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Appendix EReport No.017/WPA-Report/200730 June 2007To:Lippo-Mapletree Indonesia Retail Trust Management(as Manager of Lippo-Mapletree Indonesia Retail Trust)One Phillip Street #15-00Singapore 048692andHSBC Institutional Trust Services (Singapore) Limited(as Trustee of Lippo-Mapletree Indonesia Retail Trust)21 Collyer Quay#14-01 HSBC BuildingSingapore 049320PT. Willson Properti AdvisindoWisma Nugra Santana #17-03Jl. Jend. Sudirman Kav. 7-8Jakarta 10220, Indonesia+62 (21) 570 7170+62 (21) 570 7177 faxwww.knightfrank.comDear Sirs,RE:VALUATION OF SHOPPING CENTERS:1. THE PLAZA SEMANGGI, JAKARTA—INDONESIA.2. GAJAH MADA PLAZA, JAKARTA—INDONESIA.3. CIBUBUR JUNCTION, JAKARTA—INDONESIA.4. BANDUNG INDAH PLAZA, BANDUNG—INDONESIA.5. ISTANA PLAZA, BANDUNG—INDONESIA.6. EKALOKASARI PLAZA, BOGOR—INDONESIA.7. MAL LIPPO CIKARANG, BEKASI—INDONESIA.VALUATION OF RETAIL SPACES TENANTED AND OPERATED BY MATAHARIGROUP AT:1. DEPOK TOWN SQUARE, DEPOK—INDONESIA.2. MALL WTC MATAHARI, TANGERANG—INDONESIA.3. METROPOLIS TOWN SQUARE, TANGERANG—INDONESIA.4. JAVA SUPERMALL, SEMARANG—INDONESIA.5. PLAZA MADIUN, MADIUN—INDONESIA.6. MALANG TOWN SQUARE, MALANG—INDONESIA.7. GRAND PALLADIUM, MEDAN—INDONESIA.InstructionsThis valuation summary report has been prepared for the purposes of inclusion in the prospectus to beissued in relation to the initial public offering of units in the Lippo-Mapletree Indonesia Retail Trust, whichwill be listed on the Singapore Exchange Securities Trading Limited.E-2Continue to page 2.
Appendix EReport No.017/WPA-Report/2007Page 2.In accordance with your instructions for Knight Frank/PT. Willson Properti Advisindo to conduct formalfixed asset valuation of the above-captioned properties (the “Properties”) in providing our opinion ofMarket Value of the Properties as at 30 June 2007; subject to the existing and proposed leases, occupancyand operational arrangements of the shopping centers, and subject to the proposed lease arrangementsof the retail outlet stores with PT. Matahari Putra Prima Tbk as stipulated in the proposed LeaseAgreements (the “Valuation”).We are pleased to confirm that we have completed our site inspection, due diligence, and Valuation of theProperties; and have prepared fourteen formal comprehensive valuation reports for each of the Properties(the “Reports”). No structural survey has been made, but in the course of our inspection, we did not noteany serious defect. We are not, however, able to report that the Properties are free from rot, infestation orany other structural defect. No tests were carried out to any of the services.Our Valuation expresses our opinion of Market Value, which is defined in the International ValuationStandards (IVS) 2003 and the Indonesian Valuation Standards (Standar Penilaian Indonesia/SPI) 2002 tomean “the estimated amount for which an asset should exchange on the date of valuation between a willingbuyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties hadeach acted knowledgeably, prudently and without compulsion”.We have prepared and provided this summary of the Reports outlining key factors that have beenconsidered in arriving at our opinion of Market Value, which reflects all information known by us and basedon current market conditions.RELIANCE ON THIS LETTERThis valuation summary report does not contain all the necessary data and support information included inour Reports. For further information to that contained herein, reference should be made to the Reports,copies of which are held by the Manager and which we understand will be available for inspection for aperiod of six months from the date of the Prospectus.The Valuation and market information contained in the Reports are not guarantees or predictions and mustbe read in consideration of the followings:• Each report is several pages in length and the conclusion as to the value assessment is based upon thefactual information set forth in that Report. Whilst Knight Frank/PT. Willson Properti Advisindo hasendeavored to assure the accuracy of the factual information, it has not independently verified allinformation provided by the Manager (primarily the existing leases and the Master Lease Agreementsand other information relating to the Properties) or the Government of the Republic of Indonesia(primarily statistical information relating to market conditions). Knight Frank/PT. Willson PropertiAdvisindo believes that every investor, before making an investment in Lippo-Mapletree IndonesiaRetail Trust, should review the Reports to understand the complexity of the methodology and the manyvariables involved.Continue to page 3.E-3
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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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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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Page 299 and 300: Appendix AINDEPENDENT ACCOUNTANTS
Page 301 and 302: Appendix BINDEPENDENT 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
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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
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Page 341: Appendix EINDEPENDENT PROPERTY VALU
Page 345 and 346: Appendix EReport No.017/WPA-Report/
Page 377 and 378: 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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