Strictly Confidential

Lippo Malls Retail Trust

Investor Presentation June 2015

Value Propositions

• LMIR Trust is guided by the Strength vision to create value that will stand the test of time.

• LMIR Trust continues to bridge the global investment Connectivity community with the manifold value-creation opportunities in Indonesia.

• LMIR Trust seeks more opportunities to invest in growth, Opportunity through strategic acquisition and portfolio expansion and diversification.

1 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 and Net Income Per Capita Projection One of the fastest retail sales growth in the region GDP at PPP Per Capita (USD/annum) 20000 Retail Sales % CAGR (2010 – 2014) 15291 13140 15000 11345 9592 10000 5000 0 2013 2015 2017 2019 Net Income Per Capita (USD/annum) 6000.0 4744.2 3750.9 4000.0 3084.6 3116.8 2000.0 0.0 2013 2015 2017 2019 Source: Business Monitor International 2015 Source: CEIC Database 2015 Indonesia’s major cities are relatively ‘under-malled’ Retail rental rates in is one of the lowest in the region

Retail Space Per Capita (SQFT) Retail Rental Rates (USD psm/annum)

10.00 9.23 7.60 8.00 6.88

6.00 4.96 5.29 3.73 4.00

2.00

0.00 Jakarta Manila Klang Singapore Bangkok Valley

Source: CBRE, Colliers 2014-2015,Countries’ Statistics Departments Source: JLL Retail Index Report Q12015, Cushman & Wakefield Research

2 Attractive Indonesian Retail Fundamentals A rapidly growing working-age group and a positive urbanization trend, supported by a steady increase in household income, serve as a solid foundation for retail businesses in major cities in Indonesia.

Population Data (in millions) Households ('000) in Income Group

200 180 160 153.2 2010 140 134.6 120 121.3 100 2015 179.2 80 158.3 167.7 60 40 72.5 72.1 69.86 2020 20 12.2 13.5 16.17 0 2010 2014 2019 0 20,000 40,000 60,000 80,000 100,000

Population aged 0-14 Population aged 15-64 > US$15,000 p.a. > US$10,000 p.a. Population aged 65+ Urban population > US$5,000 p.a. > US$3,000 p.a.

Source: The Economist Intelligence Unit 2015

3 Portfolio Highlights

4 Strategically Located Portfolio

LMIRT has a diversified portfolio of 17 retail malls and 7 retail spaces across Indonesia

. Diversified portfolio across Metropolis Town Square Indonesia North Mall WTC Matahari Central Gajah Mada Plaza (Total NLA: 763,423 sqm) JakartaJakarta

– 10 malls across The Plaza Semanggi Greater Jakarta Lippo Mall South East Kemang Jakarta Binjai Supermall Jakarta Mal Lippo Cikarang – 2 malls in Plaza Fair Depok Town Square Kramat Jati Indah Plaza Sun Plaza Grand Palladium Medan Cibubur Tamini Square – 3 malls in Medan Medan Junction Ekalokasari Plaza

– 2 malls in Palembang

– 7 retail spaces

Kalimantan

Balikpapan Sumatra Pontianak Palembang Sulawesi Palembang Square

Palembang Square IrianJaya Extension

Java Supermall

Jakarta Semarang Istana Plaza Java Surabaya Bandung Malang Plaza Madiun Malang Town Square Bandung Indah Plaza Retail Malls

Retail Spaces

Lippo Mall Kemang Source: Company data

5 Portfolio Overview

LMIRT is well-positioned to leverage on the strong Indonesian macro outlook and buoyant retail sector

. Portfolio valuation of S$ 1.84bn1 • 94.2% occupancy vs 84.2% Industry average 2 . Total NLA of 763,423 sqm 3 Portfolio Key Metrics

No Malls NLA (sqm) Valuation (S$M) 1 Occupancy Rate (%) 1 Bandung Indah Plaza 30,288 85.5 99.6% 2 Cibubur Junction 34,494 52.5 98.4% 3 Ekalokasari Plaza 16,728 43.6 94.4% 4 Gajah Mada Plaza 36,479 80.3 78.0% 5 Istana Plaza 26,857 78 99.8% 6 Mal Lippo Cikarang 30,252 60.3 99.7% 7 Plaza Medan Fair 56,021 121.7 98.0% 8 Plaza Semanggi 64,217 143.2 89.8% 9 Pluit Village 87,394 139.2 83.7% 10 Sun Plaza 64,339 179.3 97.6% 11 Binjai Super Mall 23,332 28.4 90.8% 12 Lippo Kramat Jati Indah 32,433 61.2 86.6% 13 Pejaten Village 42,166 102.2 99.3% 14 Palembang Square 31,639 68.4 98.0% 15 Palembang Square Ext 17,392 27.3 99.8% 16 Tamini Square 17,475 25.2 100.0% 17 Lippo Mall Kemang 57,847 388.4 93.5% A Mall Portfolio 669,353 1684.7 93.4% B Retail Spaces 94,070 156.3 100.0% A + B Total Portfolio 763,423 1841 94.2% Industry Average 84.2% Notes: 1. Based on valuation by Rengganis, Wilson , Hendra and Winarta at 31 Dec 2014 in IDR and converted to SGD using the closing rate of 9,373.9 IDR/SGD as at 31 Dec 2014. 2. Colliers Market Report 4Q 2014 Retail (average occupancy of Jakarta and Greater Jakarta areas) 3. As at 31 March 2015

