Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

APPENDIX AINDEPENDENT FINANCIAL ADVISER’S LETTERThe Independent DirectorsLMIRT Management Ltd(manager of Lippo Malls Indonesia Retail Trust)50 Collyer Quay, #06-07 OUE BayfrontSingapore 049321HSBC Institutional Trust Services (Singapore) Limited(trustee of Lippo Malls Indonesia Retail Trust)21 Collyer Quay, #10-02 HSBC BuildingSingapore 04932026 November 2012Dear SirsINDEPENDENT FINANCIAL ADVISER'S ADVICE IN RESPECT OF:(1) THE PEJATEN VILLAGE ACQUISITION;(2) THE BINJAI SUPERMALL ACQUISITION; AND(3) THE WHITEWASH RESOLUTION.For the purpose of this letter, capitalised terms not otherwise defined herein shall have thesame meaning given as in the circular to the unitholders of Lippo Malls Indonesia Retail Trust(the “Unitholders”)(“LMIR Trust”) in relation to the Pejaten Village Acquisition, the BinjaiSupermall Acquisition and the Whitewash Resolution (as defined below) (the “Circular”).1. INTRODUCTION1.1 TransactionsOn 23 October 2012 (the “Announcement Date”), LMIRT Management Ltd in itscapacity as manager of LMIR Trust (the “Manager”) announced that HSBC InstitutionalTrust Services (Singapore) Limited in its capacity as trustee of LMIR Trust (the“Trustee”) had entered into:- conditional share purchase agreements (the “Pejaten Village SPAs”) to acquirePejaten Village (“Pejaten Village”) from Sea Pejaten Pte Ltd (“Sea Pejaten”) andGading Nusa Utama (“GNU”) (collectively the “Pejaten Village Vendors”) (the“Pejaten Village Acquisition”).- a conditional sale and purchase agreement (the “Binjai Supermall SPA”) to acquireBinjai Supermall (“Binjai Supermall”, and together with Pejaten Village, the“Proposed Properties”) from PT Trias Mitra Investama (“TMI”) and PT MatahariPutra Prima Tbk (“MPP”) (the “Binjai Supermall Vendors”) (the “BinjaiSupermall Acquisition”, and together with the Pejaten Village Acquisition, the“Proposed Acquisitions”).A-1