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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
Appendix BINDEPENDENT ACCOUNTANTS’ REPORT ON THE UNAUDITED PRO FORMA CONSOLIDATEDBALANCE SHEET AS AT THE LISTING DATE9 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 SirsINDEPENDENT ACCOUNTANTS’ REPORT ON THE UNAUDITED PRO FORMA CONSOLIDATEDBALANCE SHEET AS AT THE LISTING DATEWe report on the Unaudited Pro Forma Consolidated Balance Sheet of Lippo-Mapletree Indonesia RetailTrust (“LMIR Trust”) and its subsidiaries (the “Pro Forma Group”) as at the Listing Date (the “Pro FormaConsolidated Balance Sheet”) set out on pages B3 to B26 of Appendix B of the prospectus (the“Prospectus”) issued in connection with the offering of certain units in LMIR Trust, which has beenprepared for illustrative purposes only and based on certain assumptions after making certainadjustments.The Pro Forma Consolidated Balance Sheet as at the Listing Date has been prepared on the basis of theassumptions set out in section C on pages B-5 to B-6 to provide information on the financial position of thePro Forma Group, had the purchase of the seven retail malls comprising Gajah Mada Plaza; CibuburJunction; The Plaza Semanggi; Mal Lippo Cikarang; Ekalokasari Plaza; Bandung Indah Plaza and IstanaPlaza (collectively known as “Retail Malls”) and the purchase of the seven retail spaces comprising MallWTC Matahari Units; Metropolis Town Square Units; Depok Town Square Units; Java Supermall Units;Malang Town Square Units; Plaza Madiun and Grand Palladium Medan Units (collectively known as“Retail Spaces”) been undertaken by LMIR Trust under the same terms set out in the Prospectus on theListing Date.The Pro Forma Consolidated Balance Sheet has been prepared for illustrative purposes only and,because of its nature, may not give a true picture of the Pro Forma Group’s actual financial position.The Pro Forma Consolidated Balance Sheet is the responsibility of the directors of Lippo-MapletreeIndonesia Retail Trust Management Ltd (the “Directors”). Our responsibility is to express an opinion on thePro Forma Consolidated Balance Sheet based on our work.We carried out procedures in accordance with Singapore Statement of Auditing Practice 24 “Auditors andPublic Offering Documents”. Our work, which involved no independent examination of the underlyingfinancial information, consisted primarily of:(i)comparing the Pro Forma Consolidated Balance Sheet to the combined audited balance sheets ofthe seven Retail Malls property companies as at 31 December 2006, audited balance sheets of theseven Retail Spaces property companies and its seven investment holding companies as at15 February 2007 and 10 February 2007 respectively, the unaudited balance sheets of therelevant Retail Malls’ ten investment holding companies as at incorporation date and four of therelevant Retail Malls’ investment holding companies as at 31 December 2006 and the unauditedfinancial statements of LMIR Trust at its constitution; andB-1
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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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Note:(1) Based on Kiosks Sale and P
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Appraised value by Colliers as at30
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Percentage of contribution to LMIRT
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Notes:(1) These 14 Singapore SPCs (
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(See “Strategy—Capital and Risk
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Operating Companies: PT Multi Nusan
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Payable by LMIR Trust(c) Any other
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The offeringLMIR Trust . . . . . .
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Lock-ups . . . . . . . . . . . . .
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Listing and Trading . . . . . . . .
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Singapore are made in accordance wi
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Forecast Period2007Projection Year2
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Risk factorsProspective investors s
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Risk factorssimilar tenancy terms.
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Risk factors• losses arising from
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Risk factorsacquisitions is limited
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Risk factorsafter the proposed plan
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Risk factorsIf the tenure of the un
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Risk factorsThe Properties may be s
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Risk factorsRenovation work or phys
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Risk factorsSuch compulsory acquisi
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Risk factorsthereby materially and
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Risk factorsinterpretation by the I
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Risk factors• broad market fluctu
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Ownership of UnitsPRINCIPAL UNITHOL
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DistributionsThe distributable inco
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Exchange rates and exchange control
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CapitalisationThe following table s
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Unaudited pro forma consolidated ba
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Profit forecast and profit projecti
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StrategyDate, to the extent that LM
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StrategyGiven that there is limited
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Strategyterm funding in a more cost
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Business and propertiesIn addition,
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Business and propertiestheir daily
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Business and propertiesValuationEac
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Business and propertiesThe followin
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Business and propertiesINFORMATION
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Business and propertiesother strata
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Business and propertiesBecause of t
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Business and propertieswell-known c
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Business and propertiesThe largest
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Business and properties“Overview
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Business and properties200 sq m and
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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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Page 249 and 250: Certain agreements relating to LMIR
Page 257 and 258: Overview of relevant laws and regul
Page 265 and 266: TaxationSINGAPORE TAX IMPLICATIONST
Page 267 and 268: Taxationbe applied to reduce the co
Page 269 and 270: TaxationOn the rental payments to t
Page 271 and 272: Plan of distributionThe Manager is
Page 273 and 274: Plan of distributionThe restriction
Page 275 and 276: Plan of distributionNote:(1) Includ
Page 277 and 278: Plan of distributionArticle 31, sec
Page 279 and 280: Plan of distributionUnited States o
Page 281 and 282: Clearance and settlementINTRODUCTIO
Page 283 and 284: General information(1) The profit f
Page 285 and 286: General information(f)(g)(h)Rule 74
Page 287 and 288: Glossary% Per centum or percentageA
Page 289 and 290: GlossaryColliersColliers Internatio
Page 291 and 292: GlossaryIndonesian SPCsInterested P
Page 293 and 294: GlossaryNPIOCBC BankNet property in
Page 295 and 296: GlossaryRetail Space Singapore SPCs
Page 297 and 298: GlossaryUnit Lending AgreementUnit
Page 299: Appendix AINDEPENDENT ACCOUNTANTS
Page 303 and 304: Appendix BLIPPO-MAPLETREE INDONESIA
Page 305 and 306: Appendix BPro Forma Consolidated Ba
Page 307 and 308: Appendix B(D)Pro Forma Consolidated
Page 309 and 310: Appendix B(x)(xi)(xii)(xiii)(xiv)S$
Page 311 and 312: Appendix BCash and cash equivalents
Page 313 and 314: Appendix BLeased assets—Leases in
Page 315 and 316: Appendix Btemporary difference; and
Page 317 and 318: Appendix B• The Trustee, the Mana
Page 319 and 320: Appendix BDeferred income represent
Page 321 and 322: Appendix Bfinancial year exceeds th
Page 323 and 324: Appendix Bprice is to be negotiated
Page 325 and 326: Appendix B4. Bandung Indah PlazaPT
Page 327 and 328: Appendix CINDEPENDENT SINGAPORE TAX
Page 329 and 330: Appendix CGains on disposal of shar
Page 331 and 332: Appendix CDisposal of UnitsSingapor
Page 333 and 334: Appendix DINDEPENDENT INDONESIAN TA
Page 335 and 336: Appendix DD-3
Page 341 and 342: Appendix EINDEPENDENT PROPERTY VALU
Page 343 and 344: Appendix EReport No.017/WPA-Report/
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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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