#1Lippo Malls Indonesia Retail Trust Investor Presentation 29 January 2021 BOLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST#2Disclaimer 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. 1#31. Company Overview COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST#4Company Overview Company snapshot 29 *週開国 Properties (22 malls & 7 retail spaces)(1) 12* Key Indonesian Cities 85.9%* Portfolio Occupancy(1) S Rp19.2*tn Portfolio Valuation(2) 962,769*s Net Lettable Area(1) sq m 3.5 years Portfolio WALE(3) by NLA (1) Enlarged Portfolio (with Puri): Rp909.1bn* 9M2020 NPI >1.8mn* sq m Gross Floor Area(1) 3,391* Tenants(1) 無 168.3mn FY19 Shopper Traffic 56.5mn 9M2020 Shopper Traffic (1) Only Indonesian retail REIT listed on SGX with a well-diversified, quality portfolio strategically located across major Indonesian cities with large middle class population catchment areas *Takes into account Lippo Mall Puri (including restoration of P2 Space). The acquisition was completed on 27 January 2021. (1) As of 30 Sep 2020. (2) Based on an independent desktop valuation as of 31 Jul 2020. (3) WALE refers to weighted average lease expiry 3#5Company Overview Trust structure 1 Investment Mandate Established with the principal investment objective of owning and investing, on a long-term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail- related purposes, and real- estate assets in connection with the purposes mentioned in the foregoing. 2 Regulated by the Monetary Authority of Singapore ("MAS") LMIR Trust is subject to the Collective Investment Scheme ("CIS") code and the Manager is licensed by MAS. 3 Tax Efficient Structure " LMIR Trust benefits from tax exemption on qualifying foreign-sourced income from Indo SPC and tax-exempt dividends from SG SPC. Singapore Unitholders Distributions Trustee's fees Holdings of Units Management fees The Manager(1) Management services Ownership of ordinary and redeemable COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST Dividends and/or Acts on behalf of Unitholders preference shares redemption proceeds Singapore Subsidiaries ("SG SPC") Ownership and shareholders' loans Property Property management fees Manager(2) Property management Dividends, interest income and principal repayment of shareholders' loans Indonesia Subsidiaries ("Indo SPC") Rental payments Tenancy agreements Indonesia agreements Property management services & coordinator facilities management services (1) The Manager, LMIRT Management Ltd., is 100% indirectly owned by the Sponsor. (2) The Property Manager, PT Lippo Malls Indonesia, is 100% owned by the Sponsor. Sponsor = PT Lippo Karawaci Tbk. 100% Ownership Retail Property Trustee Tenants Tenants of the retail properties 4#62. Recent Developments and Updates COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 5#7Covid-19 Impact Updates Social Restrictions LMIR Trust's retail malls and retail spaces were closed, except for essential services from 27 March 2020 in the Greater Jakarta region, Bandung and Bali and from 1 April 2020 for all other retail malls and retail spaces. Properties reopened on a phased basis from 13 May 2020 in accordance with the lifting of the large-scale social restrictions (Pembatasan Sosial Berskala Besar or "PSBB") in their areas. By 3 July 2020, all of LMIR Trust's retail malls and spaces had resumed operations at shorter 8-hour operations rather than 12 hours. Re-imposition of the PSBB in Jakarta from 14 September for a 2-week period which was subsequently extended to 11 October 2020. This resulted in the closure of dine-in services by restaurants and cafes, but LMIR Trust's properties in Jakarta otherwise remain operational. Since 12 October 2020, there has been a relaxation providing for dining-in at restaurants up to 50% of full capacity of the venue and 25% of full capacity at sports and indoor entertainment venues. Following the end of the PSBB period, the Policy of Restricting Community Activities (Pemberlakuan Pembatasan Kegiatan Masyarakat or "PPKM") was implemented in Java and Bali effective 11 January 2021 and has since been extended to 8 February 2021. This policy allows for our retail malls and spaces in Java and Bali to remain operational with restricted mall hours. The policy also allows restaurants in Java and Bali to allow dining-in (up to 25% of the total capacity of the venue) and takeaway and delivery orders. Vaccine Programme ☐ Indonesia rolled out a mass Covid-19 vaccination programme on 13 January 2021 with the Government aiming to vaccinate 2/3 of the population to reach herd immunity in 15 months. Impact on LMIR Trust's Operations In response to the Covid-19 pandemic: о о О О Overall, we have reduced rentals and service charge billings to tenants to adjust to the reduced opening hours of our properties; We have also agreed to reduce the rentals we receive from certain key tenants in order to support their business recovery; We have converted certain fixed rental agreements to revenue- based rentals, especially for F&B and hypermarket tenants, on a temporary basis; We have faced early termination of leases by certain tenants; and We have recognised a decrease in the fair value of our properties as of July 2020. The Sponsor continues to demonstrate support for LMIR Trust with fulfillment of its master lease obligations in Kuta and Jogya. No discounts have been offered on these leases. LMIR Trust has taken a flexible and cooperative approach with its tenants to address the Covid-19 situation while its strategic direction remains unchanged 6#8Leading Through the Pandemic ◉ Current Reality Unprecedented global environment leading to impact on retail discretionary spending Every crisis has a beginning, middle and an end. LMIR Trust will get through it The pandemic affects everyone - landlords, tenants, consumers. This creates opportunities for partners to work together Management Approach Strategic focus balancing liquidity, stability and flexibility Health and safety is paramount ■ Proactive retailer engagement focusing on future occupancy rate and collections ◉ Proactive and transparent communication with all stakeholders ■ Strategic growth opportunities often appear during a crisis It is in our view that the fundamentals of LMIR Trust's quality retail malls have not changed, it's about proactively managing with flexibility through the changing stages of the pandemic 7#9Financials Overview Revenue growth and profitability Gross Revenue and Net Property Income (1) (S$ millions) 93.4% 71.6% 64.5% 63.2% 54.2% Total Assets and Total Debt(2) (S$ millions) 33.7% 34.6% 230 197 184 273 203 176 165 Acquisition of Lippo Mall Puri will increase LMIR Trust's NPI by Rp257.3bn (S$24.5mn^) 129 121 66 FY2017A FY2018A FY2019A 9M2019A 9M2020A Gross Revenue ■Net Property Income NPI margin 2,064 1,966 H 695 FY2017A 35.9% 2,013 42.5% LMIR Trust incurred additional S$120mn debt pursuant to financing for Lippo Mall Puri acquisition Total Assets will increase by Rp4,025bn (S$380.2mn*) due to addition of Lippo Mall Puri 1,639 680 722 696 FY2018A ■Total Assets ■Total Debt FY2019A 9M2020A Debt-to-Asset ratio LMIR Trust's revenue and profitability were impacted by Covid-19 However, our financials are expected to improve in 2H2021 as recovery is expected in FY2021 with stable income from Lippo Mall Puri Λ Based on the prevailing exchange rate on 30 Sep 2020 of Rp10,514.34 = S$1.00. * Based on the actual rate to close the acquisition of Rp10,585.31 = S$1.00. (1) In 2018, LMIR Trust began to progressively consolidate service charge, utilities recoveries and associated costs across its properties, leading to a decline in margins. (2) Total debt excludes perpetual securities. 