Lippo Malls Indonesia Retail Trust

Strictly Confidential

Investor Presentation

665

520 465

279 226

134 123 115 41

High forecast retail growth coupled with low rental rates & retail space per capita imply huge upside potential for Indonesian retail landlords

1

Attractive Indonesian Retail Sector

Indonesia – GDP Per Capita and average real wage projection

Source: World Bank, Standard Chartered Research Estimates

GDP Per Capita (USD)

Average Wage (USD/Day)

Fastest retail sales growth in the region Retail sales growth (2012 - 2016F)

12.9%

6.8% 6.7%

3.5% 2.3%

0%

4%

8%

12%

16%

Indonesia Malaysia Thailand Philippines Singapore

Source: CIA World Factbook

Retail rental rates in Jakarta remain the lowest in the region

Retail rental rates (USD PSM/Month)

Source: CBRE Asia Pacific Retail Market View, Colliers Retail Market Report 3Q 2015

Jakarta is ‘under-malled’

Retail space per capita (SQFT)

Source: CIA World Factbook, CBRE, Colliers Research reports

4.7 4.7 5.3 7.2 7.4

9.7 9.9

16.4

0.0

5.0

10.0

15.0

20.0

Jakarta Metro Manila

Bangkok Singapore Klang Valley

Sydney Tokyo HK Beijing Shanghai Ho Chi Minh

New Delhi

Hanoi Singapore Bangkok Jakarta Mumbai

2

Attractive Indonesian Retail Fundamentals Minimum wage hikes will continue to increase Indonesians’ buying power, bringing about robust income growth which will drive domestic consumption.

Households ('000) in Income Group Persons ('000) in Age Groups

13,928

61,872

61,430

42,788

64,695

18,844

79,559

61,819

43,092

62,243

- 20,000 40,000 60,000 80,000 100,000

65-100

40-64

25-39

15-24

0-14

2022 2012

98

3,114

19,481

26,890

14,213

259

7,501

29,049

24,838

12,035

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000

50k

20-50k

10-20k

5-10k

1-5k

Hous

ehol

d In

com

e U

S$ p

.a.

2012 2022

Source: Global Demographics Source: Global Demographics

Portfolio Highlights

3

Diversified portfolio across Indonesia

(Total NLA: 815,283 sqm)

– 10 malls across Greater Jakarta

– 2 malls in Bandung

– 3 malls in Medan

– 3 malls in Palembang

– 1 mall in Batu

– 7 retail spaces

Source: Company data

Binjai Supermall

Sumatra

Medan Grand Palladium Medan

Sun Plaza Plaza Medan Fair

IrianJaya

Pontianak

Kalimantan

Balikpapan Sulawesi

Java Supermall

Jakarta

Bandung

Semarang

Java Surabaya

Malang

Malang Town Square

Plaza Madiun

Retail Malls

Retail Spaces

Bandung Indah Plaza

Istana Plaza

Lippo Mall Kemang

Pluit Village

Gajah Mada Plaza

The Plaza Semanggi

Mal Lippo Cikarang

Tamini Square Cibubur Junction

Depok Town Square

Mall WTC Matahari

Metropolis Town Square

South Jakarta

West Jakarta

North Jakarta Central

Jakarta

Kramat Jati Indah Plaza

Ekalokasari Plaza

Lippo Mall Kemang

Palembang Square

Palembang Square Extension

Palembang

East Jakarta

Pejaten Village

4

Strategically Located Portfolio LMIRT has a diversified portfolio of 19 retail malls and 7 retail spaces across Indonesia

Palembang Icon

Lippo Plaza Batu

Batu

Portfolio Overview

Notes: 1. Based on valuation by Rengganis, Wilson , Hendra and Winarta at 31 Dec 2014 in IDR and acquisition price (Lippo Plaza Batu & Palembang Icon only) and adjusted for property enhancements to date.

