Strictly Confidential
Lippo Malls Indonesia
Retail Trust
Investor Presentation
Attractive Indonesian Retail Sector High forecast retail growth coupled with low rental rates & retail space per capita imply huge upside
potential for Indonesian retail landlords
Indonesia – GDP Per Capita and average real wage projection Fastest retail sales growth in the region
GDP Per Capita (USD) 16% Retail sales growth (2012 - 2016F) 12.9%
12%
8% 6.8% 6.7% Average Wage (USD/Day)
4% 3.5% 2.3%
0% Indonesia Malaysia Thailand Philippines Singapore
Source: World Bank, Standard Chartered Research Estimates Source: CIA World Factbook
Jakarta is ‘under-malled’ Retail rental rates in Jakarta remain the lowest in the region
Retail space per capita (SQFT) Retail rental rates (USD PSM/Month) 20.0 16.4 665 15.0 520 9.7 9.9 465 10.0 7.2 7.4 5.3 279 4.7 4.7 226 5.0 134 123 115 41 0.0 Jakarta Metro Bangkok Singapore Klang Sydney Tokyo HK Beijing Shanghai Singapore Ho Chi New Hanoi Mumbai Bangkok Jakarta Manila Valley Minh Delhi
Source: CIA World Factbook, CBRE, Colliers Research reports Source: CBRE Asia Pacific Retail Market View, Colliers Retail Market Report 3Q 2015
1 Attractive Indonesian Retail Fundamentals Minimum wage hikes will continue to increase Indonesians’ buying power, bringing about robust income growth which will drive domestic consumption.
Persons ('000) in Age Groups Households ('000) in Income Group
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 0-14 62,243 64,695 98
50k 259 15-24 43,092 42,788 20-50k 3,114 7,501
25-39 61,819 61,430 10-20k 19,481 29,049 79,559 40-64 61,872 5-10k 26,890 24,838 18,844
65-100 p.a. US$ Income Household 13,928 1-5k 14,213 12,035 - 20,000 40,000 60,000 80,000 100,000 2012 2022 2022 2012
Source: Global Demographics Source: Global Demographics
2
Portfolio Highlights
3 Strategically Located Portfolio
LMIRT has a diversified portfolio of 19 retail malls and 7 retail spaces across Indonesia
. Diversified portfolio across Metropolis Town Square Pluit Village North Indonesia West Jakarta Mall WTC Matahari Central Gajah Mada Plaza (Total NLA: 815,283 sqm) JakartaJakarta
– 10 malls across Pejaten Village The Plaza Semanggi
Greater Jakarta Lippo Mall South East Kemang Jakarta Binjai Supermall Jakarta Mal Lippo Cikarang
– Plaza Medan Fair Depok Town Square Kramat Jati Indah Plaza 2 malls in Bandung Sun Plaza
Grand Palladium Medan Cibubur Tamini Square – 3 malls in Medan Medan Ekalokasari Plaza Junction
– 3 malls in Palembang
– 1 mall in Batu
Kalimantan – 7 retail spaces Balikpapan Sumatra Pontianak Sulawesi Palembang Palembang Square
Palembang Square IrianJaya Extension Palembang Icon Java Supermall
Semarang Jakarta Istana Plaza Java Surabaya Bandung Batu Malang Plaza Madiun Lippo Malang Bandung Indah Plaza Plaza Town Retail Malls Batu Square Retail Spaces
Lippo Mall Kemang Source: Company data
4 Portfolio Overview
LMIRT is well-positioned to leverage on the strong Indonesian macro outlook and buoyant retail sector
. Portfolio valuation of S$ 1.797bn1 • 93.9% occupancy vs 85.3% Industry average 2 . Total NLA of 815,283 sqm 3
Portfolio Key Metrics