8#10Acquisition of Lippo Mall Puri Overview of the Property ■The acquisition of Lippo Mall Puri was completed on 27 January 2021. Total acquisition cost of S$382.4mn (1) was funded by: S$260.2mn from part of rights issue proceeds, and S$120.0mn comprising bank debt (S$80.0mn) and Vendor Financing (S$40.0mn). LIPPOMALL Year of Completion GFA NLA Occupancy Rate July 2014 Approximately 175,146 sq m 116,014 sq m as at 30 Jun 2020 (122,862 sq m upon restoration of the P2 Space) 91.9% as of 30 Jun 2020 (89.9% upon restoration of the P2 Space); 90.8% as of 30 Sep 2020 (88.8% upon restoration of the P2 Space)(2) No. of Tenants As at 30 Jun 2020: 333; As at 30 Sep 2020: 325 WALE by NLA As at 30 Jun 2020: 3.4 years; As at 30 Sep 2020: 3.5 years GFA = Gross Floor Area; NLA = Net Lettable Area; WALE = Weighted Average Lease Expiry (2) As at 30 Sep 2020, after adjusting for any tenants that have given early termination notices but are still physically operating within the Property, and including any new leases signed to occupy retail spaces that will be vacated as a consequence of such early termination, the Property's adjusted occupied area amounts to 103,124 sq m and consequently, the adjusted occupancy rate stands at 85.6% excluding P2 Space. Including P2 Space, the Property's adjusted occupancy rate stands at 83.9%. Located in West Jakarta, an area with good supply-demand dynamics ✔ Only mall in the St Moritz Jakarta Integrated Development, the largest mixed-use development in West Jakarta ✔ One of the top 10 retail malls in Indonesia in terms of shopper traffic and social media searches Approximately 1.5 million residents and estimated working population of more than 670,000 workers (3) Still in growth phase Good leasing-up opportunities Potential positive rental reversion Comes with Vendor Support till end-2024 ◉ Vendor is committed to lease certain vacant leasable space ☐ Guaranteed NPI of Rp340bn per annum from completion till 31 Dec 2024 (1) (3) This refers to cash portion and excludes the Acquisition Fee of approximately $$1.7 million which will be paid through the issue of Acquisition Fee Units. According to estimates provided in the Independent Retail Property Review and Competitive Analysis for Lippo Mall Puri, West Jakarta, Indonesia prepared by Savills Valuation and Professional Services (S) Pte Ltd dated 26 Aug 2020 on the primary catchment area of Lippo Mall Puri. 9#11Acquisition of Lippo Mall Puri Impact on LMIR Trust LMIR Trust's Enlarged Portfolio as at 30 Sep 2020 (unless otherwise indicated): Total/ Weighted Average Existing Portfolio Lippo Mall Puri(1) Enlarged Portfolio NLA (sq m) 839,907(2) 122,862 Number of Tenants 3,066 325 962,769 3,391 Occupancy Rate (%) 85.5 88.8(3) 85.9 WALE by NLA (years) Valuation (Rp bn) 3.4 15,716.1(4) 3.5 3.5 3,500.0 19,216.1 NLA (as of 30 Sep 2020) Existing Portfolio* F&B / Food Court 14.4% Leisure & Entertainment 12.2% Fashion 12.7% Supermarket/ Hypermarket 22.4% Lippo Mall Puri Department F&B / Food Court 15.4% Store 18.3% Leisure & Entertainment 12.4% All Other Fashion 18.6% Sectors 20.0% Focus trade sectors: 39.3% (1) Based on NLA of Lippo Puri Mall including the restoration of P2 Space. (2) Based on Existing Portfolio as at 30 Sep 2020, after the Divestments. (3) Excluding P2 Space, Lippo Mall Puri's occupancy rate stands at 90.8%. (4) Based on 31 July 2020 independent desktop valuation. Enlarged Portfolio F&B / Food Court Department Store 20.1% 14.5% Department Store Leisure & Entertainment 31.8% Supermarket/ Hypermarket 5.9% All Other Sectors 15.9% Focus trade sectors: 46.4% 12.2% Fashion 13.5% Supermarket/ Hypermarket 20.2% All Other Sectors 19.5% Focus trade sectors: 40.2% Focus trade sectors = F&B / Food court, Leisure & Entertainment and Fashion. * The tenancy mix of the existing portfolio is calculated based on the total leasable area which amounts to 839,907 sq m as at 30 Sep 2020 after completion of the Divestments and before the restoration of the P2 Space. Changes to the tenancy mix following the restoration of the P2 Space are not expected to be significant. 10#123. Key Credit Highlights COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 11#13Key Credit Highlights 1 Leading position as one of Indonesia's largest retail property owners COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 2 Key beneficiary of Indonesia's rising affluence, growing middle class • Only SGX-listed REIT with retail assets across Indonesia (listed since 2007) 3 Properties are well-positioned in good population catchment areas and strategically located at the heart of local and regional cities, districts and town centres Established presence in Indonesia, over a decade's experience in Indonesian retail properties 4 Adaptable to the changing consumer demands 5 Resilient portfolio with diversified tenant network and attractively structured leases 6 Experienced board and management team with a strong corporate governance framework 12#141 MEDAN O SUN PLAZA One of Indonesia's Largest Retail Property Owners Assets are strategically located across Indonesia O PLAZA MEDAN FAIR O GRAND PALLADIUM UNITS JAKARTA NORTH O PLUIT VILLAGE SOUTH O THE PLAZA SEMANGGI O LIPPO MALL KEMANG O DEPOK TOWN SQUARE UNITS EAST O MAL LIPPO CIKARANG O LIPPO PLAZA KRAMAT JATI O TAMINI SQUARE O LIPPO PLAZA EKALOKASARI BOGOR O CIBUBUR JUNCTION WEST O METROPOLIS TOWN SQUARE UNITS O MALL WTC MATAHARI UNITS O LIPPO MALL PURI CENTRAL O GAJAH MADA PLAZA PALEMBANG O PALEMBANG ICON O PALEMBANG SQUARE O PALEMBANG SQUARE EXTENSION BANDUNG O ISTANA PLAZA O BANDUNG INDAH PLAZA O RETAIL MALLS O RETAIL SPACES SEMARANG O JAVA SUPERMALL UNITS YOGYAKARTA O LIPPO PLAZA JOGJA COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST Serves 35.4 million people, 13.4% of Indonesian population(1) MALANG SULAWESI O LIPPO PLAZA KENDARI KEDIRI O KEDIRI TOWN SQUARE O LIPPO PLAZA BATU O MALANG TOWN SQUARE UNITS BALI O LIPPO MALL KUTA O PLAZA MADIUN UNITS MADIUM Largest REIT in Asia Pacific providing pure-play exposure to the Indonesia retail sector One of the largest and most geographically diversified retail property owners in Indonesia Extensive coverage provides nationwide access for tenants Economies of scale - higher bargaining power when negotiating with tenants O Ability to provide unique bundled leasing strategy - tenants can lease space in various retail malls and retail spaces across the country LMIR Trust capitalises on its scale and geographical diversity to negotiate favorable lease contracts and offer unique bundled leasing services to tenants (1) Badan Pusat Statistik. 