The valuations and property enhancements are converted to SGD using the closing rate of 10,196 IDR/SGD as at 30 September 2015. 2. Colliers Market Report 3Q 2015 Retail (average occupancy of Jakarta and Greater Jakarta areas) 3. As at 30 September 2015

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

Portfolio Key Metrics

Portfolio valuation of S$ 1.797bn1 • 93.9% occupancy vs 85.3% Industry average 2 Total NLA of 815,283 sqm 3

5

No Malls NLA (sqm) Valuation (S$M) 1 Occupancy Rate (%)

1 Bandung Indah Plaza 30,288 79.0 99.8%

2 Cibubur Junction 34,494 49.0 99.1%

3 Ekalokasari Plaza 21,250 40.6 94.3%

4 Gajah Mada Plaza 36,433 74.3 75.9%

5 Istana Plaza 26,859 71.9 99.5%

6 Mal Lippo Cikarang 30,252 56.2 99.7%

7 Plaza Medan Fair 54,776 111.9 98.1%

8 Plaza Semanggi 64,210 131.8 78.2%

9 Pluit Village 87,394 128.4 87.8%

10 Sun Plaza 64,358 165.5 97.9%

11 Binjai Super Mall 23,315 25.9 91.9%

12 Lippo Kramat Jati Indah 32,609 56.4 91.3%

13 Pejaten Village 42,166 94.5 99.3%

14 Palembang Square 31,641 62.9 92.9%

15 Palembang Square Ext 17,392 25.1 99.8%

16 Tamini Square 17,476 23.2 100.0%

17 Lippo Mall Kemang 58,254 349.9 93.2%

18 Lippo Plaza Batu 12,333 79.8 98.2%

19 Palembang Icon 35,715 26.8 99.1%

A Mall Portfolio 721,213 1,653.2 93.2% B Retail Spaces 94,070 143.7 100.0%

A + B Total Portfolio 815,283 1,796.9 93.9% Industry Average 85.3%

Portfolio Summary (As of Q3 2015)

Trade Sectors Breakdown by NLA1 Trade Sectors Breakdown by Rental Income1

Notes: 1. As at 30 September 2015, excluding retail spaces

6

Trade Sector % of Rental Income

1 Food and Beverage 19.33%

2 Fashion 16.03%

3 Department Store 9.35%

4 Supermarket/Hypermarket 9.24%

5 Others 9.10%

Top 5 Sectors 63.05%

Trade Sector % of NLA

1 Department Store 15.52%

2 Supermarket/Hypermarket 14.52%

3 Other 13.04%

4 Food and Beverage 10.30%

5 Fashion 8.54%

Top 5 Sectors 61.92%

Top 10 Tenants By Gross Rental Income As at 30 September 2015, includes retail space

7

Top 10 tenants contribute approximately 22.9% of LMIRT Retail Mall Portfolio’s Gross Rental Income

9.4%

6.4%

3.5%

0.7%

0.5%

0.5%

0.5%

0.5%

0.5%

0.5%

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

Gramedia

Solaria

Fitness First

Cinema 21

Electronic Solution

Ace Hardware

Giant Supermarket

Rental Reversion Trend (as of Q3 2015)

8

Source: Company data

Financial Performance

9

2007 2011 2012 2013 2014 2015

Dec 2011: Completed rights issue of 1.09 billion new units to raise ~ SGD337m in gross proceeds (165% subscription rate)

Dec 2011: Draw down of SGD 147.5m new loan (including successful refinancing of SGD125m loan)

Sep 2011: Secured SGD190m loan facility from 4 banks

Equity Capital Debt Capital

July 2012: Completed issue of SGD200m 3 yr and SGD50m 5 yr unsecured bonds

Nov 2012: Completed issue of SGD75m 5 yr unsecured bond

Oct 2013: Completed issue of SGD150m 3 yr unsecured bond

Nov 2013: Completed SGD100m Private Placement

Jan 2014: Repayment of the SGD147.5m term loan

10

LMIRT – Funding Milestones

Nov2007: LMIRT was officially listed on the SGX

Dec 2014: Completed issuance of 236m new units to raise ~SGD85m in gross proceeds

Dec 2014: Draw down of SGD 155m secured bank loan

June 2015: Completed issue of SGD75m 5 yr unsecured bond

July 2015: Refinanced SGD200m with 6 month term loan

Nov 2015: RefinancedSGD100m with 3 yr unsecured bond

11

LMIRT – Growth Milestones

No of properties 2008 2009 2010 2011 2012 2013 2014 2015 Beginning of the year

14

15

15

15

17

23

23 24

End of the year

15

15

15

17

23

23

24 26*

Assets Under Management

Value of AUM (IDR bn)

* As at 30 September 2015

LMIRT has demonstrated robust growth and sustainable profit margins

Source: Company announcement

Due to issuance of SGD325m bonds for acquisitions

Debt and Gearing

Historical Gross Revenue vs. NPI (S

GD

mill

ion)

