Asian Pay Television Trust (APTT) – Asian Pay Television Trust (“APTT”) is the first listed business trust in Asia focused on pay-TV businesses. APTT has an investment mandate to acquire controlling interests and to own, operate and maintain mature, cash generative Pay-TV and Broadband Businesses in Taiwan, Hong Kong, Japan and Singapore. APTT’s seed-asset is Taiwan Broadband Communications Group (“TBC Group”).

Categories	Amount payable
Base fee¹	Fixed fee of S$7.0m p.a., subject to % increase in line with Singapore CPI With a further upward adjustment when the Trust makes an acquisition With a downward adjustment if the Trust makes a divestment
Performance fee¹	Payable when the actual DPU of the Trust exceeds the CPI Adjusted Base DPU^2,3,4: A fee of 3.0% of the first 25% of excess DPU as compared to the CPI Adjusted Base DPU an additional fee of 6.0% of the next 25.0% of excess DPU as compared to the CPI Adjusted Base DPU (that is, excess DPU above 25.0% and up to 50.0% of the CPI Adjusted Base DPU); a further fee of 12.0% of the next 25.0% of excess DPU as compared to the CPI Adjusted Base DPU (that is, excess DPU above 50.0% and up to 75.0% of the CPI Adjusted Base DPU); and an additional further fee of 18.0% of any excess DPU above 75.0% of the CPI Adjusted Base DPU
Acquisition fee	Where Sponsor has direct or indirect interests of > 50.0% in any investments acquired by the Trust 0.5% (or such lower %) of EV of the investments All other cases, 1.0% (or such lower %) of the EV of any investments
Divestment fee	0.5% (or such lower %) of the EV of any investments sold by the Trust
Termination fee	If Trustee-Manager is removed by an Extraordinary Resolution within five years from the Listing Date, 1 year’s Base Fee based on its effective date of its removal and without any further adjustment

Trustee-Manager has the option to elect for Base Fee, Performance Fee, Acquisition Fee and Divestment Fee to be paid in the form of cash and/ or Units out of the Trust Property
For FY2014, Base DPU defined as FY2014 forecast DPU will be used instead of CPI Adjusted Base DPU described below
CPI Adjusted Base DPU is defined as Base DPU after adjusting upwards for the cumulative percentage increase in the Taiwan CPI following each financial year post Projection Year 2014
In the event where Excess DPU is less than zero, such deficit shall be brought forward to subsequent periods to be offset from any Excess DPU before any Performance Fee can be paid