No Malls NLA (sqm) Valuation (S$M) 1 Occupancy Rate (%) 1 Bandung Indah Plaza 30,288 79.0 99.8% Cibubur Junction 49.0 99.1% 2 34,494 3 Ekalokasari Plaza 21,250 40.6 94.3% 4 Gajah Mada Plaza 36,433 74.3 75.9% Istana Plaza 99.5% 5 26,859 71.9 6 Mal Lippo Cikarang 30,252 56.2 99.7% 7 Plaza Medan Fair 54,776 111.9 98.1%
8 Plaza Semanggi 64,210 131.8 78.2% 9 Pluit Village 87,394 128.4 87.8% 10 Sun Plaza 64,358 165.5 97.9%
11 Binjai Super Mall 23,315 25.9 91.9% 12 Lippo Kramat Jati Indah 32,609 56.4 91.3% 13 Pejaten Village 42,166 94.5 99.3%
14 Palembang Square 31,641 62.9 92.9% 15 Palembang Square Ext 17,392 25.1 99.8% Tamini Square 23.2 100.0% 16 17,476 17 Lippo Mall Kemang 58,254 349.9 93.2% 18 Lippo Plaza Batu 12,333 79.8 98.2% 19 Palembang Icon 35,715 26.8 99.1% A Mall Portfolio 721,213 1,653.2 93.2% B Retail Spaces 94,070 143.7 100.0% A + B Total Portfolio 815,283 1,796.9 93.9% Industry Average 85.3% Notes: 1. Based on valuation by Rengganis, Wilson , Hendra and Winarta at 31 Dec 2014 in IDR and acquisition price (Lippo Plaza Batu & Palembang Icon only) and adjusted for property enhancements to date. The valuations and property enhancements are converted to SGD using the closing rate of 10,196 IDR/SGD as at 30 September 2015. 2. Colliers Market Report 3Q 2015 Retail (average occupancy of Jakarta and Greater Jakarta areas) 3. As at 30 September 2015
5 Portfolio Summary (As of Q3 2015)
1 1 Trade Sectors Breakdown by Rental Income Trade Sectors Breakdown by NLA
% of Rental Trade Sector Trade Sector % of NLA Income
1 Food and Beverage 19.33% 1 Department Store 15.52%
2 Supermarket/Hypermarket 14.52% 2 Fashion 16.03%
3 Department Store 9.35% 3 Other 13.04%
4 Supermarket/Hypermarket 9.24% 4 Food and Beverage 10.30%
5 Others 9.10% 5 Fashion 8.54%
Top 5 Sectors 63.05% Top 5 Sectors 61.92%
Notes: 1. As at 30 September 2015, excluding retail spaces
6 Top 10 Tenants By Gross Rental Income
As at 30 September 2015, includes retail space
Giant Supermarket 0.5%
Ace Hardware 0.5%
Electronic Solution 0.5%
Cinema 21 0.5%
Fitness First 0.5%
Solaria 0.5%
Gramedia 0.7%
Carrefour 3.5%
Hypermart 6.4%
Matahari Department Store 9.4%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%
. Top 10 tenants contribute approximately 22.9% of LMIRT Retail Mall Portfolio’s Gross Rental Income
7 Rental Reversion Trend (as of Q3 2015)
Source: Company data
8
Financial Performance
9 LMIRT – Funding Milestones
Dec 2011: Dec 2014: Completed rights Nov 2013: Completed Nov2007: issue of 1.09 billion Completed issuance of LMIRT was new units to raise ~ officially listed SGD100m 236m new units SGD337m in gross on the SGX Private to raise proceeds (165% Placement ~SGD85m in subscription rate) gross proceeds
2007 2011 2012 2013 2014 2015
Dec 2011: July 2012: Draw down of Nov 2012: Oct 2013: June 2015: Sep 2011: Completed Jan 2014: Dec 2014: July 2015: Nov 2015: SGD 147.5m Completed Completed Completed Secured issue of Repayment Draw down Refinanced Refinanced new loan issue of issue of issue of SGD190m SGD200m 3 of the of SGD SGD200m SGD100m (including SGD75m SGD150m SGD75m loan facility yr and SGD147.5 155m with 6 with 3 yr successful 5 yr 3 yr 5 yr from 4 SGD50m 5 yr m term secured month term unsecured refinancing of unsecured unsecured unsecured banks unsecured loan bank loan loan bond SGD125m bond bond bond bonds loan)
Equity Capital Debt Capital
10 LMIRT – Growth Milestones
Value of AUM (IDR bn)
