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

Appendix Bfinancial year exceeds the net revenue of the Master Lessee derived from the retail spaces for the financialyear ending 31 December 2010.Operating lease income commitments attributable to the Master Lessee’s net sales turnover are notincluded in the above amounts.13. Capital commitmentsEstimated amounts committed at the balance sheet date for future capital expenditure on theProperties but not recognised in Pro Forma Consolidated Balance Sheet are as follows:S$’000Authorisedbutnotcontractedfor ............................................... 2,25714. Manager’s Management Fee, Property Manager’s Fee and Trustee Fee(a)Manager’s Management FeeUnder the trust deed, the Manager is entitled to the following management fees:(i)(ii)(in respect of authorised investments which are in the form of real estate whether held directly byLMIR Trust or indirectly through one or more special purpose vehicles) a base fee of 0.25% perannum of the value of the deposited property and a Performance Fee of 4.0% per annum of the NetProperty Income (“NPI”) in the relevant financial year (calculated before accounting for PerformanceFee 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 special purpose vehicles) an authorised investmentmanagement fee of 0.5% per annum of the value of such authorised investments which, unless suchauthorised investment is an interest in a property fund (either a real estate investment trust or privateproperty fund), wholly managed by a wholly-owned subsidiary of the Sponsor in which case noauthorised investment management fee shall be payable in relation to such authorised investment.The Manager is also entitled to:(i)(ii)(for any authorised investment acquired directly or indirectly from time to time by the Trustee onbehalf of LMIR Trust) an acquisition fee of 1.0% of the purchase price in the case of any authorisedinvestment acquired by LMIR Trust.No acquisition fee is payable for the acquisition of the initial property portfolio of LMIR Trust.a divestment fee of 0.5% of the sale price (after deducting the interest of any co-owners or coparticipants)of any authorised investment sold directly or indirectly or divested from time to time bythe Trustee on behalf of LMIR Trust.The Manager is 40.0% owned by Mapletree Capital Management Pte Ltd and 60.0% owned by PeninsulaInvestment Ltd. Peninsula Investment Ltd is in turn 100.0% owned by Jesselton Investment Ltd, a whollyownedsubsidiary of the Sponsor.(b)Trustee’s FeeUnder the trust deed, the maximum fee payable to the Trustee is 0.03% per annum of the value of thedeposited property, subject to a minimum of S$15,000 per month, excluding out of pocket expenses andGST. The Trustee’s fee will be subject to review three years from the Listing Date. In addition, LMIR Trustwill also pay the Trustee a one-time inception fee of S$25,000.(c)Property Manager’s feeUnder each existing property management agreement, the property manager is entitled to the followingfees in respect of each Retail Mall under its management:• 2.0% per annum of the gross revenue for the relevant Retail Mall;B-21