3Q 2009 Results Presentation Disclaimer

Singapore’s First Indonesia Retail REIT

November 2009 3Q 2009 Results Presentation 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 include, without limitation, statements relating to our profit forecast for our financial year ending 31 December 2009, and 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 reflectedinsuchforward‐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.

2 Contents CONTENTS

1. Overview of LMIR Trust & Key Highlights ………………………..………………..…………..……. 4‐6 2. Financial Results ………………………………………………………….……….…………….……...... …. 7‐12 3. Portfolio Performance ………………………………………………….……….…………….…….…... 13‐20 4. LMIR Trust Growth Strategies ...... 21‐22 5. Acquisitions ………………………………………………………………….……………….…………..…...….. 23 6. Asset Enhancements …………………………………………………………..……….……….…….…. 24‐28 7. Sponsor …………………………………………………………………………………………..……….…….. 29‐32 8. Summary …………………………………………………………………………………………..…………... 33‐34 9. Appendix ……………………………………………………..…………………………………..……………. 35‐42

3 Overview of LMIR Trust

4 First Indonesia Retail REIT in Singapore

Key statistics Gajah Mada Plaza Initial portfolio of 8 quality Retail Malls and Sun Plaza Metropolis Town Square 7 Retail Spaces. The Plaza Semanggi Grand Palladium Mall WTC Matahari Mall Lippo Cikarang Total NLA: 403,393 sqm1 Total valuation: S$ 931 million2 Grand Palladium Medan DepokTown Square Weighted average occupancy rate of the Cibubur Junction Ekalokasari Plaza Retail Malls1 : 93.0% Kalimantan Sumatra Retail Spaces are master leased to Matahari Sulawesi Sarmi for 10+10 years with stepped annual rental Istana Plaza Palembang Java Supermal Malang Town Square Irian Jaya increments for 2007‐2011 and variable rent Jakarta Makassar Semarang increments for 2012‐2016. JavaSurabaya Bandung Bali Sumbawa PlazPlaza Madiun Portfolio characteristics Retail Malls Retail SpacesSpaces Bandung Indah Plaza Strategically located with large population catchment areas Strategy to invest in Indonesian retail properties. Indonesia has a population of over 245 Conveniently accessible by public million people. In addition it has 60 different districts with a population of greater transportation and well connected by than 1 million people. highways Retail portfolio comprises established and seasoned malls and spaces, with strong shopper 5 of the Retail Malls are located in greater traffic . Jakarta, 2 in Bandung, and 1 in Medan Quality and diverse tenant base Target segment: Urban middle –high Notes: 1 As at 30 September 2009 income local community 5 2 Adopted valuation from Knight Frank as at 30 November 2008 in IDR, converted to SGD at the latest exchange rate Key Highlights

Financial Q3 2009 DPU of 1.22 cents equates to an annualised yield of 10.4% at price of 47 cents1 Results NAV = S$0.74 with low gearing 11.8%

Occupancy of 93.0% as at 30 September 2009 versus industry average of 80.8%2 Portfolio Update Well diversified portfolio with no particular trade sector accounting for more than 17% of LMIR Trust’s total NLA and no single property accounting for more than 18% of LMIR Trust’s total net property income Recent asset enhancements successfully completed Strategic Acquisition pipeline of quality assets available Issues Strategies for organic growth being pursued

Indonesian economy stands out in ASEAN with GDP growth of 4.3% Economic Following a successful election process, the momentum should build towards a stronger Outlook growth of 5.5% next year With improving economic fundamentals, we expect the retail sales environment to benefit

Note: 1. Closing price of $0.47 on 30 October 2009 2. Source: Cushman Wakefield Indonesia Q3 2009 Retail Report 6 Financial Results

7 Q3 2009 Financial Results –P&L

Actual Actual Variance 3Q09 3Q08 Remarks (%) (S$'000) (S$'000) Mainly due to : i) Depreciation of IDR against SGD when compared to Gross Revenue 20,570 26,550 ‐22.5 3Q 2008 ii) Reduction in casual leasing income as well as lower carpark and miscellaneous income Mainly due to lower property management fees arising Property Expenses 1,172 1,498 21.8 from the lower gross rental and net property income The lower gross revenue offset by lower property Net Property income 19,398 25,052 ‐22.6 operating expenses resulted in lower net property income Due to lower revenue and higher loss on the cross currency Distribution income 13,083 17,007 ‐23.1 swap, offset by lower income tax, lower withholding tax and higher interest income

