Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

The Valuation Reports assess: the market value as at 30 June 2012 for Pejaten Village, which is close to the date of thePejaten Village SPA, as well as the intended settlement date of the Pejaten VillageAcquisition; and the market value as at 30 June 2012 for Binjai Supermall, which is close to the date of theBinjai Supermall SPA, as well as the intended settlement date of the Binjai SupermallAcquisition.The market value, as defined in the respective Valuation Reports, is the estimated amountfor which an asset should exchange on the date of valuation between a willing buyer and awilling seller in an arm’s-length transaction after proper marketing wherein the transactingparties had each acted knowledgeably, prudently and without compulsion.In arriving at its opinion on market value for Pejaten Village: KJPP Willson & Rekan, on the basis that Pejaten Village is an income producingproperty, adopted the income valuation method, utilising a discounted cash flow analysis,with projections made over a five year investment horizon, taking into account existingleases, the relevant operating agreements, the tenure expiry.In determining a capitalised value, KJPP Willson & Rekan capitalised the sixth year ofnet operating income using a single capitalization rate to arrive at the property’s terminaldisposal value. KJPP RHP, on the basis that Pejaten Village is an income producing property, adoptedthe income valuation method, utilising a discounted cash flow analysis, with projectionsmade over a ten year investment horizon.In determining a capitalised value, KJPP RHP capitalised the eleventh year of netoperating income using a single capitalization rate to arrive at the property’s terminaldisposal value.In arriving at its opinion on market value for Binjai Supermall: KJPP Willson & Rekan, on the basis that Binjai Supermall is an income producingproperty, adopted the income valuation method, utilising a discounted cash flow analysis,with projections made over a five year investment horizon, taking into account existingleases, the relevant operating agreements, the tenure expiry.In determining a capitalised value, KJPP Willson & Rekan capitalised the sixth year ofnet operating income using a single capitalization rate to arrive at the property’s terminaldisposal value. KJPP RHP, on the basis that Binjai Supermall is an income producing property, adoptedthe income valuation method, utilising a discounted cash flow analysis, with projectionsmade over a ten year investment horizon.In determining a capitalised value, KJPP RHP capitalised the eleventh year of netoperating income using a single capitalization rate to arrive at the property’s terminaldisposal value.A-11