MITA No. 010/06/2009 Lippo-Mapletree Indonesia …lmir.listedcompany.com/misc/OCBC_28aug09_highlights.pdfPage 3 28 August 2009 LMIR Trust Background. LMIR owns a diversified portfolio

MITA No. 010/06/2009

Please refer to the important disclosures at the back of this document.

S I N G A P O R E Company Update

28 August 2009

Maintain

BUYPrevious Rating: BUY

S$0.485

Fair Value: S$0.51

Stock Code:Reuters: LMRT.SIISIN Code D5IUBloomberg: LMRT SP

Event: Company Visit

General Data

Issued Capital (m) 1,076

Mkt Cap (S$m/US$m) 522/362

Major Shareholder

Lanius Ltd 22.1% Penta Invt Advisors 15.0% Mapletree LM Pte Ltd 11.8% CPI Capital Partners Asia 8.4% ABN Amro Asset Mngmt 6.4%

Free Float (%) 36.3%

NAV per share (S$) 0.74

Daily Vol 3-mth (‘000) 1,134

52Wk High (S$) 0.615

52Wk Low (S$) 0.155

Highlights from malls visit

Lippo-Mapletree IndonesiaRetail Trust

Meenal Kumar(65) 6531 9112

e-mail: [email protected]

'Tis the season to spend. We visited seven of LMIR Trust's retail malls inGreater Jakarta and Bandung earlier this week and found a healthy, vibrantportfolio carrying on despite a weak retail sector. Both LMIR and retailersare gearing up for a seasonal up-tick in spending during the Ramadanfasting month. Spending typically spikes two weeks before Idul Fitri, whenIndonesian companies pay out a mandatory employee bonus of one-monthsalary (Tunjangan Hari Raya). The manager also seemed optimistic aboutthe Christmas spending season. Our 2H09 DPU estimate is 2.75 S cents,up 3.4% HoH.

Casual leasing back in play. A tight retailer budget for advertising &promotions activities had dampened casual leasing demand in 1H09. Suchprudence was very much lacking during our visit. The overwhelming majorityof the malls' atriums and corridors were well populated with island kiosks,exhibitions and sales as retailers positioned themselves for the festiveseason. Operational control has also tightened with LMIR dealing directlywith casual tenants or demanding up-front payments from wholesalers.

Tenant turnover is painful. Some retailers including three anchor tenantsthat we know of have vacated or downsized space at the malls. The marketremains soft with retailers hesitant to invest in new stores. LMIR's portfoliooccupancy is above-market and, in our opinion, the manager has done acredible job in re-populating the space. Still, the turnover process (offer,lease negotiation, fit-out) takes time, affecting occupancy and revenueduring the transition. Just fitting out a large anchor tenant can take threeto four months. We noticed that the manager is using temporary leasingto support the rent gap between tenants now that A&P demand has pickedup. In fact, we found retailers such as BreadTalk; Times bookstore; andMatahari eager to capitalize on the season by utilizing casual leasingwhile their units get fitted out.

Still compelling. We understand the malls that were part of the acquisitionpipeline at IPO have completed works but occupancy levels have yet tostabilize. The manager had earlier guided that the timing or size of anyacquisition would depend on availability of funding. In our view, anyacquisition scenario is more realistic on a six to 12 months time horizon.If the manager employs SGD-denominated debt, we believe the likelihoodof a concurrent equity issue increases due to cautious lender sentiment.Slight variance in estimates edges our fair value estimate up to S$0.51

(prev: S$0.50). Maintain BUY (16% total return).

Year to Revenue Distr Income DPU DPU Growth DPU Yield P/NAV

31 Dec (S$m) (S$m) (S cents) (%) (%) (x)

FY 08 101.8 59.5 5.6 - 10.4 0.7

FY 09F 81.6 58.3 5.4 7.7 11.2 0.6

FY 10F 110.6 60.1 5.6 2.6 11.4 0.7

Note: FY08 includes LMIR's earnings from 19 Nov 07 to 31 Dec 07

Page 2 28 August 2009

LMIR Trust

Table of Contents

Page

I Bandung Indah Plaza 5

II Istana Plaza 7

III Mal Lippo Cikarang 9

IV Ekalokasari Plaza 11

V Cibubur Junction 13

VI The Plaza Semanggi 15

VII Gajah Madah Plaza 17


LMIR Trust

Background. LMIR owns a diversified portfolio of eight retail malls and

seven retail strata spaces. It is one of the largest mall owners and operators

in Indonesia. The retail strata spaces are leased to Matahari (a sister

company of the trust's sponsor), one of the largest retailers in Indonesia.

