LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

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DistributionsSingapore SPCs level and LMIR Trust level:Distributable Income is derived from consolidated net profit from operations by making the followingadjustments:a) Deducting fees payable to the Manager, general and administrative expenses, other trust expenses,hedging costs and expenses and taxes (if any), at the Singapore SPCs and LMIR Trust level;b) Adding any income from external parties received by the Singapore SPCs and LMIR Trust (forexample, interest income on placement of cash balances with banks);c) Deducting unrealised income, gains from the disposal of shares and properties and adding backunrealised expenses (unrealised income and expenses include unrealised exchange differencesand accretion and fair value adjustments relating to financial instruments and real properties);d) Adding back trust expenses (for example, the portion of the Manager’s management fees) paid inunits (as these are non-cash items); ande) Adding back non-recurring expenses (as deemed appropriate by the Manager).After LMIR Trust has been admitted to the Main Board of the SGX-ST, LMIR Trust will make distributions toUnitholders on a quarterly basis, with the amount calculated as at 31 March, 30 June, 30 September and31 December each year for the three-month period ending on each of the said dates. However, LMIRTrust’s first distribution after the Listing Date will be for the period from the Listing Date to 31 March 2008and will be paid by the Manager on or before 30 May 2008. Subsequent distributions will take place on aquarterly basis.In the event that there are gains arising from sales of real properties either directly or indirectly through thesales of the shares in the Indonesian SPCs or the Singapore SPCs, and only if such gains are surplus tothe business requirements and needs of LMIR Trust and its taxability or otherwise confirmed by the IRASin the event that the gains arise from the sale of shares in the Singapore SPCs or from the sale of shares inthe Indonesian SPCs by the Singapore SPCs, the Manager may, at its discretion, direct the Trustee todistribute such gains. Such gains, if not distributed, will form part of the Deposited Property.LMIR Trust’s primary source of liquidity to fund distributions, payment of non-property expenses and otherrecurring capital expenditure will be from the receipts of Gross Revenue and any future borrowings.Under the Property Funds Guidelines, if the Manager declares a distribution that is in excess of profits, theManager should certify, in consultation with the Trustee, that it is satisfied on reasonable grounds that,immediately after making the distribution, LMIR Trust will be able to fulfil, from the Deposited Property, theliabilities of LMIR Trust as they fall due. The certification by the Manager should include a description of thedistribution policy and the measures and assumptions for deriving the amount available to be distributedfrom the deposited property of the property fund. The certification should be made at the time thedistribution is declared.92
Exchange rates and exchange controlsBank Indonesia is the sole issuer of Indonesian Rupiah and is responsible for maintaining the stability ofthe Indonesian Rupiah. Since 1970, Indonesia has implemented three exchange rate systems:(i) a fixed rate between 1970 and 1978;(ii)a managed floating exchange rate system between 1978 and 1997; and(iii) a free floating exchange rate system since 14 August 1997.Under the second system, Bank Indonesia maintained stability of the Indonesian Rupiah through a tradingband policy, pursuant to which Bank Indonesia would enter the foreign currency market and buy or sellIndonesian Rupiah, as required, when trading in the Indonesian Rupiah exceeded bid and offer pricesannounced by Bank Indonesia on a daily basis. On 14 August 1997, Bank Indonesia terminated the tradingband policy and permitted the exchange rate for the Indonesian Rupiah to float without an announced levelat which it would intervene, which resulted in a substantial decrease in the value of the Indonesian Rupiahrelative to certain foreign currencies, including the US dollar and the Singapore dollar. Under the currentsystem, the exchange rate of the Rupiah is determined solely by the market, reflecting the interaction ofsupply and demand in the market. Bank Indonesia may take measures, however, to maintain a stableexchange rate.The following table sets out the average, high and low exchange rates between Indonesian Rupiah andSingapore dollars (in Indonesian Rupiah per Singapore dollar) for the periods indicated. No representationis made that the Indonesian Rupiah amounts actually represent such Singapore dollar amounts or couldhave been or could be converted into Singapore dollars at the rate indicated, at any other rate, or at all.Indonesian Rupiah per S$1.00Period Average (1) High (2) Low (2)Rp. Rp. Rp.2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,709.0 6,617.0 4,797.82002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,502.6 5,694.8 4,824.52003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,919.9 5,157.6 4,651.42004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,219.3 5,706.7 4,902.62005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,832.9 6,406.6 5,529.82006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,769.5 5,953.6 5,541.9January 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,902.4 5,930.1 5,847.9February 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,913.5 5,976.3 5,869.4March 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,013.7 6,046.6 5,989.2April 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,001.8 6,021.7 5,977.6May 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800.3 5,967.5 5,655.6June 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,839.6 5,877.8 5,803.7July 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,983.9 6,007.0 5,956.4August 2007. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,148.9 6,175.8 6,117.0September 2007. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,155.4 6,230.1 6,081.5Notes:The rates are the foreign exchange rates as quoted on Bloomberg. Bloomberg has not provided itsconsent, for the purposes of section 249 (read with section 302) of the SFA, to the inclusion of theinformation on the exchange rates from Bloomberg and is therefore not liable for such informationunder sections 253 and 254 (read with section 302) of the SFA. While the Manager has takenreasonable action to ensure that the information has been reproduced in its proper form and context,and that it has been extracted accurately and fairly, neither the Manager nor any other party hasconducted an independent review of, nor verified the accuracy of, such information.(footnotes continued on following page)93
