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Lippo Malls Indonesia
Retail Trust
Strictly Confidential
Investor Presentation
June 2015
Value Propositions
• LMIR Trust is guided by the vision to create value that will stand the test of time.
Strength
• LMIR Trust continues to bridge the global investment community with the manifold value-creation opportunities in Indonesia.
Connectivity
• LMIR Trust seeks more opportunities to invest in growth, through strategic acquisition and portfolio expansion and diversification.
Opportunity
1
9592 11345
13140 15291
0
5000
10000
15000
20000
2013 2015 2017 2019
3084.6 3116.8 3750.9
4744.2
0.0
2000.0
4000.0
6000.0
2013 2015 2017 2019
High forecast retail growth coupled with low rental rates & retail space per capita imply huge upside
potential for Indonesian retail landlords
2
Attractive Indonesian Retail Sector
Indonesia – GDP and Net Income Per Capita Projection
GDP at PPP Per Capita (USD/annum)
Net Income Per Capita (USD/annum)
One of the fastest retail sales growth in the region
Retail Sales % CAGR (2010 – 2014)
Source: CEIC Database 2015
Retail rental rates in Jakarta is one of the lowest in the region
Retail Rental Rates (USD psm/annum)
Indonesia’s major cities are relatively ‘under-malled’
Retail Space Per Capita (SQFT)
Source: CBRE, Colliers 2014-2015,Countries’ Statistics Departments
Source: Business Monitor International 2015
Source: JLL Retail Index Report Q12015, Cushman & Wakefield Research
3.73
4.96 5.29
6.88 7.60
9.23
0.00
2.00
4.00
6.00
8.00
10.00
Surabaya Jakarta Manila Klang Valley
Singapore Bangkok
3
Attractive Indonesian Retail Fundamentals A rapidly growing working-age group and a positive urbanization trend, supported by a steady increase in
household income, serve as a solid foundation for retail businesses in major cities in Indonesia.
Households ('000) in Income Group Population Data (in millions)
Source: The Economist Intelligence Unit 2015
72.5 72.1 69.86
158.3 167.7 179.2
12.2 13.5 16.17
121.3
134.6
153.2
0
20
40
60
80
100
120
140
160
180
200
2010 2014 2019
Population aged 0-14 Population aged 15-64
Population aged 65+ Urban population
0 20,000 40,000 60,000 80,000 100,000
2020
2015
2010
> US$15,000 p.a. > US$10,000 p.a.
> US$5,000 p.a. > US$3,000 p.a.
Portfolio Highlights
4
Diversified portfolio across
Indonesia
(Total NLA: 763,423 sqm)
– 10 malls across
Greater Jakarta
– 2 malls in Bandung
– 3 malls in Medan
– 2 malls in Palembang
– 7 retail spaces
Source: Company data
Binjai Supermall
Sumatra
Medan
Grand Palladium Medan
Sun Plaza Plaza Medan Fair
IrianJaya
Pontianak
Kalimantan
Balikpapan
Sulawesi
Java Supermall
Jakarta
Bandung
Semarang
Java Surabaya
Malang
Malang Town Square
Plaza Madiun
Retail Malls
Retail Spaces
Bandung Indah Plaza
Istana Plaza
Lippo Mall Kemang
Pluit Village
Gajah Mada Plaza
The Plaza Semanggi
Mal Lippo Cikarang
Tamini Square Cibubur
Junction
Depok Town Square
Mall WTC Matahari
Metropolis Town Square
South
Jakarta
West
Jakarta
North
Jakarta Central
Jakarta
Kramat Jati Indah Plaza
Ekalokasari Plaza
Lippo Mall
Kemang
Palembang Square
Palembang Square
Extension
Palembang
East
Jakarta
Pejaten Village
5
Strategically Located Portfolio
LMIRT has a diversified portfolio of 17 retail malls and 7 retail spaces across Indonesia
Portfolio Overview
Notes:
1. Based on valuation by Rengganis, Wilson , Hendra and Winarta at 31 Dec 2014 in IDR and converted to SGD using the closing rate of 9,373.9 IDR/SGD as at 31 Dec 2014.
