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

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Appendix EValuation RationaleIn arriving at our opinion value, we have considered relevant general and economic factors. We haveutilized Discounted Cash Flow Analysis and Direct Comparison in undertaking our assessment of theProperties. We have investigated recent sales and leasing transactions of comparable properties thathave occurred in the shopping center market.Discounted Cash Flow AnalysisThis approach gives consideration to the existing income earning and the future expectation income at thecertain time, which can be generated by the property. The stream of future earnings are either capitalizedor discounted at an appropriate rate to arrive at an indication of value at which ownership would be justifiedby a prudent investor. We have carried out a discounted cash flow analysis over a 5-year investmenthorizon in which we have assumed that the Properties is sold at the commencement of the sixth year of thecash flow. This form of analysis allows an investor or owner to make an assessment of the long term returnthat is likely to be derived from the properties with a combination of both rental and capital growth over anassumed investment horizon.In undertaking this analysis, a wide range of assumptions are made including a target internal rate ofreturn, rental growth, sales turnover growth and sale price of the property at the end of investment horizon.While the Properties generate mostly Indonesian Rupiah denominated cash flow, we understand thatthere will be hedging arrangement in place that allows us to appropriately assume that the cash flow will beconverted from Indonesian Rupiah into Singapore Dollar and to value the Properties by taking intoconsideration such an arrangement.The following table summarizes the key details for each of the Properties:PropertiesLandarea (m 2 )Grossbuildingfloor area(m 2 )Netlettablearea (m 2 )LandtitleLandzoningBandung Indah Plaza. . . . . . . . . . . . . . . . . 15,779 55,196 26,472 BOT CommercialIstana Plaza. . . . . . . . . . . . . . . . . . . . . . . . 13,082 37,434 27,247 BOT CommercialCibubur Junction . . . . . . . . . . . . . . . . . . . . 31,987 49,341 34,139 BOT CommercialEkalokasari Plaza . . . . . . . . . . . . . . . . . . . 10,500 39,895 20,587 BOT CommercialMal Lippo Cikarang . . . . . . . . . . . . . . . . . . 49,250 25,767 17,974 HGB CommercialThe Plaza Semanggi . . . . . . . . . . . . . . . . . 19,000 91,232 58,685 BOT CommercialGajah Mada Plaza . . . . . . . . . . . . . . . . . . . 37,501 (1) 66,160 34,278 HGB CommercialPlaza Madiun. . . . . . . . . . . . . . . . . . . . . . . 5,583 — 19,029 HGB CommercialRetail spaces at Depok Town Square. . . . . — — 13,045 Strata CommercialRetail spaces at Grand Palladium . . . . . . . — — 13,417 Strata CommercialRetail spaces at Mall WTC Matahari . . . . . — — 11,184 Strata CommercialE-58
Appendix EPropertiesLandarea (m 2 )Grossbuildingfloor area(m 2 )Netlettablearea (m 2 )LandtitleLandzoningRetail spaces at Malang Town Square . . . . — — 11,065 Strata CommercialRetail spaces at Java Supermall . . . . . . . . — — 11,082 Strata CommercialRetail spaces at Metropolis Town Square. . — — 15,248 Strata Commercial(1) Strata Title AreaConclusion and Summary of ValuesWe are of the opinion that the total aggregate Market Value of the Properties as at 30 June 2007 subject tothe transfer of ownership of the Properties, to all existing tenancies and occupancy arrangements, theexecution of the proposed Master Lease Agreement, the factual data, our assumptions, comments,qualifications, and limiting conditions as detailed in our full Reports, is:S$1,016,255,000(Singapore Dollars One Billion Sixteen Million and Two Hundred Fifty Five Thousand Only)The following table summarizes the salient valuation assumptions and Market Value for each of theProperties:PropertiesMarket value as at30 June 2007(S$)DiscountrateTerminalcapitalizationrateBandung Indah Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,122,000 14% 9%Istana Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,650,000 14% 9%Cibubur Junction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,803,000 14% 9%Ekalokasari Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,064,000 14% 9%Mal Lippo Cikarang . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,722,000 14% 9%The Plaza Semanggi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,051,000 14% 9%Gajah Mada Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,967,000 14% 9%Plaza Madiun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,763,000 14% 9%Retail spaces at Depok Town Square. . . . . . . . . . . . . . . . . 24,750,000 14% 9%Retail spaces at Grand Palladium . . . . . . . . . . . . . . . . . . . 25,157,000 14% 9%Retail spaces at Mall WTC Matahari . . . . . . . . . . . . . . . . . 24,317,000 14% 9%Retail spaces at Malang Town Square . . . . . . . . . . . . . . . . 25,753,000 14% 9%Retail spaces at Java Supermall . . . . . . . . . . . . . . . . . . . . 24,954,000 14% 9%Retail spaces at Metropolis Town Square. . . . . . . . . . . . . . 32,182,000 14% 9%E-59
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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
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Appendix EReport No.017/WPA-Report/
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Page 377 and 378: Appendix ERef. No: V/2006/PKG/3819
Page 379 and 380: Appendix EVALUATION CERTIFICATEProp
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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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Page 429 and 430: Retail Market Overviewretailers hav
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Page 433 and 434: Retail Market Overview2.7.5 Carrefo
Page 435 and 436: Retail Market OverviewIn view of th
Page 437 and 438: Overview of PortfolioAs the adminis
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Page 441 and 442: Overview of PortfolioFigure 3.2.2 B
Page 443 and 444: Overview of PortfolioFigure 3.2.4 S
Page 445 and 446: Overview of PortfolioFigure 3.2.6 M
Page 447 and 448: 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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