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

Appendix B• Adjustments to record the capital expenditure incurred for the period between 1 January 2007 and theListing Date amounting of approximately Rp. 51.9 billion (S$8,805,000) and the related depreciationthereof;• Adjustment to accrue the Build, Operate and Transfer (“BOT”) liabilities, discounted at 14% which isapproximate to the discount rate used by the property valuer in the valuation of the Properties;• Adjustment to state the Properties at a total valuation of approximately Rp. 5.9 trillion (approximatelyS$1,004,679,000) and the deferred tax attributable to the revaluation of the Properties of approximatelyS$62,366,000. The valuation is based on an independent valuation dated 30 June 2007 carried out byKnight Frank / PT. Willson Properti Advisindo as at 30 June 2007;• Adjustment to reflect LMIR Trust’s issuance of 1,060,414,000 units at S$0.80 per unit, comprising645,469,000 units under the Offering and 414,945,000 units allocated to Cornerstone investors for cashof approximately S$848,331,200 before issue costs;• Adjustment to incorporate the incurrence of issue costs relating to the offering which is estimated atS$32,801,920; and• Adjustment to incorporate the relevant estimated revenue, expense and deferred income and relatedtaxes earned and incurred between 1 January 2007 and the Listing Date.In addition, the Manager has assumed the following:• The valuations of the Properties adopted at the Listing Date remain unchanged from those as at 30 June2007 based on the independent valuation report by Knight Frank / PT. Willson Properti Advisindo dated30 June 2007;• The issue price of the units under offering is S$0.80 per unit;• The total acquisition cost of the Investment Holding Companies and the Property Companies isapproximately S$815,529,280;• The derivative financial instruments that will be contracted at the Listing Date will have no significantimpact to the financial position of LMIR Trust;• All agreements are enforceable and will be performed in accordance with their respective terms andconditions;• Prior to the Listing Date, there will be no significant transactions in the seven Retail Spaces PropertyCompanies and their respective Investment Holding Companies and, the Investment HoldingCompanies of the Retail Malls Property Companies; and• Interest is earned based on the estimated monthly net cash inflow at an interest rate of 2% per yearcalculated on monthly basis. The Manager has assumed that the interest income earned will besubjected to Indonesia withholding tax of 20% and the funds will be kept in Indonesian Rupiah andSingapore dollars.B-6