2. Colliers Market Report 4Q 2014 Retail (average occupancy of Jakarta and Greater Jakarta areas)
3. As at 31 March 2015
LMIRT is well-positioned to leverage on the strong Indonesian macro outlook and buoyant retail sector
Portfolio Key Metrics
Portfolio valuation of S$ 1.84bn1 • 94.2% occupancy vs 84.2% Industry average 2 Total NLA of 763,423 sqm 3
6
No Malls NLA (sqm) Valuation (S$M) 1 Occupancy Rate (%)
1 Bandung Indah Plaza 30,288 85.5 99.6%
2 Cibubur Junction 34,494 52.5 98.4%
3 Ekalokasari Plaza 16,728 43.6 94.4%
4 Gajah Mada Plaza 36,479 80.3 78.0%
5 Istana Plaza 26,857 78 99.8%
6 Mal Lippo Cikarang 30,252 60.3 99.7%
7 Plaza Medan Fair 56,021 121.7 98.0%
8 Plaza Semanggi 64,217 143.2 89.8%
9 Pluit Village 87,394 139.2 83.7%
10 Sun Plaza 64,339 179.3 97.6%
11 Binjai Super Mall 23,332 28.4 90.8%
12 Lippo Kramat Jati Indah 32,433 61.2 86.6%
13 Pejaten Village 42,166 102.2 99.3%
14 Palembang Square 31,639 68.4 98.0%
15 Palembang Square Ext 17,392 27.3 99.8%
16 Tamini Square 17,475 25.2 100.0%
17 Lippo Mall Kemang 57,847 388.4 93.5%
A Mall Portfolio 669,353 1684.7 93.4%
B Retail Spaces 94,070 156.3 100.0%
A + B Total Portfolio 763,423 1841 94.2%
Industry Average 84.2%
Portfolio Summary (As of Q1 2015)
Trade Sectors Breakdown by NLA1 Trade Sectors Breakdown by Rental Income1
Notes: 1. As at 31 march 2015, excluding retail spaces
7
S/N Trade Sector % of Rental
Income
1 Food and Beverage 17.30%
2 Fashion 15.70%
3 Department Store 12.80%
4 Supermarket/Hypermarket 10%
5 Others 8.40%
Top 5 Sectors 64.20%
S/N Trade Sector % of NLA
1 Department Store 17.20%
2 Supermarket/Hypermarket 15.70%
3 Other 10.50%
4 Food and Beverage 10.40%
5 Fashion 8.80%
Top 5 Sectors 62.60%
Top 10 Tenants By Gross Rental Income As at 31 March 2015, includes retail space
8
Top 10 tenants contribute approximately 23% of LMIRT Retail Mall Portfolio’s Gross Rental Income
9.3%
6.6%
3.4%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%
MATAHARI DEPARTMENT STORE
HYPERMART
CARREFOUR
GRAMEDIA
SOLARIA
FITNESS FIRST
CINEMA 21
ELECTRONIC SOLUTION
ACE HARDWARE
GIANT SUPERMARKET
Rental Reversion Trend (as of Q1 2015)
9
Source: Company data
9,603 10,601
6,290
11,257 10,117 9,335
13,598
16,238
16,455 17,650
11,970
30,606
19,039
15,168
26,542
45,628
16,094
22,072
24,764
16.1%
10.0% 9.0%
5.0% 8.7% 8.0% 9.4% 10.8%
25.7%
8.9% 12.4%
15.5%
27.1%
11.1% 9.4% 10.1% 11.6% 10.8% 9.5%
-5.0%
5.0%
15.0%
25.0%
35.0%
45.0%
55.0%
65.0%
75.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15
Renewal & New Leases NLA Rental Reversion Rate
Financial Performance
10
2007 2011 2012 2013 2014 2015
Dec 2011:
Completed rights
issue of 1.09 billion
new units to raise ~
SGD337m in gross
proceeds (165%
subscription rate)
Dec 2011:
Draw down of
SGD 147.5m
new loan
(including
successful
refinancing of
SGD125m loan)
Sep 2011:
Secured
SGD190m
loan facility
from 4
banks
Equity Capital Debt Capital
July 2012:
Completed
issue of
SGD200m 3 yr
and SGD50m 5
yr unsecured
bonds
Nov 2012:
Completed
issue of
SGD75m 5 yr
unsecured
bond
Oct 2013:
Completed issue
of SGD150m 3 yr
unsecured bond
Nov 2013:
Completed
SGD100m
Private
Placement
Jan 2014:
Repayment of
the SGD147.5m
term loan
11
LMIRT – Funding Milestones
Nov2007:
LMIRT was
officially listed
on the SGX
Dec 2014:
Completed
issuance of
236m new units
to raise
~SGD85m in
gross proceeds
Dec 2014:
Draw down of
SGD 155m
secured bank
loan
12
LMIRT – Growth Milestones
No of properties 2008 2009 2010 2011 2012 2013 2014
