LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

The Manager and corporate governanceMr Yuke graduated from the Southern California Institute of Architecture, Santa Monica, California in 1986with a degree in Architecture.Mr SusantoMr Susanto is the Chief Financial Officer of the Property Manager. He is an experienced finance andaccounting professional who started his career as a Consultant at Prasetio Utomo & Co—Arthur AndersenPublic Accountant Firm where his last position was as the Andersen World Wide Manager. He joined theLippo-related companies in 2000 as a Finance & Accounting Division Head in PT Lippo Karawaci Tbk. In2001, he was appointed Director of PT Lippo Cikarang Tbk and in August 2004, he was appointed ChiefController of PT Lippo Karawaci Tbk.Mr Susanto holds an Accounting degree from STIE “YAI”, Jakarta, Indonesia.Mr Wilfredo Z. PinedaMr Wilfredo Z. Pineda is the Asset Manager of the Property Manager. He joined PT Lippo Karawaci Tbk inDecember 2006 and is responsible for finance and accounting.Mr Pineda has 28 years of professional experience covering the areas of Corporate and Project Finance;Financial and Operation Audit; Financial Budgeting and Controlling; System Development and GeneralAdministration. His industry experiences include direct-to-home satellite pay television broadcasting;property development and management of hotel, shopping malls, office buildings, condominiums,membership clubs and real estate housing.Mr Pineda has 20 years experience in property development and management which includes his stint asAssistant Vice President Comptroller with Rockwell Land Corporation, a real estate developmentcompany in the Philippines, as Financial Controller and Management Advisor to PT Plaza IndonesiaRealty Tbk, a property development and management company in Indonesia, and as Finance andAccounting Manager with PT. Bimantara Siti Wisesa, an Indonesian investment company.Mr Pineda holds a Bachelor of Science degree in Commerce with a major in Accounting from Holy AngelUniversity, Philippines, and he is a Certified Public Accountant in the Philippines.MANAGEMENT FEESThe Manager is entitled under the Trust Deed to the following management fees:• (in respect of Authorised Investments which are in the form of real estate whether held directly by LMIRTrust or indirectly through one or more SPVs) a Base Fee of 0.25% per annum of the value of theDeposited Property and a Performance Fee of 4.00% per annum of LMIR Trust’s NPI in the relevantfinancial year (calculated before accounting for the Performance Fee in that financial year); and• (in respect of Authorised Investments which are not in the form of real estate whether held directly byLMIR Trust or indirectly through one or more SPVs) an Authorised Investment Management Fee of0.5% per annum of the value of such Authorised Investments which, unless such Authorised Investmentis an interest in a property fund (either a REIT or private property fund), wholly managed by a whollyownedsubsidiary of the Sponsor in which case no Authorised Investment Management Fee shall bepayable in relation to such Authorised Investment.For Forecast Period 2007, Projection Year 2008 and Projection Year 2009, the Manager has opted toreceive 100% of the Performance Fee in the form of Units.The Manager may elect to receive the management fees in cash or Units or a combination of cash andUnits (as it may in its sole discretion determine) after the Projection Year 2009, having regard to thedistribution yields to Unitholders and the cash flow of LMIR Trust.Any increase in the rate above the maximum permitted level or any change in the structure of theManager’s management fees must be approved by an Extraordinary Resolution of the Unitholders passedat a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust Deed.198