Distribution per unit (cents) 1 1.22 1.60 ‐23.8

Annualised DPU (cents) 4.88

Annualised distribution yield2 10.4%

Notes: 1. Based on 1.07 3 billion units in issue as at 30 September 2009 8 2. Based on the closing price of $.0.47 as at 30 October2009 Q3 2009 Financial Results – Balance Sheet

30‐Sep‐09 (S$ million)

Non Current Assets 931.41 Current Assets 129.2 Total Debt 125.02 Other Liabilities 136.8 Net Assets 798.8 Net Asset Value S$0.74 Average Cost of Debt 7.7% p a Total Units in Issue 1.073 billion

Notes: 1. Adopted valuation from Knight Frank as at 30 November 2008 in IDR, converted to SGD at the latest exchange rate 2. DB loan expires 24 March 2012. Interest cost is fixed at 2.03% until 31 May 2011 plus margin and costs. 9 Distribution Details

1 July 2009 –30 September 2009

Total DPU 1.22 c

Tax‐Exempt 0.74 c

Capital 0.48 c

Books Closure Date 19 November 2009

Distribution Payment Date 1 December 2009

Since listing in Nov 2007, LMIR Trust has maintained a payout policy of 100% of distributable income FOR FY 2009, LMIR TRUST WILL MAINTAIN A 100% DISTRIBUTION PAYOUT 10 Unit Price Performance

LMIR Trust Share Price Performance & Trading Liquidity

10 2.4 Notes: 2.2 9 2 LMIR Trust unit price has 8 performedinlinewithSTIoverthe 1.8 7 past year 6 1.6 5 1.4 JCI stock market has rallied 88% in 4 1.2 local currency terms year‐to‐date

3 1 and 120% in dollar terms and

2 0.8 continues its performance as one of the world’s best performing stock 1 0.6 markets in 2009 0 0.4 30‐Oct‐08 8‐Jan‐09 19‐Mar‐09 28‐May‐09 6‐Aug‐09 15‐Oct‐09 Market cap is S$504.4 million1 LMRT Vol LMRT JCI

Notes: 1. Based on the closing price of $0.47 as at 30 October 2009 11 Higher yield compared to other local investment products

12.0% 10.4%

10.0%

8.2% 8.0%

6.0%

4.0% 3.3% 2.5% 2.5%

2.0% 1.4% 0.5% 0.0% 6 LMIR Trust 10 Year S'pore 5 Year S'pore Govt CPF Ordinary Average SGD 12‐ STI Yield FTSE ST REIT Index 2 3 4 7 annualised yield Govt Bond Bond Account mth Fixed Deposit Yield 1 5 (3Q09) Rate Notes: 1. Based on LMIR Trust’ closing price of 47 cents per unit as at 30 October 09 and distribution of 1.22 cents per unit for 3Q 2009 2. Singapore Government 10‐Year bond yield as at 30 September 2009 3. Singapore Government 5‐Year bond yield as at 30 September 2009 4. Prevailing CPD‐Ordinary Account savings rate (Source: CPF website) 5. Based on 12‐month SGD fixed deposit savings rate as at 30 September 2009 6. Based in 12‐month gross dividend yield of Straits Times Real Estate Index as at 30 September 2009 7. Based on 12‐month gross dividend yield of stocks in the FTSE ST Real Estate Investment Trust index as at 30 September 2009 12 Portfolio Performance

13 Portfolio Update: Occupancy

Portfolio Occupancy Profile Notwithstanding the global Actual Actual As at NLA recession, LMIR Trust’s mall No. Malls 2008 Jun 09 Sep 09 (sqm) (%) (%) (%) portfolio occupancy is 93%, which is higher than the 1 Bandung Indah Plaza 30,057 97.9 99.7 99.3 industry average of 80.8%1 2 Cibubur Junction 34,139 96.7 96.8 97.4 Occupancy is generally higher 3 Ekalokasari Plaza 25,889 93.7 95.3 97.4 than average due to good 4 Gajah Mada Plaza 35,030 96.1 98.3 89.8 locations of the malls, good 5Istana Plaza 27,670 99.5 95.5 80.1 customer targeting and strong 6Mal Lippo Cikarang 28,711 93.6 86.5 86.7 mall operator in Lippo Karawaci

