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Lippo Malls Indonesia

Retail Trust

4Q 2016 Results Presentation

15 February 2017

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.

Disclaimer

2

Notes:

1. Based on a closing price of S$0.370 as at 30 December 2016

2. Cushman & Wakefield: Retail Snapshot Q4 2016 - Jakarta

4Q 2016 DPU of 0.87 cents (4Q 2015: 0.81 cents) represents an annualised yield of 9.2%1

Healthy balance sheet with total assets under management of S$1,949.4 million

Prudent capital structure management with gearing ratio at 31.5%

Overall occupancy at 94.3% , higher than industry average of 85.4% 2

High Weighted Average Lease Expiry (by NLA) at 4.51 years

S$ ’000 4Q 2016 4Q 2015 Variance FY 2016 FY 2015 Variance

Total Income 48,706 44,638 9.1% 188,066 173,004 8.7%

Net Property Income 44,566 40,200 10.9% 171,860 158,565 8.4%

Distributable Income

to Unitholders24,335 22,690 7.2% 95,468 85,553 11.6%

DPU (cents) 0.87 0.81 7.4% 3.41 3.10 10.0%

Key Highlights

3

44,638

48,706

42,000

43,000

44,000

45,000

46,000

47,000

48,000

49,000

50,000

4Q 2015 4Q 2016

Gross Revenue (S$ '000)

40,200

44,566

38,000

39,000

40,000

41,000

42,000

43,000

44,000

45,000

4Q 2015 4Q 2016

NPI (S$ '000)

22,690

24,335

21,500

22,000

22,500

23,000

23,500

24,000

24,500

4Q 2015 4Q 2016

Distributable Income to Unitholders (S$ '000)

0.81

0.87

0.78

0.79

0.80

0.81

0.82

0.83

0.84

0.85

0.86

0.87

0.88

4Q 2015 4Q 2016

DPU (S$ Cents)

Performance Summary

4

COPY FOR ASTRA INTERNATIONAL

555 55

5Financial Highlights

Notes:

1. Based on 2.803 billion units in issue as at 31 December 2016.

2. Based on a closing price of S$0.370 as at 30 December 2016.

4Q 2016

(S$ ‘000)

4Q 2015

(S$ ‘000)

%

Variance

4Q 2016

(IDR million)

4Q 2015

(IDR million)% Variance

Gross Rent 39,908 36,651 8.9 374,360 356,956 4.9

Other Income 520 622 (16.4) 4,972 6,097 (18.5)

Parking Income 6,864 6,033 13.8 64,455 58,754 9.7

Rental of Electrical, Mechanical, and Mall

Operating Equipment1,414 1,332 6.2 13,172 12,819 2.8

Total Revenue 48,706 44,638 9.1 456,959 434,626 5.1

Property Management Fee (1,129) (1,203) 6.2 (10,598) (11,707) 9.5

Property Operating and Maintenance

Expenses(3,011) (3,235) 6.9 (28,306) (31,366) 9.8

Total Property Operating Expenses (4,140) (4,438) 6.7 (38,904) (43,073) 9.7

Net Property Income 44,566 40,200 10.9 418,055 391,553 6.8

Distributable Income to Unitholders 24,335 22,690 7.2

Distribution Per Unit (cents) ¹ 0.87 0.81 7.4

Annualised Distribution Yield ² 9.2%

Key Financial Highlights

6

Gross Revenue (S$’000)

Note: FY 2008 figures include private trust period from 8 Aug 2007 to 18 Nov 2007 and public trust period

from 19 Nov 2007 ("Listing Date") to 31 Dec 2008.

101,761

79,638

129,370 136,108 144,026152,599

136,985

41,972 45,524

42,257 46,806

44,13747,030

44,63848,706

173,004188,066

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

88,29775,109

85,269 92,011

119,671

143,360

126,007

39,026 40,832

39,049 43,124

40,29043,338

40,20044,566

158,565171,860


Net Property Income (S$’000)


7

Note: FY 2008 figures include private trust period from 8 Aug 2007 to 18 Nov 2007 and public trust period

from 19 Nov 2007 ("Listing Date") to 31 Dec 2008.

59,49254,009

47,878 47,446

64,137

73,02368,014

21,501 23,178

19,875 23,802

21,48724,153

22,69024,335

85,55395,468


0.68 0.68 0.69 0.710.79

0.73 0.770.81 0.83 0.85 0.86 0.87

1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016

Distributable Income to Unitholders (S$’000)

DPU (Cents)


8

Notes:,

1. Included in the Non Current Assets are the Investment properties of S$1,922.6 million. The carrying values of the properties are stated based on the independent

valuation as at 31 December in Indonesian Rupiah and translated into Singapore Dollars using the exchange rate as at 31 December 2016 (IDR/SGD: 9333.57)

2. Included in the Non Current Assets are the Investment properties of S$1,804.9 million. The carrying values of the properties are stated based on independent

valuation as at 31 December 2015 in Indonesian Rupiah and translated into Singapore Dollars using the exchange rate as at 31 December 2015 (IDR/SGD:

9,707.06)

3. Total equity is represented by Unitholder’s funds of $1,091.7m and Perpetual securities of $140.9m.

4. Net Asset Value is calculated as Unitholder’s funds over the units issued at the end of the period.

31 December 2016

S$ million

31 December 2015

S$ million

Non Current Assets 1,949.41 1,837.32

Current Assets 115.9 150.5

Total Debt 650.7 695.0

Other Liabilities 182.0 217.7

Total Equity3 1,232.6 1,075.1

Gearing Ratio 31.5% 35.0%

Total Units In Issue (million) 2,803.0 2,797.8

Net Asset Value (per unit)4 S$ 0.39 S$ 0.38

Balance Sheet

9

Since listing in Nov 2007, LMIR Trust has maintained a payout policy of 100% of distributable income.

