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

Profit forecast and profit projectionof Forecast Period 2007 and the Projection Year 2008 and the Projection Year 2009. Notwithstandingwhether the valuation of Knight Frank or Colliers is adopted, such adoption has no impact on thedistribution to Unitholders.(3) This relates to notional interest expense which has no impact on the distribution to Unitholders.(4) The return of capital comprises the amounts received by LMIR Trust from the redemption of itsinvestment in the redeemable preference shares in the Target Singapore SPCs (see“—Assumptions—(IX) Distributable Income” and “Distributions”).Forecast and projected distributions to UnitholdersForecast Period 2007 Projection Year 2008 Projection Year 2009Based on theOfferingPriceBased on theOfferingPriceBased on theOfferingPriceNumber of Units eligible for distribution (’000) (1) . . . . . 1,060,414 (2) 1,062,291 (3) 1,066,266 (4)Distribution per Unit (cents) . . . . . . . . . . . . . . . . . . . 2.74 5.84 6.27Offering Price per Unit (S$) . . . . . . . . . . . . . . . . . . . 0.80 0.80 0.80Distribution yield (%). ...................... 6.9 (5) 7.3 7.8Notes:(1) The increase in the number of Units in Projection Year 2008 and Projection Year 2009 are due to theissue of Units to the Manager for the payment of 100.0% of the Manager’s Performance Fees forForecast Period 2007 and Projection Year 2008 in the form of Units. These Units are assumed to beissued at the Offering Price.(2) Based on the number of Units that are assumed to be in issue as at the Listing Date. It is assumed thatthe number of Units eligible for distribution is the same throughout Forecast Period 2007.(3) Based on the number of Units that are assumed to be in issue on 1 January 2008. It is assumed thatthe number of Units eligible for distribution is the same throughout Projection Year 2008.(4) Based on the number of Units that are assumed to be in issue on 1 January 2009. It is assumed thatthe number of Units eligible for distribution is the same throughout Projection Year 2009.(5) Annualised for Forecast Period 2007.ASSUMPTIONSThe Manager has prepared the profit forecast for Forecast Period 2007 and the profit projections forProjection Year 2008 and Projection Year 2009 based on the assumptions listed below. The Managerconsiders these assumptions to be appropriate and reasonable as at the date of this Prospectus. However,recipients of this Prospectus and all prospective investors in the Units should consider these assumptionsas well as the profit forecast and profit projection and make their own assessment of the futureperformance of LMIR Trust.The major assumptions made in preparing the forecast and projected Consolidated Statement of TotalReturn are set out below.(I)Gross RevenueGross revenue is the aggregate of Gross Rent, carpark income and other income earned primarily fromthe Properties. A summary of the key assumptions used in calculating the Gross Revenue is set out below:(a)Gross RentGross Rent of Retail Malls comprises base rental income and service charges. Gross Rent of RetailSpaces comprises base rental income. The percentage of forecast and projected Gross Rent attributableto Committed Leases (including letters of offer which are to be followed up with tenancy agreements to be100