Lippo Malls Indonesia Retail Trust

Investor Presentation

March 2013

Strictly confidential

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.

1

Disclaimer

1

LMIRT is the first and currently the only Indonesian-focused retail REIT listed on the SGX

Sponsored by Lippo Karawaci (“LPKR” or “the Sponsor”), Indonesia’s largest listed real estate company by total assets and revenue

As of 31 Dec 2012, LPKR owns 30.2% of LMIRT and 100% of LMIRT’s REIT Manager

LMIRT – Market Leadership in Indonesia Retail

Notes: 1 Retail units located within other retail malls

2 Valuations by KJPP Rengganis, KJPP Wilson & Rekan and KJPP Damianus Ambur as at 31 December 2012

Portfolio

overview

Investment

mandate

Owning and investing in a diversified portfolio of retail-related real estate assets in Indonesia

Focusing on assets with clear value creation potential via operational and capital enhancing initiatives

LMIRT's portfolio comprise of 719,695 sqm of NLA across 16 retail malls and 7 Retail Spaces1 following acquisitions in 4Q 2012

These assets are everyday malls and strategically located in key Indonesia cities with large middle income catchment populations

LMIRT’s current portfolio is valued at S$1.75bn2 as of 31 Dec 2012

Vision LMIRT aims to be one of the premier retail REITs in Asia, creating and utilizing scale, leading the way in innovation and quality

2008 2009 2010 2012

Nov 2007: LMIRT was

officially listed on the SGX.

At listing, the Lippo Group

owned 18.0% and

Mapletree owned 12.0%

Mar 2008:

Acquisition of Sun

Plaza, Medan for

S$146.7m

Nov 2007: Portfolio

comprised of seven

retail assets and

seven retail spaces

valued at ~S$1.0bn

Dec 2011: Acquired

Pluit Village Mall and

Plaza Medan Fair for

S$388m

Dec 2011: Completed

rights issue of 1.09 billion

new units to raise ~

S$337m in gross proceeds

(165% subscription rate)

Dec 2011: Drawdown

of S$ 147.5m new

loan (including

successful refinancing

of S$125m loan)

2011 2007

May 2011: LPKR also

acquired Mapletree’s

40% stake in LMIRT’s

REIT manager

Sep 2011:

Secured S$190m

loan facility from 4

international banks

Nov 2007: LMIRT’s

REIT manager was

60% owned by the

Sponsor and 40%

owned by Mapletree

Asset acquisitions Fundraising activities Other corporate actions

July 2012:

Completed issue of

SGD200 3 yr and

SGD50m 5 yr

unsecured bonds

Oct 2012: Completed

acquisition of 4 mall

assets for S$188.1m,

fully financed by the

Jul 2012 bond issue

Dec 2012: Completed

acquisition of 2 mall

assets for S$128.7m

financed by the Jul

bond issue and debt

2

Nov 2012:

Completed issue of

SGD75m 5 yr

unsecured bond

3

Burgeoning Market, Strong Sponsor, Stable Platform

LMIRT is a Singapore-listed REIT with prime retail assets in Indonesia

Burgeoning Target Market… …Accessed via… …A Stable Platform

Growing Indonesian Middle Income Segment A Dominant Sponsor and Diversified Portfolio Highly Regulated and Prudently Run S-REITs

Macro Environment

South East Asia’s largest economy at nominal

GDP and world’s 4th populous country

Strong Real GDP growth: GDP per capita

growing at a 6.0% CAGR 2007 – 2012; Regain

investment grade rating in early 2012

Numbers of Middle-class & Affluent

Consumers (MACs) will double by 2020, from

current 74mn to 141mn1

Retail / Malls Sector

High forecast retail sales growth at c.13% for

2012-16 with Retail Sales Index 7 year high

Low space per capita at less than 5sft and

lowest rentals in the region

16th most desirable destination for investment

in retail, up from 22nd in 20092

Sponsor – Lippo Karawaci

LMIRT enjoys benefits from being part of the

Lippo Group with LPKR as its Sponsor.

