142 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 6 SUBSIDIARIES (continued) For material subsidiaries, the property management fees, management fees payable and trustee fees are as follows: RCS Trust RCS Trust has entered into several service agreements in relation to the management of RCS Trust and its property operations. The fee structures of these services are as follows: (a) Property management fees With effect from 1 June 2023, the property management agreement with CapitaLand (RCS) Property Management Pte. Ltd was terminated and replaced by the New PMA. Pursuant to the New PMA, the property management fees payable to the Retail Property Manager are as stipulated in Note 1.1. (b) Management fees Pursuant to the RCS Trust Trust Deed, the Manager is entitled to receive the amount of management fees which comprise a base component of 0.25% per annum of the value of deposited property of RCS Trust and a performance component of 4.00% per annum of the net property income of RCS Trust, including all its authorised investments for the time being held or deemed to be held upon the trusts of the RCS Trust Trust Deed. The management fees may, at the option of the Manager, be paid wholly in the form of cash, wholly in the form of Units or a combination of both. When paid in the form of Units, the Manager shall be entitled to receive such number of Units as may be purchased for the relevant amount of the management fees at the market price (as defined in the RCS Trust Trust Deed). The base and performance components of the management fees are payable quarterly and yearly in arrears respectively. (c) RCS Trust Trustee-Manager’s fees Pursuant to the RCS Trust Trust Deed, the fees of HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of the RCS Trust (“RCS Trust Trustee-Manager”) shall not exceed 0.10% per annum of the value of deposited property of RCS Trust, as defined in the RCS Trust Trust Deed (subject to a minimum sum of $15,000 per month), payable out of the deposited property of RCS Trust. The RCS Trust TrusteeManager is also entitled to reimbursement of expenses incurred in the performance of its duties under the RCS Trust Trust Deed. RCS Trust Trustee-Manager’s fees are payable quarterly in arrears. 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 The property management fees payable to the Office Property Manager are as stipulated in Note 1.1. The property management fees are payable monthly in arrears. (b) Management fees Pursuant to the MSO Trust Trust Deed, the Manager 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.
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