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

Report instructionsLippo-Mapletree Indonesia Retail Trust Management Ltd requested that Jones Lang LaSalle provide anoverview of the Indonesian retail market with particular reference to subject sites for inclusion in theprospectus to be issued in connection with the initial public offering of units in the Lippo-MapletreeIndonesia Retail Trust (“LMIR Trust”) and the listing of LMIR Trust in the SGX-ST.SCOPE OF WORKSThis report covers the following key issues:• Overview of Indonesia and its economy;• Overview of the Indonesian retail market, including retail sales growth, emerging trends, retail rentalsand future outlook;• Summary of the portfolio contained in the LMIR Trust;• Market analysis of all leased properties contained in the LMIR Trust; and• Market analysis of all retail spaces malls contained in the LMIR Trust.LimitationsThis retail market commentary has been prepared with reference to specific properties within theLMIR Trust. The analysis is the view of Jones Lang LaSalle Research and Consulting. We confirmthat Jones Lang LaSalle received a fee for the preparation and publication of this commentary.DisclaimerJones Lang LaSalle is not operating under an Australian Financial Services Licence in giving this report.No reference to the report or any part of it may be published in any document, statement or circular or inany communication with third parties without our prior written approval of the form and context in which itwill appear.This report has been produced solely as a general guide and does not constitute advice. We have used andrelied upon information from sources generally regarded as authoritative and reputable, but theinformation obtained from these sources may not have been independently verified by Jones LangLaSalle Research and Consulting.Neither Jones Lang LaSalle nor any of its associates have any other interests (whether pecuniary or notand whether direct or indirect) or any association or relationships with LMIR Trust Management Ltd or anyof its associates that might reasonably be expected to be or have been capable of influencing Jones LangLaSalle in providing this report.We stress that forecasting is a problematical exercise which at best should be regarded as an indicativeassessment of possibilities rather than absolute certainties. The process of making forward projectionsinvolves assumptions in respect of a considerable number of variables which are acutely sensitive tochanging conditions, variations in any one of which may significantly affect the outcome and we draw yourattention to this factor.About Jones Lang LaSalleJones Lang LaSalle is the world’s leading real estate services and money management firm, operatingacross more than 100 markets around the globe. The company provides comprehensive integratedexpertise, including management services, implementation services and investment managementservices on a local, regional and global level to owners, occupiers and investors.Jones Lang LaSalle has over 45 years experience in Asia Pacific. With over 12,000 employees operating inover 30 markets across the Asia Pacific region, the company’s team of experts is uniquely qualified to givethe quality advice needed for making quality real estate decisions.F-4