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

Appendix Amanagement’s actions that are not necessarily expected to occur) are more subjective than would beappropriate for a profit forecast. The Profit Projections do not therefore constitute a profit forecast.Based on our examination of the evidence supporting the relevant assumptions, nothing has come to ourattention which causes us to believe that these assumptions do not provide a reasonable basis for theProfit Projections. Further, in our opinion the Profit Projections, so far as the accounting policies andcalculations are concerned, are properly prepared on the basis of the assumptions, are consistent with theaccounting policies set out on pages B-10 to B-15 of Appendix B of the Prospectus, and are presented inaccordance with the applicable presentation principles of Recommended Accounting Practice 7“Reporting Framework for Unit Trusts” (but not all the required disclosures for the purposes of thisletter) issued by the Institute of Certified Public Accountants of Singapore which is the framework adoptedby LMIR Trust in the preparation of its financial statements.Events and circumstances frequently do not occur as expected. Even if the events anticipated under thehypothetical assumptions occur, actual results are still likely to be different from the Profit Forecast andProfit Projections since other anticipated events frequently do not occur as expected and the variation maybe material. The actual results may therefore differ materially from those forecast and projected. For thereasons set out above, we do not express any opinion as to the possibility of achievement of the ProfitForecast and Profit Projections.Attention is drawn, in particular to the risk factors set out on pages 65 to 87 of the Prospectus whichdescribe the principal risks associated with the Offering, to which the Profit Forecast and Profit Projectionsrelate and sensitivity analysis of the Directors’ Profit Forecast and Profit Projections set out on page 108 to111 of the Prospectus.Yours faithfullyRSM Chio LimCertified Public AccountantsSingaporePartner in charge: Paul Lee Seng MengA member of the Institute of Certified Public Accountants of SingaporeA-2