The largest listed real estate company in

Indonesia and the dominant retail space

landlord with ~32% market share

26 malls under management + another 15 in

the pipeline

Portfolio of Malls and Retail Spaces

Favorable lease profile anchored by top

domestic brands and international retail names

High average tenant retention rate of c. 90%

also adds to the portfolio’s resilience

Stable & high Occupancy of c. 93.5% vs

Industry Average c. 87.4%

Operating Platform

One of the most developed REIT markets in

Asia Pacific with a robust regulatory framework

Strict external corporate governance rules in

place regarding asset purchases / divestments,

etc, where related parties are involved

Strong internal corporate governance,

experienced Management and Board

Financial Strength

Prudent financial management with strong

credit metrics, 68% of assets unencumbered3

Cash balances cover significant portion of debt

with no debt matures until June 2014

Strong balance sheet, with gearing of 24.5% &

interest coverage of 7.6 times3

Notes: 1 BCG Report, March 2013

2 AT Kearney Global Retail Development Index 2012

3 4Q 2012 Company Announcement

3

Overview of Indonesia

9.1%

11.1%

12.0%

13.4%

13.7%

14.9%

15.1%

3.8%

10.4%

4.6%

ASEAN (Ex. Indonesia)

USA

Japan

Turkey

South Korea

Brazil

China

India

Russia

Indonesia

5

Strong Indonesian Macro Fundamentals

SEA‘s Most Resilient Economy

Resilient economy supported by strong domestic consumption and rising middle class

Re

al G

DP

gro

wth

(%

p.a

.)

6.4 6.0 4.6

6.1 6.5 6.2 6.5 6.6 6.5

5.5

(4.0)

0.0

4.0

8.0

12.0

16.0

2006 2007 2008 2009 2010 2011 2012 2013f 2014f 2015f

Indonesia Malaysia Thailand Philippines Singapore

Global Financial Crisis

Source: EIU

GDP Breakdown

Others

3.7% Stockbuilding

0.3%

Government

consumption

8.7%

Private

consumption

55.4%

Gross fixed

investment

31.9%

Source: EIU

Burgeoning Middle Class GDP Nominal Growth (2009–2015)

Source: IMF Report Source: BCG Report, March 2013

MACs:

2.5

6.6

23.2

41.6

44.4

65.4

64.5

6.9

16.5

49.3

68.2

50.5

47.9

28.3

Elite

Affluent

Upper middle

Middle

Emerging middle

Aspirant

Poor

74mn Indonesian MACs in 2012 141mn Indonesian MACs in 2020

MACs

6

Attractive Indonesian Retail Sector

High forecast retail growth coupled with low rental rates and retail space per capita imply excess capacity

Fastest retail sales growth in the region

Retail sales growth (2012F - 2016F)

Retail rental rates in Jakarta remain the lowest in the region

Retail rental rates (USD PSM/Month)

Source: CBRE Asia Pacific Retail Market View, Colliers Retail Market Report 4Q 2012

Jakarta is ‘under-malled’

Retail space per capita (SQFT)

Source: CIA World Factbook, CBRE, Colliers Research reports

Retail Sale Index

12.9%

6.8% 6.7%

3.5%

2.3%

0%

4%

8%

12%

16%

Indonesia Malaysia Thailand Philippines Singapore

4.7 4.7 5.3 7.2 7.4

9.7 9.9

16.4

0.0

5.0

10.0

15.0

20.0

Jakarta Metro

Manila

Bangkok Singapore Klang

Valley

Sydney Tokyo HK

588 545

436 420

200 196

125 101 48

93.6 101

116.3

151.0

133.8

0

50

100

150

Source: Bank Indonesia, Feb 2013

Beijing K L Shanghai Ho Chi

Minh

New Delhi Hanoi Singapore Bangkok Jakarta

Source: CIA World Factbook

Business & Portfolio Overview

8

Strategically Located Portfolio

LMIRT has a diversified portfolio of 16 retail malls and 7 Retail Spaces across Indonesia

Notes: Company data

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

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

Palembang Square

Palembang Square

Extension

Palembang

East

Jakarta

Diversified portfolio across

Indonesia

– 9 malls across Greater

Jakarta

– 2 malls in Bandung

– 3 malls in Medan

– 2 malls in Palembang

LMIRT’s mall locations

enable them to effectively

capture its target mid-to-

upper middle income

segment

Stable Net Property Income

(‘NPI’) growth & margins

High occupancy levels

compared to industry

averages

Strong and transparent

pipeline and dominant

market position alongside

our Sponsor

Binjai Supermall

Pejaten Village

9

Portfolio Overview

Notes: 1 Valuations by KJPP Rengganis, KJPP Wilson & Rekan and KJPP Damianus Ambur as at 31 Dec 2012

