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

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