One - Lippo Malls Indonesia Retail Trust - Investor Relations

61Notes to the Financial Statements31 December 20091. GENERALLippo-Mapletree Indonesia Retail Trust (“LMIR Trust” or the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to thetrust deed dated 8 August 2007 (“Trust Deed”) entered into between Lippo-Mapletree Indonesia Retail Trust Management Ltd (the“Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”), governed by the laws of Singapore.The fi nancial statements are presented in Singapore dollars, recorded to the nearest thousands, and they cover LMIR Trust and thegroup’s subsidiaries.The board of directors of the Manager approved and authorised these fi nancial statements for issue on 18 March 2010.The principal activity of LMIR Trust and its subsidiaries (the “Group”) is to invest in a diversifi ed portfolio of income-producing realestate properties in Indonesia. These are primarily used for retail and/or retail-related purposes. The primary objective is to deliverregular and stable distributions to unitholders and to achieve long-term growth in the net asset value per unit.The registered offi ce of the Manager is 78 Shenton Way, #05-01, Singapore 079120.LMIR Trust has entered into several service agreements in relation to the management of LMIR Trust. The fee structure of theseservices is as follows:(A)Trustee’s FeesThe Trustee’s fees shall not exceed 0.03% per annum of the value of the Deposited Property (as defi ned in the Trust Deed),subject to a minimum of $15,000 per month, excluding out-of-pocket expenses and GST. The Trustee’s fee is presentlycharged on a scaled basis of up to 0.03% per annum of the value of the Deposited Property, subject to a minimum sum permonth. The Trustee’s fees will be subject to review three years from 19 November 2007, being the listing date of LMIR Trust(the “Listing Date”).(B)Manager’s Management FeesUnder the Trust Deed, the Manager is entitled to management fees comprising the base fee and performance fee as follows:(i)(ii)(iii)(iv)(v)A base fee (“Base Fee”) of 0.25% per annum of the value of the Deposited Property.A performance fee (“Performance Fee”) is fi xed at 4.0% per annum of the Group’s Net Property Income (“NPI”)(calculated before accounting for this additional fee in the fi nancial year). NPI in relation to real estate, whether directlyor held by the Trustee or indirectly held by the Trustee through a special purpose company, and in relation to any yearor part thereof, means its property income less property operating expenses for such real estate for that year or partthereof. The Manager may opt to receive the performance fee in the form of units and or cash.An authorised investment management fee of 0.5% per annum of the value of Authorised Investments which are notin the form of real estate (whether held directly by LMIR Trust or indirectly through one or more subsidiaries). Wheresuch authorised investment is an interest in a property fund (either a REIT or private property fund) wholly managed bya wholly-owned subsidiary of PT Lippo Karawaci Tbk (the “Sponsor”), no authorised investment management fee shallbe payable in relation to such authorised investment.Manager’s acquisition fee (“Acquisition Fee”) is determined at 1.0% of value or consideration as defi ned in the TrustDeed for any real estate or other investments (subject to there being no double-counting).The Manager is also entitled for divestment fee (“Divestment Fee”) at the rate of 0.5% of the sales price of any AuthorisedInvestment directly or indirectly sold or divested from time to time by the Trustee on behalf of LMIR Trust. The Managermay opt to receive the divestment fee in the form of units and or cash.