November 2009

Singapore’s First Indonesia Retail REIT

3Q 2009 Results Presentation

Disclaimer

2

Certain statements in this presentation concerning our future growth prospects are forward‐lookingstatements, which involve a number of risks and uncertainties that could cause actual results to differmaterially 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 December2009, and reflect our current views with respect to future events and financial performance and are subjectto certain risks and uncertainties, which could cause actual results to differ materially from historical resultsor 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 competitionin the Indonesian retail industry including those factors which may affect our ability to attract and retainsuitable tenants, our ability to manage our operations, reduced demand for retail spaces, our ability tosuccessfully 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, politicalinstability, and legal restrictions on raising capital or acquiring real property in Indonesia. In addition to theforegoing factors, a description of certain other risks and uncertainties which could cause actual results todiffer materially can be found in the section captioned "Risk Factors" in our preliminary prospectus lodgedwith the Monetary Authority of Singapore on 19 October 2007. Although we believe the expectationsreflected in such forward‐looking statements are based upon reasonable assumptions, we can give noassurance that our expectations will be attained. You are cautioned not to place undue reliance on theseforward‐looking statements, which are based on the current view of management on future events. Weundertake no obligation to publicly update or revise any forward looking statements, whether as a result ofnew information, future events or otherwise.

3

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

CONTENTS 

Overview of LMIR Trust

4

First Indonesia Retail REIT in Singapore

5

Key statistics

Initial portfolio of 8 quality Retail Malls and 7 Retail Spaces.

Total NLA: 403,393 sqm1 

Total valuation: S$ 931 million2

Weighted average occupancy rate of the Retail Malls1 : 93.0%

Retail Spaces are master leased to Mataharifor 10+10 years with stepped  annual rental increments for 2007‐2011 and variable rent increments for 2012‐2016.

Strategically located with large population catchment areas 

Conveniently accessible by public transportation and well connected by highways

5 of the Retail Malls are located in greater Jakarta,  2 in Bandung, and 1 in Medan

Quality and diverse tenant base

Target segment: Urban middle – high income local community

Portfolio characteristics

Strategy to invest in Indonesian retail properties. Indonesia has a population of over 245 million people. In addition it has 60 different districts with a population of greater 

than 1 million people.

Retail portfolio comprises established and seasoned malls and spaces, with strong shopper traffic .

Notes:1  As at 30 September 20092  Adopted  valuation from Knight Frank  as at 30 November  2008 in IDR, converted to SGD at the latest exchange rate  

Medan

Palembang

SemarangSurabaya

BaliJava

Sumatra

Sumbawa

Makassar

Sarmi

Jakarta

Bandung

Istana Plaza

Bandung Indah Plaza

Junction Ekalokasari Plaza

Mall Lippo Cikarang 

The Plaza Semanggi 

Gajah Mada Plaza Metropolis Town Square

DepokTown Square

Plaza Madiun

Grand Palladium

Malang Town SquareJava Supermal

Retail MallsRetail Spaces

Sulawesi

Kalimantan

Irian Jaya

Medan

Palembang

SemarangSurabaya

BaliJava

Sumatra

Sumbawa

Sarmi

Jakarta

Bandung

Mall WTC Matahari 

Plaz    Retail MallsRetail Spaces

Sulawesi

Kalimantan

Sun Plaza

Grand Palladium

Cibubur

6

Key Highlights

Recent asset enhancements successfully completed

Acquisition pipeline of quality assets available

Strategies for organic growth being pursued

Occupancy of 93.0% as at 30 September 2009 versus industry average of 80.8%2

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

Financial Results 

Portfolio Update

Strategic Issues

Q3 2009 DPU of 1.22 cents equates to an annualised yield of 10.4% at price of 47 cents1

NAV = S$0.74 with low gearing 11.8%

Note:1. Closing price  of $0.47 on 30 October 20092. Source: Cushman Wakefield Indonesia Q3 2009 Retail Report

Economic Outlook

Indonesian economy stands out in ASEAN with GDP growth of 4.3%

Following a successful election process, the momentum should build towards a stronger growth of 5.5% next year

With improving economic fundamentals, we expect the retail sales environment to benefit 