Assets Under Management
No of properties 2008 2009 2010 2011 2012 2013 2014 2015 Beginning of the year 14 15 15 15 17 23 23 24
End of the year 15 15 15 17 23 23 24 26*
* As at 30 September 2015
11 Strong NPI Growth and Financial Position LMIRT has demonstrated robust growth and sustainable profit margins
Historical Gross Revenue vs. NPI 180,000
160,000 150,374 152,599 136,108 136,985
140,000 129,370 116,080 120,000 101,761 99,583 101,734 100,000 85,758 71,443 Gross Revenue (SGD'000)
(SGD million) (SGD 80,000 71,777 61,278 65,931 NPI After Tax (SGD'000) 60,000 40,000
20,000 - Period from 2009 2010 2011 2012 2013 2014 IPO to 2008
Debt and Gearing Cost of Debt and DPU Yield
12 800 120%
700 Due to issuance of 11 100% 10 SGD325m bonds for 9.6
600 acquisitions 75% 8.4 68% 74% 80% 8 8.1 500 68% 6 7.8 55% 7.6 400 60% 6 6.7 695 6.1 5.6 300 622.5 630 5.1 5.2 40% 4 472.5 200 20% 2 100 125 147.5 0 0% 0 2010 2011 2012 2013 2014 Q3 2015 2010 2011 2012 2013 2014 Q3 2015 Debt Unencumbered assets Average cost of debts DPU Yield Source: Company announcement
12 Q3 2015 Financial Results – P&L (in Rp mn)
3Q 2015 3Q 2014 Variance (IDR million) (IDR million)
Gross Rent 359,093 266,101 34.9%
Rental Guarantee Income - 2,547 -100%
Other Income 8,124 6,509 24.8%
Net Parking Income 52,514 24,769 NM
Rental of Electrical, Mechanical, and Mall Operating 10,761 5,224 NM
Equipment
Total Revenue 430,492 305,150 41.1%
Property Management Fee (11,139) (8,950) -24.5%
Property Management Expenses (20,881) (5,950) NM
Total Property Operating Expenses (32,020) (14,900) NM
Net Property Income 398,472 290,250 37.3%
13 Q3 2015 Financial Results – P&L (in S$ mn)
3Q 2015 3Q 2014 Variance (S$ ‘000) (S$ ‘000)
Gross Rent 36,327 28,336 28.2%
Rental Guarantee Income - 271 -100%
Other Income 831 692 20.1%
Net Parking Income 5,313 2,637 NM
Rental of Electrical, Mechanical, and Mall Operating 1,076 553 94.6% Equipment
Total Revenue 43,547 32,489 34.0%
Property Management Fee (1,129) (954) -18.3%
Property Management Expenses (2,128) (628) NM
Total Property Operating Expenses (3,257) (1,582 ) NM
Net Property Income 40,290 30,907 30.4%
Distributable Income 21,487 17,070 25.9% Distribution Per Unit (cents) ¹ 0.77 0.69 11.6% Annualized Distribution Yield ² 9.6%
Notes: 1. Based on 2.793 billion units in issue as at 30 September 2015. 2. Based on a closing price of S$0.32 as at 30 September 2015.
14 Q3 2015 Financial Results – Balance Sheet
30 September 2015 31 December 2014
S$ million S$ million
Non Current Assets 1,803.4 1,845.9
Current Assets 160.6 171.6
Total Debt 695.0 630.0
Other Liabilities 226.9 237.8
Net Assets 1,042.1 1,149.7
Net Asset Value S$ 0.37 S$ 0.42
Total Units In Issue 2,792.8 2,701.8
Gearing Ratio 35% 31%
Notes:
1. Included in the Non Current Assets are the Investment properties of S$ 1,773.4 million. The carrying values of the properties are stated based on independent valuation as at 31 December 2014 and acquisition price (Lippo Plaza Batu & Palembang Icon only), and adjusted for property enhancements to date. The valuations and property enhancements figures are recorded in the financial statements of the Indonesian subsidiaries in Indonesian Rupiah and translated into Singapore Dollars using the exchange rate as at end of the period.
