Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

We have relied upon the representation of the Directors (including those who may havedelegated detailed supervision of the Circular, the Proposed Acquisitions and the WhitewashResolution) that they have taken all reasonable care to ensure that all information and factsstated in the Circular are fair and accurate in all material respects and all material informationand facts in relation to the Proposed Acquisitions and the Whitewash Resolution have beendisclosed to us, and that no material information and facts have been omitted, the omission ofwhich would render any statement in the Circular, information and facts disclosed to us or ourOpinions in this letter to be inaccurate, incomplete or misleading in any material respect. TheDirectors (including those who may have delegated detailed supervision of the Circular, theProposed Acquisitions and the Whitewash Resolution) have jointly and severally acceptedresponsibility in the “Directors’ Responsibility Statement” of the Circular. Accordingly, norepresentation or warranty, express or implied, is made and no responsibility is accepted by usconcerning the accuracy, completeness or adequacy of all such information and facts.Our Opinions are based upon market, economic, industry, monetary and other conditions (whereapplicable) in effect on the latest practicable date prior to the printing of the Circular, being 19November 2012 (the “Latest Practicable Date”). Such conditions and information can changesignificantly over a relatively short period of time. We assume no responsibility to update,revise or reaffirm our Opinions in the light of any subsequent changes or developments after theLatest Practicable Date even if it may affect our Opinions contained herein.In rendering our Opinions, we did not have regard to the general or specific investmentobjectives, financial situation, risk profiles, tax position or particular needs and constraints ofany Unitholder. As different Unitholders would have different investment objectives andprofiles, we would advise the the Addressees (as appropriate) to recommend that any Unitholderwho may require specific advice in relation to his investment portfolio(s) to consult his or theirstockbroker, bank manager, accountant or other professional advisers.The Addressees (as appropriate) have been separately advised by their own professionaladvisers in the preparation of the Circular (other than this letter). We have no role orinvolvement and have not and will not provide any advice, financial or otherwise, whatsoever inthe preparation, review and verification of the Circular (other than this letter). Accordingly, wetake no responsibility for and express no views, expressed or implied, on the contents of theCircular (other than this letter).Our Opinions in relation to the Proposed Acquisitions and the Whitewash Resolution should beconsidered in the context of the entirety of this letter and the Circular.3. DETAILS CONCERNING THE PEJATEN VILLAGE ACQUISITIONDetailed information in relation to Pejaten Village is contained within Appendix B of theCircular, while information in relation to the Pejaten Village Acquisition specifically iscontained in section 3 of the Circular.4. DETAILS CONCERNING THE BINJAI SUPERMALL ACQUISITIONDetailed information in relation to Binjai Supermall is contained within Appendix B of theCircular, while information in relation to the Binjai Supermall Acquisition specifically iscontained in section 3 of the Circular.A-7