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

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