissions/arrangements UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management s duties to clients. As such services generally benefit all of UOB Asset Management s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts N/A -16-

REPORT OF THE TRUSTEE The Trustee is under a duty to take into custody and hold the assets of the sub-funds of United Real Estate Multi Strategy Funds, namely United Global Real Estate Securities Fund and United Asia Pacific Real Estate Income Fund (collectively referred to as the Sub-Funds ) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report. To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Sub-Funds during the financial year covered by these financial statements, set out on pages 22 to 67, 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 STATE STREET TRUST (SG) LIMITED Authorised signatory 21 September 2018-17-

STATEMENT BY THE MANAGER In the opinion of UOB Asset Management Ltd, the accompanying financial statements set out on pages 22 to 67, comprising the Statements of Total Return, Statements of Financial Position, Statements of Movements of Unitholders Funds, Statements of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial positions and portfolio holdings of the sub-funds of United Real Estate Multi Strategy Funds, namely United Global Real Estate Securities Fund and United Asia Pacific Real Estate Income Fund (collectively referred to as the Sub-Funds ) as at 30 June 2018, and the financial performance and movements of unitholders funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Sub-Funds will be able to meet their financial obligations as and when they materialise. For and on behalf of the Manager UOB ASSET MANAGEMENT LTD THIO BOON KIAT Authorised signatory 21 September 2018-18-

INDEPENDENT AUDITOR S REPORT TO THE UNITHOLDERS OF THE SUB-FUNDS OF UNITED REAL ESTATE MULTI STRATEGY FUNDS Our Opinion In our opinion, the accompanying financial statements of the sub-funds of United Real Estate Multi Strategy Funds, namely United Global Real Estate Securities Fund and United Asia Pacific Real Estate Income Fund (collectively referred to as the Sub-Funds ), are properly drawn up in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Singapore Chartered Accountants, so as to present fairly, in all material respects, the financial positions and portfolio holdings of the Sub-Funds as at 30 June 2018, and of the financial performance and movements of unitholders funds for the financial year ended on that date. What we have audited The financial statements of the Sub-Funds comprise: the Statements of Total Return for the financial year ended 30 June 2018; the Statements of Financial Position as at 30 June 2018; the Statements of Movements of Unitholders Funds for the financial year ended 30 June 2018; the Statements of Portfolio as at 30 June 2018; and the notes to the financial statements, including a summary of significant accounting policies. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing ( SSAs ). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence We are independent of the Sub-Funds in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ( ACRA Code ) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. Other Information The Sub-Funds Manager (the Manager ) is responsible for the other information. The other information comprises all sections of the annual report but does not include the financial statements and our auditor s report thereon. -19-

INDEPENDENT AUDITOR S REPORT TO THE UNITHOLDERS OF THE SUB-FUNDS OF UNITED REAL ESTATE MULTI STRATEGY FUNDS Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager for the Financial Statements The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Sub-Funds ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to terminate the Sub-Funds or to cease the Sub-Funds operations, or has no realistic alternative but to do so. The Manager s responsibilities include overseeing the Sub-Funds financial reporting process. Auditor s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. -20-

INDEPENDENT AUDITOR S REPORT TO THE UNITHOLDERS OF THE SUB-FUNDS OF UNITED REAL ESTATE MULTI STRATEGY FUNDS Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Sub-Funds internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager. Conclude on the appropriateness of the Manager s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Sub-Funds ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Sub-Funds to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore, 21 September 2018-21-

