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

Profit forecast and profit projectionForecast Period Projection Year Projection Year200720082009(S$’000) (S$’000) (S$’000)Administrative expensesManager’s management fees. . . . . . . . . . . . . . . . . . . . (2,883) (5,942) (6,198)Trustee’s fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (191) (332) (332)Other trust operating expenses . . . . . . . . . . . . . . . . . . (607) (830) (848)Total administrative expenses ................. (3,681) (7,104) (7,378)Total return for the period before tax anddistribution and revaluation ................. 34,456 73,173 78,953Surplus on the revaluation on investment properties . . 207,887 — —Total return for the period before tax anddistribution ............................... 242,343 73,173 78,953Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,173) (8,714) (9,317)Withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,893) (5,940) (6,520)Deferredtax ................................ (62,366) — —Total return for the period after tax beforedistribution ............................... 172,911 58,519 63,116Distribution to UnitholdersForecast Period Projection Year Projection Year200720082009(S$’000) (S$’000) (S$’000)Total return for the period after tax beforedistribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,911 58,519 63,116Add back/(less) non-cash items:—Management fees (1) ......................... 1,503 3,180 3,435—Surplus on revaluation of investment properties netof deferred tax (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . (145,521) — ——Reversal of FRS adjustment on rental deposit (3) . . . . 201 365 339Total Unitholders’ distribution ................. 29,094 62,064 66,890Unitholders’ distribution:—as distributions from operations . . . . . . . . . . . . . . . . 23,035 48,044 55,487—as return of capital (4) ........................ 6,059 14,020 11,403Total Unitholders’ distribution ................. 29,094 62,064 66,890Notes:(1) This relates to the portion of the management fees which are payable in the form of Units.(2) It is assumed that all of the Properties are purchased at a total consideration of approximatelyS$796.8 million based on the Offering Price. The purchase consideration of the Properties isdetermined by the difference between the purchase consideration of the Singapore SPCs (see“Certain Agreements relating to LMIR Trust and the Properties—Description of the Singapore SPCShare Purchase Agreements” for the formula of determining this purchase consideration) and the fairvalue of all the net identifiable assets and liabilities of the Singapore SPCs acquired save for theProperties. The surplus on revaluation of the investment properties relates to the revaluation of theProperties to their fair value of S$1,004.7 million immediately upon their acquisition and the capitalexpenditures expected to be incurred in the Forecast Period 2007. The fair value of S$1,004.7 millionis based on the value appraised by Knight Frank as at 30 June 2007. It is assumed that the fair valueof the Properties will only increase by the amount of capital expenditure expected to be incurred in theForecast Period 2007, the Projection Year 2008 and the Projection Year 2009 and that there is nochange in the exchange rate between the Singapore dollar and the Indonesian Rupiah as at the end(footnotes continued on following page)99