144 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 6 SUBSIDIARIES (continued) CICT AU Trust CICT AU Trust has entered into several service agreements in relation to the management of CICT AU Trust. The fee structures of these services are as follows: (a) Management fees Pursuant to the CICT AU Trust Trust Deed, the Manager is entitled to the management fees in respect of the assets held by CICT AU Trust and its subsidiaries, of which it has elected for such management fees to be paid by both the Trust and CICT AU Trust. In accordance with the investment management agreement entered between CICT AU Trust and CapitaLand Australia Pty Ltd (“CAPL”), CAPL is entitled to receive the amount of management fees which comprise a base component of 0.175% per annum of deposited property of CICT AU Trust and a performance component of 2.975% per annum of net property income (as defined in the investment management agreement) of CICT AU Trust for each financial year. Deposited property refers to the trust assets (as defined in CICT AU Trust Trust Deed), including the investments of CICT AU Trust. The payment of the management fees to CAPL will reduce the management fees payable to the Manager as described in Note 1.4 correspondingly, such that there is no duplication in respect of the management fees due to the Manager pursuant to Note 1.4. The base and performance components of the management fees shall be paid to CAPL in the form of cash and are payable quarterly and yearly in arrears respectively. (b) Trustee’s fees Pursuant to the CICT AU Trust Trust Deed, the fees of the Trust Company (Australia) Limited as trustee of CICT AU Trust (“CICT AU Trust Trustee”) are presently charged at 0.02% of the gross asset value of CICT AU Trust and its investments (subject to a minimum sum of AUD2,500 per month). The CICT AU Trust Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the CICT AU Trust Trust Deed. The CICT AU Trust Trustee’s fees are payable quarterly in arrears. 79RR Office Trust 79RR Office Trust has entered into several service agreements in relation to the management of 79RR Office Trust and the property operations of CapitaSky, held through 79RR LLP. The fee structures of these services are as follows: (a) Property management fees Under the property management agreement between 79RR LLP (directly held through 79RR Office Trust) and 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 The management fees payable are as stipulated in Note 1.4. (c) Trustee’s fees The Trustee’s fees of 79RR Office Trust are presently charged at a scaled basis of up to 0.03% per annum of the deposited property of 79RR Office Trust (subject to a minimum sum of $10,000 per month). HSBC Institutional Trust Services (Singapore) Limited as trustee of 79RR Office Trust (“79RR Office Trust Trustee”) is also entitled to reimbursement of expenses incurred in the performance of its duties under the 79RR Office Trust Trust Deed. The 79RR Office Trust Trustee’s fees are payable quarterly in arrears.
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