Lippo Malls Indonesia Retail Trust2Q 2015 Results Presentation

5 August 2015

Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that couldcause actual results to differ materially from those in such forward-looking statements. These forward-looking statements reflect our current views with respect to futureevents and financial performance and are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or thoseanticipated. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability tomanage growth, intense competition in the Indonesian retail industry including those factors which may affect our ability to attract and retain suitable tenants, our ability tomanage our operations, reduced demand for retail spaces, our ability to successfully complete and integrate potential acquisitions, liability for damages on our propertyportfolios, the success of the retail malls and retail spaces we currently own, withdrawal of tax incentives, political instability, and legal restrictions on raising capital oracquiring real property in Indonesia. In addition to the foregoing factors, a description of certain other risks and uncertainties which could cause actual results to differmaterially can be found in the section captioned "Risk Factors" in our preliminary prospectus lodged with the Monetary Authority of Singapore on 19 October 2007. Althoughwe believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will beattained. 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. Weundertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

Key Highlights of 1H 2015 Results

Notes:1. As at 30 Jun 20152. Indonesia Investment Coordination Board Q1 2015 Press Release3. Bank Indonesia Retail Sales Survey

1H 2015Results

YTD Gross Rental Income increased by 25.3% in IDR term

1H 2015 DPU is SGD 1.52 cents, which represents an annualized yield of 8.3%

Overall occupancy of 94.4% as at 30 June 2015

New and renewed leases of approximately 25,115 square meters during 2Q 2015

Average rental reversion was 11.4% during 2Q 2015

PortfolioUpdate

FinancialPosition

First-time Issuer Rating of ‘Baa3’ with a ‘Stable” rating outlook from Moody’s Investor Service

Weighted Average Maturity of debt facilities was 1.94 years1

Outstanding debt was S$695 million as at 30 June 2015

Economic andRetail

Landscape

Indonesia's FDI increased by 14.0% YoY to IDR 82.1 trillion in 1Q 20152.

Bank Indonesia expects Indonesia’s economy to grow 4.7% in 2015

The Indonesian Retail Sales Index rose to 179.7, indicating a 19.8% YoY growth for the month of May 20153

Performance Summary for 2Q 2015

266,111

333,007

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q2 2014 Q2 2015

Gross Rent (IDR million)

6,368 6,527 6,897 6,575 6,558

1,268 1,371 1,470 1,613 1,6802,769 2,653 2,507 2,446

2,749 2,878 2,933

3,641

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000 16,000 18,000

2010 2011 2012 2013 2014

Value of AUM (IDR billion)

IPO Malls SUN Plaza PV and PMF PS, PSX, Tamini, KJI, PJV, BSM LMK

288,299

380,712

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q2 2014 Q2 2015

NPI (IDR million)

0.68

0.73

0.64

0.66

0.68

0.70

0.72

0.74

Q2 2014 Q2 2015

DPU (SGD cents)

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Financial Results

5 5

2Q 2015 Financial Results – P&L (in IDR)

2Q 2015(IDR million)

2Q 2014(IDR million) Variance

Gross Rent 333,007 266,111 25.1%

Rental Guarantee Income - 3,051 -100%

Other Income 7,968 7,211 10.5%

Net Parking Income 50,774 24,190 NM

Rental of Electrical, Mechanical, and Mall OperatingEquipment

14,420 6,465 NM

Total Revenue 406,169 307,028 32.3%

Property Management Fee (9,135) (8,267) -10.5%

Property Management Expenses (16,322) (10,462) -56.0%

Total Property Operating Expenses (25,457) (18,729) -35.9%

Net Property Income 380,712 288,299 32.1%

Notes:1. Based on 2.721 billion units in issue as at 30 June 2015.2. Based on a closing price of S$0.365 as at 30 June 2015.

2Q 2015 Financial Results – P&L (in S$)

2Q 2015(S$ ‘000)

2Q 2014(S$ ‘000) Variance

Gross Rent 34,149 28,754 18.8%

Rental Guarantee Income - 330 -100%

Other Income 819 779 5.1%

Net Parking Income 5,211 2,673 94.9%

Rental of Electrical, Mechanical, and Mall OperatingEquipment

1,475 699 NM

Total Revenue 41,654 33,235 25.3%

Property Management Fee (937) (893) -4.9%

Property Management Expenses (1,668) (1,190) -40.2%

Total Property Operating Expenses (2,605) (2,083) -25.1%

Net Property Income 39,049 31,152 25.3%

Distributable Income 19,875 16,608 19.7%

Distribution Per Unit (cents) ¹ 0.73 0.68 7.4%

Annualized Distribution Yield ² 8.3%

Notes:,1. Included in the Non Current Assets are the Investment properties of S$ 1,718.3 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 financialstatements 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 independentvaluation 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 theperiod.

