2nd Quarter 2010 Results Presentation 29 July 2010 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 . 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.

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. Sponsor …………………………………………………………………………………………..……….…….. 24-26 7. Summary …………………………………………………………………………………………..…………... 27-28 8. Appendix ……………………………………………………..…………………………………..……………. 29-32 Overview of LMIR Trust

4 Overview of LMIR Trust

 Portfolio of Indonesian Retail Assets valued at S$1.056 billion1 including 8 retail malls and 7 retail spaces

 Strategically located with large population catchment areas - 5 of the Retail Malls are located in greater , 2 in , and 1 in

 Portfolio is well positioned in terms of target segment and diversified tenant base to benefit from Indonesia’s emerging economy and favorable demographics

 Low gearing provides opportunity for future growth

Notes: 1 Adopted valuation from CBRE as at 31 December 2009 in IDR, converted to SGD at the year end exchange rate 5 Key Highlights

Financial  2Q 2010 DPU of 1.04 cents equates to an annualised yield of 9.4% at price of 47.5 cents1 Results  NAV = S$0.83 with low gearing 10.3%

 Occupancy of 98% as at 30 June 2010 versus industry average of 82.7%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 grew at the fastest pace in more than a year at 5.7% in the first quarter Economic of 2010 Outlook  Indonesia’s central bank kept its key rate steady at 6.5% and signaled its long-held intention to accelerate the growth of the economy further  Indonesian retail market expected to perform better in line with improving economic conditions. Note: 1. Closing price of $0.475 on 30 June 2010 6 2. Source: Cushman Wakefield Indonesia 1Q 2010 Jakarta Retail Report Financial Results

7 2Q 2010 Financial Results – P&L

Actual Actual Variance Remarks 2Q 2010 2Q 2009 (%) (S$'000) (S$'000) Mainly due to: (i) the effect of foreign exchange rates used for translating revenues denominated in Indonesian Rupiah ("IDR") to Gross Revenue 40,149 20,944 91.7% Singapore Dollars ("SGD") (ii) additional income from collection of service charge and utilities recovery income from 7 retail malls (excluding Sun Plaza) upon the expiry of the operating costs agreements on 31 December 2009. Mainly due to: costs directly related to the maintenance and operating of the relevant Property Expenses (18,512) (2,466) NM retail malls recognised by the Trust as a result of assumption of operational responsibilities of the malls' operations from third party operators.

The higher gross revenue offset by higher property operating expenses Net Property income 21,637 18,478 17.1% resulted in higher net property income at $21.6M, which is $3.2M, or 17% higher than 2Q 2009.

Mainly due to higher income tax and a realised loss on the cross currency 11,241 13,933 (19.3%) Distribution income swap Distribution per unit (cents) 1 1.04 1.20 (25.0%) Distribution yield2 (%) 9.4 Notes: 1. Based on 1.078 billion units in issue as at 30 June 2010 2. Based on the closing price of $.0.475 as at 30 June2010 8 2Q 2010 Financial Results – Balance Sheet

31-Dec-09 30-Jun-10 (S$ million) (S$ million) Non Current Assets 1,056.11 1,079.6 Current Assets 132.1 136.7 Total Debt 125.02 125.02 Other Liabilities 171.7 196.3 Net Assets 891.5 895.0 Net Asset Value S$0.83 S$0.83 Average Cost of Debt 7.7% p a 7.7% p a Total Units in Issue 1.075 billion 1.078 billion

Notes: 1. Adopted valuation from CBRE as at 31 December 2009 in IDR, converted to SGD at the year end exchange rate 2. DB loan expires on 24 March 2012. Interest cost is fixed at 2.03% until 31 May 2011 plus margin and costs. 9 Distribution Details

1 April 2010 – 30 June 2010

Total DPU 1.04 c

Tax-Exempt 0.85 c

Capital 0.19 c

Books Closure Date 6 August 2010

Distribution Payment Date 27 August 2010

Since listing in Nov 2007, LMIR Trust has maintained a payout policy of 100% of distributable income FOR FY 2010, LMIR TRUST PLANS TO MAINTAIN A 100% DISTRIBUTION PAYOUT 10 Unit Price Performance

2.50 Notes:

 LMIR Trust unit price has slightly 2.00 under performed the STI (-2% vs. +1%) since the start of 2010 1.50  Market capitalization is S$ 512 1 1.00 million as of 30 June 2010

 LMIRT unit price has been trading 0.50 at a discount of (-43%) to NAV compared to CMT and Fortune 0.00 REIT who are trading at (+25%) Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 and (-32%) respectively

JCI STI LMRT SREIT

Notes: 1. Based on the closing price of $0.475 as at 30 June2010 11 Portfolio Performance

12 Portfolio Update: Occupancy

As at As at NLA No. Malls Mar 10 June 10 (sqm) (%) (%)  LMIR Trust’s mall portfolio 1 Bandung Indah Plaza 30,520 94.9 94.7 occupancy is at 97.4% as of 30 2 Cibubur Junction 34,384 97.0 99.3 June 2010, which is higher than 1 3 Ekalokasari Plaza 25,830 89.8 91.6 the industry average of 82.7% 4 Gajah Mada Plaza 35,173 98.6 98.8  Occupancy is generally been 5 Istana Plaza 27,300 98.8 98.8 higher than average due to good 6 Mal Lippo Cikarang 28,713 93.2 99.2 locations of the malls, good 7 The Plaza Semanggi 64,270 94.4 96.6 customer targeting and strong 8 Sun Plaza 63,296 98.6 98.6 mall operator in Lippo Karawaci A Mall Portfolio 309,486 96.0 97.4  In general the performance of B Retail Spaces 94,070 100.0 100.0 each malls have been favourable A+B Total Portfolio 403,556 96.9 98.0 Industry Average 82.7