2. Included in the Non current Assets are the Investment properties of S$1,806.9 million. The carrying values of the properties are stated based on the independent valuation as at 31 December 2014 in the financial statements of the Indonesian subsidiaries in IDR and translated into SGD using the exchange rate as at the end of the period.
15 Lease Expiry Profile
As at 30 September 2015
Weighted Average Lease Expiry (by NLA) as at 30 September 2015: 5.13 years
50%
45% 43%
40%
35%
30%
25% 23%
20%
15% 11% 10% 8% 5% 4%
0% 2015 2016 2017 2018 2019 & Beyond
. LMIRT’s portfolio lease terms represent a balanced mix of long-term anchor leases and shorter-term leases for non-anchor tenants, providing both stability and growth potential.
16 Debt Maturity Profile
As at 15 December 2015
Weighted Average Maturity of Debt Facilities as at 15 December 2015: 2.04 years
1
1 5
2 6
3 3 2 5 3 4 4 7
4 6
Notes: 1 S$ 100 million 5.46% term loan due January 2016 2 S$ 150 million 4.25% fixed rate note (EMTN Program) due October 2016 (All in cost of debt: 4.6%) 3 S$ 50 million 5.875% fixed rate note (EMTN Program) due July 2017 (All in cost of debt: 6.5%) 4 S$ 75 million 4.48% fixed rate note (EMTN Program) due November 2017 (All in cost of debt: 5.0%) 5 S$ 100 million 4.50% fixed rate note (EMTN Program) due November 2018 (All in cost of debt: 4.8%) 6 S$ 145 million 5.57% p.a. (after taking into account interest rate swap contracts) term loan due December 2018 7 S$ 75 million 4.1% fixed rate note (EMTN Program) due June 2020 (All in cost of debt: 4.3%)
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Appendix
Key Highlights of 3Q 2015 Results
YTD Gross Rental Income increased by 28.6% in IDR term
3Q 2015 Results 3Q 2015 DPU of 0.77 cents and YTD DPU of 2.29 cents
3Q 2015 DPU represents an annualized yield of 9.6%
Weighted Average Maturity of debt facilities was 1.84 years1 Financial Outstanding debt was S$695 million as at 30 September 2015 Position Established Euro Medium Term Securities Programme of S$1 billion
Indonesia's FDI increased by 18.2% YoY to IDR 92.2 trillion in 2Q 20152. Economic and
Retail Bank Indonesia expects Indonesia’s economy to grow 4.9% in 2015 Landscape 3 Retail space asking rents in Jakarta increased by 6.1% YoY in 3Q 2015
Overall occupancy of 93.9% as at 30 September 2015
Portfolio Update New and renewed leases of approximately 36,026 square meters during 3Q 2015
Average rental reversion was 22.9% during 3Q 2015
Notes: 1. As at 30 September 2015 2. Indonesia Investment Coordination Board Q2 2015 Press Release 3. Colliers Research and Forecast Report Q3 2015
i Experienced Board
Our Board of Directors comprises respected and successful individuals with international working experience
Years in Name Position Biography industry Albert Saychuan Cheok - Chairman > 30 • Fellow of the Australian Institute of CPA with over 30 years experience in banking within the APAC - Audit Committee member region. Mr Cheok was the Chairman of Bangkok Bank in Malaysia from 1995 to 2005 - Independent Non- • Non-executive director of Eoncap Islamic Bank Berhad and MIMB Investment in June 2009 Executive Director • Currently the Vice Chairman of the Export and Industry Bank of the Philippines and the Chairman of Auric Pacific Group Ltd, and a director of IPP Financial Services Holdings Ltd Phillip Lee - Audit Committee Chairman > 30 • Formerly served as a Partner at Ernst & Young for 20 years
- Independent Non- • Member of the Institute of Chartered Accountants in England and Wales as well as member of the Executive Director Institute of CPA, Singapore and Malaysia • Independent Director of a number of listed companies including IPC Corp Ltd, and Transview Holdings Ltd
- Audit Committee member > 30 • Currently the Managing Director of Lock Property Consultants Pte Ltd, advising on real estate Goh Tiam Lock - Independent Non-Executive development and management Director • Fellow of the Royal Institution of Chartered Surveyors and a Fellow of the Singapore Institute of Surveyors & Valuers
• Awarded in recognition of his contribution to Singapore, including the Public Service Medal in 1988 and the Public Service Star in 1997 Douglas Chew - Audit Committee member > 30 • Served as the Regional Manager for the Asia Pacific Regional Office of Raiffeisen Bank International
