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ON A RAPID RISE
                                                    ON A RAPID RISE

FRIENVAIENWCIAL

Corporate Governance                            18  NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 17
Report of the Trustees                          21                                                                                                 17
Statement by Trustees                           23
Independent Auditors’ Report                    24
Statements of Financial Position                26
Consolidated Statement of Comprehensive Income  28
Statements of Changes in Funds and Reserves     30
Consolidated Statement of Cash Flows            32
Notes to Financial Statements                   34
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