2 As at 31 Dec 2012

3 Jone Lang Lasalle Jakarta Property Market Review 4Q 2012

LMIRT is well-positioned to leverage on the strong Indonesian macro outlook and buoyant retail sector

Portfolio key metrics

Malls NLA (sqm) Valuation (S$m)1 Occupancy rate (%)2

1 Bandung Indah Plaza 31,128 115.9 99.7%

2 Cibubur Junction 34,464 69.5 98.9%

3 Ekalokasari Plaza 26,159 52.1 91.5%

4 Gajah Mada Plaza 35,780 102.3 98.0%

5 Istana Plaza 27,403 103.0 99.7%

6 Mal Lippo Cikarang 31,373 67.4 99.4%

7 The Plaza Semanggi 64,247 142.0 94.8%

8 Sun Plaza 64,885 195.8 99.9%

9 Pluit Village 89,510 187.2 76.4%

10 Plaza Medan Fair 58,305 185.2 96.7%

11 Tamini Square 18,963 30.0 100.0%

12 Kramat Jati Indah 33,107 69.9 79.5%

13 Palembang Square 31,914 76.8 76.2%

14 Palembang Square Ext 17,775 30.8 99.3%

15 Pejaten Village 42,171 110.3 98.3%

16 Binjai Supermall 18,441 32.2 94.1%

A Mall Portfolio 625,625 1,570.4 92.6%

B Retail Spaces 94,070 182.9 100.0%

A+B Total portfolio 719,695 1,753.3 93.5%

Industry Average 87.4%3

Portfolio valuation increases to S$ 1.75bn 93.5% Occupancy vs 87.4% Industry Average Total NLA increase to 719,695 sqm

10

Major Trade Mix by Rental Revenue LMIRT is well-positioned to leverage on the strong Indonesian macro outlook and buoyant retail sector

The Portfolio has maintained a

diverse spread of sectors

within its tenancy mix.

The board target remains a mix

that is conductive to the middle

income, suburban mall sub-

sector

The new and proposed malls

have adhered to this target

market

Fashion and entertainment

have maintained their

prominent exposure within the

portfolio

Notes: 1 Company data, as at 31 Dec 2012

16.9%

16.1%

15.0%

28.8%

9.9%

7.2%

6.7%

6.4%

4.5%

3.9%

2.2% 2.2%

2.1% 2.0%

Department Store (Retail Spaces)

F & B / Food Court

Fashion

Others (Books & Stationary, Optic, Hobbies, Toys & Education)

Department Store (Retail Malls)

Other

Supermarket / Hypermarket

Services

Leisure & Entertainment

Electronic / IT

Sports & Fitness

Home Furnishing

Jewelry

92.8% 95.7% 96.9%

98.3% 98.2% 98.3%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

2007 2008 2009 2010 2011 2012

Occupancy LMIRT vs Industry Ave.

Industry Ave. LMIRT IPO Portfolio

11

High Portfolio Occupancy – Well Above Industry Average

Note: 1 Jone Lang Lasalle Report

LMIRT's portfolio occupancy constantly higher

than industry average1 , and has demonstrated

strong resilience over the past five years

– Strategically located malls and retail spaces

underpinned by attractive shopper catchment

– Ongoing tenant mix optimization to attract

and maintain shopper traffic

– Strong relationships with high quality retailers

Positioning as "everyday" one-stop destination

malls focusing on necessity items boosts

resilience

Stable net property income (“NPI”) growth over

the five years

LMIRT’s occupancy rate improved during the financial crisis, demonstrating the underlying stability Due to low occupancy of

PV,PS,KJI but cushioned

with rental guarantee

12

Retail Mix to Serve “Everyday Needs” of Target Segment

Premier local & int’l anchor tenants to draw shopper traffic Well complemented by int’l and local specialty tenants

Indonesia’s oldest and largest department store chain

Over 50 years' history and outstanding brand equity among Indonesian consumers

112 outlets across Indonesia

~ 30% market share1

2nd largest hypermarket player in the country with ~16% market share in food retail sector2

60 stores as of 2012

Awarded "Superbrands 2012" for the most popular brand in the hypermart segment

Since its first market entry in 1998, Carrefour has grown to be the largest hypermarket player in Indonesia