12

Cost of Debt and DPU Yield

Strong NPI Growth and Financial Position

101,761 85,758

129,370 136,108 150,374 152,599

136,985

71,777 61,278 65,931 71,443

99,583 116,080

101,734

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Period fromIPO to 2008

2009 2010 2011 2012 2013 2014

Gross Revenue (SGD'000)

NPI After Tax (SGD'000)

7.6 6.7

6.1 5.6 5.1 5.2

8.4

11

6 7.8 8.1 9.6

0

2

4

6

8

10

12

2010 2011 2012 2013 2014 Q3 2015

Average cost of debts DPU Yield

125 147.5

472.5 622.5 630 695

55% 68% 68% 74% 75%

0%

20%

40%

60%

80%

100%

120%

0100200300400500600700800

2010 2011 2012 2013 2014 Q3 2015

Debt Unencumbered assets

13

Q3 2015 Financial Results – P&L (in Rp mn)

3Q 2015 (IDR million)

3Q 2014 (IDR million) Variance

Gross Rent 359,093 266,101 34.9%

Rental Guarantee Income - 2,547 -100%

Other Income 8,124 6,509 24.8%

Net Parking Income 52,514 24,769 NM

Rental of Electrical, Mechanical, and Mall Operating Equipment

10,761 5,224 NM

Total Revenue 430,492 305,150 41.1%

Property Management Fee (11,139) (8,950) -24.5%

Property Management Expenses (20,881) (5,950) NM

Total Property Operating Expenses (32,020) (14,900) NM

Net Property Income 398,472 290,250 37.3%

14

Q3 2015 Financial Results – P&L (in S$ mn)

3Q 2015 (S$ ‘000)

3Q 2014 (S$ ‘000) Variance

Gross Rent 36,327 28,336 28.2%

Rental Guarantee Income - 271 -100%

Other Income 831 692 20.1%

Net Parking Income 5,313 2,637 NM

Rental of Electrical, Mechanical, and Mall Operating Equipment

1,076 553 94.6%

Total Revenue 43,547 32,489 34.0%

Property Management Fee (1,129) (954) -18.3%

Property Management Expenses (2,128) (628) NM

Total Property Operating Expenses (3,257) (1,582 ) NM

Net Property Income 40,290 30,907 30.4%

Distributable Income 21,487 17,070 25.9%

Distribution Per Unit (cents) ¹ 0.77 0.69 11.6%

Annualized Distribution Yield ² 9.6%

Notes: 1. Based on 2.793 billion units in issue as at 30 September 2015. 2. Based on a closing price of S$0.32 as at 30 September 2015.

15

Q3 2015 Financial Results – Balance Sheet

30 September 2015 S$ million

31 December 2014 S$ million

Non Current Assets 1,803.4 1,845.9

Current Assets 160.6 171.6

Total Debt 695.0 630.0

Other Liabilities 226.9 237.8

Net Assets 1,042.1 1,149.7

Net Asset Value S$ 0.37 S$ 0.42

Total Units In Issue 2,792.8 2,701.8

Gearing Ratio 35% 31%

Notes: 1. Included in the Non Current Assets are the Investment properties of S$ 1,773.4 million. The carrying values of the properties are stated

based on independent valuation as at 31 December 2014 and acquisition price (Lippo Plaza Batu & Palembang Icon only), 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.

Lease Expiry Profile As at 30 September 2015

16

4% 8%

23%

11%

43%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2015 2016 2017 2018 2019 & Beyond

Weighted Average Lease Expiry (by NLA) as at 30 September 2015: 5.13 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.

Debt Maturity Profile

17

As at 15 December 2015

Weighted Average Maturity of Debt Facilities as at 15 December 2015: 2.04 years

Notes: 1 S$ 100 million 5.46% term loan due January 2016 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$ 100 million 4.50% fixed rate note (EMTN Program) due November 2018 (All in cost of debt: 4.8%) 6 S$ 145 million 5.57% p.a. (after taking into account interest rate swap contracts) term loan due December 2018 7 S$ 75 million 4.1% fixed rate note (EMTN Program) due June 2020 (All in cost of debt: 4.3%)

1

2 3

4

5

6

1

2 3

4

3

4

5

6

7

Appendix

Key Highlights of 3Q 2015 Results

i

Notes: 1. As at 30 September 2015 2. Indonesia Investment Coordination Board Q2 2015 Press Release 3. Colliers Research and Forecast Report Q3 2015