Tentative Distribution Payment Date 15 March 2017

1 October 2016 – 31 December 2016

Total DPU

- Tax-Exempt

- Capital

Books Closure Date

0.87 cents

0.56 cents

0.31 cents

23 February 2017

Distribution Details

10

COPY FOR ASTRA INTERNATIONAL

11

11

11

Portfolio Performance

LMIRT has a diversified portfolio of 20 retail malls and 7 retail spaces across Indonesia

Portfolio across Indonesia:

– 10 malls across Greater

Jakarta

– 2 malls in Bandung

– 3 malls in Medan

– 3 malls in Palembang

– 1 mall in Batu

– 1 mall in Bali

– 7 retail spaces

Assets Under Management:

S$1,949.4 million

Total NLA:

849,694 sqm

Portfolio Occupancy:

94.3%

WALE (by NLA)

4.51 years

Binjai

Supermall

Sumatra

MedanGrand Palladium Medan

Sun Plaza

Plaza Medan

Fair

IrianJaya

Pontianak

Kalimantan

Balikpapan

Sulawesi

Java Supermall

Jakarta

Bandung

Semarang

Java Surabaya

Malang

Town

Square

Plaza Madiun

Retail Malls

Retail Spaces

Bandung Indah Plaza

Istana Plaza

Malang

Pluit Village

Gajah Mada Plaza

The Plaza Semanggi

Mal Lippo Cikarang

Tamini SquareCibubur

Junction

Depok Town Square

Mall WTC Matahari

Metropolis Town Square

South

Jakarta

West

Jakarta

North

JakartaCentral

Jakarta

Lippo Plaza Kramat Jati

Ekalokasari Plaza

Lippo Mall Kemang

Palembang Square

Palembang Square

Extension

Palembang

East

Jakarta

Pejaten Village

12

Palembang Icon

Lippo

Plaza

Batu

Batu

Lippo

Mall

Kuta

Strategically Located Portfolio

12

Trade Sector Breakdown by Rental Income Trade Sector Breakdown by NLA

10.1%

10.0%

17.6%

1.2%

0.5%

0.9%

9.0%7.0%

1.6%

0.7%

4.8%

4.5%0.8%

1.6%

19.3%

2.6%6.3%

1.3% 0.2%

11.3%

15.7%

9.2%

1.6%

0.3%0.8%14.7%

10.1%1.8%

0.5%

10.0%

3.9%

0.4%

0.5%

11.0%

3.0%4.4%

0.7% 0.1%

Consistently Diversified Trade Mix

As at 31 December 2016

13

Storage

9.5%

6.7%

2.5%

0.6%

0.6%

0.5%

0.5%

0.4%

0.4%

0.3%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Matahari Department Store

Hypermart

Carrefour

Electronic Solution

ACE Hardware

Solaria

Sport Station

Cinemaxx

Gramedia

Centro

As at 31 December 2016, includes retail space

Top 10 Tenants by Gross Rental Income

Top 10 tenants contribute approximately 22% of LMIRT Retail Mall Portfolio’s Gross Rental Income

14

Weighted Average Lease Expiry (by NLA) as at 31 December 2016: 4.51 years

23%

12%10%

9%

34%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2017 2018 2019 2020 >2021

Lease Expiry Profile

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

15

6,290

11,257 10,117

9,335

13,598

16,238 16,455

17,650

11,970

30,606

19,039

15,168

26,542

45,628

16,094

22,072

24,764 25,115

36,026

22,906

20,920

16,575

13,634

4,726

9.0%

5.0%

8.7% 8.0%9.4%

10.8%

25.7%

8.9%

12.4%

15.5%

27.1%

11.1%9.4% 10.1%

11.6%10.8%9.5%

11.4%

22.9%

13.2%

7.5%6.3% 7.3% 6.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

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 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16

Renewal & New Leases NLA Rental Reversion Rate

Rental Reversion Trend


16

70% of LMIRT’s debt is on a fixed rate basis, mitigating the impact of interest rate fluctuations

Weighted Average Maturity of Debt Facilities is 2.59 years

Notes: 1 S$ 50 million 5.875% bond due July 2017 2 S$ 75 million 4.48% bond due November 2017 3 S$ 100 million 4.50% bond due November 2018 4 S$ 145 million 3.00% + SOR term loan due December 20185 S$ 75 million 4.10% bond due June 20206 S$ 103 million 2.95% + SOR term loan due August 2020 7 S$ 103 million 3.15% + SOR term loan due August 2021

7

1

2

3

4

5

6

8

Perpetuals: S$140 million 7.00 % Subordinated Perpetual Securities was issued in September 2016.

Bonds Term Loans

19.2%

75

145103 103

50

100

75

0

50

100

150

200

250

300

2017 2018 2020 2021

27.3%

37.6%

15.8%

Debt Maturity Profile


171

2

3

4

5

6 7

Thank You

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