Beginning of the year
14
15
15
15
17
23
23
End of the year
15
15
15
17
23
23
24
Assets Under Management
4,860 5,320 5,902 6,368 6,527 6,897 6,575 6,558
1,083 1,175
1,268 1,371 1,470 1,613 1,680
2,769 2,653 2,507 2,446
2,749 2,878 2,933
3,641
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2007 2008 2009 2010 2011 2012 2013 2014
LMK
PS, PSX, Tamini, KJI, PJV, BSM
PV and PMF
SUN Plaza
IPO Malls
Value of AUM (IDR bn)
125 147.5
472.5
622.5
475
630
55% 68% 68%
100%
74%
0%
20%
40%
60%
80%
100%
120%
0
100
200
300
400
500
600
700
2010 2011 2012 2013 2014 Q1 2015
Debt Unencumbered assets
LMIRT has demonstrated robust growth and sustainable profit margins
Source: Company announcement
Due to issuance of
SGD325m bonds for
acquisitions
Debt and Gearing
Historical Gross Revenue vs. NPI (S
GD
mill
ion
)
13
Cost of Debt and DPU Yield
Strong NPI Growth and Financial Position
101,761
85,758
129,370 136,108
150,374 152,599
136,985
71,777 61,278 65,931
71,443
99,583
116,080
101,734
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Period from IPO to 2008
2009 2010 2011 2012 2013 2014
Gross Revenue (SGD'000)
NPI After Tax (SGD'000)
7.6 6.7
6.1 5.6 5.1 5.13
8.4
11
6 7.8 8.1
9.2
0
2
4
6
8
10
12
2010 2011 2012 2013 2014 Q1 2015
% Average cost of debts DPU Yield
14
Q1 2015 Financial Results – P&L (in Rp mn)
1Q 2015 1Q 2014 Variance (%)
(IDR million) (IDR million)
Gross Rent 324,554 258,568 25.5%
Rental Guarantee Income - 3,678 NA
Other Income 6,854 7,189 -4.7%
Net Parking Income 47,147 23,873 97.5%
Rental of electrical, mechanical and mall operating equipment 8,819 11,200 -21.3%
Total revenue 387,373 304,508 27.2%
Property Management Fee (8,969) (6,994) -28.2%
Property Management Expenses (11,496) (9,672) -18.9%
(20,465) (16,666) -22.8%
Net Property Income 366,908 287,842 27.5%
15
Q1 2015 Financial Results – P&L (in S$ mn)
1Q 2015 1Q 2014 Variance (%)
(S$'000) (S$'000)
Gross Rent 34,521 27,911 23.7%
Rental Guarantee Income - 397 NA
Other Income 729 776 -6.1%
Net Parking Income 5,015 2,577 94.6%
Rental of electrical, mechanical and mall operating equipment 938 1,209 -22.4%
Total revenue 41,203 32,870 25.4%
Property Management Fee (954) (755) -26.4%
Property Management Expenses (1,223) (1,044) -17.1%
(2,177) (1,799) -21.0%
Net Property Income 39,026 31,071 25.6%
Distributable Income 21,501 16,741 28.4%
Distributation Per Units (cents) 1 0.79 0.68 16.2%
Annualized Distribution Yield (%) 2 9.2%
Notes:
1. Based on 2.716 billion units in issue as at 31 Mar 2015.
2. Based on a closing price of S$0.345 as at 31 Mar 2015.
16
Q1 2015 Financial Results – Balance Sheet
Notes:
1. Included in the Non Current Assets are the Investment properties of S$ 1,786 .1 million. The carrying values of the properties are stated
based on the independent valuation as at 31 December 2014 and adjusted for property enhancements to date. The valuations and
property enhancements figures are recorded in the financial statements of the Indonesian subsidiaries in Indonesian Rupiah and
translated into Singapore Dollars using the exchange rate as at end of the period.
2. Included in the Non current Assets are the Investment properties of S$1,806.9 million. The carrying values of the properties are stated
based on the independent valuation as at 31 December 2014 in the financial statements of the Indonesian subsidiaries in IDR and
translated into SGD using the exchange rate as at the end of the period.