Financial Results

7

Q3 2009 Financial Results – P&L

8

Notes:1. Based on 1.07 3 billion units in issue as at  30 September 2009 2. Based on the closing price of $.0.47 as at 30 October2009

Actual3Q09

Actual  3Q08

Variance(%)

Remarks (S$'000) (S$'000)

Gross Revenue  20,570 26,550 ‐22.5

Mainly due to :

i) Depreciation of IDR against SGD when compared to 3Q  2008 

ii)  Reduction in casual leasing income as well as lower carpark and miscellaneous income 

Property Expenses  1,172 1,498 21.8 Mainly due to lower property management fees arising from the lower gross rental and net property income 

Net Property income 19,398 25,052 ‐22.6 The lower gross revenue offset by lower property operating expenses resulted in lower net property income 

Distribution income 13,083 17,007 ‐23.1Due to lower revenue and higher loss on the cross currency 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%

9

Q3 2009 Financial Results – Balance Sheet

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.

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  

10

Distribution Details

Total DPU

Tax‐Exempt

Capital

Books Closure Date

1.22 c

0.74 c

0.48 c

19 November 2009

Since listing in Nov 2007, LMIR Trust has maintained a payout policy of 100% of distributable incomeFOR FY 2009, LMIR TRUST WILL MAINTAIN A 100% DISTRIBUTION PAYOUT 

Distribution Payment Date 1 December 2009

1 July 2009 – 30 September 2009

Unit Price Performance 

11

LMIR Trust Share Price Performance & Trading Liquidity

Notes:

LMIR Trust unit price hasperformed in line with STI over thepast year

JCI stock market has rallied 88% inlocal currency terms year‐to‐dateand 120% in dollar terms andcontinues its performance as one ofthe world’s best performing stockmarkets in 2009

Market cap is S$504.4 million1

Notes:1. Based on the closing price of $0.47 as at 30 October 2009

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2.2

2.4

0

1

2

3

4

5

6

7

8

9

10

30‐Oct‐08 8‐Jan‐09 19‐Mar‐09 28‐May‐09 6‐Aug‐09 15‐Oct‐09

LMRT Vol LMRT JCI

10.4%

2.5%

1.4%

2.5%

0.5%

3.3%

8.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

LMIR Trust annualised yield 

(3Q09)

10 Year S'pore Govt Bond

5 Year S'pore Govt Bond

CPF Ordinary Account

Average SGD 12‐mth Fixed Deposit 

Rate

STI Yield FTSE ST REIT  Index Yield

Higher yield compared to other local investment products 

12

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 20092. Singapore Government 10‐Year bond yield as at 30 September 20093. Singapore Government 5‐Year bond yield as at 30 September 20094. Prevailing CPD‐Ordinary Account savings rate (Source: CPF website)5. Based on 12‐month SGD fixed deposit savings rate as at 30 September 20096. Based in 12‐month gross dividend yield of Straits Times Real Estate Index as at 30 September 20097. Based on 12‐month gross dividend yield of stocks in the FTSE ST Real Estate Investment Trust index as at 30 September 2009

1

2 3 4

5

67

Portfolio Performance

13

14

Portfolio Update: Occupancy

Portfolio Occupancy Profile

Notwithstanding the global

recession, LMIR Trust’s mall

portfolio occupancy is 93%,

which is higher than the

industry average of 80.8%1

Occupancy is generally higher

than average due to good

locations of the malls, good

customer targeting and strong

mall operator in Lippo Karawaci

Occupancy in Gajah Mada Plaza

(“GMP”) and Istana Plaza (“IP”)

temporarily affected by the loss

of RIMO dept store. Expect

both GMP and IP occupancy to

be approx 99% by Dec 09

following the new leases to

Matahari Department Store.

