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The following is a summary of the fees payable by FSL Trust to the Trustee-Manager in connection with the management and operations of FSL Trust: |
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| Management fee |
4.00% of the value of lease income and any, income, other than lease income, net of any other commissions or deductions by third parties and taxes, duties and levies. Subject to a minimum fee of US$350,000 per calendar quarter. |
| Trustee fee |
0.02% per annum of the value of the Trust Property |
| Acquisition fee |
1.00% of vessel acquisition cost |
| Divestment fee |
0.5% of vessel disposal proceeds, excluding proceeds from exercise of original purchase or early buyout options |
| Incentive fee |
Incentive fee based on the achievement in quarterly DAU* growth over the quarterly benchmark DPU |
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| Growth in DAU 1 |
Incentive Fee |
% of DAU received by Unitholders |
% of DAU received by T.M
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| 0% to 15% |
0% |
100% |
0.00% |
| 15% to 30% |
10% of excess over 15% |
98.85%2 |
1.15% 2 |
| 30% to 60% |
10% of excess between 15%
-
30%
20% of excess over 30% |
95.31%3 |
4.69% 3 |
60%+
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10% of excess between 15%
and
30%
20% of excess over 30% -
60%
25% of excess over 60% |
94.12% 4 |
5.88% 4 |
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| 1 |
from 2007 quarterly benchmark DPU of 2.130 US cents |
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| 2 |
Based on 30% DAU growth |
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| 3 |
Based on 60% DAU growth |
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| 4 |
Based on 70% DAU growth |
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| * |
DAU - refers to the distribution arising from incremental lease revenues. It excludes proceeds from sale of vessels and funds from borrowings. |
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