13#151 One of Indonesia's Largest Retail Property Owners Assets are managed by the largest property manager in Indonesia Extensive retail mall management Property Manager, Lippo Malls, has retail mall management experience in Indonesia of over 2 decades since 1995. Lippo Malls is the largest mall developer and operator in Indonesia. Total network of retail assets under management: 56 retail assets Ability to attract foreign retailer interest Successful track record of Lippo Malls enhances the attractiveness of LMIR Trust's properties. Enables LMIR Trust to attract foreign retailer interest. As of 30 September 2020, international brand tenants represent 24.0% of the total retail malls' occupied NLA. MUJI Leverage on strong local market knowledge LMIR Trust benefits from Lippo Malls' strong local market knowledge including cost control mechanisms, retailer relationships and strategic leasing / repositioning experience. Total tenants in malls managed by Lippo Malls 930 H&M THE 無印良品 BODY >1.4 mn sq m NLA SHOP MAKE UP UNI FOR EVER QLO innisfree 37 Indonesian cities PROFESSIONAL - PARIS THEI NORTHI FRIDAYS ®FACEN melissa MARKS & SPENCER watsons 11,983 11,053 Specialty Units Major Units The LMIRT Manager works closely with the Property Manager to realise operational efficiencies and to enhance the performance of each retail mall and retail space Source: Property Manager website 14#162 Favorable Indonesian Macro & Retail Fundamentals Rising affluence and growing middle-income population Indonesia - Real GDP, Consumer Prices Real GDP projected to grow, inflation remains low Real GDP Breakdown by Expenditure (3Q2020) Private consumption still the largest contributor to GDP and is expected to recover in 2021 6.4 5 5.1 38 5.2 5 6.1 5.1 33 3 8 1.6 2015 2016 2017 2018 2019 2020* 2021* 2025* -1.5 Consumer Prices (% annual change) Real GDP (annual % change) *Projections Source: IMF World Economic Outlook October 2020 Burgeoning Middle Class Others Government Consumption 8% 7% Fixed Investment (gross fixed capital formation) 32% Source: Badan Pusat Statistik, Q3 2020 Private consumption 53% Population Data (in millions) (Million people) 238.5 Yr 2017 Yr 2030E +76% 91 mn 160 mn 271.1 183.5 296.4 201.8 124 158.5 95 22 62 65 65 63 68.1 70.7 67.9 24 26 21 9 26.7 11.9 16.8 Poor Affluent Established middle class Emerging middle class Aspirant 2017 ■2030E 2010 2020 Source: The Boston Consulting Group - How the Digital Revolution is Integrating Southeast Asia's Consumers, September 2018 Age Group 0-14 ■Age Group 15-64 Age Group 65+ Source: Badan Pusat Statistik - Proyeksi Penduduk Indonesia 2010-2035 Growing middle class along with strong domestic consumption, serve as a solid foundation for the retail industry 2030 Total Population 15#173 Well-positioned in Attractive Population Catchment Areas Strategically located at the heart of local and regional cities, districts and town centres Good Population Catchment: Key Demand Drivers THE Located in middle to upper middle income demographic regions Excellent Connectivity: Key Gateways for Footfall Access to public transport infrastructure, including trains and metro lines Access to main arterial roads Curated and Targeted Tenant Mix: Maximize Retail Offering ✓ Asset enhancement initiatives to unlock asset value Continuous efforts to create the best tenancy mix for the portfolio |----| Examples of strategically located properties LUIT VILLAGE Pluit Village Cibubur Junction Sun Plaza ■ ÅÅÅ Primary catchment area of middle to upper income households residing in the Pluit residential area. Situated in the heart of Cibubur, one of the most affluent residential areas. One of the most well- known retail malls in Medan (1), strategically located in Medan's commercial district. Easily accessible via Jakarta Highway Ring Road and Transjakarta Public Transportation. Easily accessible via a shuttle bus connecting to the Jakarta CBD, and through the Jakarta- Bogor-Ciawi toll road. Easily accessible from all parts of the city, surrounded by prominent landmarks. ■Introduced more F&B options to the mall by creating a new dining hall concept called "The Elevation" by reconfiguring an anchor tenant unit on the ground floor. ■ In 2018, downsized Hypermart and replaced with new food court "The Flavour Garden" and new tenants, Kidzoona and other specialty restaurants, to improve overall tenancy mix. ■ Anchored by Sogo Department Store, Hypermart, Ace Hardware, Uniqlo and H&M. Also houses specialty tenants such as L'Occitane, Starbucks, Pizza Hut, Sushi Tei, Mango and Body Shop. As of 30 Sep 2020, Sun Plaza had 363 retail tenants. One-stop shopping, dining and entertainment destination for all classes of shoppers in Medan. Each of LMIR Trust's properties operates in its unique environment and caters to the growing demand of a curated and targeted tenant mix (1) Ranked No.1 by TripAdvisor as of June 2020. 16#184 Adaptable to Changing Consumer Demands Re-positioning retail assets as lifestyle hubs to grow a sustainable customer base - LMIR Trust has continually evolved its malls in line with consumers needs – with a focus on becoming a lifestyle hub rather than having a pure retail focus - a key pillar for a sustainable customer base. customer base KFC McDonald's Positioning malls as lifestyle malls with a sense of community TIMEZONE Fitness First cinépolis F&B enclaves key to recurring AW Cinema XXI JT.G.I.L FRIDAYS DUNKIN' DONUTS Hut Pizza BURGER KING BreadTalk Thai Express, MR.D Carrefour 負 SUSHI ACE Price TEI Hardware kidzooona guardian For Health For Beauty For You watsons BEST GRAMEDIA Supplemented with attractive international brand offerings H&M MARKS & SPENCER THEI NORTH ®FACEN MAKE UP FOR EVER PROFESSIONAL-PARIS UNI MUJI QLO 無印良品 melissa ZARA VICTORIA'S SECRET innisfree THE BODY SHOP ■ Anchored F&B outlet tenants are key to LMIR Trust's recurring customer base ■ Additional community offerings e.g. children's play rooms; church / prayer rooms; cinemas; game centers; book stores; gyms LMIR Trust has introduced a number of attractive international brand offerings to continue to attract consumers ■ Most retail stores in LMIR Trust's portfolio, including dine-in at F&B outlets, entertainment outlets, gyms and cinemas have reopened while spas, massage places and karaoke places remain closed due to prevailing government and provincial regulations and safety measures. These key elements help shape LMIR Trust's malls as lifestyle hubs rather than simple retail destinations for consumers 17#194 Adaptable to Changing Consumer Demands Initiatives to drive shopper traffic Customer loyalty program to drive customer retention Initiatives to refresh shopper's experience Introducing new concepts to attract shoppers Holding events to create experiences PALEHANG COM MODELS AVETION ASHING WEEK 2018 LIPPOMALL Styles Launch of a loyalty program, Styles, for shoppers to earn points and rewards in any LMIR Trust retail malls to drive customer retention ■ Thematic dining options "The Flavour Garden" and "The Elevation" at both Cibubur Junction and Pluit Village Initiatives to boost shopper traffic during the pandemic déjà vu ■ Sky dining concepts such as Déjà Vu at Plaza Semanggi and Seven Sky at Lippo Jogja ■ Support retailers with extensive marketing campaigns to drive footfall. ■ Offered free parking at some of its malls throughout the closure period to boost shopper traffic. Mwangarb 20169.00 wib Selai SPECTACULAR FIREWORKS REGULER DR 200 000 PESSION Promotion events and activities in the malls such as Fashion Week in Palembang Icon Proper hygiene and social distancing measures within the malls to give shoppers peace of mind. Adopt precautionary measures such as temperature checks, mandatory use of face masks and provision of hand sanitisers within the mall premises to reassure shoppers that the mall remains a safe place to visit. According to Nielsen's Report (1), despite the Covid-19 pandemic, nearly half of the respondents visited the mall mainly to buy their household needs - groceries and medicines/vitamins. Although e-commerce has increased especially with Covid-19, retail malls remain a destination of choice for visitors given lack of lifestyle alternatives in Indonesia. Visitors also continue to favour retail malls which offer lifestyle experiences. Demonstrates LMIR Trust's success in adapting to the changing retail landscape in Indonesia (1) Source: The Nielsen Company's Report on The Impact of Covid-19 on Mall Visit Behaviour in Jakarta dated 30 May 2020. 18#204 Adaptable to Changing Consumer Demands LMIR Trust's initiatives have led to steady occupancy rate Average Occupancy Rates and Average Rental Reversions 5.6% 3.6% 4.4% 4.1% 3.9% 4.4% 93.7% 92.9% 91.5% 84.8% 83.2% 81.1% 90.9% 80.8% 88.2% 80.8% 85.5% 79.5% 85.9% FY2017A FY2018A FY2019A 1Q2020A 2Q2020A 3Q2020A * 3Q2020PF (1) Portfolio Average Occ. Rate Industry Average Occ. Rate Average Rental Reversions *Enlarged Porfolio with Lippo Mall Puri (as of 30 Sep 2020) Consistently Outperformed Industry Average in Occupancy and Positive Rental Reversions Yearly Visitor Traffic Monthly shopper traffic of Lippo Mall Puri since Mar 2020(2) Portfolio Average Occ. Rate, (1) Industry Average Occ. Rate' Average Rental Reversions (in millions) (in thousands) 900 169.8 168.0 800 816 148.2 141.1 700 600 500 56.5 400 300 156 170 200 100 FY2016A FY2017A FY2018A FY2019A 30Sep20A 356 615 590 539 464 649 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Shopper traffic has started to recover (1) Source: Cushman & Wakefield and Colliers Jakarta Retail Reports. (2) Source: PT Lippo Malls Indonesia. 19#215 Resilient Portfolio Consistent WALE profile Consistently long WALE (by NLA) (years) 4.5 FY2016A 4.1 FY2017A 4.2 4.0 3.4 3.5 FY2018A Healthy lease expiry profile (by NLA, as of 30 Sep 2020) ☐ Existing Portfolio(1) Approximately 52.9% of expired leases or due to expire in 2020 has renewed/committed to renew their leases. Average rental reversion as at 30 Sep 20 remained positive at 4.4%. 13.6% 10.7% 9.4% 10.0% FY2020E FY2021E FY2022E 35.5% FY2023E > FY2023E ☐ FY2019A 30Sep2020A 30Sep2020PF* *Enlarged Porfolio with Lippo Mall Puri (as of 30 Sep 2020) Lippo Mall Puri (2) About 80% of the 2020 expiring leases in Lippo Mall Puri have renewed their leases in Nov 2020 at rental rates at or above their previous levels with some of these tenants renewing their leases at over 20% positive rental reversion 46.7% 13.7% 14.4% 8.1% 4.6% FY2020E FY2021E FY2022E FY2023E >FY2023E Healthy lease expiry profile driven by active lease management (1) Lease expiry profile of the Existing Portfolio does not include Lippo Mall Puri. (2) The percentages are calculated based on Puri Mall's NLA as at 30 Sep 2020, which is before the restoration of the P2 Space to leasable retail space. Changes to the percentages following the restoration of the P2 Space are not expected to be significant. 20 20#225 Resilient Portfolio Diversified tenant network Top 10 Tenants Analysis (as of 30 Sep 2020) Trade sub-sector Percentage of Gross Rental Income (9M2020)^ Average Remaining Lease Terms (as of 30 Sep 20) Matahari Department Store Department Store 7.4% 3.2 Hypermart * Hypermarket 5.4% 3.4 Carrefour Timezone Sport Station Ace Hardware Cinepolis* Hypermarket 3.1% 7.3 Leisure & Entertainment 1.0% 2.9 Fashion 0.8% 2.1 Home Hardware 0.8% 3.3 Leisure & Entertainment 0.7% 3.4 Mr D.I.Y. Solaria Home Hardware 0.7% 3.6 Food & Beverages 0.7% Miniso Furniture 0.7% 2.0 2.2 60 2 Related party tenants Trade Sector Breakdown (as of 30 Sep 2020) Top 10 tenants in retail mall make up approximately 21.3% of gross rental income as of 30 Sep 2020, with no individual tenant accounting for >8% Gross Rental Income Focus trade sectors: 42% NLA F&B / Food Court 20% Parking 4% Leisure & Entertainment 4% Casual leasing Focus trade sectors: 39% F&B Food Court 14% Leisure & Entertainment Department Store 18% 7% 12% Fashion 18% 9M2020 Supermarket/ Hypermarket 9% Department Store 8% All Other Sectors 30% Fashion 13% 9M2020 Supermarket/ Hypermarket 23% All Other Sectors 20% The focus trade sectors help to enhance the appeal of LMIR Trust's properties as one-stop lifestyle destination for both discretionary and non-discretionary consumer spending which has helped to drive shopper traffic Large and well-diversified tenant base with no single trade sector accounting for more than 20.0% of gross rental income and 23.0% of NLA and as of 30 Sep 2020 Focus trade sectors = F&B / Food court, Leisure & Entertainment and Fashion. ^ Includes the gross rental income from retail spaces. 