CapitaLand Integrated Commercial Trust - Annual Report 2021

Notes to the Financial Statements YEAR ENDED 31 DECEMBER 2021 6 SUBSIDIARIES (continued) MSO Trust MSO Trust has entered into several service agreements in relation to the management of MSO Trust and its property operations. The fee structures of these services are as follows: (a) Property management fees Under the property management agreement with CapitaLand Commercial Management Pte. Ltd., property management fees are charged at 3.00% per annum of the net property income of the property. The property management fees are payable monthly in arrears. (b) Management fees Pursuant to theMSO Trust Trust Deed, theManager is entitled to receive the amount of management fees which comprise a base component of 0.10% per annum of the value of deposited property of MSO Trust and a performance component of 5.25% per annum of the net investment income of the MSO Trust for each financial year. The base and performance components of the management fees are payable quarterly and yearly in arrears respectively. (c) Trustee’s fees Pursuant to the MSO Trust Trust Deed, HSBC Institutional Trust Services (Singapore) Limited as trustee of MSO Trust (“MSOT Trustee”)’s fees shall not exceed 0.10% per annum of the value of deposited property of MSO Trust, subject to a minimum sum of $8,000 per month payable out of the deposited property of MSO Trust. MSOT Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the MSO Trust Trust Deed. The MSOT Trustee’s fees are payable quarterly in arrears. CapitaLand Commercial Trust CapitaLand Commercial Trust (“CCT”) has entered into several service agreements in relation to the management of CCT and its property operations. The fee structures of these services are as follows: (a) Property management fees Under the property management agreement with CapitaLand Commercial Management Pte. Ltd., property management fees are charged at 3.00% per annum of the net property income of the properties held under CCT except for 21 Collyer Quay which is charged at 0.25% per annum up to 30 April 2020 and 3.00% per annum with effect from 1 May 2020. The property management fees are payable monthly in arrears. Annual Report 2021 257