143 Annual Report 2024 6 SUBSIDIARIES (continued) MSO Trust (continued) (b) Management fees (continued) 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 MSO Trust Trust Deed). 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, the fees of HSBC Institutional Trust Services (Singapore) Limited as trustee of MSO Trust (“MSOT Trustee”) 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 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 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 CCT Trust Deed, the Manager is entitled to receive the amount of management fees which comprise a base component of 0.10% per annum of deposited property of CCT and its subsidiaries and a performance component of 5.25% per annum of net investment income of CCT and its subsidiaries for each financial year. The base and performance components of the management fees are payable quarterly and yearly in arrears respectively. 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 CCT Trust Deed). (c) Trustee’s fees Pursuant to the CCT Trust Deed, the fees of HSBC Institutional Trust Services (Singapore) Limited as trustee of CCT (“CCT Trustee”) shall not exceed 0.10% per annum of the value of deposited property of CCT and its subsidiaries (subject to a minimum sum of $8,000 per month), payable out of the deposited property of CCT and its subsidiaries. The CCT Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the CCT Trust Deed. The CCT Trustee’s fees are payable quarterly in arrears.
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