21#235 Resilient Portfolio Reliance on related parties Contribution of related party tenants to FY2017A Gross Revenue(1) Related party: 33.0% Contribution of related party tenants to 9M2020A Gross Revenue (1) Related party: 20.1% 0.4% -0.4% 1.0% 4.3% 2.7% 4.5% 19.7% FY2017A 67.0% ■Non-Related Party Tenants LK Master Leases ■ Matahari ■Sky Parking ■Timezone Hypermart Cinemaxx Other Related Party Tenants 1.5% 1.0% 14.6% 0.7% 2.6% 4.3% 9M2020A 5.5% 4.4% 65.4% ■Non-Related Party Tenants ■Matahari ■Sky Parking ■Timezone Utilities Income (Non-Related Party) ■LK Master Leases Hypermart ■Cinepolis Other Related Party Tenants (1) For FY2017A, contribution from LK Master Leases based on total master lease income whereas for 9M2020A, the contribution from LK Master Leases is based on rental top-up required. Pursuant to the acquisition of Lippo Mall Puri, proportion of gross rental derived from related parties will increase 22 22#24Managing risk while maintaining growth prospect 5 Resilient Portfolio Attractively structured and long- dated lease terms Non-terminable lease contracts Growth-focused lease agreement Recoverable basis lease agreement Terms include security deposits of 3-months rent and 3-months service charge to boost our working capital and provide more financial flexibility, and at the same time minimising tenant default risk. Healthy portfolio WALE (by NLA) as at 30 Sep 2020: Existing Portfolio = 3.4 years; Enlarged Portfolio with Lippo Mall Puri = 3.5 years. Lease contracts are generally non-terminable by the tenant upon signing. This provides visibility to the Trust's rental revenues and cash flow which minimises business risk. Lease contracts mainly comprise base rates with a fixed annual escalation of approximately 5%, thereby providing LMIR Trust with a steady growth trajectory. Lease agreements are typically structured on a recoverable basis, where tenants pay service charges to be offset against operating expenses. This ensures that the impact to LMIR Trust from the increase in property expenses will be minimal and improves the resilience of LMIR Trust's operating margin. Maintaining long-term growth trajectory while minimising the business risk involved In response to the Covid-19 pandemic, overall, we have reduced rentals and service charge billings to tenants to adjust to the reduced opening hours of the properties. We have also reduced rentals we receive from certain key tenants in order to support their business recovery. During the closure of LMIR Trust's properties, service charge was billed at a 40% discount to tenants. Upon resumption of mall operations, service charge billings to tenants were reduced by 33% to account for the shorter operating hours. We have converted certain fixed rental agreements to revenue-based rentals, especially for F&B and hypermarket tenants, on a temporary basis. 23 23#256 Experienced Board and Management Team LMIRT Manager: Board of Directors Mr Murray Dangar Bell Mr Liew Chee Seng ☐ Chairman, Lead Independent Director Chairman (appointed on 31 Dec 2019), Lead Independent Director (appointed on 1 Nov 2019) and member of the Audit and Risk Committee and Nominating and Remuneration Committee > 30 years of experience in real estate management, primarily in shopping malls management in Asia Pacific and Middle East regions ■Previously served as CEO and founder Intergen Property Group, MD Retail at Al Futtaim Group Real Estate, UAE, Head of Asset and Mall Management - AMP Capital Shopping Centres, Australia, CEO - Malls at Lippo Karawaci, Indonesia, SVP-Majid Al Futtaim, UAE, MD Jones Lang LaSalle, South Korea and CEO - Malls at Lend Lease Retail, Australia Bachelor of Arts, majoring in Economics and Law from the University of Sydney, Australia James Executive Director and Chief Executive Officer Executive Director (appointed on 31 Dec 2019), was Deputy CEO in Oct 2018 and currently CEO (appointed in May 2019). Joined LMIRT Manager in Jun 2018 as COO ■ > 20 years experience in finance and real estate industries ■Previously served as Senior Director, Corporate Finance and Asset Enhancement - Lippo Group (Sep 2015 to May 2018), served in various capacities - Temasek Holdings, United Overseas Bank, UOB Asset Management Masters in Business Administration (Strategic Management) and Bachelor of Business, Banking and Finance (First Class Honours) from Nanyang Technological University Ms Gouw Vi Ven Mr Mark Leong Kei Wei Independent Director Non-Executive Director Non-Independent Director ■Non-Executive Non- Independent Director (appointed on 31 Dec 2019) and member of the Nominating and Remuneration Committee ■ Formerly CEO of LMIRT Manager from 2007 to April 2013, Executive Director until March 2017, served as CEO again from Oct 2018 to May 2019 and remained as Executive Director till Dec 2019. > 25 years of experience in management, marketing and sales in real estate industry ■Previously served as President Director of the Sponsor, pivotal in propelling it to become the largest listed property company in Indonesia by asset size ■Degree in Computer Science and Statistics from University of New South Wales, Australia ■ Independent Director (appointed on 15 Jul 2020), Chairman of the Audit and Risk Committee (from 31 Jul 2020) > 21 years of experience in a broad range of corporate environments e.g. auditing firms, SMEs, a US-based multinational corporation, a family office and listed companies. Has in-depth expertise in capital and debt markets through various fundraising exercises, investment management and consultancy services roles. Has vast experience across diverse industries e.g. offshore marine support, mining, health and wellness, holding various C-suite positions. ■Currently the Lead Independent Director of Mainboard-Listed MDR Limited and Independent Director of Mainboard- Listed LCT Holdings Limited and Catalist-listed KLW Holdings Limited Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA), a Fellow of the Association of Chartered Certified Accountants (ACCA) and a Member of the Singapore Institute of Directors (SID) Mr Sandip Talukar Independent Director ■Independent Director (appointed on 15 July 2020) and member of the Audit and Risk Committee and Nominating and Remuneration Committee (from 31 Jul 2020) > 20 years of experience in the finance and banking industry ■Previously served as CFO of the manager of Prime US REIT and worked in Standard Chartered Bank, Credit Suisse, Dresdner Kleinwort Wasserstein and Merril Lynch ■Master of Business Administration (graduated Palmer Scholar) from The Wharton School, University of Pennsylvania and a Bachelor of Business Administration (with distinction) from the University of Michigan Highly experienced, averaging more than 30 years of experience across areas such as accounting, management, real estate and risk management, and comprises