No. MallsNLA  (sqm)

Actual  2008   (%)

Actual Jun 09 (%)

As at    Sep 09   (%)

1 Bandung Indah Plaza 30,057 97.9 99.7 99.3     

2 Cibubur Junction 34,139 96.7 96.8 97.4 

3 Ekalokasari Plaza 25,889 93.7 95.3 97.4

4 Gajah Mada Plaza 35,030 96.1 98.3 89.8

5 Istana Plaza 27,670 99.5 95.5 80.1

6 Mal Lippo Cikarang 28,711 93.6 86.5 86.7

7 The Plaza Semanggi 64,566 93.6 92.2 92.2

8 Sun Plaza 63,262 96.2 96.4 96.8

A Mall Portfolio 309,323 95.7 95.0 93.0

B Retail Spaces 94,070 100 100 100

A+B Total Portfolio 403,393 97.3 96.2 94.6

Industry Average 80.8

Source :  Cushman & Wakefield Indonesia Q3 2009 Retail Report

4.8%

4.1%

1.3%

1.3%

1.0%

0.9%

0.8%

0.7%

0.6%

0.6%

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

Hypermart

Matahari Dept Store

SOGO Dept. Store

Centro

Gramedia

Giant Super Store

Ace Hardware

Solaria

Millenium

McDonalds

15

Top 10 Mall Tenants by Gross Income  

Total  16.1% of 

portfolio’s 

gross income

Portfolio Update: Diversification 

Note: As at 30 September 2009

13.0%

17.7%

12.9%

13.3%

13.7%

16.6%

12.9%

Retail Spaces Income Breakdown

Java Supermall

Plaza Madiun

Grand Palladium Medan

Depok Town Square

Malang Town Square

Metropolis Town Square

Mall WTC Matahari

16

11.7%

8.6%

15.6%

5.8%

4.8%

8.0%

9.1%18.2%

18.2%

Portfolio Net Income BreakdownBandung Indah Plaza Cibubur Junction The Plaza Semanggi

Mal Lippo Cikarang Ekalokasari Plaza Gajah Mada  Plaza 

Istana Plaza Sun Plaza Retail Spaces

17

Portfolio NLA Breakdown By Trade Sector

17%

9%

3%1%0%

14%

9%

4%0%12%3%

1%1%

14%

5%

6%1%

NLA by Trade Sector MallAs at 30 September 2009

Department StoreFashionBooks & StationaryHobbiesEducation / SchoolSupermarket / HypermarketCasual & OthersSports & FitnessToysLeisure & EntertainmentElectronic / ITGifts & SpecialtyJewelryF & B / Food CourtHome FurnishingServicesOptic

Stable Lease Expiry Profile

18

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

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2009 2010 2011 2012 2013 2014 2015 2016 and Beyond

Expired NLA (%)

19

Average Rental Rates as of September 2009 

Retail MallsARR

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

20

Traffic Flow of LMIR Trust Malls

Q2 Q3 Total YTD 

2008 2009Variance 

2008 2009Variance 

2008 2009Variance 

(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%

LMIR Trust Growth Strategies

21

Improving macroeconomic fundamentals

Growing & affluent urban middle income class 

Active portfolio management and tenant re‐mixing / re‐positioningstrategies

Organic growth

Targeted Growth Strategies

22

8 asset enhancements completed since IPO

1 asset enhancement in progress

Acquisition pipeline

Assetenhancements

Large pipeline from both Sponsor and third parties.

A fragmented and diverse retail market provides further acquisition growth opportunities

Organic growth

Acquisition pipeline

KALIMANTAN

JAVA

SULAWESI

IRIAN JAYA

MALUKU

MALLS IN GREATER JAKARTA

N

PACIFIC OCEAN

INDIAN OCEAN

BANTENPROVINCE

WEST JAKARTA

SOUTH JAKARTA

WEST JAVAPROVINCE

EAST JAKARTA

CENTER OFJAKARTA

JAVA SEA

NORTH JAKARTA

Grand Palladium Medan

GTC Makassar

Malang Town Square City of Tomorrow Mall

Metropolis Town Square

WTC Matahari

Lippo Cikarang Mall

Gajah Mada Plaza

Pejaten Village

Depok Town Square Bellanova Country Mall

Tamini SquareBekasi Trade Mall

The Plaza Semanggi

Pluit Village

24 malls throughout in Indonesia

Eka Lokasari Mall

Palembang Square

Kramat Jati Indah Plaza

- Istana Plaza- Bandung Indah Plaza

Cibubur Junction

Lippo Karawaci owns and/or manages24 malls throughout Indonesia

± 930,000 sq m lettable area± 15,660 total units80% average occupancy rate

Plaza Medan FairBinjai Supermall

Sun Plaza

Strata-titled Malls (8 of 10 malls are owned by LK)LMIRT Malls LK MallsThird Party Malls