60 hypermarkets and 16 supermarkets across Indonesia as of 2012

Established in 1995, Ace Hardware Indonesia is one of the leading home improvement companies

Recently announced plans to allocate up to IDR 160bn to open as many as 15 new stores across Indonesia

Began operations in 2003 at Plaza Semanggi

8 stores across Indonesia as of 2012

Focused on mid-to-upper middle end fashion and lifestyle merchandise (L’oreal, Guess, Hush Puppies, Levi's, etc)

Strong tenant base anchored by domestic household brands and major international retail names

Source: Company data, company websites

Major retailer chain in Indonesia

13

Acquisitions and asset enhancements

Large available pipeline from both Sponsor with ROFR over

malls from Sponsor

A fragmented and diverse retail market provides further

acquisition growth opportunities from third parties

1 AEIs completed in 2012 with increased activity likely going

forward

AEIs present low risk but high return investments for LMIRT

with internal target ROI threshold for AEIs at ~ 30%

Organic growth

Improving macroeconomic fundamentals and growing and

affluent urban middle income class driving sector

Active portfolio management and tenant re-mixing/

repositioning strategies

Sector Evolution

An evolving sector should see increasing use of step-up and

turnover rental structures from a low base

Long-term tenancy mix likely to skew to higher value

‘specialties’ over time

Asset Enhancement

LMIRT’s Targeted Growth Strategies LMIRT aims to support organic growth via multiple asset strategies

Financial Highlights

Conservative Financial Practices Conservative financial practices regarding liquidity, leverage levels, dividend payout ratios and hedging

Cash and liquidity

management

Borrowing & leverage

Distributions

Hedging

practice

> 50% of cash held in Singapore, with a majority of cash held with investment grade financial institutions

Ample liquidity with cash of S$139.4 m, sufficient to cover a significant portion of nearest term maturity

No significant debt maturities until June 2014

Recently issued S$325m of SGD bonds at a weighted average cost of 4.94%

Currently have > S$1.2bn of unencumbered assets available as source of contingent liquidity

Strong banking relationships with a number of international banks, including 7 lending institutions

Expect to maintain reasonable leverage going forward, with target gearing at below 30% in the medium term

Expanded access to capital by issuing SGD325m 3-yr and 5-yr bonds

- 1st Indonesian entity to issue SGD bonds

- lengthens and diversifies LMIRT’s debt maturity profile

Improved the level of unencumbered assets

– ~ 68% (c. S$1.2bn of properties) of assets unencumbered following recent acquisitions

S-REIT regulations require at least 90% of distributable income to be paid out

– Currently distribute 100% of its distributable income

Management has certain practices for financial risk managements

Minimize interest rate, currency, credit and market risks for all kinds of transactions

– 90% of cash remittances were hedged in 2012

– Interest rate hedging was ~51% in 2012

All financial risk management are carried out and monitored by senior management

15

16

LMIRT has demonstrated robust growth and sustainable profit margins

Strong NPI Growth and Financial Position

* EBITDA is ‘operational EBITDA,’ i.e., pre other realised or unrealised gains/losses. Rental Revenue is rental revenue including rental guarantees etc. Source: Company announcements

86

129 136

144

54 48 47

64

0

20

40

60

80

100

120

140

2009 2010 2011 2012

Historical Gross Revenue Vs. NPI

Gross Revenue NPI

125 125 125 147.5

472.5 12.4% 10.5% 10.3%

8.7%

24.5%

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

2008 2009 2010 2011 2012

SG

D m

illio

ns

Debt and Gearing

Due to issuance of

S$ 325mn bonds

for acquisitions

Due to issuance of

S$ 325mn bonds

for acquisitions

17

Actual

4Q 2012

Actual

4Q 2011 Variance(

%)

Actual

FY 2012

Actual

FY 2011 Variance(

%) Remarks

(S$'000) (S$'000) (S$'000) (S$'000)