The spaces are on ten-year lease terms with built-in rental escalation

clauses.

Defensive, everyday malls. The eight malls are strategically located within

well-established population catchment areas. The trust's properties target

the growing middle class population in major cities across Indonesia. The

retail malls are leased to anchor tenants such as hypermarkets; department

stores; fitness centres; and cinemas. Singapore investors would recognize

retailers including Nike, The Body Shop, Charles & Keith, J. Co Donuts

and BreadTalk. Local brands include The Executive (which has a positioning

equivalent to a G2000 store in Singapore); Invia; Stroberi; Hammer Clothing;

Solaria; and Jesslyn K-Cakes.

We visited seven of the eight retail malls earlier this week. In the following

sections, we describe in greater detail: mall positioning, performance, and

planned & completed asset enhancement initiatives (AEI).

Exhibit 1: Location map of LMIR Trust's properties

Source: LMIR Trust

Exhibit 2: 2Q09 NPI contribution by asset

Source: LMIR Trust

8.1%

9.2%

15.6%

5.3%

5.6%12.8%

8.6%

16.9%

17.8%

Gajah Mada Plaza

Cibubur Junction

The Plaza Semanggi

Mal Lippo Cikarang

Ekalokasari Plaza

Bandung Indah Plaza

Istana Plaza

Sun Plaza

Retail spaces


LMIR Trust

Source: OIR Source: OIR

Exhibit 5: New specialty units & Electronic Solutions store Exhibit 6: New i-FIT fitness centre

I) Bandung Indah Plaza

Exhibit 3: Outdoor alfresco area

Source: OIR

Exhibit 4: Stingers game centre

Source: OIR


LMIR Trust

I) Bandung Indah Plaza

NLA: 30,057 sq m

Occupancy at 30-Jun: 99.7%

2Q09 NPI contribution: 12.8%

Avg weekday traffic: 30,000/day

Avg weekend traffic: 40,000-45,000/day

1 Matahari is a sister company of LMIR's sponsor Lippo Karawaci. It is one of the largest

retailers in Indonesia. LMIR has a strong relationship with Matahari. In fact, all seven retail

strata spaces are let to Matahari on a ten-year lease with built-in rental escalation clauses.

Bandung is Indonesia's fourth largest city with a population of about four to

five million. It is located about 120 kilometres, or a three hours drive, away

from Jakarta. Bandung offers five to six leased malls (rest are strata-titled

centres) - of which LMIR owns two: Bandung Indah Plaza and Istana Plaza.

Positioning. Bandung Indah Plaza (BIP) is centrally located in the heart

of Bandung in the business district. We understand the mall has a slightly

lower positioning compared to Istana Plaza but retailers pay a premium for

BIP's location. The front lobby, with features alfresco dining options opens

onto Jalan Merdeka, a main Bandung street. The back lobby adjoins, and

is linked to, Hyatt Regency Bandung.

AEI update. We note asset enhancement works have recently been

completed at Bandung. 1,800 square metres (sq m) of space rented to

Yogya supermarket was taken back at the end of the lease and converted

into retail units. 800 sq m of the space is now let out to electronic retailer

Electronic Solutions (opening soon). Another 800 sq m of space has been

converted into speciality units, and the remaining 200 sq m was used to

create corridor space. In addition, four existing specialty units and LMIR's

management office were converted into a new fitness centre, i-FIT (794 sq

m). The fitness centre is already partially open, with a full opening expected

next week.