2Q 2015 Financial Results – Balance Sheet (in S$)

30 June 2015S$ million

31 December 2014S$ million

Non Current Assets 1,750.4 1,845.9

Current Assets 234.6 171.6

Total Debt 695.0 630.0

Other Liabilities 221.4 237.8

Net Assets 1,068.6 1,149.7

Net Asset Value S$ 0.39 S$ 0.42

Total Units In Issue 2,720.9 2,701.8

Gearing Ratio 35.0% 31.2%

1 2

Total DPU

- Tax-Exempt

- Capital

Books Closure Date

0.73 cents

0.50 cents

0.23 cents

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

Tentative Distribution Payment Date 31 August 2015

1 April 2015 – 30 June 2015

18 August 2015

Distribution Details

COPY FOR ASTRA INTERNATIONAL

Portfolio Performance

10

10

Diversified Trade Mix

Trade Sector Breakdown by Rental IncomeAs at 30 June 2015

11.6%

10.0%

16.1%

1.2%0.6%

0.8%9.3%8.4%

1.5%

0.4%

3.6%

4.1%1.2%

1.5%

19.5%

2.4% 6.4%

1.4% Department Store (Retail Spaces)

Department Store (Retail Malls)

Fashion

Books & Stationary

Hobbies

Education / School

Supermarket / Hypermarket

Other

Sports & Fitness

Toys

Leisure & Entertainment

Electronic / IT

Gifts & Specialty

Jewelry

F & B / Food Court

Home Furnishing

Services

Optic

Trade Sector Breakdown by NLAAs at 30 June 2015

Diversified Trade Mix

12.3%

15.3%

8.3%

1.8%0.3%

1.1%15.5%

12.6%

1.8%

0.5%

7.2%

4.1%

0.5%0.5%

10.0%

3.3%4.1%

0.8%

Department Store (Retail Spaces)

Department Store (Retail Malls)

Fashion

Books & Stationary

Hobbies

Education / School

Supermarket / Hypermarket

Other

Sports & Fitness

Toys

Leisure & Entertainment

Electronic / IT

Gifts & Specialty

Jewelry

F & B / Food Court

Home Furnishing

Services

Optic

Top 10 Tenants By Gross Rental IncomeAs at 30 June 2015, includes retail space

Top 10 tenants contribute approximately 22.8% of LMIRT Retail Mall Portfolio’s Gross Rental Income

9.3%

7.2%

2.7%

0.7%

0.5%

0.5%

0.5%

0.5%

0.5%

0.4%

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

Fitness First

Cinema XXI

Solaria

Centro

Gramedia

Lease Expiry ProfileAs at 30 June 2015

LMIRT’s portfolio lease terms represent a balanced mix of long-term anchor leases and shorter-term leases for non-anchortenants, providing both stability and growth potential.

Weighted Average Lease Expiry (by NLA) as at 30 Jun 2015: 4.89 years

8% 9%

25%

10%

38%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2015 2016 2017 2018 2019 & Beyond

Debt Maturity ProfileAs at 30 June 2015

Weighted Average Maturity of Debt Facilities as at June 2015: 1.94 years

Notes:1 S$ 200 million 4.88% fixed rate note (EMTN Program) due July 2015 (All in cost of debt: 5.2%)*2 S$ 150 million 4.25% fixed rate note (EMTN Program) due October 2016 (All in cost of debt: 4.6%)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$ 145 million 5.57% p.a. (after taking into account interest rate swap contracts) term loan due December 20186 S$ 75 million 4.1% fixed rate note (EMTN Program) due June 2020 (All in cost of debt: 4.3%)

*refinanced on 3 July 2015

23

4

5

6

200

150

75

145

75

50

0

50

100

150

200

250

2015 2016 2017 2018 2020

1

2

3

4

5

6

Rental Reversion TrendAs at 30 June 2015

6,290

11,25710,117

9,335

13,598

16,238 16,45517,650

11,970

30,606

19,039

15,168

26,542

45,628

16,094

22,072

24,764 25,115

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%

-5.0%

5.0%

15.0%

25.0%

35.0%

45.0%

55.0%

65.0%

75.0%

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

Renewal & New Leases NLA Rental Reversion Rate

Our Value Proposition

2Q2015 Net Property Income of S$39.0 million

2Q2015 Distributable Income of S$19.9 million

2Q2015 DPU of 0.73 cents contributes to 1H 2015 annualized DPU yield of 8.3%

Portfolio occupancy rate stood at 94.4%, remained higher than the industry average

As at 30 June 2015, LMIRT’s outstanding debt was S$695 million.

Clarity of growth in a fragmented retail market with a visible pipeline of Sponsor and 3rd

party malls

Indonesia's domestic demand driven economy remained resilient in the face of global

uncertainty