STATEMENTS OF TOTAL RETURN For the financial year ended 30 June 2018 United Global Real Estate Securities Fund United Asia Pacific Real Estate Income Fund 2018 2017 2018 2017 Note $ $ $ $ Income Dividends 270,093 330,750 296,896 258,415 Interest 32 2 52 35 Total 270,125 330,752 296,948 258,450 Less: Expenses Management fee 10 80,752 94,866 101,923 87,552 Trustee fee 10 5,032 5,001 5,032 5,001 Audit fee 14,000 17,402 15,701 17,302 Registrar fee 10 15,041 14,990 15,041 14,990 Valuation fee 10 7,765 9,122 8,494 7,296 Custody fee 10 13,525 6,476 13,453 6,828 Transaction costs 26,346 25,893 25,890 34,743 Interest expenses - - - 10 Other expenses 41,915 41,452 24,932 33,541 Total 204,376 215,202 210,466 207,263 Net income/(losses) 65,749 115,550 86,482 51,187 Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 162,186 (359,870) 399,399 (190,949) Net gains/(losses) on financial derivatives (3,403) (2,591) (2,996) 8,766 Net foreign exchange gains/(losses) (4,885) 24,776 (3,599) 50,072 153,898 (337,685) 392,804 (132,111) Total return/(deficit) for the year before income tax 219,647 (222,135) 479,286 (80,924) Less: Income tax 3 (56,539) (83,277) (35,471) (42,942) Total return/(deficit) for the year 163,108 (305,412) 443,815 (123,866) The accompanying notes form an integral part of these financial statements. -22-

STATEMENTS OF FINANCIAL POSITION As at 30 June 2018 United Global Real Estate Securities Fund United Asia Pacific Real Estate Income Fund 2018 2017 2018 2017 Note $ $ $ $ Assets Portfolio of investments 5,880,442 6,494,875 6,701,112 6,487,303 Sales awaiting settlement - - 408,569 212,083 Receivables 5 28,821 35,478 179,610 65,510 Cash and bank balances 121,670 28,347 422,603 498,825 Financial derivatives at fair value 7 6 - - - Total assets 6,030,939 6,558,700 7,711,894 7,263,721 Liabilities Purchases awaiting settlement - - 477,049 515,063 Payables 6 62,581 59,013 81,691 71,656 Distribution payable 4 60,234 64,960 27,779 25,187 Financial derivatives at fair value 7 6 - - - Total liabilities 122,821 123,973 586,519 611,906 Equity Net assets attributable to unitholders 8 5,908,118 6,434,727 7,125,375 6,651,815 The accompanying notes form an integral part of these financial statements. -23-

