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

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Appendix EReport No.017/WPA-Report/2007Page 35.DisclaimerWe have prepared this Valuation Summary Letter for inclusion in the Prospectus and specifically disclaimliability to any person in the event of any omission from or false or misleading statement included in theProspectus, other than in respect of the information provided within the aforementioned Reports and thisValuation Summary Letter. We do not make any warranty or representation as to the accuracy of theinformation in any other part of the Prospectus other than as expressly made or given by Knight Frank/PT. Willson Properti Advisindo in this letter.Knight Frank/PT. Willson Properti Advisindo has relied upon data supplied by the Manager and/or theowning companies and/or operator of the Properties, which we assume to be true and accurate. KnightFrank/PT. Willson Properti Advisindo takes no responsibility for inaccurate client supplied data andsubsequent conclusions related to such data.The reported analyses, opinions and conclusions are limited only by the reported assumptions and limitingconditions and are our personal, unbiased professional analyses, opinions and conclusions. We have nopresent or prospective interest in the Properties and have no personal interest or bias with respect to theparty/parties involved. The valuer’s compensation is not contingent upon the reporting of a predeterminedvalue or direction in value that favours the cause of the client, the amount of the value estimate, theattainment of a stipulated result, or the occurrence of a subsequent event.We hereby certify that the valuers undertaking these valuations are authorized to practice as valuers andhave the necessary expertise and experience in valuing similar types of properties.Yours faithfully,Knight Frank/PT. Willson Properti AdvisindoWillson Kalip, B.Sc. (Est. Mgt.) (Hons), MAPPI (Cert.)President DirectorMember of Indonesian Society of Appraiser (MAPPI) No: 94-S-00387Valuation License No.: 1.99.0041 (Ministry of Finance of the Republic of Indonesia)Valuation License No.: AD 041-2004997D (Inland Revenue Authority of Singapore)E-36
Appendix ERef. No: V/2006/PKG/3819 September 2007PT Penilai10F World Trade CentreJl Jenderal Sudirman Kav 29-31Jakarta 12920IndonesiaTel 62 21 521 1400Fax 62 21 521 1411HSBC Institutional Trust Services (Singapore) Limited(as Trustee of Lippo-Mapletree Indonesia Retail Trust Management Limited, “LMIRT”)21 Collyer Quay#14-01 HSBC BuildingSingapore 049320Attention: Head of Client ServicesDear Sirs,We refer to instructions issued by Lippo-Mapletree Indonesia Retail Trust Management Limited (the“Manager”) to report to you the formal valuation advice, prepared as at 30 June 2007, in respect of theMarket Value of the following properties (the “Properties”) for the inclusion into LMIRT, subject to theexisting and proposed leases and occupancy arrangements:1. Bandung Indah Plaza2. Istana Plaza3. Cibubur Junction4. Ekalokasari Plaza5. Mal Lippo Cikarang6. The Plaza Semanggi7. Gajah Mada Plaza8. Plaza Madiun9. Retail spaces at Depok Town Square10. Retail spaces at Grand Palladium11. Retail spaces at Mall WTC Matahari12. Retail spaces at Malang Town Square13. Retail spaces at Java Supermall14. Retail spaces at Metropolis Town SquareIn accordance with your instructions, Colliers International/PT Penilai has prepared fourteen formalcomprehensive valuation reports for the Properties (individually a “Report” and collectively the “Reports”).Our valuation is our opinion of the Market Value of the Properties, which is in accordance with theInternational Valuation Standards Committee definition of “the estimated amount for which an assetshould exchange on the date of Valuation between a willing buyer and a willing seller in an arm’s lengthtransaction after proper marketing wherein the parties had each acted knowledgeably, prudently andwithout compulsion.”This valuation summary report has been prepared for the purpose of inclusion in the prospectus to beissued in relation to the initial public offering of units in LMIRT, which will be listed on the SingaporeExchange Securities Trading Limited. The summary outlines the key factors that have been considered inarriving at our opinions of value. The value conclusions reflect all information known by us, marketconditions and available data.E-37
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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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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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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
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Page 341 and 342: Appendix EINDEPENDENT PROPERTY VALU
Page 343 and 344: Appendix EReport No.017/WPA-Report/
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Page 379 and 380: Appendix EVALUATION CERTIFICATEProp
Page 399 and 400: Appendix EPropertiesLandarea (m 2 )
Page 401 and 402: Appendix EADDENDUM—STATEMENT OF A
Page 403 and 404: Appendix FINDEPENDENT REPORT ON THE
Page 405 and 406: TABLE OF CONTENTSREPORT INSTRUCTION
Page 407 and 408: Report instructionsAbout Jones Lang
Page 409 and 410: Executive summaryIMPLICATIONS FOR R
Page 411 and 412: Overview of Indonesia and its Econo
Page 425 and 426: 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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