Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

To : HSBC Institutional Trust Services (Singapore) Limited Our Ref. : RHP-Ct/1-P/IV/2012-038(as Trustee of Lippo Malls Indonesia Retail Trust) Date : 5 October 201221 Collyer Quay No. Report : 060E-VAL-V/2012#03 – 01 HSBC BuildingSingapore 049320LMIRT Management Ltd50 Collyer Quay#06-07 OUE BayfrontSingapore 049321VALUATION OF RETAIL MALLPEJATEN VILLAGEJALAN WARUNG JATI BARAT NO. 39JATI PADANG SUB DISTRICT, PASAR MINGGU DISTRICT,SOUTH JAKARTA REGION,DKI JAKARTA PROVINCE, INDONESIADear Sir/Madam,Following instruction of HSBC Institutional Trust Service (Singapore) Ltd ("HSBC") as trustee of LippoMalls Indonesia Retail Trust (“LMIRT”) under contract No. RHP-Ct/1-P/IV/2012-038 dated 17 April2012 to advise on the Market Value of Pejaten Village located at Jalan Warung Jati Barat No. 39,Jati Padang Sub District, Pasar Minggu District, South Jakarta Region, DKI Jakarta Province,Indonesia; we hereby declare that we have completed our inspection and analysis, and submit theattached valuation certificate for your consideration.This assignment has been carried out by KJPP Rengganis, Hamid & Partner-KJPP RHP (previously PTHeburinas Nusantara) an independent valuation firm registered in Indonesian Society of Appraisers(Masyarakat Profesi Penilai Indonesia). Effective on 1 March 2011, KJPP-RHP has established astrategic alliance with CB Richard Ellis, a global property services company. KJPP-RHP is providedwith a business permit from the Ministry of Finance and registered in Bapepam (Securities ExchangeCommission “SEC”). Partners of KJPP-RHP have been registered in the Ministry of Finance and SEC.We understand that the purpose of this valuation is to give an independent opinion on Market Valueof the subject property for potential REITs acquisition.VALUATION & ADVISORY SERVICESiD-3