Tenants. Anchor tenants include Hypermart (~4,000 sq m); Matahari

department store1 (~4,500 sq m); i-FIT fitness centre (794 sq m); and soon-

to-open Electronics Solution (~800 sq m). Retailers familiar to Singapore

investors include Nike (opening soon); Giordano; Starbucks; Pizza Hut;

McDonald's; and Body Shop.


LMIR Trust

Exhibit 10: Citibank-Istana Plaza retail promotion



Exhibit 7: Main entrance and atrium Exhibit 8: Rimo department store

Exhibit 9: Food court expanded via AEI

II) Istana Plaza


LMIR Trust

II) Istana Plaza

NLA: 27,670 sq m




Avg weekend traffic: 25,000/day

2 Note that Rimo also operates in Gajah Madah Plaza in Jakarta. That store closed just earlier

this week when Rimo finished serving out its lease. A similar arrangement with Matahari is

also in place there.

Positioning. Istana Plaza (IP) is also located in Bandung, but has a very

different personality. The charming and well-lit mall is situated in a residential

area, and caters to the wealthy Chinese community located there. We

noticed the positioning of the mall and the retailers were targeted to a

higher-income clientele vis-à-vis BIP.

Matahari replacing Rimo. At IP, we spotted one of LMIR's few problem

tenants. Anchor tenant Rimo department store was renting about 4,000 sq

m at IP over two floors. The store has been in difficulties since the onset of

the financial crisis and we understand it has been shutting down stores.

LMIR decided not to continue leasing space to Rimo at IP (no payments

are outstanding). We understand the space will be taken over by Matahari

Department Store. The fit-out process takes time, and the store is expected

to officially open before Christmas. Prior to that, Matahari plans to run a

temporary bazaar in September on the first floor as works progress on the

second floor 2.

AEI update. As part of an earlier asset enhancement, 950 sq m space

previously rented by a skating rink was used to expand an existing food

court. LMIR had found that the rink was earning lower rents and attracted

traffic only on the weekend, while the existing food court was at overcapacity.

684 sq m (ex corridors) of space has been created and let to food stalls

and restaurants. Roughly 60% of the space has already been leased out,

while the rest is under offer.

Tenants. Anchor tenants include Ace Hardware (~1,300 sq m); bookstore

Gramedia (~1,200 sq m); Giant supermarket (~1,300 sq m); and the now-

closed Rimo department store (~4,000 sq m) expected to be replaced by

Matahari. Retailers familiar to Singapore investors include: Guardian; Ya

Kun Kaya Toast; BreadTalk; Charles & Keith; Nike; Adidas; Fila; and Body

Shop.


LMIR Trust

Source: OIRSource: OIR

Exhibit 13: Factory outlets occupying Hero space Exhibit 14: Anchor tenant Hypermart


Exhibit 11: MLC entrance with Ramadan decorations Exhibit 12: Casual leasing in full swing

III) Mal Lippo Cikarang


LMIR Trust

III) Mal Lippo Cikarang

NLA: 28,711 sq m





3 Note that temporary leases of tenures under one year are not counted in the mall occupancy

figure, even if the space continues to generate revenue. Consequently the occupancy figure

does not reflect the dollar impact of casual leasing in atriums and corridors, or the rent

support from temporary leases of retail units.

Positioning. Mal Lippo Cikarang (MLC) is located in the township of

Cikarang, which stretches over 40 hectares and holds about 800

households. MLC attracts visitors from the surrounding areas of Bekasi

(population of two million) and Karawang. These are truly captive population

catchments. MLC's nearest competition is 15 kilometers away in Bekasi,

and consists of just one leased mall concept and three strata-titled centers.

Cikarang is an industrial area, and is surrounded by factories of major

manufacturers including: Toshiba; Epson; LG; Sanyo; Philips; and Mattel.

Tenant turnover is a time-sucker. Hero supermarket, which took up 2,400

sq m, did not renew its lease in December 2008. Since February 2009,

that space has been temporarily leased to factory outlets3 . We understand

LMIR is currently negotiating with some of the factory outlets to stay on

permanently in the remaining space. The manager also expects Electronic

Solutions to ultimately take up about 1,300 sq m of that space. Electronic

Solutions has slowed down its expansion schedule as a result of the

macroeconomic crisis. As a result, this particular outlet is only expected

to open in end-February 2010 after fit-out. We note that obtaining new

tenants can be a drawn-out process with some retailers still holding back

expansion plans. In addition, the fitting out process can be both expensive

and time-consuming. The fit-out process can take one to two months for

typical units, and take three to four months for large anchor tenants.

