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MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 9 Related party transactions/transactions with the Trustee, the Manager and their connected persons (continued) j) Bank borrowing (continued) The interest expenses incurred on the borrowing during the year was: 2013 2012 US$ US$ MACQUARIE IPO CHINA CONCENTRATED CORE FUND - - MACQUARIE IPO CHINA GATEWAY FUND - - MACQUARIE ASIA NEW STARS FUND - 49 The maximum amounts of secured short term bank borrowing drawn during the year were: 2013 2013 2012 2012 US$ HK$ US$ HK$ MACQUARIE IPO CHINA CONCENTRATED CORE FUND - - - 4,000,066 MACQUARIE IPO CHINA GATEWAY FUND - - - - MACQUARIE ASIA NEW STARS FUND - - 565,000 - Bank deposits and balances and listed equity securities are held with HSBC Institutional Trust Services (Asia) Limited (the “Custodian”). The Custodian also provides the clearing and depository operations for security transactions for each of the Sub-Funds. The Custodian provides loans and finance to each of the Sub-Funds and, as continuing security for the payment and discharge of all liabilities of each of the Sub- Funds, assets held by the Custodian will be charged in favour of the Custodian. k) Other services The Sub-Funds may utilize the brokerage, custodian, agency and banking services of the Trustee, the Manager and their Connected Persons. 10 Taxation The Fund was established as an exempted trust under the laws of Cayman Islands, and obtained an undertaking from the Governor-in-Council of the Cayman Islands that, in accordance with Section 81 of the Trusts Law (2001 Revision) of the Cayman Islands, for a period of 50 years from 23 January 2007, no laws thereafter enacted in the Cayman Islands imposing any tax or duty on income, capital assets, gains or appreciations will apply to the Fund. The reporting entities, being the Macquarie IPO China Concentrated Core Fund, Macquarie IPO China Gateway Fund, and Macquarie Asia New Stars Fund which are Sub-Funds constituted respectively by the Supplemental Deeds to the Trust Deed of the Fund, accorded the same exemption received by the Fund. No provision for Hong Kong profits tax has been made as the dividend and interest income and realised gains on disposal of investments of each of the Sub-Funds are excluded from the charge to profits tax under Section 14, 26 or 26A of the Hong Kong Inland Revenue Ordinance. Overseas withholding tax was charged on certain dividend and interest income received during the year. 31
MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 11 Soft commission arrangements The Manager may effect transactions, provided that any such transaction is consistent with standards of best execution, by or through the agency of another person for the account of each of the Sub-Funds with whom the Manager or any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Manager or any of its Connected Persons goods, services or other benefits (such as research and advisory services, computer hardware associated with specialized software or research services and performance measures) the nature of which is such that their provision can reasonably be expected to benefit each of the Sub-Funds as a whole and may contribute to an improvement in the performance of each of the Sub-Funds. For the avoidance of doubt, such goods and services may not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments. As at 30 June 2013 neither the Manager nor any of its Connected Persons received soft commissions from brokers or dealers in respect of transactions for the account of each of the Sub-Funds (2012: nil). 12 Units Each of the Sub-Funds’ capital is represented by units. Unitholders who wish to realize their units may do so on any Dealing Day by submitting a realization request to the Service Provider to the Trustee or to an authorized distributor before the Dealing Deadline for the relevant Sub-Fund. They are entitled to payment of a proportionate share based on the respective Sub-Fund’s net asset value per unit on the redemption date. The relevant movements are shown on the statement of changes in net assets attributable to unitholders. In accordance with the objective outlined in note 1 and the risk management policies in note 4, each of the Sub- Funds endeavour to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions, such liquidity being augmented by short-term borrowings or disposal of investments in listed equity securities where necessary. With a view to protecting the interests of Unitholders, the Manager or the Trustee may suspend the realization of Units or delay the payment of realization proceeds during any periods if the number of Units of any Sub-Fund realized on any Dealing Day exceeds 10 per cent. of the total number of Units of the relevant Sub-Fund in issue. The minimum initial investment for Units in the Sub-Funds is USD 3,000 with minimum subsequent subscriptions and redemptions of USD 1,000. The Manager or the Trustee may suspend the realisation of Units or delay the payment of realisation proceeds during any periods in which the determination of the Net Asset Value of the Sub-Fund is suspended. Meetings of Unitholders may be convened by the Manager or the Trustee, and the Unitholders of 10 per cent. or more in value of the Units in issue may require a meeting to be convened. Unitholders will be given not less than 21 days’ notice of any meeting. On a show of hands, every individual Unitholder present in period or by representative has one vote; on a poll every Unitholder present in person, by proxy or by repsentative has one vote for every Unit of which he is the holder. The Sub-Funds’ capital are the aggregate of unit classes: Macquarie IPO China Concentrated Fund Units on issue Redemption unit price Net assets attributable to unitholders (calculated in accordance with the explanatory memorandum) 2013 2013 2013 No. USD USD Class A1 7,033,586 4.0808 28,699,846 Class A2 304,142 8.6283 2,623,971 Total 31,323,817 Macquarie IPO China Concentrated Fund Units on issue Redemption unit price Net assets attributable to unitholders (calculated in accordance with the explanatory memorandum) 2012 2012 2012 No. USD USD Class A1 9,109,362 3.3724 30,718,966 Class A2 316,459 7.1305 2,256,405 Total 32,975,371 32
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