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The table below shows the corresponding Vendor for each of the Target Singapore SPCs whose ordinaryshares and redeemable preference shares will be acquired by LMIR Trust upon completion of theSingapore SPC Share Purchase Agreements:VendorTier 1 Retail Mall Singapore SPCsDellmore Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Belilios International Pte. Ltd.Dominion Capital Pte. Ltd.Market Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Greenlot Investments Pte. Ltd.Victoria Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tangent Investments Pte. Ltd.Millennium Capital Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Magnus Investments Pte. Ltd.Golden Acres Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thornton Investments Pte. Ltd.Superior Asset Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pierbridge Investments Pte. Ltd.(See “Certain Agreements Relating to LMIR Trust and the Properties—Summary of Ownership Structureof the Retail Malls”.)VendorTristar Capital Ltd. (“Tristar”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Retail Space Singapore SPCsSerpong Properties Pte. Ltd.Metropolis Properties Pte. Ltd.Matos Properties Pte. Ltd.Detos Properties Pte. Ltd.Palladium Properties Pte. Ltd.Java Properties Pte. Ltd.Madiun Properties Pte. Ltd.(See “Certain Agreements Relating to LMIR Trust and the Properties—Summary of Ownership Structureof the Retail Spaces”.)All the Vendors, with the exception of Tristar, are not related to the Sponsor or the Manager.(See “Certain Agreements Relating to LMIR Trust and the Properties—Description of the Singapore SPCShare Purchase Agreements”.)Indonesian SPCs: the Retail Mall Indonesian SPCs and the Retail Space Indonesian SPCsRetail Mall Indonesian SPCs: PT Graha Baru Raya, PT Graha Nusa Raya, PT Cibubur Utama,PT Megah Semesta Abadi, PT Suryana Istana Pasundan, PT Indah Pesona Bogor, PT PrimatamaNusa IndahUnder the terms of each Retail Mall Indonesian SPC Share Purchase Agreement, each of the seven RetailMall Indonesian SPCs will, on the Listing Date, be acquired by two of the 14 Retail Mall Singapore SPCs.The Retail Mall Indonesian SPCs lease the Retail Malls to tenants in consideration for rental paymentsfrom the tenants under lease agreements. As at Listing Date, the Retail Mall Indonesian SPCs will alreadyhold the Retail Malls. As a result, upon completion of its purchase of the 14 Retail Mall Singapore SPCs, onthe Listing Date, LMIR Trust will also indirectly own the seven Retail Malls.Retail Space Indonesian SPCs: PT Dinamika Serpong, PT Gema Metropolis Modern, PT MatosSurya Perkasa, PT Megah Detos Utama, PT Palladium Megah Lestari, PT Madiun Ritelindo,PT Java Mega JayaUnder the terms of each Retail Space Indonesian SPC Share Purchase Agreement, each of the sevenRetail Space Indonesian SPCs will, on the Listing Date, be acquired by two of the seven Retail SpaceSingapore SPCs. Under the terms of each Property Purchase Agreement, each of the seven Retail SpaceIndonesian SPCs, which is owned by two of the seven Retail Space Singapore SPCs will, on the ListingDate, complete the acquisition of one of the seven Retail Spaces from Matahari. As a result, uponcompletion of its purchase of the seven Retail Space Singapore SPCs on the Listing Date, LMIR Trust willalso indirectly own the seven Retail Spaces.The Retail Space Indonesian SPCs will lease the Retail Spaces to the Master Lessee in consideration forrental payments from the Master Lessee under each of the Master Lease Agreements.50
Operating Companies: PT Multi Nusantara Karya, PT Selaras Maju, PT Sarana Karya Megah,PT Antara Nusa Permai, PT Primatama Kreasi Bersama and PT Kharisma Abadi SelarasPursuant to each of the operating costs agreements entered into between the relevant Retail MallIndonesian SPC and Operating Company (collectively, the “Operating Costs Agreements”), eachOperating Company has the right to collect, through the Property Manager, a service charge from thetenants of the relevant Retail Mall. The Operating Companies will utilise this service charge to cover thecosts directly related to the maintenance and operation of the Retail Malls. The Operating CostsAgreements will be valid for a period of three years commencing 1 January 2007.Each of the Operating Companies is an affiliate of the respective Vendor of the relevant Retail Mall.The table below shows the corresponding Operating Company for each Retail Mall:Retail MallOperating CompanyGajah Mada Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cibubur Junction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Plaza Semanggi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Mal Lippo Cikarang . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Ekalokasari Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Bandung Indah Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Istana Plaza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PT Multi Nusantara KaryaPT Selaras MajuPT Primatama Kreasi BersamaPT Multi Nusantara KaryaPT Sarana Karya MegahPT Antara Nusa PermaiPT Kharisma Abadi SelarasProperty Manager: PT. Consulting & Management Services DivisionThe Property Manager, a wholly-owned subsidiary of the Sponsor, was incorporated in Indonesia on23 March 2006. Its registered office is located at Lippo Cyber Park, 2121 Lippo Karawaci Utara,Tangerang. Since 2006, the Property Manager has been engaged in the business of managingproperties in Indonesia.The Property Manager has entered into a property management agreement with each of the Retail MallIndonesian SPCs holding the relevant Retail Mall (collectively the “Existing Property ManagementAgreements”) under which the Property Manager will provide, among other things:• retail management services for the relevant Retail Mall including advising and developing a strategicmanagement policy for tenants and service providers, reviewing and implementing human resourcespolicies, accounting and finance procedures, maintenance, safety, security, cleaning and parking for therelevant Retail Mall, reviewing and providing input on vehicular and pedestrian flows and customerconveniences, public relations and customer services, insurance and tenancy mix policies;• advertising and promotion services;• lease documentation and monitoring systems and a management reporting system; and• building documentation system.(See “Certain Agreements Relating to LMIR Trust and the Properties—Description of Existing PropertyManagement Agreements”.)51
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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
Page 15 and 16: Market and industry informationThis
Page 17 and 18: SummaryThe following summary is qua
Page 19 and 20: a right of first refusal (the “RO
Page 21 and 22: • The management of all the Retai
Page 23 and 24: information was extracted are based
Page 25 and 26: 2006. It is estimated that the urba
Page 27 and 28: Further, the Retail Malls are manag
Page 29 and 30: Key Information on the PropertiesA
Page 31 and 32: Location of the Properties in Indon
Page 33 and 34: INFORMATION ON THE PROPERTIESThe Re
Page 35 and 36: Pictures of Gajah Mada Plaza19
Page 37 and 38: Percentage of contribution to LMIRT
Page 39 and 40: Number of tenants as at 30 June2007
Page 41 and 42: Car parking lots . . . . . . . . .
Page 43 and 44: Occupancy rate as at 30 June 2007.
Page 45 and 46: Year of building completion . . . .
Page 47 and 48: NLA as at 30 June 2007 . . . . . .
Page 49 and 50: Year of building completion . . . .
Page 51 and 52: Appraised value by Knight Frank as
Page 53 and 54: NPI for Forecast Period 2007,Projec
Page 55 and 56: Note:(1) Based on Strata Titles Own
Page 57 and 58: Note:(1) Based on Kiosks Sale and P
Page 59 and 60: Appraised value by Colliers as at30
Page 61 and 62: Percentage of contribution to LMIRT
Page 63 and 64: Notes:(1) These 14 Singapore SPCs (
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Page 71 and 72: The offeringLMIR Trust . . . . . .
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Page 75 and 76: Listing and Trading . . . . . . . .
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Page 79 and 80: Forecast Period2007Projection Year2
Page 81 and 82: Risk factorsProspective investors s
Page 83 and 84: Risk factorssimilar tenancy terms.
Page 85 and 86: Risk factors• losses arising from
Page 87 and 88: Risk factorsacquisitions is limited
Page 89 and 90: Risk factorsafter the proposed plan
Page 91 and 92: Risk factorsIf the tenure of the un
Page 93 and 94: Risk factorsThe Properties may be s
Page 95 and 96: Risk factorsRenovation work or phys
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Page 101 and 102: Risk factorsinterpretation by the I
Page 103 and 104: Risk factors• broad market fluctu
Page 105 and 106: Ownership of UnitsPRINCIPAL UNITHOL
Page 107 and 108: DistributionsThe distributable inco
Page 109 and 110: Exchange rates and exchange control
Page 111 and 112: CapitalisationThe following table s
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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 ERef. No: V/2006/PKG/3819
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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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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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