Tenants. Anchor tenants include Hypermart (~8,500 sq m); Matahari

Department Store (~6,000 sq m); Inul Vizta Family KTV (~700 sq m) and

Cinema 21. Retailers familiar to Singapore investors include: KFC, Bata,

Dunkin' Donuts; Wendy's and Pizza Hut.


LMIR Trust



Exhibit 15: Popular local retailer Stroberi Exhibit 16: Anchor tenant Inul Vizta Family KTV

Exhibit 17: Anchor tenant Cinema 21 Exhibit 18: ~1,750 sq m created for Gold's Gym

IV) Ekalokasari Plaza


LMIR Trust

IV) Ekalokasari Plaza

NLA: 25,889 sq m





Positioning. Retail mall Ekalokasari Plaza (Elok) is located in Bogor city,

located about 60 kilometres away from Jakarta. Bogor has a total population

of roughly three million over the centre and suburban areas. Elok is one of

only two leased malls in Bogor, with a family mall positioning. This is primarily

a residential area and most citizens commute to Jakarta for work (four

hours back & forth). As a result, mall traffic tends to spike after office hours

and on weekends.

Fitting out fitness centres. LMIR Trust created approximately ~1,750 sq

m of space slated for a new fitness centre, Gold's Gym. Gold's Gym is one

of the big three fitness centre chains in Indonesia, after Fitness First and

Celebrity Fitness. We note the fit-out process for fitness centers is very

time-consuming (it can take four months) and very expensive. For instance,

the tenant has to set up the water system for the showers, install air-

conditioners, set up saunas, and purchase gym equipment. Consequently,

while Gold's Gym has already paid a non-refundable down payment to

LMIR Trust - the opening itself has been delayed from June 2009 previously.

The leasing office is also considering contingency options.

Tenants. Anchor tenants include Foodmart (~2,600 sq m); Matahari

Department Store (~7,000 sq m); Cinema 21 (~1,500 sq m); Gramedia

bookstore; Inul Vizta Family KTV; and potentially Gold's Gym fitness centre

(~1,750 sq m, not yet open). Some retailers familiar to Singapore investors

include: Giordano; BreadTalk; KFC; Dunkin' Donuts; J. Co Donuts; and

Wrangler.


LMIR Trust


Exhibit 19: Main atrium, Cibubur Junction Exhibit 20: Anchor tenant Electronic Solutions


Exhibit 21: New AEI project to improve traffic flow Exhibit 22: Retailers in position for festive season

V) Cibubur Junction


LMIR Trust

V) Cibubur Junction

NLA: 34,139 sq m





Affluent and fast-developing Cibubur. Cibubur is one of the most affluent

and exclusive residential areas off central Jakarta. The rapidly growing

suburb is located about 20 minutes away from central Jakarta. The rapidly

growing suburb is home to some 500,000 households, with most residents

commuting to Jakarta for work. The greater Cibubur area attracts a

population catchment of roughly three million. Cibubur Junction (CB) is

situated about five kilometres south of Jakarta's Jagorawi toll road.

Positioning. We noticed that CB has a very different personality to the

malls described earlier. The branding and positioning of CB's retailers reflects

the area's popularity with up-and-coming young couples. We understand

some of the anchor tenants rank their CB outlet as one of their top

performers.

AEI update. LMIR Trust is planning asset works on the second floor of the

mall, where secondary corridors have dampened traffic flow. The AEI project

will be launched soon, which is why we spotted several empty retail units

in that section. The target area constitutes 1,035 sq m of lettable space,

with roughly 20% occupancy at present. The enhancement works will

change layout, improving traffic flow, and increase lettable space to 1,467

sq m post-AEI. Nearly 80% of the space is already committed to: existing

tenants; new retailers; and anchor tenant Inul Vizta Family KTV. Works

are expected to be completed in December.