majority of independent directors >= more than, CEO = Chief Executive Officer, CFO = Chief Financial Officer, COO = Chief Operating Officer, MD = Managing Director, UAE = United Arab Emirates, SVP = Senior Vice President 24 24#266 Experienced Board and Management Team LMIRT Manager: Key management Mr Liew Chee Seng James Executive Director and Chief Executive Officer Mr Heng Shao Sheng Director, Asset Management Ms Ella Jia Mr Cesar Agor Financial Controller Senior Manager, Legal and Compliance ■ Please refer to the slide before in relation to LMIRT Manager's Board of Directors ■ Joined LMIRT Manager in Apr 2017 > 15 years of experience in the banking and finance industry covering areas such as management information services, operations control, accounting and finance ■ Previously served as Deputy Head of Accounting and Finance - Raiffeisen Banking International, BNP Paribas and worked for ABN Amro ■■Bachelor of Business in Accountancy from RMIT University and Certified Practising Accountant, CPA Australia. Obtained Executive Certificate in Real Estate Finance from the National University of Singapore ■Joined LMIRT Manager in Sep 2013 as Finance Manager and appointed as Financial Controller in Jan 2019 ■Assists with financial reporting, treasury, taxation and assets acquisition activities > 10 years of industry experience in REITs and private funds ■Previously worked as Finance Manager Frasers Commercial Trust, Reporting Manager - Prologis Singapore and worked for BDO Raffles and Deloitte & Touche LLP ■Bachelor of Arts in English Literature and Linguistics, Chartered Accountant of the Institute of Singapore Chartered Accountants and a fellow member of the Association of Chartered Certified Accountants (FCCA) ■Joined LMIRT Manager in Jul 2012 ■ Supports the activities of LMIRT Manager in the areas of legal and compliance ■From 2007 and prior to joining the Manager, Mr Agor was a practicing lawyer in the Philippines, having worked as an associate lawyer in various law offices in Manila and served as an in-house legal counsel at Vista Land & Lifescapes, Inc. ■Bachelor of Arts in Legal Management and Bachelor of Laws from the Catholic University of Santo Tomas, Philippines and member of the Integrated Bar of the Philippines. Currently pursuing his Master of Laws at the University of London International Programmes Members of our senior management are highly experienced with an average experience of more than 20 years in the industry 25 25#276 Experienced Board and Management Team Consistent portfolio growth achieved since IPO Portfolio valuation (Rp billion) CAGR: 7.9% 13,769 6,403 7,077 10,667 13,574 17,257 17,764 18,124 19,475 7,636 3,094 3,309 3,323 3,577 4,913 -6;2.19 6,348. 19,514 18,852 6,219 ..7;353 19,216 8,145 9,521 9,722 15,716 3,754 4,059 FY2008A 5,753 9,765 7,550 FY2009A 7,354 10,909 8,547 FY2010A 10,412 8,547 FY2011A 9,980 FY2012A 9,955 FY2013A 9,792 FY2014A 9,087 FY2015A Number of properties FY2016A 7,169 10,669 FY2017A (Units) * 95.7% 96.9% 98.3% 98.2% 98.3% 95.0% 94.7% 94.0% 94.3% 93.7% 92.9% 91.5% 85.5% 85.9% ■In Jakarta ■Outside Jakarta FY2018A FY2019A 30Sep2020A 30Sep2020PF* *Enlarged Porfolio with Lippo Mall Puri (as of 30 Sep 2020) FY2008A >1.87x 15 23 15 23 24 26 30 27 .1.5. 17. 30 30 7 7 11 30 28 7 8 11 11 13 29 29 14 17 8 17 8 17 8 12 16 16 12 FY2009A 13 FY2010A 13 FY2011A 13 FY2012A 13 FY2013A 13 FY2014A 13 Overall occupancy FY2015A 12 ■In Jakarta *Enlarged Porfolio with Lippo Mall Puri (as of 30 Sep 2020) LMIR Trust's portfolio has grown consistently since its initial listing in November 2007 FY2016A 13 FY2017A FY2018A FY2019A Outside Jakarta 30Sep2020A 30Sep2020PF* 26#286 Strong Corporate Governance & Stable Regulatory Regime Governed by robust regulatory framework under Property Fund Guidelines REITs in Singapore are regulated by the MAS via key property fund guidelines with the following attributes: Regulated guideline on maximum debt Total borrowings and deferred payments to assets should not be above the regulatory aggregate leverage limit as prescribed under the Property Funds Appendix issued by MAS. The limit was increased to 50% on 16 April 2020 to provide greater flexibility for REITs to manage their capital structure during the current pandemic. Constantly updated valuation ■ Valuation of properties is conducted annually at the end of the financial year. ■ Per MAS guidelines, a valuer should not value the same property for more than two consecutive financial years. ■ The valuers for 2019 were: Colliers INTERNATIONAL CUSHMAN & WAKEFIELD savills • Limits on property development Maximum 10% of assets can be tied up in property development activities or investments in uncompleted property developments. Additional 15% allowance utilised solely for redevelopment of an existing property held by the REIT for at least three years. Statutory duty on a REIT manager and its individual directors to prioritise the interests of unitholders over those of the REIT manager and its shareholders, in the event of a conflict of interest. JLL KJPP Rengganis, Hamid & Rekan Property-Bus Valuation Advary Servic Transparency and corporate governance In line with MAS property fund guidelines and internal policies, LMIR Trust has a high level of transparency and follows a strict code of corporate governance including relating to asset purchases and divestments and interested party transactions. LMIR Trust is governed under one of Asia's largest and most established REIT regimes 27#296 Strong Corporate Governance & Stable Regulatory Regime Clearly defined screening process for asset acquisitions Internal evaluation process Board approval process Independent valuation ■ A holistic evaluation on location, tenant mix, brands, rent reversion, long term growth potential, together with financial, legal and technical due diligence ("DD") prior to an asset acquisition ■Financial DD: Financial projections based on underlying rent rolls - Operational performance (historical and projected) - Other key property metrics: catchment area, occupancy rate, asset yield ■Legal DD: To ensure LMIR Trust's ability to obtain clean legal title to the asset - Includes due diligence over any ongoing/potential legal disputes - Ensure sufficient reps and warranties to protect against any contingent liabilities ■ Technical DD: To ensure structural robustness of the asset ■The Board takes an involved approach to approving potential acquisitions - Provides inputs and highlights any potential areas which might require further diligence or assessment - Approval is subject to financial, legal and technical DD being satisfactory ■ Statutory duty on a REIT manager and on its directors to prioritise interests of unitholders over the Sponsor ■ The