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LIPPO-MAPLETREEINDONESIA RETAIL TRU
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Metropolis Town SquareMall WTC Mata
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KeyInvestmentHighlightsStrong acqui
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Locked-in master leases with rental
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1. Mall WTC Matahari UnitsRetail Sp
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Notice to investorsNo person is aut
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Forward-looking statementsCertain s
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Market and industry informationThis
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SummaryThe following summary is qua
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a right of first refusal (the “RO
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• The management of all the Retai
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information was extracted are based
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2006. It is estimated that the urba
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Further, the Retail Malls are manag
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Key Information on the PropertiesA
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Location of the Properties in Indon
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INFORMATION ON THE PROPERTIESThe Re
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Pictures of Gajah Mada Plaza19
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Percentage of contribution to LMIRT
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Number of tenants as at 30 June2007
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Car parking lots . . . . . . . . .
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Occupancy rate as at 30 June 2007.
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Year of building completion . . . .
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NLA as at 30 June 2007 . . . . . .
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Year of building completion . . . .
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Appraised value by Knight Frank as
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NPI for Forecast Period 2007,Projec
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Note:(1) Based on Strata Titles Own
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Page 81 and 82: Risk factorsProspective investors s
Page 83 and 84: Risk factorssimilar tenancy terms.
Page 85 and 86: Risk factors• losses arising from
Page 87 and 88: Risk factorsacquisitions is limited
Page 89 and 90: Risk factorsafter the proposed plan
Page 91 and 92: Risk factorsIf the tenure of the un
Page 93 and 94: Risk factorsThe Properties may be s
Page 95 and 96: Risk factorsRenovation work or phys
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Page 101 and 102: Risk factorsinterpretation by the I
Page 103 and 104: Risk factors• broad market fluctu
Page 105 and 106: Ownership of UnitsPRINCIPAL UNITHOL
Page 107: DistributionsThe distributable inco
Page 111 and 112: CapitalisationThe following table s
Page 113 and 114: Unaudited pro forma consolidated ba
Page 115 and 116: Profit forecast and profit projecti
Page 129 and 130: StrategyDate, to the extent that LM
Page 131 and 132: StrategyGiven that there is limited
Page 133 and 134: Strategyterm funding in a more cost
Page 135 and 136: Business and propertiesIn addition,
Page 137 and 138: Business and propertiestheir daily
Page 139 and 140: Business and propertiesValuationEac
Page 141 and 142: Business and propertiesThe followin
Page 143 and 144: Business and propertiesINFORMATION
Page 145 and 146: Business and propertiesother strata
Page 147 and 148: Business and propertiesBecause of t
Page 149 and 150: Business and propertieswell-known c
Page 151 and 152: Business and propertiesThe largest
Page 153 and 154: Business and properties“Overview
Page 155 and 156: Business and properties200 sq m and
Page 157 and 158: Business and properties• Mal Cima
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Business and propertiesTHE PLAZA SE
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Business and propertiesThe table be
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Business and properties• Epicentr
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Business and propertiesMAL LIPPO CI
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Business and propertiesPercentage o
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Business and propertiesfloor. The o
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Business and properties• Pangrang
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Business and propertiesBANDUNG INDA
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Business and propertiesAmendment to
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Business and propertiesISTANA PLAZA
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Business and propertiesThe Istana P
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Business and propertiesRelevant inf
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Business and propertiesAppraised va
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Business and propertiesDescriptionP
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Business and propertiesSun PlazaMed
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The Manager and corporate governanc
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The SponsorThe business structure o