Tenants. Anchor tenants include: Matahari Department Store (~9,000 sq

m); Hypermart (~ 9,500 sq m); Fitness First (~1,500 sq m); Electronic

Solutions (~2,000 sq m); Superhome (~800 sq m); Karisma bookstore

(~700 sq m); SportWarehouse (~700 sq m); and Cinema 21 (~1,600 sq m).

iX-Junction, an authorized reseller of Apple products, is also opening soon.

Some retailers familiar to Singapore investors include: Polo Ralph Lauren;

Pizza Hut; Charles & Keith; Bossini; Giordano; Secret Recipe; Dunkin'

Donuts; J. Co Donuts; Guardian; The Body Shop; and Starbucks.


LMIR Trust


Exhibit 25: Queue for HT Mobile exhibition Exhibit 26: Back view of Planggi Sky Dining (9th level)


Exhibit 23: Inside Centro department storeExhibit 24: Times employs casual leasing before setting

up shop

VI) The Plaza Semanggi


LMIR Trust

VI) The Plaza Semanggi

NLA: 64,566 sq m



Avg weekday traffic: 40,000-50,000/day


4 This is of course partially offset by the infamous Jakarta traffic. It took us 30-40 minutes to

travel between Plaza Semanggi and Gajah Madah Plaza, which in reality lie five kilometers

apart.

Your best meeting point. The Plaza Semanggi (Planggi) sits in the heartof Jakarta's CBD or "Golden Triangle" area. The mall is situated on theintersection of two of Jakarta's busiest roads, Jl. Sudirman and Jl. GatotSubroto. It is surrounded by commercial buildings and schools includingthe Atmajaya University (students comprise 20% of mall traffic). Planggi ispositoned as "your best meeting point" and we were pleasantly surprisedto find healthy crowds mid-Tuesday. The eight floors of the mall areorganized around zones including "Semanggi Food"; "Semanggi HomeGallery"; and "Semanggi Cellular Zone".

The 'everyday' niche. The CBD area is generally thought to be over-saturated with retail space4 but Planggi stands out as the only 'everyday'middle-income mall amongst a slew of Grade A and "premium Grade A"malls hawking Louis Vuitton and Chanel. We hear that in the immediateaftermath of the recent Marriott bombing, surrounding malls saw trafficdrop by roughly 40% but Planggi saw traffic increase 10% due to differencein perceived positioning. Similarly, while demand dipped for imported, high-end goods in recent months, many LMIR retailers (including local brandsThe Executive and Hammer Clothing) continue to report healthy YoY salesgrowth.

Unique traffic drivers. Balai Sarbini Concert Hall, a 2,200 sq m conventionhall (on fixed-rent from third-party manager) hosts Indonesian Idol andhouses three church congregations on weekends. LMIR has also usedspace above and adjacent to the car park to build "Planggi Sky Dining", analfresco dining concept on the 9th (1,300 sq m) and 10th (1,700 sq m)floors. Restuarants on this level are open until 2 AM and offer a stunningview of the Jakarta skyline. The manager tells us the 10th floor dining area,which opened in February 2008, attracts 25,000 customers per week.

Doing its part to boost traffic. Recent LMIR mall events include "SaleNow On" and a midnight sale event. At the Planggi midnight sale event,retailers offered 20-70% after-hour discounts and extended closing hour to12 Am from 9:30-10 PM. The manager said some retailers enjoyed volumesequivalent to one month's sales in that one day. Planggi plans to hold a 24-hour shopping promotion in September.

Performance. Anchor tenant Electronic Solutions downsized from 3,000sq m to ~1,600 sq m earlier this year. We understand this was a functionof over-ambitious planning and unproductive sales per sq m metrics on thepart of the retailer. The space is being converted into specialty units andrestaurants. Separately, we noticed some units out on temporary leasesbut understand a more permanent solution is in the works. On the whole,we found a fairly full and vibrant mall. Casual leasing is going great guns inPlanggi as well, and we spotted a long queue for a HT Mobile promotionexhibited in the main atrium.