Board consists of 3 independent directors (majority of the Board) ■ All interested party transactions require 2 independent valuers ■Each valuer is required to rotate after 2 years ■ Even for non-Sponsor asset acquisitions, at least 1 independent valuation is required ■ Applies to both Sponsor assets and third party assets ■ Interested party transactions have additional regulatory requirements 2 Independent valuations required (of which 1 is appointed by Trustee) - Independent Financial Adviser to advise LMIR Trust's Independent Directors - Minority unitholders' approval required A comprehensive assessment process by both management and the Board is in place to ensure value accretive acquisitions 28#304. Strategies COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 29 29#31Strategic Direction of LMIR Trust Strategic Business Drivers ■ ■ Growing middle class in Indonesia whose population enjoy shopping Retail malls underpinned by well populated trade areas and retail mix ■ Mall acquisitions guided by pre-requisite acquisition criteria, supported by a pipeline of assets from the Sponsor on a right of first refusal basis Organic Growth Asset Enhancement COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST Acquisitions / Selective Divestments Strategic direction remains unchanged to maximise the long term asset value of LMIR Trust's high quality well located retail assets 30 30#32Asset Enhancement Initiatives Recent AEI track record LMIR Trust has demonstrated a track record of specific value enhancing initiatives to drive positive rental reversions in the portfolio AEI completed in 4Q2017A: Istana Plaza AEI completed in 1Q2019A: Cibubur Junction AEI completed in 1Q2020A: Pluit Village Date of work commencement Completion date Details 4Q2016 4Q2017 ■Construction of an extension to increase its NLA and increase motorcycles parking lots ■The increased NLA was leased to a Cinema, various new specialty tenants and a new food court AEI to be completed in 2021: Sun Plaza Date of work commencement Completion date Details 2Q2018 1Q2019 ■Conversion of anchor space into new food court and space for a big tenant completed in 4Q2018 ■Conversion of former food court into specialty restaurants completed in 1Q2019 ■ Overall, the F&B mix and average rental rate ("ARR") were improved Planned AEI: Gajah Mada Plaza Date of work commencement Completion date Details ■Identified as our next major AEI. The mall is more than 30 years old and requires a major refurbishment to revamp both its external façade and interiors. The AEI is in the planning process and is expected to commence in 3Q2021 Planned AEI: The Plaza Semanggi ■The AEI involves major refurbishment of the mall's external façade and interiors, reconfiguration of the mall's layout and the upgrade of amenities. The AEI is expected to commence at the end of 2021 1Q2019 1Q2020 ■ Replacement of anchor tenant space into new F&B district consisting of 3 lifestyle dining concepts, alfresco, indoor and island dining ■Target to improve F&B tenancy mix in the mall and the ARR as compared to previous anchor tenant rate. ■ As of commencement, we have already secured 50% of total leases • LMIRT Manager works closely with the Property Manager to actively refresh and reconfigure the layout of retail malls and retail spaces and tenant mix in order to maximize the retail offering and drive footfall at each retail mall and retail space Date of work commencement Expected completion date Details 4Q2018 2021 ■The AEI involves major refurbishment of the existing mall including a complete revamp of the external façade and interiors, reconfiguration of the mall's layout to maximise space and the creation of additional atrium space. The refurbishment is expected to be completed in 2021 31#33Selective Acquisitions & Divestments LMIR Trust undertakes active portfolio and asset management strategies, which involve ongoing review of potential strategic acquisitions and selective asset divestments opportunities to constantly rejuvenate the portfolio and augment organic growth Unlocking Value with Divestments Pejaten Village - Divestment completed on 30 Jul 2020 Purchase Consideration Rp748.0 billion Binjai Supermall - - Divestment completed on 3 Aug 2020 Purchase Consideration Rp237.5 billion in 2012 XXI in 2012 Sale Rp890.6 billion Binjas Consideration Sale Rp262.0 billion Consideration • The total proceeds from these divestments = Rp1, 152.6 billion (c.S$113.2 million) Divestments has boosted LMIR Trust's cash balances for greater financial flexibility Value Creation Through Investment in Accretive Assets Lippo Mall Puri - Acquisition completed on 27 Jan 2021 LIPPOMALL Purchase Consideration NLA Occupancy Rate Rp3,500 billion (S$330.6 million) 9.47% discount to average of two independent valuations 116,014 sq m (122,862 sq m upon restoration of the P2 Space) @ 30 Jun 2020 91.9% (89.9% upon restoration of P2 Space) @ 30 Jun 2020 90.8% (88.8% upon restoration of P2 Space) @ 30 Sep 2020(1) (1) As at 30 Sep 2020, after adjusting for any tenants that have given early termination notices but are still physically operating within the Property, and including any new leases signed to occupy retail spaces that will be vacated as a consequence of such early termination, the Property's adjusted occupied area amounts to 103,124 sq m and consequently, the adjusted occupancy rate stands at 85.6% excluding P2 Space. Including P2 Space, the Property's adjusted occupancy rate stands at 83.9%. 32 32#345. G Key Financials COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 33.#35Financials Revenue growth and profitability Gross Revenue (S$ millions) Net Property Income ("NPI") and NPI Margin (1) (S$ millions) 93.4% 71.6% 64.5% 63.5% 54.2% 273 230 184 197 203 165 176 129 121 66 FY2017A FY2018A FY2019A 9M2019A 9M2020A FY2017A FY2018A FY2019A 9M2019A 9M2020A ■Net property income NPI margin Capital Expenditures (S$ millions) 46 46 127 FY2017A 8 FY2018A 16 FY2019A Total Assets and Total Debt(2) (S$ millions) 33.7% 34.6% 35.9% 42.5% 2,064 1,966 2,013 695 680 722 1,639 Acquisition of Lippo Mall Puri will increase LMIR Trust's NPI by Rp257.3bn (S$24.5mn^) LMIR Trust incurred additional S$120mn debt pursuant to financing for Lippo Mall Puri acquisition Total Assets will increase by 696 Rp4,025bn (S$380.2mn*) due to addition of Lippo Mall 7 Puri 9M2020A FY2017A FY2018A FY2019A 9M2020A ■Total Assets ■Total Debt * ■Enhancement expenditure capitalised Acquisitions of investment properties LMIR Trust's revenue and profitability were impacted by Covid-19 Our financials are expected to improve in 2H2021 as recovery is expected in FY2021 with stable income from Lippo Mall Puri Λ Based on the prevailing exchange rate on 30 Sep 2020 of Rp10,514.34 = S$1.00 Based on the actual rate to close the acquisition of Rp10,585.31 = S$1.00 (1) In 2018, LMIR Trust began to progressively consolidate service charge, utilities recoveries and associated costs across its properties, leading to a decline in margins. (2) Total debt excludes perpetual securities. 