31-Mar-15 31-Dec-14
S$ million S$ million
Non Current Assets 1,822.1 1 1,845.9 2
Current Assets 170.6 171.6
Total Debt 630.0 630.0
Other liabilities 229.7 237.8
Net Assets 1,133.0 1,149.7
Net Asset Value S$ 0.42 S$ 0.42
Total Units in issue 2,716.4 2,701.8
Gearing ratio 31.6% 31.2%
Lease Expiry Profile
As at 31 Mar 2015
17
LMIRT’s portfolio lease terms represent a balanced mix of long-term anchor leases and shorter-term leases for non-anchor
tenants, providing both stability and growth potential
Weighted Average Lease Expiry (by NLA) as at 31 Mar 2015: 4.90 years
Debt Maturity Profile
18
As at 31 Mar 2015
Weighted Average Maturity of Debt Facilities as at 31 Mar 2015: 1.86 years
1
2
3
4
5
Notes: 1 S$ 200 million 4.88% fixed rate note (EMTN Program) due July 2015 (All in cost of debt: 5.8%) 2 S$ 150 million 4.25% fixed rate note (EMTN Program) due October 2016 (All in cost of debt: 4.5%) 3 S$ 50 million 5.875% fixed rate note (EMTN Program) due July 2017 (All in cost of debt: 6.5%) 4 S$ 75 million 4.48% fixed rate note (EMTN Program) due November 2017 (All in cost of debt: 5.0%) 5 S$ 155 million 5.4% p.a (after taking into account interest rate swap contracts) term loan due December 2018
Appendix
Key Highlights of 1Q 2015 Results
Notes:
1. As at 31 Mar 2015
2. Indonesia Investment Coordination Board
3. Retail Sales Survey preliminary figure, Bank Indonesia
1Q 2015
Results
YTD Gross Rental Income increased by 25.5 % in IDR term
1Q 2015 DPU of 0.79 is higher than 4Q 2014
1Q 2015 DPU represents an annual yield of 9.2%
Overall occupancy of 94.2% as at 31 Mar 2015
New leases/Renewed leases of approximately 24,764 sqm spaces during 1Q 2015
Average rental reversion was 9.5% during 1Q 2015
Portfolio
Update
Financial
Position
Majority of LMIR Trust’s asset portfolio remained unencumbered
Weighted Average Maturity of debt facilities was 1.86 years1, with no refinancing required until July 2015
Gearing level of 31.6% as at 31 Mar 2015
Economic and
Retail
Landscape
Indonesia's FDI increased by 10.5% YoY to IDR 78.7 trillion in 4Q 20142.
Indonesia's economy expected to continue on its current grow rate in the coming year
Retail sales Index rose to 16.5% YoY in February 20153 and expected to maintain its growth momentum
i
Unit Price Performance
0
5
10
15
20
25
30
35
50
70
90
110
130
Jan
-13
Ap
r-1
3
Jul-
13
Oct
-13
Jan
-14
Ap
r-1
4
Jul-
14
Oct
-14
Jan
-15
Ap
r-1
5
Volume (m) Rebased to 100
LMRT SP Equity Volume LMRT SP Equity FSSTI Index FSTREI Index LMRT SP Equity (FX Adjusted*)
Source: Bloomberg
ii
Name Position Years in
industry Biography
Albert Saychuan Cheok - Chairman
- Audit Committee member
- Independent Non-
Executive Director
> 30 • Fellow of the Australian Institute of CPA with over 30 years experience in banking within the APAC
region. Mr Cheok was the Chairman of Bangkok Bank in Malaysia from 1995 to 2005
• Non-executive director of Eoncap Islamic Bank Berhad and MIMB Investment in June 2009
• Currently the Vice Chairman of the Export and Industry Bank of the Philippines and the Chairman of
Auric Pacific Group Ltd, and a director of IPP Financial Services Holdings Ltd
Phillip Lee - Audit Committee Chairman
- Independent Non-
Executive Director
> 30 • Formerly served as a Partner at Ernst & Young for 20 years
• Member of the Institute of Chartered Accountants in England and Wales as well as member of the
Institute of CPA, Singapore and Malaysia
• Independent Director of a number of listed companies including IPC Corp Ltd, and Transview Holdings
Ltd
Goh Tiam Lock - Audit Committee member
- Independent Non-Executive
Director
> 30 • Currently the Managing Director of Lock Property Consultants Pte Ltd, advising on real estate
development and management
• Fellow of the Royal Institution of Chartered Surveyors and a Fellow of the Singapore Institute of
Surveyors & Valuers
• Awarded in recognition of his contribution to Singapore, including the Public Service Medal in 1988
and the Public Service Star in 1997
Douglas Chew - Audit Committee member
- Independent Non-Executive
Director
> 30 • Served as the Regional Manager for the Asia Pacific Regional Office of Raiffeisen Bank International
AG (formerly known as RZB-Austria) from Jan 2010 to Feb 2012