Tenants. Anchor tenants include: Giant hypermarket (~7,000 sq m); Centrodepartment store (~7,000 sq m); Gramedia bookstore (~1,700 sq m);Electronic Solutions (~1,600 sq m); Fitness First (~2,000 sq m); Inul ViztaFamily KTV (~1,000 sq m); and Cinema 21 (~1,000 sq m). Retailers familiarto Singapore investors include: Burger King; Perlini's Silver; Starbucks;

Nike; Adidas; Gloria Jean's Coffee; Converse; Wacaol; Giordano.


LMIR Trust


Exhibit 27: GMP'S "Pet Corner"Exhibit 28: 3,000 sq m worth of jewellery


Exhibit 30: More sales in time for the seasonExhibit 29: Inside Hypermart

VII) Gajah Madah Plaza


LMIR Trust

VII) Gajah Madah Plaza

NLA: 35,030 sq m





Planggi's polar opposite. Gajah Madah Plaza (GMP) is one of Jakarta's

oldest malls. Located in the high-traffic Chinatown area, GMP caters primarily

to the Chinese community (comprises 80% of traffic). GMP is situated just

five kilometres away from Planggi but feels worlds apart because of both

the Jakarta traffic and the poles-apart mall positioning.

GMP, the destination. LMIR's basket of assets are united by their 'everyday'

focus but GMP stands out as a destination mall. GMP has carved out a

unique niche for itself, perhaps necessitated by its location and age.

Consequently, there is less focus on anchor tenants and more emphasis

on magnet concepts. To wit: 1) 500 sq m of space is allocated to pet

stores - likely making GMP the largest pet store centre in Jakarta; 2)

3,000 sq m of space or nearly 10% of NLA houses jewellery stores including

a gem laboratory that tests the authenticity of jewellery; and 3) 1,500 sq m

of space or nearly 5% of NLA is taken up by computer and electronics

stores.

The destination, part II. We can keep going: 4) 5,600 sq m of space is

allocated to The Millenium Executive Club - restaurant by day, discotheque

by night (with karaoke to boot); and 5) a swimming pool area occupies

1,000 sq m and is a great family magnet. The mall also includes a 1,900

sq m wedding hall area (fixed rents from third-party manager) that drives

traffic. The adjoining office block meanwhile hosts three church

congregrations with 10,000 members in total on weekends - also boosting

mall traffic.

Performance. Because of its unique destination concept, GMP has had

one of the most resilient showings even among the LMIR portfolio. We

understand tenant turnover has been minimal. Note that the Rimo

Department Store outlet in GMP closed earlier this week after serving out

its lease. The manager plans a similar arrangement as in Istana Plaza:

Matahari is expected to take over the space and officially open before

Christmas, but it will hold a bazaar in September to catch the Ramadan/

Idul Fitri season.

Tenants. Anchor tenants include: The Millenium Executive Club restaurant

& discotheque (~5,600 sq m); Hypermart (~5,500 sq m); Cinema 21 (~1,700

sq m); Klub Aderai fitness centre (~670 sq m); and the now-closed Rimo

Department Store (~3,250 sq m) expected to be replaced by Matahari.

Retailers familiar to Singapore investors include: McDonald's; Starbucks

(opening soon); The Body Shop; and Dunkin' Donuts.