7The Plaza Semanggi 64,566 93.6 92.2 92.2 Occupancy in Gajah Mada Plaza 8Sun Plaza 63,262 96.2 96.4 96.8 (“GMP”) and Istana Plaza (“IP”) A Mall Portfolio 309,323 95.7 95.0 93.0 temporarily affected by the loss B Retail Spaces 94,070 100 100 100 of RIMO dept store. Expect both GMP and IP occupancy to A+B Total Portfolio 403,393 97.3 96.2 94.6 be approx 99% by Dec 09 Industry Average 80.8 following the new leases to

Source : Cushman & Wakefield Indonesia Q3 2009 Retail Report Matahari Department Store. 14 Top 10 Mall Tenants by Gross Income

McDonalds 0.6%

Millenium 0.6% Total 16.1% of Solaria 0.7% portfolio’s

Ace Hardware 0.8% gross income

Giant Super Store 0.9%

Gramedia 1.0%

Centro 1.3%

SOGO Dept. Store 1.3%

Matahari Dept Store 4.1%

Hypermart 4.8%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

15 Portfolio Update: Diversification

Portfolio Net Income Breakdown

Bandung Indah Plaza Cibubur Junction The Plaza Semanggi Mal Lippo Cikarang Ekalokasari Plaza Gajah Mada Plaza Istana Plaza Sun Plaza Retail Spaces 9.1% 18.2% Retail Spaces Income Breakdown

Java Supermall 8.0% 12.9%

Plaza Madiun 16.6% 4.8% Grand Palladium 13.7% Medan 18.2% 5.8% 13.3% Depok Town Square

12.9% Malang Town Square

17.7% Metropolis Town 15.6% Square 11.7% 13.0% Mall WTC Matahari 8.6%

Note: As at 30 September 2009 16 Portfolio NLA Breakdown By Trade Sector

NLA by Trade Sector Mall As at 30 September 2009 17% Department Store 9% 1% Fashion 6% Books & Stationary 3% Hobbies 1% Education / School 0% 5% Supermarket / Hypermarket Casual & Others Sports & Fitness Toys Leisure & Entertainment 14% Electronic / IT 14% Gifts & Specialty Jewelry F & B / Food Court 1% Home Furnishing 1% 9% Services 3% Optic 12% 0% 4%

17 Stable Lease Expiry Profile

Expired NLA (%) 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 and Beyond

Weighted average lease term to expiry for portfolio is approx 5 years

Long lease expiry profile underpins portfolio stability

Mixture of long‐term and short term leases, provides growing & stable distributions

18 Average Rental Rates as of September 2009

ARR Retail Malls Anchor Specialty shops

Bandung Indah Plaza 62,000 260,000

Cibubur Junction 54,000 212,000 Ekalokasari 48,000 150,000 Gajah Mada Plaza 49,000 160,000 Istana Plaza 56,000 198,000 Mal Lippo Cikarang 57,000 171,000 Plaza Semanggi 56,000 161,000 Sun Plaza 38,000 165,000 ARR Retail Malls 51,000 183,000

19 Traffic Flow of LMIR Trust Malls

Q2 Q3 Total YTD 2008 2009 2008 2009 2008 2009 Variance Variance Variance (Million) (Million) (Million) (Million) (Million) (Million)

Car 1.91 2.17 13.87% 2.20 2.23 1.12% 6.21 6.52 5.06% Motorcycle 1.34 1.54 15.37% 1.58 1.63 2.95% 4.29 4.67 8.78% Visitor 15.42 20.10 30.32% 20.22 23.41 15.79% 51.88 63.31 20.10%

20 LMIR Trust Growth Strategies

21 Targeted Growth Strategies

Large pipeline from both Sponsor and third parties. AcquisitionAcquisition A fragmented and diverse retail market provides further acquisition pipeline growth opportunities

Improving macroeconomic fundamentals OrganicOrganic growthgrowth Growing & affluent urban middle income class Active portfolio management and tenant re‐mixing / re‐positioning strategies

Asset 8 asset enhancements completed since IPO enhancements 1 asset enhancement in progress

22 Access to acquisitions through Sponsor and third parties

24 malls throughout in Indonesia

MALUKU SULAWESI PACIFIC OCEAN Grand Palladium Medan

Sun Plaza KALIMANTAN Plaza Medan Fair Binjai Supermall IRIAN JAYA Palembang Square GTC Makassar INDIAN OCEAN City of Tomorrow Mall JAVA Malang Town Square