• Board member of Bowsprit Capital Corporation Ltd (Manager of First REIT) from Oct 2009 to Feb
2012
• Board member of the Export and Industry Bank in the Philippines since April 2006
Viven Gouw Sitiabudi - Executive Director > 20 • More than 20 years of experience in management, marketing and sales
• Served as the President Director of the Sponsor and led it to become the largest listed property
company in Indonesia by assets
• Ms Sitiabudi graduated from the University of New South Wales, Australia in 1977 with a degree in
Computer Science and Statistics
Alvin Cheng - CEO & Executive Director
> 20 • More than 20 years of working experience in the banking and transportation industries
• Previously served as the CEO and Executive Director of the PST Management Ltd (as trustee-
manager of Pacific Shipping Trust) (PSTM) from 2008 - 2009
• Held senior positions in the area of corporate finance in London, Hong Kong, and Singapore
• Earned MS degree in Economics of Ocean Transportation and Ocean Engineering from MIT, USA
Our Board of Directors comprises respected and successful individuals with international working experience
Experienced Board
iii
Name Position Years in
industry Biography
Alvin Cheng - CEO & Executive Director
- Investor Relations
Officer
- Compliance Officer
> 20 • More than 20 years of working experience in the banking and transportation industries
• Previously served as the CEO and Executive Director of the PST Management Ltd (as trustee-manager of
Pacific Shipping Trust) (PSTM) from 2008 - 2009
• Held senior positions in the area of corporate finance in London, Hong Kong, and Singapore
• Earned MS degree in Economics of Ocean Transportation and Ocean Engineering from MIT, USA
Viven Gouw Sitiabudi - Executive Director > 20 • More than 20 years of experience in management, marketing and sales
• Served as the President Director of the Sponsor and led it to become the largest listed property company
in Indonesia by assets
• Ms Sitiabudi graduated from the University of New South Wales, Australia in 1977 with a degree in
Computer Science and Statistics
SR Lo - Chief Financial Officer > 20 • More than 20 years of accounting, auditing and corporate finance experience
• Previously served as CFO of Keppel Land China Limited, Sino-Singapore Tianjin Eco-City Investment and
Development Co., Bowsprit Capital Corporation Ltd (as REIT manager of FIRST REIT)
• Held senior finance positions in USA, China, and Singapore
• Graduated with Master degree in Accountancy from the University of Georgia, USA and Bachelor degree
in Business Administration from the University of Windsor, Canada.
• Received certification as Certified Public Accountant (CPA) from AICPA, USA and Certified Management
Accountant (CMA) from IMA, USA
Wong Han Siang - Financial Controller > 15 • More than 15 years of accounting and auditing experience
• Prior to joining the Manager, Mr Wong was an Audit Manager with PricewaterhouseCoopers Singapore
• A non-practicing member of the Institute of Certified Public Accountants of Singapore
• A fellow member of the Association of Chartered Certified Accountants (United Kingdom)
Cesar Agor - Legal & Compliance
Support Manager
> 6 • Previously served as an associate lawyer in various law offices in Manila, Philippines.
• Prior to joining LMIRT, Mr Agor served as an in-house legal counsel at Vista Land & Lifescapes, Inc., one
of the largest real estate developers in the Philippines, where he advised the company in the areas of
compliance, commercial, real estate and contract law and represented the company in various litigation
proceedings before the courts of law in the Philippines.
• He obtained his Bachelor of Legal Management and Bachelor of Laws both at the Catholic University of
Santo Tomas, Philippines.
Teo Kah Ming -Asset Manager >10 • Previousy held asset management roles covering a mixed commercial portfolio of office, retail, and
serviced apartments in CapitaCommercial Trust Management Limited and PT Farpoint.
• Prior experience working in India and Indonesia with CapitaLand and PT Farpoint respectively.
• He graduated with a Bachelor’s degree in Science (Building) and obtained a Graduate Certificate in Real
Estate Finance from the National University of Singapore.
