Project budget

S$240 million

Equity providers

A shares - Melchers Project Investments Pte Ltd

A shares - O&P Management Limited

A shares - AAA Equity Holdings Limited

B shares - Singapore Flyer GmbH & Co KG

Debt provider

Bayerische Hypo- und Vereinsbank AG (HVB Asia)

S$140m

Fund structure

-          Singapore Flyer GmbH & Co. KG (SFKG) has been established as a limited partnership under German law in order to provide equity for the Singapore Flyer project,  of up to EUR 50 million ( S$100m )

Security

-          Guaranteed minimum ticket sales of EUR 8 million p.a. (equivalent to 600,000 visitors)

-          Cash Flow security due to escrow amount of EUR 33 million

Exit Mechanism

-          CALL options after 6 and 9 years for Class A shareholders to acquire B shares

-          PUT Option after 12 years for SFKG to sell B shares to A shareholders

Low case scenario

Mid case scenario

High case scenario

Visitors First Year (million)

1.5m

2.5m

3.5m

Expected Vacancy Retail Area (%)

25%

5%

1%

Investment period (years)

12

9

6

Exit (Year)

2017

2014

2011

Forecast Net Yield – after German Tax (%)

9.0%

13.4%

19.7%