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

Appendix EReliance 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.The Valuation and market information contained in the Reports are not guarantees or predictions and mustbe read in consideration of the following:• 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 Colliers International/PT Penilai has endeavored toassure the accuracy of the factual information it has not independently verified all information providedby the Manager (primarily copies of leases, the Master Lease Agreement and other information withrespect to the Properties) or the Government of the Republic of Indonesia (primarily statisticalinformation with respect to market conditions). Colliers International/PT Penilai believes that everyinvestor and every recipient of the Prospectus should review the Reports to understand the complexityof the methodology and the many variables involved prior to making an investment in the LMIRT.• The methodology used by Colliers International/PT Penilai in valuing the Properties—the DiscountedCash Flow Analysis—is based upon estimates of future results and are not predictions. This valuationmethodology is summarized in the Valuation Rationale section of this summary report. Themethodology begins with a set of assumptions as to income and expenses of the relevant Propertyand future economic conditions in the local market. The income and expenses figures aremathematically extended with the adjustments for anticipated changes in economic conditions. Theresultant value is considered the best practice estimate, but is not to be construed as a prediction orguarantee and is fully dependent upon the accuracy of the assumptions as to income, expenses andmarket conditions.• The Reports were undertaken based upon information available as at 30 June 2007. ColliersInternational/PT Penilai accepts no responsibility for subsequent changes in information as toincome, expenses or market conditions.We have also relied on the information provided by the owning companies of the Properties. Whilst duecare has been undertaken in the application of that information, we cannot verify its accuracy. Should it berevealed that any of this information is inaccurate or misleading so that its use would affect the valuation,we reserve the right to amend our opinion.E-38