Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

Selected comparable companies in South East AsiaComparable companiesDividend yield(%) (1)Hektar Real Estate Investment Trust 7.22%Suntec REIT 6.12%Fortune REIT 4.93%CapitaRetail China Trust 8.20%CapitaMalls Malaysia Trust 4.83%Frasers Centrepoint Trust 5.11%CapitaMall Trust 4.65%Link Real Estate Investment Trust 3.42%Min 3.42%Max 8.20%Dividend yield- Based on the financial year ended 31 December 2011 5.75%- Based on the financial year ended 30 June 2012 7.37%Note:(1) Dividend yields as at the 19 November 2012Source: Capital IQIn addition to the above, we note that:(i) the reduction in the distribution yield for the financial year ended 31December 2011, arising from the Proposed Acquisitions, may have beenlessened had the pro forma financial effects incorporated the full impact ofupward rental revision by Matahari Department Store and Hypermart inrespect of their Pejaten Village spaces, at the beginning of 2012.(ii)(iii)the Binjai Supermall Purchase Consideration is payable based on theexpansion and renovation program (which is expected to increase the netlettable area by more than 25% by March 2013).the pro forma financial effects for Binjai Supermall have been calculatedbased on the historical financial statements of TMI, of which it does notaccount for space previously owned and occupied by Matahari DepartmentStore and Hypermart. The lease from Matahari Department Store andHypermart will only be entered into after the Binjai Supermall Acquisitionhas taken place.(3) The pro forma capitalisation will increase assuming completion of the ProposedAcquisitions.A-17