LMIR Trust

Lippo's Key Financial Data

EARNINGS FORECAST

Year Ended 31 Dec (S$ m) FY08 FY09F FY10F

Gross revenue 101.8 81.6 110.6

Net property income 88.3 76.8 79.7

Interest income 2.0 1.8 1.7

Management fees -7.0 -5.6 -5.5

Trustee fees -0.3 -0.4 -0.3

Other trust operating expenses -3.8 -0.3 -0.2

Financial expense -6.4 -8.7 -9.3

Other credits 62.5 -56.1 0.0

Net income before tax and revaluation 135.2 7.4 66.0

Revaluation surplus net forex change -99.8 57.4 -52.8

Net profit before tax 35.4 64.7 13.2

Tax -48.6 -30.3 2.6

Net profit after tax -13.2 34.5 15.8

Income to be distributed 59.5 58.3 60.1


BALANCE SHEET

As at 31 Dec (S$ m) FY08 FY09F FY10F

Cash 94.5 108.1 104.6

Trade and other receivables 19.2 15.4 20.9

Total current assets 113.7 124.9 126.8

Investment properties 830.0 962.3 910.5

Total non-current assets 892.5 964.8 913.0

Total assets 1,006.1 1,089.6 1,039.8

Trade and other payables 6.9 5.5 7.5

Current tax payable 5.7 6.0 6.0

Security deposit 8.7 7.0 9.5

Total current liabilities 21.3 19.9 24.4

Other financial liabilities 118.9 118.1 118.1

Total non-current liabilities 225.5 237.6 221.8

Total liabilities 246.8 257.6 246.2

Unitholders' funds 759.3 832.1 793.6

Total liabilities & unitholders' funds 1,006.1 1,089.6 1,039.8


LMIR Trust

CASH FLOW

Year Ended 31 Dec (S$ m) FY08 FY09F FY10F

Net profit before tax 35.4 64.7 13.2

Net finance costs 4.5 6.9 7.6

Fair value change adjustments 37.4 2.1 52.8

Other adjustments 3.1 2.9 3.2

Op profit before working capital changes 80.4 76.7 76.8

Working capital changes 70.9 5.9 -1.0

Tax paid -12.2 -12.7 -13.2

Cashflow from op activities 139.1 69.8 62.6

Cashflow from investing activities -927.1 0.8 0.7

Interest expense -5.9 -6.6 -6.6

Bank borrowings 118.9 0.0 0.0

Distributions paid -56.4 -47.5 -60.1

Funds from unitholders 813.4 0.0 0.0

Cashflow from financing activities 870.0 -55.9 -66.8

Net cashflow 82.0 14.7 -3.5

Net effect of exchange rates 12.5 -1.1 0.0

Cash at beg of year 0.0 94.5 108.1

Cash at end of year 94.5 108.1 104.6



LMIR Trust

Per share data

Year ended 31 Dec FY08 FY09F FY10F

Units outstanding (m) 1066.0 1076.5 1083.1

EPU (S cents) -1.2 3.2 1.5

DPU (S cents) 5.6 5.4 5.6

CFPS (S cents) 13.0 6.5 5.8

NAV (S$) 0.7 0.8 0.7

Key rates & ratios

Year ended 31 Dec FY08 FY09F FY10F

PER (x) - 15.1 33.2

NPI margin (%) 86.8 94.1 72.0

Distr to revenue (%) 58.5 71.4 54.4

DPU yield (%) 10.4 11.2 11.4

DPU growth - annualized (%) - 7.7 2.6

P/CF (x) 4.1 7.5 8.4

P/NAV (x) 0.7 0.6 0.7

Total Debt/Total Assets (x) 0.1 0.1 0.1

Total Debt/Equity (x) 0.2 0.1 0.1

Source: Company data, OIR estimates


LMIR Trust

For OCBC Investment Research Pte Ltd

Carmen LeeHead of ResearchPublished by OCBC Investment Research Pte Ltd

SHAREHOLDING DECLARATION:The analyst/analysts who wrote this report holds NIL shares in the above security.

RATINGS AND RECOMMENDATIONS:OCBC Investment Research’s (OIR) technical comments and recommendations are short-term and tradingoriented.- However, OIR’s fundamental views and ratings (Buy, Hold, Sell) are medium-term calls within a 12-monthinvestment horizon. OIR’s Buy = More than 10% upside from the current price; Hold = Trade within +/-10%from the current price; Sell = More than 10% downside from the current price.- For companies with less than S$150m market capitalization, OIR’s Buy = More than 30% upside from thecurrent price; Hold = Trade within +/- 30% from the current price; Sell = More than 30% downside from thecurrent price.

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Documents

MITA No. 010/06/2009 Lippo-Mapletree Indonesia …lmir.listedcompany.com/misc/OCBC_28aug09_highlights.pdfPage 3 28 August 2009 LMIR Trust Background. LMIR owns a diversified portfolio