3Q 2015 Results

YTD Gross Rental Income increased by 28.6% in IDR term

3Q 2015 DPU of 0.77 cents and YTD DPU of 2.29 cents

3Q 2015 DPU represents an annualized yield of 9.6%

Overall occupancy of 93.9% as at 30 September 2015

New and renewed leases of approximately 36,026 square meters during 3Q 2015

Average rental reversion was 22.9% during 3Q 2015

Portfolio Update

Financial Position

Weighted Average Maturity of debt facilities was 1.84 years1

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

Established Euro Medium Term Securities Programme of S$1 billion

Economic and Retail

Landscape

Indonesia's FDI increased by 18.2% YoY to IDR 92.2 trillion in 2Q 20152.

Bank Indonesia expects Indonesia’s economy to grow 4.9% in 2015

Retail space asking rents in Jakarta increased by 6.1% YoY in 3Q 20153

Name Position Years in industry Biography

Albert Saychuan Cheok - Chairman - Audit Committee member - Independent Non- Executive Director

> 30 • Fellow of the Australian Institute of CPA with over 30 years experience in banking within the APAC region. Mr Cheok was the Chairman of Bangkok Bank in Malaysia from 1995 to 2005

• Non-executive director of Eoncap Islamic Bank Berhad and MIMB Investment in June 2009 • 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 - Independent Non- Executive Director

> 30 • Formerly served as a Partner at Ernst & Young for 20 years • Member of the Institute of Chartered Accountants in England and Wales as well as member of the

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 - Independent Non-Executive Director

> 30 • Currently the Managing Director of Lock Property Consultants Pte Ltd, advising on real estate development and management

• 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 - Independent Non-Executive

Director

> 30 • Served as the Regional Manager for the Asia Pacific Regional Office of Raiffeisen Bank International AG (formerly known as RZB-Austria) from Jan 2010 to Feb 2012

• 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

Our Board of Directors comprises respected and successful individuals with international working experience

Experienced Board

ii

Name Position Years in industry Biography

Alvin Cheng - CEO & Executive Director - Investor Relations Officer

> 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

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 Support Manager

> 6 • Previously served as an associate lawyer in various law offices in Manila, Philippines. • 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.

Professional Management Team Senior management are highly experienced with an average experience of more than 15 years in the industry

iii

LMIRT Structure

Notes: 1 The Property Manager is owned 100% by the Sponsor 2 LMIRT’s ownership in Singapore SPCs is structured

via ordinary and redeemable preference shares

Lippo Malls Indonesia (the “Property Manager”)1

100% ownership

Public

LMIRT Management Ltd (the “Manager”)

HSBC Institutional Trust Services (Singapore) Limited

(the “Trustee”)

Management fees

Management services

Acts on behalf of Unitholders

Trustee’s fees

37 Retail Mall Singapore SPCs

7 Retail Space Singapore SPCs

Singapore

Retail Malls

Retail Spaces

100% ownership

Rental payments

Property management

services

Property management

fees

Indonesia

LMIR Trust

PT Lippo Karawaci Tbk

(the “Sponsor”) Public

PT Lippo Karawaci Tbk

(the “Sponsor”)

7 Indonesian SPCs

Rental payments

19 Indonesian SPCs

Property management fees

100% ownership

1 Indonesian SPC enters into tenancy agreements and collects rental payments from tenants

2 The Indonesian SPC upstreams net rents collected (net of PM fees) to the Singapore SPCs via dividends, interest income and principal repayment of shareholders’ loans

3 LMIRT then receives the cash income stream from Singapore SPC via dividends and/or redemption proceeds2

4 LMIRT pays out distributable income to unitholders (net cash flows post all Trust related expenses such as interest expense, REIT management fees)

Established structure provides clear and tested flow of funds to LMIRT

Property management

agreement

Property management

agreement

Dividends and/or redemption proceeds

27.7% 72.3%

iv

41

6

10

57

0

10

20

30

40

50

60

Currently owned / managed LPKR 2015 target LPKR additional management target Target total malls under management

Total GFA 3.1 million²

2016 - 2020 Target

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

Acquisition Pipeline From Sponsor

LPKR’s mall development expertise combined with its target expansion plans

Source: LPKR Q1 2015 Investor Presentation

2015 Retail Malls Pipeline

v

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.

24

Disclaimer

vi