- Istana Plaza - Bandung Indah Plaza Strata-titled Malls (8 of 10 malls are owned by LK) MALLS IN GREATER JAKARTA LMIRT Malls LK Malls JAVA SEA Third Party Malls

NORTH JAKARTA WEST JAKARTA Pluit Village CENTER OF JAKARTA Lippo Karawaci owns and/or manages Metropolis Town Square Gajah Mada Plaza St. Moritz The Plaza Semanggi 24 malls throughout Indonesia WTC Matahari Kemang Village ± 930,000 sq m lettable area SOUTH Kramat Jati Indah Plaza JAKARTA EAST Lippo Cikarang Mall JAKARTA ± 15,660 total units BANTEN PROVINCE Pejaten Village Bekasi Trade Mall WEST JAVA 80% average occupancy rate Tamini Square PROVINCE

Cibubur Junction

Depok Town Square Bellanova Country Mall 23

Eka Lokasari Mall Asset Enhancement – Bandung Indah Plaza

Conversion of 4 existing specialty units and management office into fitness center

The completed cafe area Interior of the new fitness centre Exterior facade of the new fitness centre Transfer of equipment in progress

650 sq m new NLA will be created from the ex‐management office Total area leased out is 794 sq m with an average rental of IDR 80,000/sqm/month for 3 years 100% in full operation Estimated additional income IDR 585 million/year Cost IDR 550 million and estimated ROI above 100% (net of lost income)

24 Asset Enhancement –Plaza Semanggi

Conversion of ex‐anchor space at 3A floor into 5 specialty units

The old anchor space Enhancement work underway The opening of new seafood restaurant New space for lease

975 sq m will be created from the existing 1,300 sqm Projected cost of IDR 1.1 bio & projected annual rental of IDR 1.2 bio

Proposed rents IDR 104,000/sqm/month compared to IDR 76,000/sqm/month

440 sqm of new space is in full operation and 172 sqm already committed, the remaining 37% (363 sqm) is still under offer

Target opening: December 2009

25 Asset Enhancement – Cibubur Junction (Works in Progress)

Re‐configuration of the existing 2nd floor layout to become single corridor area

The old layout Enhancement work underway Fitting out work in progress Single corridor area almost completed

•1,467 sqm will be created from the existing 1,035 sqm Projected cost of IDR 1.8 bio & projected ROI 52% •Projected annual rental IDR 1.6 bio vs. IDR 635 mil existing •75% (1,100 sqm) of new space already committed, the remaining 25% (367 sqm) is still under offer •Target opening: December 2009

26 New Tenant Fit‐Out

Matahari Dept Store (Istana Plaza) ‐ Fitting out work in progress

First floor of the new Matahari space at Istana Plaza Second floor of the new Matahari space at Istana Plaza Installation of the new floorings

•Matahari Department Store (“MDS”) is in the process of fitting out in relation to its new leases at Istana Plaza and Gajah Mada Plaza for the space formerly occupied by RIMO Department Store •Occupancy expected to be approx 99% by Dec 09 following the new lease to MDS. •Target opening: December 2009

27 New Tenant Fit‐Out

Matahari Dept Store (Gajah Mada Plaza) ‐ Fitting out work in progress

Renovation work in progress Partition built for MDS’ office is almost completed Finishes being applied to the column

28 Sponsor

29 Manager of LMIR Trust: LMIR Trust Management Ltd

Partnership between two leading real estate forces

• Lippo is one of Indonesia’s largest • Leading real estate conglomerates company in Singapore with • Lippo Karawaci (“LK”) 40% Asian focus. is the largest listed 60% property company in S$ 212 million units (19.7%) in 127 million units (12%) • Owns and manages Indonesia by mkt LMIR Trust in LMIR Trust over S$11.8 billion cap, assets, revenue, REIT Manager: of real estate assets net profit, and land pan Asia. bank. • 8 offices across Asia • LK has the most to support regional integrated business business. model of all property Indonesia’s premier Singapore’s leading real • FY08 Profit After companies in real estate company estate company Indonesia. Tax of S$210 million

• LK rated by 3 rating agencies

• B by S&P, B1 by Moody’s and B+ by Fitch. 30 Lippo is One of Indonesia’s Largest Conglomerates