STATEMENTS OF MOVEMENTS OF UNITHOLDERS FUNDS For the financial year ended 30 June 2018 United Global Real Estate Securities Fund United Asia Pacific Real Estate Income Fund 2018 2017 2018 2017 Note $ $ $ $ Net assets attributable to unitholders at the beginning of the financial year 6,434,727 8,158,440 6,651,815 4,688,615 Operations Change in net assets attributable to unitholders resulting from operations 163,108 (305,412) 443,815 (123,866) Unitholders contributions/(withdrawals) Creation of units 652,679 609,886 1,654,240 4,199,455 Cancellation of units (1,092,697) (1,735,734) (1,316,502) (1,861,227) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (440,018) (1,125,848) 337,738 2,338,228 Distributions 4 (249,699) (292,453) (307,993) (251,162) Total increase/(decrease) in net assets attributable to unitholders (526,609) (1,723,713) 473,560 1,963,200 Net assets attributable to unitholders at the end of the financial year 8 5,908,118 6,434,727 7,125,375 6,651,815 The accompanying notes form an integral part of these financial statements. -24-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary Quoted equities United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 2018 30 June 2018 $ 30 June 2018 % AUSTRALIA ABACUS PROPERTY GROUP 29,305 111,300 1.89 GOODMAN GROUP 10,441 101,188 1.71 SCENTRE GROUP 43,841 193,890 3.28 TOTAL AUSTRALIA 406,378 6.88 CANADA H&R REAL ESTATE INVESTMENT TRUST 5,500 114,702 1.94 FRANCE KLEPIERRE 2,253 115,670 1.96 UNIBAIL-RODAMCO-WESTFIELD 444 133,272 2.25 TOTAL FRANCE 248,942 4.21 GERMANY VONOVIA SE 1,879 121,925 2.06 HONG KONG CK ASSET HOLDINGS LTD 10,000 108,274 1.83 LINK REIT 11,000 136,977 2.32 NEW WORLD DEVELOPMENT CO LTD 46,000 88,260 1.50 SUN HUNG KAI PROPERTIES LTD 4,000 82,309 1.39 WHARF REAL ESTATE INVESTMENT CO LTD 12,000 116,477 1.97 The accompanying notes form an integral part of these financial statements. -25-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary (continued) Quoted equities United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 2018 30 June 2018 $ 30 June 2018 % HONG KONG (continued) WHEELOCK & CO LTD 6,000 56,987 0.97 TOTAL HONG KONG 589,284 9.98 JAPAN AEON REIT INVESTMENT CORP 130 204,356 3.46 DAIWA HOUSE INDUSTRY CO LTD 3,200 148,742 2.52 JAPAN PRIME REALTY INVESTMENT CORP 33 163,506 2.77 JAPAN REAL ESTATE INVESTMENT CORP 8 57,709 0.98 MITSUBISHI ESTATE CO LTD 6,500 154,987 2.62 MITSUI FUDOSAN CO LTD 1,100 36,208 0.61 SUMITOMO REALTY & DEVELOPMENT CO LTD 2,000 100,670 1.70 TOTAL JAPAN 866,178 14.66 SINGAPORE CAPITALAND MALL TRUST 68,300 141,381 2.39 SWEDEN WIHLBORGS FASTIGHETER AB 6,268 99,011 1.68 UNITED KINGDOM SHAFTESBURY PLC 10,524 177,230 3.00 The accompanying notes form an integral part of these financial statements. -26-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary (continued) Quoted equities United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 2018 30 June 2018 $ 30 June 2018 % UNITED KINGDOM (continued) TRITAX BIG BOX REIT PLC 55,318 155,247 2.63 TOTAL UNITED KINGDOM 332,477 5.63 UNITED STATES ALEXANDRIA REAL ESTATE EQUITIES INC 500 86,017 1.46 AVALONBAY COMMUNITIES INC 500 117,186 1.98 BOSTON PROPERTIES INC 500 85,505 1.45 DIGITAL REALTY TRUST INC 900 136,925 2.32 DUKE REALTY CORP 3,100 122,705 2.08 EDUCATION REALTY TRUST INC 400 22,634 0.38 EMPIRE STATE REALTY TRUST INC 5,300 123,574 2.09 EQUITY RESIDENTIAL 1,300 112,894 1.91 ESSEX PROPERTY TRUST INC 400 130,389 2.21 HCP INC 200 7,041 0.12 HOST HOTELS & RESORTS INC 6,061 174,126 2.95 INVESTORS REAL ESTATE TRUST 15,900 119,888 2.03 KILROY REALTY CORP 1,200 123,762 2.09 PROLOGIS INC 900 80,612 1.36 PUBLIC STORAGE 537 166,107 2.81 REALTY INCOME CORP 1,700 124,683 2.11 RETAIL OPPORTUNITY INVESTMENTS CORP 6,464 168,870 2.86 SIMON PROPERTY GROUP INC 961 223,004 3.77 SL GREEN REALTY CORP 1,082 148,313 2.51 THE MACERICH CO 500 38,744 0.66 UDR INC 900 46,067 0.78 The accompanying notes form an