Note:

1. Source : Cushman & Wakefield, 1Q 2010 Jakarta Retail Report 13 Top 10 Tenants by Gross Income

SOGO Dept. Store 0.5%

Toni Jack's Indonesia (Mc Donald's) 0.6% Total 31.2% of Solaria 0.7% portfolio Ace Hardware 0.6% gross income Gramedia 0.8%

Giant Super Store 0.7%

Centro 1.0%

Hypermart 3.9%

Matahari Dept Store (Retail Malls) 3.9%

Matahari Dept Store (Retail Spaces) 18.4%

0.0% 5.0% 10.0% 15.0% 20.0%

Note: As at 30 June 2010 14 Portfolio Update: Diversification

Bandung Indah Plaza Cibubur Junction The Plaza Semanggi

Mal Lippo Cikarang Ekalokasari Plaza Gajah Mada Plaza

Istana Plaza Sun Plaza Retail Spaces

8% 18%

8%

5% 19% 6%

16% 12% 8%

Note: As at 30 June 2010 15 Retail Malls NLA Breakdown By Trade Sector

17.0%

0.6% 9.8% 6.4% 3.0% 0.6% 4.8% 0.2%

13.7% 14.2%

0.9% 8.6% 1.1% 3.6% 3.0% 12.2% 0.4% Department Store Fashion Books & Stationary Hobbies Education / School Supermarket / Hypermarket Casual & Others Sports & Fitness Toys Leisure & Entertainment Electronic / IT Gifts & Specialty Jewelry F & B / Food Court Home Furnishing Services Optic

Note: As at 30 June 2010 16 Lease Expiry as % of Total Malls NLA

25% 21% 20% 16% 15% 14% 11% 10% 10% 10% 8%

5%

0% 2010 2011 2012 2013 2014 2015 2016

 Long lease expiry profile underpins portfolio stability

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

Note: As at 30 June 2010 17 Average Rental Rates (Anchor Tenants)

Actual ANCHOR Mar 2010 June 2010

Bandung Indah Plaza 62,000 62,000

Cibubur Junction 54,000 54,000

Ekalokasari 48,000 48,000

Gajah Mada Plaza 46,000 46,000

Istana Plaza 59,000 59,000

Mal Lippo Cikarang 59,000 59,000

Plaza Semanggi 57,000 52,000

Sun Plaza 39,000 38,000

ARR Portfolio 51,000 51,000

18 Average Rental Rates (Specialty Shops)

Actual SPECIALTY Mar 2010 June 2010

Bandung Indah Plaza 277,000 282,000

Cibubur Junction 205,000 200,000

Ekalokasari 149,000 147,000

Gajah Mada Plaza 184,000 182,000

Istana Plaza 209,000 211,000

Mal Lippo Cikarang 150,000 155,000

Plaza Semanggi 188,000 202,000

Sun Plaza 188,000 182,000

ARR Portfolio 198,000 198,000

19 LMIR Trust Growth Strategies

20 Targeted Growth Strategies

 5 asset enhancements completed in 2009 which translated into additional revenue of Rp 5 billion per annum

 Large available pipeline from  Improving macroeconomic both Sponsor and third parties. fundamentals  ROFR over malls from Sponsor  Growing & affluent urban middle  A fragmented and diverse retail income class market provides further  Active portfolio management and acquisition growth tenant re-mixing / re-positioning opportunities strategies

21 Accessto acquisitionsthroughSponsorandthirdparties

25 malls throughout in Indonesia

N

MALUKU SULAWESI PACIFIC OCEAN Grand Palladium Medan

Sun Plaza KALIMANTAN Plaza Medan Fair Binjai Supermall IRIAN JAYA Palembang Square GTC 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 CENTER OF JAKARTA Lippo Karawaci owns and/or manages Metropolis Town Square Gajah Mada Plaza St. Moritz The Plaza Semanggi 25 malls throughout Indonesia WTC Matahari  940,000 sq m lettable area SOUTH Kramat Jati Indah Plaza JAKARTA EAST Lippo Cikarang Mall JAKARTA  15,695 total units BANTEN PROVINCE Bekasi Trade Mall WEST JAVA  80% average occupancy rate Tamini Square PROVINCE

Cibubur Junction

Depok Town Square Bellanova Country Mall 22

Eka Lokasari Mall Sponsor

23 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 212.1 million units (18.4%) in 141.7 million units • Owns and manages Indonesia by LMIR Trust (13.2%) in LMIR Trust over S$11.8 billion assets, revenue and REIT Manager: of real estate assets net profit. pan Asia.

• LK has the most • 8 offices across Asia integrated business to support regional model of all property business. companies in Indonesia’s premier Singapore’s leading real Indonesia. real estate company estate company

• LK rated by 3 rating agencies-B by S&P, B1 by Moody’s and B+ by Fitch.

24 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 & Retail Malls Healthcare Portfolio Development Integrated Hospitality Development Management

25 Summary

26 Conclusion

 Based on announced DPU, attractive yield of 9.4%  Share price trading at a substantial discount to NAV (-43%)  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  Conservative gearing provides capacity for further yield accretive acquisitions  Access to future acquisitions in a fragmented and diverse retail market  Indonesia is joining an Asian rebound as the region leads a recovery from last year’s global recession. Indonesia retail market is likely to benefit from the improved macro-economy  LMIRT is committed to deliver stable results to our unit holders

27 Appendix

28 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 29 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 30 THANK YOU

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