LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

ValuationAs at 30 June 2007, the Properties were valued at an aggregate of S$1,004.7 million by Knight Frank /PT. Willson Properti Advisindo, as the Independent Valuer to the Manager (“Knight Frank”) and atS$1,016.3 million by Colliers International / PT Penilai, as the Independent Valuer to the Trustee(“Colliers”). The Manager has adopted Knight Frank’s valuation as the basis for the determination ofthe fair market value of the Properties and the net asset value (“NAV”) per Unit. (See “Unaudited ProForma Consolidated Balance Sheet as at the Listing Date”.)The following table sets forth the key statistics relating to the valuation of the Properties and the Offering:Appraised value by Knight Frank as at 30 June 2007 . . . . . . . . . . . . . . . . . . . . . . . S$1,004.7 millionAppraised value by Colliers as at 30 June 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . S$1,016.3 millionImplied NAV per Unit based on valuation by Knight Frank at the Offering Price . . . . S$0.91At the Offering Price, the Units under the Offering and the Cornerstone Units will be issued at a 12.1%discount to the NAV.12