6 Portfolio Summary (As of Q1 2015)

Trade Sectors Breakdown by Rental Income1 Trade Sectors Breakdown by NLA1

% of Rental S/N Trade Sector S/N Trade Sector % of NLA Income

1 Food and Beverage 17.30% 1 Department Store 17.20% 2 Fashion 15.70% 2 Supermarket/Hypermarket 15.70% 3 Department Store 12.80% 3 Other 10.50% 4 Supermarket/Hypermarket 10% 4 Food and Beverage 10.40% 5 Others 8.40% 5 Fashion 8.80% Top 5 Sectors 64.20% Top 5 Sectors 62.60%

Notes: 1. As at 31 march 2015, excluding retail spaces

7 Top 10 Tenants By Gross Rental Income As at 31 March 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 0.6%

CARREFOUR 3.4%

HYPERMART 6.6%

MATAHARI DEPARTMENT STORE 9.3%

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 23% of LMIRT Retail Mall Portfolio’s Gross Rental Income

8 Rental Reversion Trend (as of Q1 2015)

50,000 75.0% 45,628 45,000 65.0% 40,000 55.0% 35,000 30,606 45.0% 30,000 26,542 24,764 25,000 22,072 35.0% 16,455 19,039 20,000 17,650 16,238 25.0% 27.1% 15,168 16,094 13,598 25.7% 15,000 9,603 11,970 10,601 11,257 15.0% 10,117 9,335 10,000 16.1% 6,290 15.5% 12.4% 10.8% 11.1% 11.6% 10.8% 10.0% 9.0% 9.4% 8.9% 9.4% 10.1% 9.5% 5.0% 5,000 8.7% 8.0% 5.0% 0 -5.0% 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15

Renewal & New Leases NLA Rental Reversion Rate

Source: Company data

9 Financial Performance

10 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 ~ SGD100m 236m new units officially listed SGD337m in gross Private to raise on the SGX proceeds (165% Placement ~SGD85m in subscription rate) gross proceeds

2007 2011 2012 2013 2014 2015

Dec 2011: July 2012: Sep 2011: Draw down of Nov 2012: Completed Dec 2014: Secured SGD 147.5m Completed Oct 2013: Jan 2014: issue of Draw down of SGD190m new loan issue of Completed issue Repayment of SGD200m 3 yr SGD 155m loan facility (including SGD75m 5 yr of SGD150m 3 yr the SGD147.5m and SGD50m 5 secured bank from 4 successful unsecured unsecured bond term loan yr unsecured loan banks refinancing of bond bonds SGD125m loan)

Equity Capital Debt Capital

11 LMIRT – Growth Milestones

Value of AUM (IDR bn) 18,000

16,000 3,641 14,000

2,749 12,000 2,878 2,933 LMK 10,000 2,653 PS, PSX, Tamini, KJI, PJV, BSM 2,769 2,507 2,446 PV and PMF 8,000 1,470 1,613 1,680 SUN Plaza 1,268 1,371 1,175 6,000 1,083 IPO Malls

4,000 6,897 5,902 6,368 6,527 6,575 6,558 4,860 5,320 2,000

- 2007 2008 2009 2010 2011 2012 2013 2014 Assets Under Management

No of properties 2008 2009 2010 2011 2012 2013 2014

Beginning of the year 14 15 15 15 17 23 23

End of the year 15 15 15 17 23 23 24

12 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 80,000 71,777 71,443 Gross Revenue (SGD'000) (SGD million) (SGD 61,278 65,931 60,000 NPI After Tax (SGD'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

700 120% 12 Due to issuance of 100% 600 SGD325m bonds for 100% 10 11 9.2 500 acquisitions 74% 8.4 80% 8 8.1 68% 68% 6 7.8 400 55% 7.6 60% 6 6.7 300 622.5 630 6.1 5.6 5.1 5.13 472.5 475 40% 4 200 100 20% 2 125 147.5 0 0% 0 2010 2011 2012 2013 2014 Q1 2015 2010 2011 2012 2013 2014 Q1 2015 Debt Unencumbered assets % Average cost of debts DPU Yield Source: Company announcement

13 Q1 2015 Financial Results – P&L (in Rp mn)

1Q 2015 1Q 2014 Variance (%) (IDR million) (IDR million) Gross Rent 324,554 258,568 25.5% Rental Guarantee Income - 3,678 NA Other Income 6,854 7,189 -4.7%

Net Parking Income 47,147 23,873 97.5%

Rental of electrical, mechanical and mall operating equipment 8,819 11,200 -21.3%

Total revenue 387,373 304,508 27.2%

Property Management Fee (8,969) (6,994) -28.2% Property Management Expenses (11,496) (9,672) -18.9% (20,465) (16,666) -22.8%