St. Moritz

Kemang Village

Access to acquisitions through Sponsor and third parties

23

Asset Enhancement – Bandung Indah Plaza

24

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)

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

Asset Enhancement – Plaza Semanggi

25

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

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

Asset Enhancement – Cibubur Junction (Works in Progress)

26

•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

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

New Tenant Fit‐Out

27

•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

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

New Tenant Fit‐Out

28

•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

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

Sponsor

29

Manager of LMIR Trust: LMIR Trust Management Ltd

30

60% 40%

REIT Manager: 

Singapore’s leading real estate company

Indonesia’s premier real estate company

Partnership between two leading real estate forces

S$ 212 million units (19.7%) in LMIR Trust

127 million  units (12%) in LMIR Trust

• Leading real estate company in Singapore with Asian focus.

• Owns and manages over S$11.8 billion of real estate assets pan Asia.

• 8 offices across Asia to support regional business.

• FY08 Profit After Tax of S$210 million

• Lippo is one of Indonesia’s largest conglomerates

• Lippo Karawaci (“LK”)  is the largest listed property company in Indonesia by mkt cap, assets, revenue, net profit, and land bank.

• LK has the most integrated business model of  all property companies in Indonesia.

• LK rated by 3 rating agencies 

• B by S&P, B1 by Moody’s and B+ by Fitch.

Lippo is One of Indonesia’s Largest Conglomerates

31

Matahari & Hypermart First Media

Urban Development

Large Scale Integrated 

DevelopmentRetail Malls Healthcare

Hotels & Hospitality

Property & Portfolio 

Management

Indonesia

OthersPropertyRetail  OthersProperty & Hospitality

Retail 

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

PT Lippo Karawaci Tbk

Property & Portfolio Management – Unique for Property Company

32

Urban Development

Large Scale Integrated 

DevelopmentRetail Malls Healthcare Hotels & 

Hospitality

Property & Portfolio 

Management

PT. Consulting & Management 

Services Division 

REIT Management

Shopping Centre Directors

PT Lippo Karawaci Tbk

REIT REIT 

Shopping Centre Directors

Dedicated team of experienced 

retail mall staff LARGE TEAM RESPONSIBLE FOR SUCCESS OF LMIR 

TRUST

Summary

33

34

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. 

Appendix

35

36

Quality and strategically located Retail Malls

The Plaza Semanggi

Cibubur JunctionGajah Mada Plaza

Mal Lippo Cikarang

Ekalokasari Plaza Bandung Indah Plaza

Istana Plaza

High Quality Retail Malls…

Largest retailer and department store in 

Indonesia

30 hypermarkets across Indonesia

4 department stores across Indonesia 

14  Giant Hypermarkets across Indonesia

Anchored by premier local retailers..Well complimented by Int’l & local 

specialty retailers

Sun Plaza

6 department stores across Indonesia

Indonesia’s largest Cinema Network

Retail Spaces Master‐leased to Matahari

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Mall WTC Matahari UnitsMetropolis Town Square Units

Depok Town Square Units Java Supermall Units

Malang Town Square Units Plaza Madiun Grand Palladium Unit

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 

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

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

5 of the 7 Retail Spaces reside in strata‐titled malls built by the Sponsor

Organic growth examples – Late Night Shopping at Plaza Semanggi

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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”

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2008 2009

Traffic Flows at Plaza Semanggiduring the LNS

Visitor

Car

Motor

Organic growth examples – Late Night Shopping at Ekalokasari Plaza

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

‐

10,000 

20,000 

30,000 

40,000 

50,000 

60,000 

70,000 

CUSTOMER TRAFFIC 13 September 2008 vs 12 September 2009

13‐Sep‐08 12‐Sep‐09

Organic growth examples – Late Night Shopping at Bandung Indah Plaza

40

+101%

+67%

Traffic flows of cars coming to BIP at mid‐night

Recent Awards & Accolades

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Lippo‐Mapletree Indonesia Retail Trust Management Ltd78 Shenton Way

#05‐01,Singapore 079120Tel: 6410 9138Fax:  6220 6557

www.lmir‐trust.com

For enquiries, please contact:Mr. Shane Hagan

Chief Financial OfficerDirect: (65) 6410 9139

Email: shane.hagan@lmir‐trust.com