- Independent Non-Executive AG (formerly known as RZB-Austria) from Jan 2010 to Feb 2012
Director • Board member of Bowsprit Capital Corporation Ltd (Manager of First REIT) from Oct 2009 to Feb 2012 • Board member of the Export and Industry Bank in the Philippines since April 2006
Viven Gouw Sitiabudi - Executive Director > 20 • More than 20 years of experience in management, marketing and sales
• Served as the President Director of the Sponsor and led it to become the largest listed property company in Indonesia by assets • Ms Sitiabudi graduated from the University of New South Wales, Australia in 1977 with a degree in Computer Science and Statistics
Alvin Cheng - CEO & Executive Director > 20 • More than 20 years of working experience in the banking and transportation industries • Previously served as the CEO and Executive Director of the PST Management Ltd (as trustee- manager of Pacific Shipping Trust) (PSTM) from 2008 - 2009 • Held senior positions in the area of corporate finance in London, Hong Kong, and Singapore • Earned MS degree in Economics of Ocean Transportation and Ocean Engineering from MIT, USA
ii Professional Management Team Senior management are highly experienced with an average experience of more than 15 years in the industry
Years in Name Position Biography industry Alvin Cheng - CEO & Executive Director > 20 • More than 20 years of working experience in the banking and transportation industries - Investor Relations • Previously served as the CEO and Executive Director of the PST Management Ltd (as trustee-manager of Officer Pacific Shipping Trust) (PSTM) from 2008 - 2009 • Held senior positions in the area of corporate finance in London, Hong Kong, and Singapore • Earned MS degree in Economics of Ocean Transportation and Ocean Engineering from MIT, USA
Viven Gouw Sitiabudi - Executive Director > 20 • More than 20 years of experience in management, marketing and sales • Served as the President Director of the Sponsor and led it to become the largest listed property company in Indonesia by assets
• Ms Sitiabudi graduated from the University of New South Wales, Australia in 1977 with a degree in Computer Science and Statistics SR Lo - Chief Financial Officer > 20 • More than 20 years of accounting, auditing and corporate finance experience • Previously served as CFO of Keppel Land China Limited, Sino-Singapore Tianjin Eco-City Investment and
Development Co., Bowsprit Capital Corporation Ltd (as REIT manager of FIRST REIT)
• Held senior finance positions in USA, China, and Singapore • Graduated with Master degree in Accountancy from the University of Georgia, USA and Bachelor degree in Business Administration from the University of Windsor, Canada.
• Received certification as Certified Public Accountant (CPA) from AICPA, USA and Certified Management Accountant (CMA) from IMA, USA
Wong Han Siang - Financial Controller > 15 • More than 15 years of accounting and auditing experience • Prior to joining the Manager, Mr Wong was an Audit Manager with PricewaterhouseCoopers Singapore • A non-practicing member of the Institute of Certified Public Accountants of Singapore • A fellow member of the Association of Chartered Certified Accountants (United Kingdom)
Cesar Agor - Legal & Compliance > 6 • Previously served as an associate lawyer in various law offices in Manila, Philippines. Support Manager • Prior to joining LMIRT, Mr Agor served as an in-house legal counsel at Vista Land & Lifescapes, Inc., one of the largest real estate developers in the Philippines, where he advised the company in the areas of compliance, commercial, real estate and contract law and represented the company in various litigation proceedings before the courts of law in the Philippines. • He obtained his Bachelor of Legal Management and Bachelor of Laws both at the Catholic University of Santo Tomas, Philippines. Teo Kah Ming -Asset Manager >10 • Previousy held asset management roles covering a mixed commercial portfolio of office, retail, and serviced apartments in CapitaCommercial Trust Management Limited and PT Farpoint. • Prior experience working in India and Indonesia with CapitaLand and PT Farpoint respectively. • He graduated with a Bachelor’s degree in Science (Building) and obtained a Graduate Certificate in Real Estate Finance from the National University of Singapore.
