Under the Trust Deed, the Manager receives a fee for the management of the Trust. The fee is comprised of two components: a base fee and a performance fee.

The base fee component is equal to 0.50% per annum of the book value of assets less than or equal to $500 million, and 0.40% per annum of the book value of assets greater than $500 million.

The performance fee is referable to the Trust’s performance (including gross distributions and movements in Unit price), relative to the performance of the Trust’s New Zealand listed real estate peers and calculated on an annual basis.

The calculation of the Manager’s base fee is reviewed by the Trust’s auditors as part of the annual audit. By a separate specific engagement, the Trust’s auditors also review the calculation of the Manager’s performance fee each year.

The Manager is also entitled to be reimbursed for amounts properly incurred on behalf of the Trust.