Net Property Income 366,908 287,842 27.5%

14 Q1 2015 Financial Results – P&L (in S$ mn)

1Q 2015 1Q 2014 Variance (%) (S$'000) (S$'000) Gross Rent 34,521 27,911 23.7% Rental Guarantee Income - 397 NA Other Income 729 776 -6.1%

Net Parking Income 5,015 2,577 94.6%

Rental of electrical, mechanical and mall operating equipment 938 1,209 -22.4%

Total revenue 41,203 32,870 25.4%

Property Management Fee (954) (755) -26.4% Property Management Expenses (1,223) (1,044) -17.1% (2,177) (1,799) -21.0%

Net Property Income 39,026 31,071 25.6% Distributable Income 21,501 16,741 28.4% Distributation Per Units (cents) 1 0.79 0.68 16.2% 2 Annualized Distribution Yield (%) 9.2% Notes: 1. Based on 2.716 billion units in issue as at 31 Mar 2015. 2. Based on a closing price of S$0.345 as at 31 Mar 2015.

15 Q1 2015 Financial Results – Balance Sheet

31-Mar-15 31-Dec-14 S$ million S$ million Non Current Assets 1,822.1 1 1,845.9 2 Current Assets 170.6 171.6 Total Debt 630.0 630.0 Other liabilities 229.7 237.8 Net Assets 1,133.0 1,149.7 Net Asset Value S$ 0.42 S$ 0.42 Total Units in issue 2,716.4 2,701.8 Gearing ratio 31.6% 31.2%

Notes: 1. Included in the Non Current Assets are the Investment properties of S$ 1,786 .1 million. The carrying values of the properties are stated based on the independent valuation as at 31 December 2014 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.

16 Lease Expiry Profile

As at 31 Mar 2015

Weighted Average Lease Expiry (by NLA) as at 31 Mar 2015: 4.90 years

. 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

17 Debt Maturity Profile

As at 31 Mar 2015

Weighted Average Maturity of Debt Facilities as at 31 Mar 2015: 1.86 years

1

5 2 3

4

Notes: 1 S$ 200 million 4.88% fixed rate note (EMTN Program) due July 2015 (All in cost of debt: 5.8%) 2 S$ 150 million 4.25% fixed rate note (EMTN Program) due October 2016 (All in cost of debt: 4.5%) 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$ 155 million 5.4% p.a (after taking into account interest rate swap contracts) term loan due December 2018

18 Appendix Key Highlights of 1Q 2015 Results

 YTD Gross Rental Income increased by 25.5 % in IDR term 1Q 2015  1Q 2015 DPU of 0.79 is higher than 4Q 2014 Results  1Q 2015 DPU represents an annual yield of 9.2%

 Majority of LMIR Trust’s asset portfolio remained unencumbered Financial  Weighted Average Maturity of debt facilities was 1.86 years1, with no refinancing required until July 2015 Position  Gearing level of 31.6% as at 31 Mar 2015

 Indonesia's FDI increased by 10.5% YoY to IDR 78.7 trillion in 4Q 20142. Economic and Retail  Indonesia's economy expected to continue on its current grow rate in the coming year Landscape  Retail sales Index rose to 16.5% YoY in February 20153 and expected to maintain its growth momentum

 Overall occupancy of 94.2% as at 31 Mar 2015

Portfolio  New leases/Renewed leases of approximately 24,764 sqm spaces during 1Q 2015 Update  Average rental reversion was 9.5% during 1Q 2015

Notes: 1. As at 31 Mar 2015 2. Indonesia Investment Coordination Board 3. Retail Sales Survey preliminary figure, Bank Indonesia

i Unit Price Performance

Rebased to 100 Volume (m)

130 35

30

110 25

20

90

15

10 70

5

50 0

14 13 13 14 15

13 14 15

13 14

- - -

- -

- - -

- -

Jul Jul

Jan Jan Jan

Oct Oct

Apr Apr Apr

LMRT SP Equity Volume LMRT SP Equity FSSTI Index FSTREI Index LMRT SP Equity (FX Adjusted*) Source: Bloomberg

ii 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

Goh Tiam Lock - Audit Committee member > 30 • Currently the Managing Director of Lock Property Consultants Pte Ltd, advising on real estate - 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

iii 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 - Compliance Officer • 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.

iv LMIRT Structure Established structure provides clear and tested flow of funds to LMIRT

PT Lippo Karawaci Indonesian SPC enters into tenancy 1 Tbk Public 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 35 Retail Mall Singapore 7 Retail Space Singapore

proceeds3 SPCs SPCs

LMIRT pays out distributable income Singapore 4 to unitholders (net cash flows post all Trust related expenses such as Indonesia interest expense, REIT management Rental Rental fees) payments payments Retail Retail 18 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”)2 1 As of 31 March 2015 2 The Property Manager is owned 100% by the Sponsor 3 LMIRT’s ownership in Singapore SPCs is structured via ordinary and redeemable preference shares

v 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 5 40

30 56

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, LPKR Annual Report 2014

vi 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.

26 vii