34 ==#36Financials Key credit metrics LTV (Net Debt / Investment Properties) (1) Aggregate Leverage 425 372 335 246 39.6% 50.0% 36.1% 33.0% 34.2% 45.0% The aggregate 42.5% 33.7% 34.6% 35.9% leverage will reduce to 40.2% post acquisition of Lippo Mall Puri FY2017A FY2018A FY2019A 30Sep2020A FY2017A FY2018A MAS regulatory leverage limit NPI / Interest Expense (3) 6.8x 5.3x 4.7x 2.6x FY2017A FY2018A FY2019A 30Sep2020A(3) FY2019A 30Sep2020A % of Unencumbered Assets (4) Debt Headroom (2) (S$ millions) 100.0% 100.0% 100.0% 77.6% FY2017A FY2018A FY2019A 30Sep2020A Credit ratios weakened in FY2020E due to impact from Covid-19 Nevertheless, credit metrics are expected to recover in FY2021 on the back of Lippo Mall Puri acquisition (1) Net debt excludes perpetual securities. (2) Debt headroom computed based on the MAS regulatory aggregate leverage limit and assumes proceeds from additional debt incurred to acquire new assets. (3) Calculated as NPI divided by interest expense (excluding amortisation of fees and other charges) on a twelve months rolling basis. (4) Proportion of investment properties that are not pledged as security. 35#37Financials Debt maturity profile Debt maturity profile (as at 30 September 2020)* Total Debt S$696.2mn(1) Aggregate Leverage 42.5%(2) *Excludes Lippo Mall Puri Acquisition. Interest Cover (Excluding Perpetual) Fixed Rate Debt Ratio Weighted Ave. Maturity of Debt 2.6 times 95.1% (1) LMIR Trust incurred additional S$120mn debt pursuant to financing for Lippo Mall Puri acquisition. (2) The aggregate leverage will reduce to 40.2% post acquisition of Lippo Mall Puri. Debt maturity profile (post Lippo Mall Puri acquisition) (S$ million) 2.6 years All-in cost (Excluding Perpetual) 5.48% All-in cost (Including Perpetual) 5.85% 60 60 342.2 175.0 40 123.1 67.5 67.5 22.0 20 All debt are on unsecured basis 2021: S$22.0mn 3.75% + SOR revolving credit facilities ■2021: S$175.0mn 3.15% + SOR term loan due Aug 2021 2022: S$67.5mn 3.05% + SOR term loan due Nov 2022 □ 2022: S$40.0mn Vendor Financing due Apr 2022 (with option to extend to 2023) 2023: S$67.5mn 3.25% + SOR term loan due Nov 2023 ■2024: US$250.0mn (S$342.2mn^) 7.25% bond, swapped to S$ at 6.71% due Jun 2024 2024: S$60.0mn BNP, CIMB term loan facility due Jan 2024 ☐ 2026: S$20.0mn BNP, CIMB term loan facility due Jan 2026 ■ Perpetual: S$140.0mn 7.00% Subordinated Perpetual Securities issued in Sep 2016 ■ Perpetual: S$120.0mn 6.60% Subordinated Perpetual Securities issued in Jun 2017 2021 2022 2023 2024 2025 Cash and cash equivalents as at 30 Sep 2020 Λ LMIR Trust remains in compliance with the terms of its debt financial covenants and has adequate financial reserves to fulfil its present obligations Based on the prevailing exchange rate on 30 Sept 2020 of S$1.3692 = US$1.00 2026 LMIR Trust has also secured a US$75.0mn (S$102.7mn^) term loan facility which is currently undrawn and could be used for repayment of the S$175.0mn term loan due in 2021 36#38Appendix COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 37#39A. Portfolio Information COLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST 38#40Retail Mall Portfolio Overview Valuation(1) Location Bandung Indah Plaza Rp593.0 billion West Java Cibubur Junction Rp258.7 billion East Jakarta Lippo Plaza Ekalokasari Bogor Rp323.7 billion West Java Gajah Mada 75,868 sq m 66,935 sq m 58,859 sq m NLA 30,288 sq m 34,022 sq m 28,645 sq m Plaza Rp706.7 billion Central Jakarta 79,830 sq m 36,535 sq m Occupancy rate 93.1% 201 94.7% 183 73.1% 72 59.1% 131 # Tenants GFA Istana Plaza Rp532.6 billion West Java 47,533 sq m 27,471 sq m 76.7% 117 Mal Lippo Cikarang Rp696.0 billion West Java 39,604 sq m 28,869 sq m 95.2% 162 The Plaza Semanggi Rp904.0 billion South Jakarta 155,122 sq m 60,084 sq m 65.5% 356 Lippo Mall Puri Rp3,500.0 billion West Java Approx. 175,146 sq m 116,014 sq m 90.8% 325 BUT VILLAGE Valuation(1) Location GFA NLA Occupancy rate # Tenants Sun Plaza Rp2,043.0 billion North Sumatera 167,000 sq m 69,556 sq m 93.9% 363 Plaza Medan Fair Rp936.6 billion North Sumatera 141,866 sq m 68,512 sq m 95.4% 410 Pluit Village Rp680.9 billion North Jakarta 150,905 sq m 86,591 sq m 83.7% 238 Lippo Plaza Kramat Jati Rp566.7 billion East Jakarta 65,446 sq m 32,951 sq m 91.8% 85 Palembang Square Extension Rp270.0 billion South Sumatera 23,825 sq m 18,027 sq m 88.5% 23 Tamini Square Rp261.7 billion East Jakarta 18,963 sq m 17,475 sq m 97.3% 12 Palembang Square Rp683.0 billion South Sumatera 50,000 sq m 30,504 sq m 94.7% 111 hyperm Valuation(1) Location GFA NLA Occupancy rate # Tenants Lippo Mall Kemang Rp2,383.0 billion South Jakarta 150,932 sqm 57,473 sqm 89.2% 226 Metahari hyp Lippo Plaza Batu Rp225.8 billion East Java 34,340 sqm 18,558 sqm 74.6% 45 Palembang Icon Rp710.0 billion South Sumatera 50,889 sq m 28,538 sq m 95.1% 159 Lippo Mall Kuta Rp716.3 billion Bali 48,467 sq m 20,350 sq m 88.5% 22 Lippo Plaza Kendari Rp339.5 billion South East Sulawesi 34,784 sq m 20,204 sq m 99.7% 45 Lippo Plaza Jogja Rp541.9 billion Yogyakarta 66,098 sq m 24,414 sq m 91.1% 27 Kediri Town Square Rp364.5 billion East Java 28,688 sq m 16,610 sq m 93.7% 64 Valuation(1) Location GFA NLA Occupancy rate # Tenants Depok Town Square Rp145.7 billion West Java 13,045 sq m 12,824 sq m 99.5% 4 Grand Palladium(2) Medan Rp83.5 billion North Sumatera Java Supermall Rp129.2 billion Central Java 13,730 sq m 11,082 sq m 12,305 sq m 11,082 sq m 0.0% 0 98.8% 3 MADIUN Malang Town Square Rp160.9 billion East Java 11,065 sqm 11,065 sqm 100.0% 3 Mall WTC Matahari Metropolis Town Square Rp134.5 billion Greater Jakarta 15,248 sq m Rp107.5 billion Greater Jakarta 11,184 sq m 10,753 sq m 80.3% 3 14,861 sq m 66.2% 3 Plaza Madiun Rp217.2 billion East Java 16,094 sq m 11,340 sq m 95.6% 15 Notes: The information above is as of 30 Sep 2020 and including Lippo Mall Puri (1) The valuation figures above are based on an independent valuation as of 31 Jul 2020 and converted to S$ using the closing rate of Rp10,657.14 to S$1 as of 31 Jul 2020. The value of properties as of 31 Jul 2020 set forth in the table above includes the value of investment properties (S$1,470.6 million) and the value of intangible assets (S$4.2 million) as of that date. (2) Grand Palladium: The Business Association of the malls is in the midst of consolidating all the strata title holders to refurbish the mall. 39 39#41LMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST Thank you