integral part of these financial statements. -27-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary (Summary) Quoted equities United Global Real Estate Securities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 30 June 2018 2017 % % Australia 6.88 6.70 Austria - 0.38 Canada 1.94 1.80 France 4.21 4.03 Germany 2.06 1.36 Hong Kong 9.98 7.96 Japan 14.66 12.28 Singapore 2.39 4.74 Sweden 1.68 - United Kingdom 5.63 5.00 United States 50.10 56.68 Portfolio of investments 99.53 100.93 Other net assets/(liabilities) 0.47 (0.93) Net assets attributable to unitholders 100.00 100.00 The accompanying notes form an integral part of these financial statements. -29-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Industry - Secondary Quoted equities United Global Real Estate Securities Fund Fair value at 30 June 2018 $ Percentage of total net assets attributable to unitholders at 30 June 2018 % Percentage of total net assets attributable to unitholders at 30 June 2017 % Materials - - 0.52 Real Estate 5,880,442 99.53 100.41 Portfolio of investments 5,880,442 99.53 100.93 Other net assets/(liabilities) 27,676 0.47 (0.93) Net assets attributable to unitholders 5,908,118 100.00 100.00 The accompanying notes form an integral part of these financial statements. -30-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary Quoted equities United Asia Pacific Real Estate Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 2018 30 June 2018 $ 30 June 2018 % AUSTRALIA DEXUS 26,000 254,334 3.57 GOODMAN GROUP 37,000 358,582 5.03 MIRVAC GROUP 99,000 216,424 3.04 SCENTRE GROUP 109,000 482,061 6.76 STOCKLAND 45,000 179,976 2.53 THE GPT GROUP 50,000 254,878 3.58 VICINITY CENTRES 73,000 190,473 2.67 TOTAL AUSTRALIA 1,936,728 27.18 FRANCE UNIBAIL-RODAMCO-WESTFIELD CDI 9,580 141,582 1.99 HONG KONG LINK REIT 41,000 510,549 7.17 JAPAN ADVANCE RESIDENCE INC 64 223,586 3.14 GLOBAL ONE REAL ESTATE INVESTMENT CORP 158 216,863 3.04 GLP J REIT REIT 34 49,220 0.69 INVINCIBLE INVESTMENT CORP 358 219,905 3.09 JAPAN RENTAL HOUSING INVESTMENT 160 175,489 2.46 JAPAN RETAIL FUND INC 110 270,275 3.79 KENEDIX OFFICE INC 24 203,260 2.85 KENEDIX RETAIL REIT CORP 70 210,855 2.96 The accompanying notes form an integral part of these financial statements. -31-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary (continued) Quoted equities United Asia Pacific Real Estate Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 2018 30 June 2018 $ 30 June 2018 % JAPAN (continued) MITSUI FUDOSAN LOGISTICS PARK INC 43 179,176 2.51 NIPPON BUILDING FUND INC 41 322,506 4.53 NIPPON REIT INC 66 261,203 3.67 ORIX JREIT INC 131 285,267 4.00 PREMIER INC 51 70,565 0.99 SEKISUI HOUSE REIT INC 274 244,872 3.44 TOTAL JAPAN 2,933,042 41.16 SINGAPORE ASCENDAS REAL ESTATE INVESTMENT TRUST 52,000 137,280 1.93 CAPITALAND COMMERCIAL TRUST 100,000 166,000 2.33 CAPITALAND MALL TRUST 56,000 115,920 1.63 CAPITALAND RETAIL CHINA TRUST 40,000 60,800 0.85 CDL HOSPITALITY TRUSTS 42,000 65,940 0.92 FORTUNE REAL ESTATE INVESTMENT TRUST 72,000 115,372 1.62 FRASERS CENTREPOINT TRUST 30,000 66,300 0.93 FRASERS LOGISTICS & INDUSTRIAL TRUST 59,000 61,950 0.87 KEPPEL DC REIT 70,000 95,200 1.34 KEPPEL REIT 55,000 60,500 0.85 MANULIFE US REAL ESTATE INVESTMENT TRUST 68,200 79,507 1.11 MAPLETREE GREATER CHINA COMMERCIAL TRUST 81,300 92,682 1.30 The accompanying notes form an integral part of these financial statements. -32-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Geography - Primary (Summary) Quoted equities United Asia Pacific Real Estate Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 30 June 2018 2017 % % Australia 27.18 28.15 France 1.99 - Hong Kong 7.17 8.08 Japan 41.16 39.09 Singapore 16.55 22.21 Portfolio of investments 94.05 97.53 Other net assets/(liabilities) 5.95 2.47 Net assets attributable to unitholders 100.00 100.00 The accompanying notes form an integral part of these financial statements. -34-