iii LMIRT Structure Established structure provides clear and tested flow of funds to LMIRT
PT Lippo Karawaci
Indonesian SPC enters into tenancy Tbk Public 1 Tbk agreements and collects rental (the(the “Sponsor”) “Sponsor”) payments from tenants 100% 27.7% 72.3% ownership
The Indonesian SPC upstreams net Acts on behalf Management 2 of Unitholders HSBC Institutional Trust rents collected (net of PM fees) to the LMIRT Management Ltd fees Services (Singapore) Limited Singapore SPCs via dividends, (the “Manager”) LMIR Trust (the “Trustee”) interest income and principal Management Trustee’s fees repayment of shareholders’ loans services Dividends and/or redemption proceeds
LMIRT then receives the cash income 3 stream from Singapore SPC via dividends and/or redemption 37 Retail Mall Singapore 7 Retail Space Singapore
2 SPCs SPCs proceeds
LMIRT pays out distributable income 4 Singapore to unitholders (net cash flows post all Trust related expenses such as Indonesia interest expense, REIT management Rental Rental fees) payments payments Retail Retail 19 Indonesian SPCs 7 Indonesian SPCs Malls Spaces 100% 100% ownership ownership Property Property Property Property Property management management management management management services fees agreement agreement fees
Lippo Malls Indonesia Notes: (the “Property Manager”)1 1 The Property Manager is owned 100% by the Sponsor 2 LMIRT’s ownership in Singapore SPCs is structured via ordinary and redeemable preference shares
iv Acquisition Pipeline From Sponsor LPKR’s pipeline of quality retail malls provides visibility for LMIRT’s acquisition growth…
LMIRT currently has a right of first refusal (“ROFR”) granted by its Sponsor, LPKR at the time of its listing
. ROFR scope
– Any proposed sale or offer for sale of retail properties in Indonesia by or made to any Sponsor entity (whether wholly or partly-owned) . ROFR validity period
– As long as LMIRT Management Ltd. remains the REIT Manager for LMIRT; and
– LPKR and/or any of its related corporations remains a controlling shareholder of the Manager
. LMIRT is governed by the S-REIT regulations regarding interested party transactions for acquisitions/sales made between LPKR and the REIT
LPKR’s mall development expertise combined with its target expansion plans
2016 - 2020 Target
60 2015 Retail Malls
Pipeline Total GFA 10 50 3.1 million²
6 40
30 57
20 41
10
0 Currently owned / managed LPKR 2015 target LPKR additional management target Target total malls under management Source: LPKR Q1 2015 Investor Presentation
v Disclaimer
Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements
reflect our current views with respect to future events and financial performance and are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in the Indonesian retail industry including those factors which may affect our ability to attract and retain suitable tenants, our ability to manage our operations, reduced demand for retail spaces, our ability to successfully complete and integrate potential acquisitions, liability for damages on our property portfolios, the success of the retail malls and retail spaces we currently own, withdrawal of tax incentives, political instability, and legal restrictions on raising capital or acquiring real property in Indonesia. In addition to the foregoing factors, a description of certain other risks and uncertainties which could cause actual results to differ materially can be found in the section captioned "Risk Factors" in our preliminary prospectus lodged with the Monetary Authority of Singapore on 19 October 2007. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. We undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The value of units in LMIRT (“Units”) and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, LMIRT Management Ltd, as manager of LMIR Trust (the “Manager”) or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.
Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of LMIRT is not necessarily indicative of the future performance of LMIRT.
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