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The Sponsorshopping, entertainment
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The SponsorKEY SHAREHOLDERS OF THE
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The formation and structure of LMIR
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Certain agreements relating to LMIR
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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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Appendix Bprice is to be negotiated
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Appendix ERef. No: V/2006/PKG/3819
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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Retail Market OverviewTable 2.1.1 I
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Retail Market Overview2.3 Changing
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Retail Market Overviewretailers hav
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Retail Market OverviewCompletionyea
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Retail Market Overview2.7.5 Carrefo
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Retail Market OverviewIn view of th
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Overview of PortfolioAs the adminis
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Overview of PortfolioFigure 3.1.4:
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Overview of PortfolioFigure 3.2.2 B
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Overview of PortfolioFigure 3.2.4 S
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Overview of PortfolioFigure 3.2.6 M
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Overview of PortfolioFigure 3.3.1 L
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Overview of PortfolioMall WTC Matah
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Leased MallsFigure 4.1.1 Cibubur Ju
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Leased MallsTable 4.1.3 Major tenan
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Leased MallsTable 4.1.4 Cibubur Jun
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Leased Malls4.1.7 SWOT analysisTabl
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Leased Malls4.2 Plaza Semanggi4.2.1
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Leased Mallsnumber of international
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Leased MallsTaking the survey and t
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Leased Malls• There are two major
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Leased Mallsterms of its very promi
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Leased MallsFigure 4.3.2 Bandung In
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Leased Malls• In terms of reasons
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Leased Mallsand approximately 38,00
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Leased MallsWhile BIP is likely to
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Leased MallsFigure 4.4.2 Istana Pla
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Leased Malls• The main reason sta
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Leased Malls• Cihampelas Walk is
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Leased MallsFigure 4.4.4: Istana Pl
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Leased MallsOn the completion of th
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Leased MallsThe target market for M
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Leased MallsThe current Hypermart e
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Leased MallsFigure 4.6.2 Gajah Mada
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Leased Malls• Of all the malls in
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Leased Mallshypermart. The centre a
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Leased MallsTable 4.6.7: Rental pos
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Leased Malls4.7.3 Tenant mixThe cur
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Leased Mallsprimarily the city of B
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Leased MallsTable 4.7.5: Main compe
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Retail Spaces Malls5. RETAIL SPACES
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Retail Spaces MallsIn addition, loc
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Retail Spaces MallsThe store target
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Retail Spaces MallsTable 5.3.1: Cen
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Retail Spaces MallsFigure 5.3.3: Gr
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Retail Spaces MallsThis relatively
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Retail Spaces MallsStrata title sho
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Retail Spaces MallsMadiun are locat
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Retail Spaces MallsFigure 5.6.3 Pla
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Retail Spaces MallsThe centre has t
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Appendix GTERMS, CONDITIONS AND PRO
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Appendix G(15) The Manager reserves
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Appendix GAdditional Terms and Cond
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Appendix G(10) By completing and de
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Appendix GAdditional Terms and Cond
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Appendix GWhere your Electronic App
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Appendix GApplication to the Manage
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Appendix GTerms and Conditions for
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Appendix HLIST OF PRESENT AND PAST
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Appendix H(6) Mr Tan Boon LeongCurr
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Appendix HCurrent DirectorshipsMapl
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Appendix HCurrent DirectorshipsMapl
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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