Gross Revenue 33,184 36,935 NM 144,250 136,108 NM

Mainly due to gross revenue from Pluit Village &

Plaza Medan Fair which were acquired in Dec 2011,

as well as nominal contributions from the 6 new

malls which were acquired between Oct 2012 and

Dec 2012. The higher gross revenue is partly

reduced by 1)lower service charge & utilities

recovery income as a result of the assumption of the

retail malls operational activities by a third party

operating company with effect from May 2012, and

2) effect of foreign exchange rates used for

translating revenues denominated in IDR to SGD

Property Operating Expenses (2,136) (12,323) NM (24,330) (44,097) NM

Mainly due to lower property operating and

maintenance expense as a result of the assumption

of the retail malls operational activities by a third

party operating company with effect from May 2012

Net Property Income 31,048 24,612 26.1% 119,920 92,011 30.3% Higher gross revenue coupled with lower property

operating expenses resulted in higher net property

income

Distribution Income 16,517 11,421 34.6% 64,494 47,446 35.9%

Distribution per Unit (cents) 1 0.75 2.95

Distribution Yield2 (%) 6.0

FY 2012 Financial Results – P&L

Notes: 1 Based on 2.1838 billion units in issue as at 31 December 2012 2 Based on a closing price as at 31 December 2012 of S$0.49

31-Dec-12 31-Dec-11

(S$ million) (S$ million)

Non Current Assets1 1,755.5 1,548.1

Current Assets 172.5 138.6

Total Debt 460.2 147.5

Other Liabilities 238.9 239.3

Net Assets 1,228.9 1,299.9

Net Asset Value S$0.56 S$0.60

Total Units in Issue 2,197.0 2,174.7

Gearing Ratio 24.5% 8.7%

18

Notes:

1 Based on valuation by KJPP Rengganis, KJPP Wilson & Rekan and KJPP Damianus Ambur, as at 31 December 2012 in IDR, adjusted for property enhancements to-date and converted

to SGD at the period end exchange rate

FY 2012 Financial Results – Balance Sheet

Acquisitions and Development

20

Strong Access to Financing LMIRT issued

LMIRT’s debt expiry profile extended to 2014 Higher % of unencumbered assets1

1

2

3

4

Proactive approach to refinancing ahead of maturity – successful refinancing of S$125m outstanding loan due Mar 2012

Dec 2011 Jun 2014

Facility drawdown S$147.5mn &

Refinance S$125mn outstanding

term loan due March 2012

Issuance of S$200mn 3yr bond @

4.88% & S$50mn 5yr bond @ 5.875%

Issuance of S$75mn

5yr bond @ 4.48%

LMIRT was able to secure a term loan facility of S$190m from SCB, CIMB, CS

and UBS in Sept 2011, well ahead of the maturity date (Mar 2012)

Broadening LMIRT’s lending relationships to 4 banks from a single lender

historically

Issuance of S$200mn 3yr bond @ 4.88% & S$50mn 5yr bond @ 5.875% for

acquisition purpose

Pre-refinancing Post-refinancing

2012

S$125m

2014

S$148m

No further refinancing requirements until June 2014 Post-refinancing, 13 malls and 1 Retail Space worth c.S$1.2bn are

unencumbered

Pre-acquisitions in 2012

Post acquisitions in 2012

Encumbered Unencumbered

Source: Company data, announcements

5

Released part of the previously encumbered assets which will be freely

available for future funding purposes, if necessary

Notes:

1 Calculated as Total unencumbered assets/Total assets

68%

32%

July 2012

60%

40%

Nov 2012

S$147.5mn bank

loan repayable

Issuance of S$75mn 5yr bond @ 4.48% for acquisition purpose

9.3%

22.1% 24.5%

35.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Pre Acquisitions (June 2012)

Post 4 acquisitions

Post 6 qcquisitions

Non-rating S-REIT ceiling

21

Recent Acquisitions Prudently Funded

Total acquisition cost ~ S$130.2m1

LMIRT completed the acquisition of TS, KJI, PS & PSX in Nov 2012 and

a further acquisition of 2 malls including Pejaten and BSM in Dec 2012

– in total they increased LMIRT asset base by ~ 21%

Acquisitions were funded 100% from proceeds of SGD bonds issuance

– increased LMIRT’s capital base and scalability potential

– Increased economies of scale in operation & marketing

– SGD bonds have a weighted average cost of 4.94%

Enhanced funding sources for future acquisitions

Strong vote of confidence from both unitholders & bond investors

Pejaten Village Binjai Supermall

SGD 1.2bn ~68% of assets unencumbered

Acquisition Funding Structure

100% Via Bond

Issuance

S$200m 3yr @ 4.88%

S$50m 5yr @ 5.875%

S$75m 5yr @ 4.48%

Acquisition of Pejaten & BSM 100% funded from proceeds of Bond Issuance

Notes:

1 Inclusive of professional fees, other expenses and acquisition fees

Appendix

LMIRT Structure

Notes:

1 As of 13 Dec 2012

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

Property Manager2

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

33 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”)

30.2%1 69.8%

Public

PT Lippo Karawaci

Tbk

(the “Sponsor”)

7 Indonesian SPCs

Rental

payments

16 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

23

Property

management

agreement

Property

management

agreement

Dividends and/or redemption proceeds

24

25.0%22.3%

9.5%6.9%

0.0%

10.0%

20.0%

30.0%

LPKR/LMIRT CMT/CMA Link REIT F&N/FCT

Well-positioned as one of the biggest retail space owners in Indonesia

Dominant domestic market share among Asian retail REITs/Sponsors

% m

ark

et

sh

are

of

reta

il

sh

op

pin

g c

en

ter

sp

ac

e

Source: Company data, results announcements, Urbis report

Leadership In the Indonesian Retail Sector

Increasing foreign direct investments in Indonesian retail sector

Foreign retailer Home country Announced investments/growth plans in Indonesia

France Already established more than 60 hypermarkets and 16 supermarkets, plan to expand 20 new

outlets each year and transform up to 4 of its Alfa Retailindo outlets into upscale supermarkets

Germany Launched 1st of 20 planned Cash & Carry Metro outlet in 2012, to invest as much as US$ 430mn in

the next 3 years to establish its retail outlets in Indonesia

Malaysia Plans to open 5 new stores in Indonesia with total investments of US$ 15mn by end of 2013 and

planned to quadruple sales in Indonesia over the next few years

South Korea Acquired Indonesian retailer – Makro and planned to increase the no. of Lotte Mart outlets from 24

to 45 by end of 2013, to launch 5 new Lotte Department Stores by 2018

Japan Opened its 1st store in Indonesia in 2012 and planned to open ~300 outlets in Indonesia by 2015.

Source: BMI Indonesia Retail Report, Q1 2013

25

2009

2010

2011

2012 1 AEIs completed

Total NLA added: 1,239 sqm

8 AEIs completed

Total NLA added: 9,437 sqm

5 AEIs completed

Total NLA added: 3,392 sqm

5 AEIs completed

Total NLA added: 1,467 sqm

Active AEI track record since listing Internal planning process for asset enhancement initiatives

Strong performance of LMIRT’s portfolio has also been supported by the management team’s active approach to

creating incremental value from existing assets via asset enhancement initiatives

AEI Growth Track Record

LMIRT Manager Mall Managers

On-the-

ground

knowledge

and

expertise

on latest

retail

trends

Strategic

guidance/

Overall

portfolio

review

Potential AEIs proposed based

on mall managers’ in-depth

knowledge of :

– Latest retail trends

– Optimal tenant mix

– Demand from shoppers

and tenants

On-site management of

implementation for approved

AEI plans

Proactive leasing of newly

created retail space ahead

of completion

Performance report on

additional NLA created

– Occupancy

– Additional rental income

– ROI

Evaluate AEI proposals from

mall managers based on:

– Overall shopping

experience enhancement

– Per unit rental/NPI

maximization

– Potential ROI

Approval

Monitor ongoing AEI initiatives

with a focus on:

– Timely completion

– Any potential impact on

occupancy and NPI at the

overall portfolio level

Review of AEI’s impact on key

mall performance metrics such

as :

– Shopper traffic

– NPI

– ROI

Coordinated effort between the mall managers and the REIT management team to ensure value creation from AEIs in terms of both financial and

portfolio operational metrics

Approval

Monitoring

Review

Proposals

Execution

Reporting

26

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

LPKR’s expansion plans

over the next 3 years

Source: Company announcements

Target by 2016

27

LMIRT Existing Portfolio – Retail Malls

Plaza Semanggi Sun Plaza Bandung Indah Plaza Cibubur Junction Istana Plaza

Completion date 2003 2004 1990 2005 2003

Acquisition date Nov-07 Mar-08 Nov-07 Nov-07 Nov-07

NLA (sqm) 64,247 64,885 31,128 34,464 27,403

Title expiry date 2054 2032 2030 2025 2034

Remaining years to

expiry (yrs) 42 21 19 13 22

Valuation (S$m)