Indonesia Regional presence in China, Macau, Hong Kong, Philippines, Korea, Singapore

Property & Retail Others Retail Others Property Hospitality

Matahari & Hypermart First Media

PT Lippo Karawaci Tbk

Property & Urban Large Scale Hotels & Integrated Retail Malls Healthcare Portfolio Development Hospitality Development Management

31 Property & Portfolio Management – Unique for Property Company

PT Lippo Karawaci Tbk

Large Scale Property & Urban Hotels & Integrated Retail Malls Healthcare Portfolio Development Hospitality Development Management

REIT REIT PT. Consulting & Management Management ShoppingDedicated team of Services Division Centre experienced LARGE TEAM Directors retail mall staff RESPONSIBLE FOR SUCCESS OF LMIR TRUST Shopping Centre Directors

32 Summary

33 Conclusion

Based on announced annualised DPU, attractive yield of 10.4% Share price trading at a substantial discount to NAV Well‐balanced property diversification with no single property accounting for more than 18% of Net Property Income Portfolio occupancy rate remains higher than industry average, and projected to remain so for the rest of the year Conservative gearing provides capacity for further yield accretive acquisitions Access to future acquisitions in a fragmented and diverse retail market. Indonesian economy is one of Asia’s best performing in 2009 Indonesia retail market is likely to benefit from the improved macro‐economy LMIRT is committed to deliver stable results to our unit holders.

34 Appendix

35 Quality and strategically located Retail Malls

High Quality Retail Malls… Well complimented by Int’l & local Anchored by premier local retailers.. specialty retailers

Gajah Mada Plaza Cibubur Junction Largest retailer and department store in Indonesia

30 hypermarkets across The Plaza Semanggi Mal Lippo Cikarang Indonesia

4 department stores across Indonesia

Ekalokasari Plaza Bandung Indah Plaza 6 department stores across Indonesia

14 Giant Hypermarkets Istana Plaza Sun Plaza across Indonesia

Indonesia’s largest Cinema Network 36 Retail Spaces Master‐leased to Matahari

LMIR Trust’s portfolio includes 7 Retail Spaces with total NLA of 94,070 sqm, master‐leased to Matahari for a period of 10+10 years, with fixed rental growth of 8% p.a. for the first 4 years and a revenue sharing formula thereafter Metropolis Town Mall WTC Matahari Units Depok Town Square Units Java Supermall Units Square Units

NLA : 11,184 sqm NLA : 15,248 sqm NLA : 13,045 sqm NLA : 11,082 sqm

Malang Town Square Units Plaza Madiun Grand Palladium Unit

NLA : 11,065 sqm NLA : 19,029 sqm NLA : 13,417 sqm

5 of the 7 Retail Spaces reside in strata‐titled malls built by the Sponsor 37 Organic growth examples –Late Night Shopping at Plaza Semanggi

Traffic Flows at Plaza Semanggi during the LNS 80,000 70,000 60,000 50,000 Visitor 40,000 Car 30,000 20,000 Motor 10,000 0 2008 2009

Feedback from our tenants : Centro: “Surpassed the sales target for the LNS 2009” Accent: “Open 24 Hour and achieved 86% increased in one day, compare to previous period” Burger King: “the longest operational hour and the highest sales achievement in Plaza Semanggi within 1 a day” A&W: “Fully supportive of the LNS initiated by the management and wish to have more.” Nathan Coffee: “Sales has increased almost 50% compared normal days”

38 Organic growth examples –Late Night Shopping at Ekalokasari Plaza

CUSTOMER TRAFFIC 13 September 2008 vs 12 September 2009

70,000

60,000

50,000

40,000

30,000

20,000

10,000

‐

13‐Sep‐08 12‐Sep‐09

The Crowd at one of the casual leasing area at Late Night Shopping

39 Organic growth examples –Late Night Shopping at Bandung Indah Plaza

+101%

+67%

Traffic flows of cars coming to BIP at mid‐night

40 Recent Awards & Accolades

41 Lippo‐Mapletree Indonesia Retail Trust Management Ltd 78 Shenton Way #05‐01,Singapore 079120 Tel: 6410 9138 Fax: 6220 6557 www.lmir‐trust.com

For enquiries, please contact: Mr. Shane Hagan Chief Financial Officer Direct: (65) 6410 9139 Email: shane.hagan@lmir‐trust.com