Professional Management Team Senior management are highly experienced with an average experience of more than 15 years in the industry
iv
LMIRT Structure
Notes:
1 As of 31 March 2015
2 The Property Manager is owned 100% by the Sponsor
3 LMIRT’s ownership in Singapore SPCs is structured
via ordinary and redeemable preference shares
Lippo Malls Indonesia
(the “Property Manager”)2
100%
ownership
Public
LMIRT Management Ltd
(the “Manager”)
HSBC Institutional Trust
Services (Singapore) Limited
(the “Trustee”)
Management
fees
Management
services
Acts on behalf
of Unitholders
Trustee’s fees
35 Retail Mall Singapore
SPCs
7 Retail Space Singapore
SPCs
Singapore
Retail
Malls
Retail
Spaces
100%
ownership
Rental
payments
Property
management
services
Property
management
fees
Indonesia
LMIR Trust
PT Lippo Karawaci
Tbk (the “Sponsor”)
Public
PT Lippo Karawaci
Tbk
(the “Sponsor”)
7 Indonesian SPCs
Rental
payments
18 Indonesian SPCs
Property
management
fees
100%
ownership
1 Indonesian SPC enters into tenancy
agreements and collects rental
payments from tenants
2 The Indonesian SPC upstreams net
rents collected (net of PM fees) to the
Singapore SPCs via dividends,
interest income and principal
repayment of shareholders’ loans
3 LMIRT then receives the cash income
stream from Singapore SPC via
dividends and/or redemption
proceeds3
4 LMIRT pays out distributable income
to unitholders (net cash flows post all
Trust related expenses such as
interest expense, REIT management
fees)
Established structure provides clear and tested flow of funds to LMIRT
Property
management
agreement
Property
management
agreement
Dividends and/or redemption proceeds
27.7% 72.3%
v
41
5
10
56
0
10
20
30
40
50
60
Currently owned / managed LPKR 2015 target LPKR additional management target Target total malls under management
Total GFA
3.1 million²
2016 - 2020 Target
LPKR’s pipeline of quality retail malls provides visibility for LMIRT’s acquisition growth…
LMIRT currently has a right of first refusal (“ROFR”) granted by its Sponsor, LPKR at the time of its listing
ROFR scope
– Any proposed sale or offer for sale of retail properties in Indonesia by or made to any Sponsor entity (whether wholly or partly-owned)
ROFR validity period
– As long as LMIRT Management Ltd. remains the REIT Manager for LMIRT; and
– LPKR and/or any of its related corporations remains a controlling shareholder of the Manager
LMIRT is governed by the S-REIT regulations regarding interested party transactions for acquisitions/sales made between LPKR and the REIT
Acquisition Pipeline From Sponsor
LPKR’s mall development expertise combined with its target expansion plans
Source: LPKR Q1 2015 Investor Presentation, LPKR Annual Report 2014
2015 Retail Malls
Pipeline
vi
Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and
uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements
reflect our current views with respect to future events and financial performance and are subject to certain risks and uncertainties, which could
cause actual results to differ materially from historical results or those anticipated.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our
ability to manage growth, intense competition in the Indonesian retail industry including those factors which may affect our ability to attract and
retain suitable tenants, our ability to manage our operations, reduced demand for retail spaces, our ability to successfully complete and integrate
potential acquisitions, liability for damages on our property portfolios, the success of the retail malls and retail spaces we currently own, withdrawal
of tax incentives, political instability, and legal restrictions on raising capital or acquiring real property in Indonesia. In addition to the foregoing
factors, a description of certain other risks and uncertainties which could cause actual results to differ materially can be found in the section
captioned "Risk Factors" in our preliminary prospectus lodged with the Monetary Authority of Singapore on 19 October 2007. Although we believe
the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our
expectations will be attained.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future
events. We undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future
events or otherwise. The value of units in LMIRT (“Units”) and the income derived from them may fall as well as rise. The Units are not obligations
of, deposits in, or guaranteed by, LMIRT Management Ltd, as manager of LMIR Trust (the “Manager”) or any of its affiliates. An investment in Units
is subject to investment risks, including the possible loss of the principal amount invested.
Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their
Units through trading on Singapore Exchange Securities Trading Limited. Listing of the Units on the SGX-ST does not guarantee a liquid market for
the Units.
This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past
performance of LMIRT is not necessarily indicative of the future performance of LMIRT.
26
Disclaimer
vii