STATEMENTS OF PORTFOLIO As at 30 June 2018 By Industry - Secondary Quoted equities United Asia Pacific Real Estate Income Fund Fair value at 30 June 2018 $ Percentage of total net assets attributable to unitholders at 30 June 2018 % Percentage of total net assets attributable to unitholders at 30 June 2017 % Real Estate 6,701,112 94.05 97.53 Portfolio of investments 6,701,112 94.05 97.53 Other net assets/(liabilities) 424,263 5.95 2.47 Net assets attributable to unitholders 7,125,375 100.00 100.00 The accompanying notes form an integral part of these financial statements. -35-

NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 30 June 2018 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1 General United Real Estate Multi Strategy Funds (the Fund ) is a Singapore-registered umbrella fund constituted under a Trust Deed dated 2 February 2005 between UOB Asset Management Ltd (the Manager ) and HSBC Institutional Trust Services (Singapore) Limited (the Retired Trustee ). The Trust Deed is governed by the laws of the Republic of Singapore. With effect from 1 April 2017, the Trustee of the Fund has changed from HSBC Institutional Trust Services (Singapore) Limited to State Street Trust (SG) Limited (the Trustee ), and the global custodian of the Fund has been replaced by State Street Bank and Trust Company, Singapore Branch, where it is not already the global custodian of each sub-fund. The Fund comprises of two sub-funds, namely United Global Real Estate Securities Fund and United Asia Pacific Real Estate Income Fund (collectively referred to as the Sub-Funds or individually referred to as the Sub-Fund ) which are denominated in the Singapore Dollar. The primary activities of the Sub-Funds are that of investment trading. The Sub-Funds investment objectives are stated below: United Global Real Estate Securities Fund The investment objective of this Sub-Fund is to seek total return consisting of income and capital appreciation over time. The Sub-Fund will invest in, and at the same time seek to provide diversified exposure to, the global Real Estate market; this will be done primarily through investment in Real Estate Investment Trusts ( REITS ) (including business trusts) and dividend paying equity securities and debt securities of companies which are principally engaged in the real estate industry. Subscriptions and redemptions of the units are denominated in the Singapore Dollar ( SGD ), the United States Dollar ( USD ). Investors may subscribe in USD at the applicable rate of exchange from SGD. United Asia Pacific Real Estate Income Fund The investment objective of this Sub-Fund is to seek total return consisting of income and capital appreciation over the medium to long term by investing primarily in REITS listed in the Asia Pacific region (including Japan, Australia and New Zealand). -36-

NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 30 June 2018 1 General (continued) United Asia Pacific Real Estate Income Fund (continued) The Sub-Fund offers the following classes of units for subscription: Class SGD Acc Class SGD Dist Class USD Acc Class USD Dist Class JPY Acc Class JPY Dist There is no difference in these classes of units, save for their class currency, distribution policy, minimum amount for initial and subsequent subscription. Acc refers to Accumulation classes which do not declare or pay distribution but accumulate investment gains and income in their net asset values. Dist refers to Distribution classes which declares and pays distribution in accordance with the applicable distribution policies of the Sub-Fund. As at 30 June 2018, the Sub-Fund has issued Class SGD Acc, Class SGD Dist and Class USD Dist units. 2 Significant accounting policies (a) Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets held at fair value through profit or loss, and in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Singapore Chartered Accountants. (b) Recognition of income Dividend income is recognised when the right to receive payment is established. Interest income is recognised on a time proportion basis using the effective interest method. -37-