(as of 31 Dec 2012) 185.2 187.2 115.9 69.5 103.0

Occupancy rate (%)

(as of 31 Dec 2012) 94.8% 99.9% 99.7% 98.9% 99.7%

No. of tenants

(as at 30 June 2012) 462 422 212 201 212

2012 gross revenue

(S$m) 12.8 14.2 10.8 8.3 8.3

2012 NPI (S$m) 11.8 14.8 10.0 8.1 8.2

Source: Company data

Located in the middle of

Cibubur, one of the most

affluent and upmarket

residential areas in Jakarta

Located in the heart of

Jakarta’s CBD within the

city’s Golden Triangle

Located in the heart of

Bandung’s CBD

Located in the CBD of

Bandung at the junction

between two busy roads

One of the best and

upmarket mall in Medan,

Sumatera

LMIRT is the only landlord with the ability to offer tenants a pan-Indonesia retail footprint via 718,084 sqm of NLA

28

LMIRT Existing Portfolio – Retail Malls

Gajah Mada Plaza Mall Lippo Cikarang Ekalokasari Plaza Pluit Village Plaza Medan Fair

Completion date 1982 1995 2003 1996 2004

Acquisition date Nov-07 Nov-07 Nov-07 Dec-11 Dec-11

NLA (sqm) 35,780 31,373 26,159 89,510 58,305

Title expiry date 2020 2023 2032 2027 2027

Remaining years to

expiry (yrs) 8 11 20 15 15

Valuation (S$m)

(as of 31 Dec 2012) 102.3 67.4 52.1 195.8 142

Occupancy rate (%)

(as of 31 Dec 2012) 98.0% 99.4% 91.2% 76.4% 96.7%

No. of tenants

(as at 30 June 2012) 193 141 132 230 407

2012 gross revenue

(S$m) 6.9 5.5 4.3 21.8 13.1

2012 NPI (S$m) 6.7 5.5 4.0 20.2 13.1

The main shopping

centre in the Lippo

Cikarang estate with

limited competition in a

10-km radius

Prominently located in the

heart of Jakarta in

Chinatown with a strong

leisure and entertainment

component

The first modern

shopping centre

in Bogor City

Surrounded by affluent

residential estates and

apartments with a Chinese

ethnic majority

Strategically located in the

shopping and business district

of Medan, surrounded by an

affluent residential complex and

close to famous hotels in town

LMIRT is the only landlord with the ability to offer tenants a pan-Indonesia retail footprint via 718,084 sqm of NLA

29

LMIRT is the only landlord with the ability to offer tenants a pan-Indonesia retail footprint via 718,084 sqm of NLA

Notes: Please see the announcement issued by LMIRT on 10 October 2012 for details in respect of the above

1) In the case of a real estate investment trust, the net property income is a close proxy to the net profits attributable to its assets.

2) Based on the FY2011 Audited Consolidated Financial Statements.

3) Based on FY2011 average rupiah exchange rate of S$1.00 to Rp.6,939.1.

4) Includes the rental guarantee income from the KJI Vendor.

5) Based on the 6M2012 Unaudited Consolidated Financial Statements.

6) Based on the 6M2012 average rupiah exchange rate of S$1.00 to Rp.7,224.8.

Kramat Jati Indah Tamini Square Palembang Square Palembang Square Extension

Completion date 1989 2006 2004 2012

Acquisition date Oct-12 Oct-12 Oct-12 Oct-12

Major Refurbishment 2012 N/A Ongoing AE works Newly completed

NLA (sqm) 33,107 18,963 31,914 17,775

Title expiry date Oct 2024 – Nov 2031 Apr-25 Sep-39 Jan-41

Purchase Consideration

(S$m) 69.3 23.1 59.9 30

Valuation (S$m)

(as of 31 Dec 2012) 69.9 30.0 76.8 30.8

Occupancy rate

(as of 31 Dec 2012) 79.5% 100.0% 76.2% 99.3%

NPI (S$m) (1)(2)(3) 5.1(4) 2.6 3.3 0.3(5)(6)

LMIRT Existing Portfolio – Retail Malls

Located within a strategic

area in the heart of South

Jakarta

Located in Palembang,

South Sumatra Located in Palembang,

South Sumatra

Located within close

proximity to Taman Mini

Indonesia Indah

30

LMIRT Existing Portfolio – Retail Malls

LMIRT is the only landlord with the ability to offer tenants a pan-Indonesia retail footprint via 697,299 sqm of NLA

Notes: Please see the announcement issued by LMIRT on 22 October 2012 for details in respect of the above

1) In the case of a real estate investment trust, the net property income is a close proxy to the net profits attributable to its assets.

