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

Appendix AINDEPENDENT ACCOUNTANTS’ REPORT ON THE PROFIT FORECAST AND PROFIT PROJECTION9 November 2007The Board of DirectorsLippo-Mapletree Indonesia Retail Trust Management Ltd(As manager of Lippo-Mapletree Indonesia Retail Trust)78 Shenton Way#05-01 Lippo CentreSingapore 079120The Board of DirectorsHSBC Institutional Trust Services (Singapore) Limited(As trustee of Lippo-Mapletree Indonesia Retail Trust)21 Collyer Quay, #14-01 HSBC BuildingSingapore 049320Dear SirsLETTER FROM THE REPORTING ACCOUNTANTS ON THE PROFIT FORECAST FOR THEFINANCIAL PERIOD ENDING 31 DECEMBER 2007 AND THE PROFIT PROJECTION FOR THEFINANCIAL YEARS ENDING 31 DECEMBER 2008 AND 2009This letter has been prepared for inclusion in the prospectus (the “Prospectus”) issued in connection withthe offering of certain Units in Lippo-Mapletree Indonesia Retail Trust (“LMIR Trust”) (the “Offering”).We have examined the Profit Forecast of LMIR Trust for the financial period ending 31 December 2007and the Profit Projection for the financial years ending 31 December 2008 and 2009 as set out on pages 98to 100 of the Prospectus in accordance with Singapore Standards on Assurance Engagements 3400 “TheExamination of Prospective Financial Information”.The Directors of Lippo-Mapletree Indonesia Retail Trust Management Ltd (the “Directors”) are responsiblefor the preparation and presentation of the forecast and projected Consolidated Statements of TotalReturn for the financial period ending 31 December 2007 (the “Profit Forecast”) and the financial yearsending 31 December 2008 and 2009 (the “Profit Projections”) in each case with respect to LMIR Trust asset out on pages 98 to 100 of the Prospectus, including their assumptions as set out on pages 100 to 108 ofthe Prospectus.Profit forecastBased on our examination of the evidence supporting the assumptions, nothing has come to our attentionwhich causes us to believe that these assumptions do not provide a reasonable basis for the ProfitForecast. Further, in our opinion the Profit Forecast, so far as the accounting policies and calculations areconcerned, is properly prepared on the basis of the assumptions, is consistent with the accounting policiesset out on pages B-10 to B-15 of Appendix B of the Prospectus, and is presented in accordance with theapplicable presentation principles of Recommended Accounting Practice 7 “Reporting Framework for UnitTrusts” (but not all the required disclosures for the purpose of this letter) issued by the Institute of CertifiedPublic Accountants of Singapore which is the framework adopted by LMIR Trust in the preparation of itsfinancial statements.Profit projectionsThe Profit Projections have been prepared to show a possible outcome based on the stated assumptions.As LMIR Trust is newly established without any history of activities and because the length of the periodcovered by the Profit Projections extend beyond the period covered by the Profit Forecast, the assumptionsused in the Profit Projections (which include hypothetical assumptions about future events andA-1