Circular - Lippo Malls Indonesia Retail Trust - Investor Relations

This opinion is addressed to:The Independent Directors and the Trustee for their use and benefit, in connection withand for the purpose of their consideration of the Pejaten Village Acquisition.The Independent Directors and the Trustee for their use and benefit, in connection withand for the purpose of their consideration of the Binjai Supermall Acquisition.The Independent Directors for their use and benefit, in connection with and for thepurpose of their consideration of the Whitewash Resolution.The recommendations to be made by the Independent Directors to the Unitholders shallremain their responsibility.A copy of this letter may be reproduced in the Circular.This opinion is governed by, and construed in accordance with, the laws of Singapore, andis strictly limited to the matters stated herein and does not apply by implication to any othermatter.Your faithfullyfor and on behalf ofKPMG Corporate Finance Pte LtdVishal SharmaExecutive DirectorJeremy BogueAssociate DirectorA-24