2) Based on the FY2011 Audited Consolidated Financial Statements.

3) Based on FY2011 average rupiah exchange rate of S$1.00 to Rp.6,939.1.

4) Includes rental and service charge income from MPP assuming that the sale and leaseback arrangement with MPP had taken place on 1 January 2011.

Pejaten Village Binjai Supermall

Completion date 2009 2007

Acquisition date Nov-12 Nov-12

Major Refurbishment N/A AE works (Dec 2012)

NLA (sqm) 42,171 18,441

Title expiry date Oct 2022 – Mar 2027 Sept 2016

Purchase Consideration (S$m) 96.0 30.5

Valuation (S$m) (as of 31 Dec 2012) 110.3 32.2

Occupancy rate (%) (as of 30 June 2012) 98.3% 94.1%

NPI (S$m) (1)(2)(3) 9.1(4) 1.1

Located within a strategic

area in the heart of South

Jakarta

First and the only modern

retail mall in Binjai City

31

LMIRT’s Existing Portfolio – Retail Spaces

Mall WTC

Matahari Units

Metropolis

Town Square

Units

Depok Town

Square Units

Java Supermall

Units

Malang Town

Square Units

Plaza Madiun

Units

Grand Palladium

Medan Units

Completion date 2003 2004 2005 2000 2005 2000 2005

Acquisition date Nov-07 Nov-07 Nov-07 Nov-07 Nov-07 Nov-07 Nov-07

NLA (sqm) 11,184 15,248 13,045 11,082 11,065 19,029 13,417

Title expiry date 2018 2029 2035 2017 2033 2032 2028

Years to expiry 6 18 23 6 21 20 17

Financials at Dec 2012 Valuation: S$182.9m, Gross Revenue S$15.6m, Net Property Income: S$15.5m

Occupancy at Dec 2012(%) 100% under a Master lease to Matahari

Source: 1 MDS IPO Prospectus, March 2013

Matahari is Indonesia’s oldest and largest department store chain with 32% market share

Strategically located on

the main road

connecting the BSD

residential estate, the

largest residential estate

in Greater Jakarta

A one-stop

shopping mall

located along

one of the main

roads in

Tangerang

Located adjacent to

the University of

Indonesia and has

direct access to

Pondok Cina

railway station

Located in

Semarang, capital

of Central Java

province and the

5th most populous

city in Indonesia

The biggest and

most

comprehensive

mall in Malang

since opening in

2005

The biggest

mall in Madiun,

located on

Pahlawan

Street, a major

road of the city

Located within the

Medan CBD and

surrounded by

government and

business offices and

the town hall

• Indonesia’s oldest and largest department store chain

• ~ 32% Market share1

• Strong sponsorship from Lippo Group & CVC Capital

Partners

• Largest Anchor tenant for LMIRT

Location of Matahari stores

32

Name Position Years in

industry Biography

Viven Gouw Sitiabudi - CEO

- 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 - CFO

- 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

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.

Experienced Board and Professional Management Team Senior management are highly experienced with an average experience of more than 15 years in the industry

33

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

Viven Gouw Sitiabudi - CEO

- 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

Douglas Chew - 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

Bunjamin J. Mailool

- Non-Executive Director

>20 • President Director of PT Matahari Putra Prima and PT Matahari Department Store

• Previously served as the CEO of PT. Bukit Sentul Tbk, another listed Indonesian property company

after a professional career at Citibank, Jakarta where he last held the position as the Head of the

Treasury Risk Management

• Mr Mailool graduated with a MBA from the University of Oklahoma, USA.

Our Board of Directors comprises respected and successful individuals with international working experience

Experienced Board and professional management team

34

First and Only Indonesia Retail REIT listed on SGX

IR Contact

Email : ir@lmir-trust.com

http://www.lmir-trust.com/