Lippo Malls Indonesia Retail Trust : LMIR Trust Posts QoQ Improvement With 1Q DPU Doubling To 0.08 Cents From 4Q 2020

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 8 August 2007 (as amended))

FOR IMMEDIATE RELEASE

LMIR Trust posts QoQ improvement with 1Q DPU doubling to

• 0.08 cents from 4Q 2020

• The injection of the newly acquired Lippo Mall Puri and reduction in rental and service charge discounts buoyed QoQ performance
• Prudent and active capital management boosted LMIR Trust's financial liquidity to better manage the effects of the pandemic

Summary of Financial Results for period ended 31 March 2021

								1Q 2021				1Q 2021 vs.
	S$'000		1Q 2021		4Q 2020			vs.4Q 2020		1Q 2020		1Q 2020
								% Variance				% Variance
	Gross Rental Income		26,482		13,822		91.6		36,569		(27.6)
	Total Gross Revenue		43,608		27,352		59.4		64,928		(32.8)
	Net Property Income		25,783		10,627		142.6		39,761		(35.2)
	Amount Available for		328		-			n.m.	14,552		(97.7)
	Distribution
	Distribution to		6,139		3,042		101.8		3,512		74.8
	Unitholders
	DPU (cents)		0.08		0.04		100.0		0.12		(33.3)
	Rp'million
	Total Gross Revenue		463,223		305,063		51.8		660,928		(29.9)
	Net Property Income		273,878		120,718		126.9		404,743		(32.3)

Singapore, 27 April 2021 - LMIRT Management Ltd (the "Manager"), the manager of Lippo Malls Indonesia Retail Trust ("LMIR Trust" or the "Trust"), today announced a distribution per unit ("DPU") of 0.08 Singapore cents for the first quarter ended 31 March 2021 ("1Q 2021"), double the 0.04 Singapore cents declared in the previous quarter ended 31 December 2020 ("4Q 2020"). This was achieved on the back of distribution to Unitholders increasing to S$6.1 million in 1Q 2021 from S$3.0 million in 4Q 2020.

Gross rental income and total gross revenue also saw quarter-on-quarter ("QoQ") improvement of 91.6% and 59.4% to S$26.5 million and S$43.6 million respectively. Similarly, net property income ("NPI") in 1Q 2021 jumped 142.6% QoQ to S$25.8 million from S$10.6 million in 4Q 2020.

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Chief Executive Officer of the Manager, Mr James Liew said, "As operating conditions gradually improve in Indonesia, with the rollout of the vaccination programme since January this year and the government's continuous efforts to curb the spread of the pandemic, we were able to reduce the average rental and service charge discounts to tenants, although certain selected key tenants (both related and non-related parties) continued to be granted additional reliefs to support business recovery and maintain portfolio occupancy. Together with the first quarter income contribution from our newly acquired Lippo Mall Puri, which provided the Trust with a stable level of income, we are able to report QoQ improvement in our performance."

On a year-on-year basis, the Trust's top line decline was mainly attributable to rental support and service charge discount extended to support tenants' business recovery, as well as addition rental reliefs and adjustments extended to some key tenants, both related and non-related party tenants. The decline was also due to loss of income amounting to S$3.0 million from the divestment of two mature assets, Binjai Supermall and Pejaten Village, in 3Q 2020.

With prudent capital management via a combination of equity and debt fundraising to boost its financial flexibility, the Trust has managed to fulfil all its financial obligations in 2021, including the repayment of the S$44.0 million revolving credit facility and early refinancing of a S$175.0 million term loan facility due in August 2021. To this end, LMIR Trust has no refinancing needs owing to non- related lenders until November 2022 and its gearing ratio as at 31 March 2021 remained stable at 41.7%.

General Business Updates/Market Outlook

In April 2021, Indonesia reported that it has seen a steady decline in the number of daily Covid-19 cases since February 2021, with the number of daily cases dropping around 70% and fatalities by around 60% in Jakarta.1 Despite the improvement, the Jakarta administration has decided to extend its containment policy, micro-scale mobility restrictions (PPKM Mikro) till third week of April to maintain the positive trend and improvements. The government has also decided to extend the ban on 2021 Idul Fitri homecoming to prevent a spike in the virus transmission.

Since the start of Indonesia's vaccination programme in January 2021, as many as 10.5 million people have been vaccinated as of 14 April 2021 and the government aims to inoculate a total of

181.6 million people by early 2022.2 To support the government's vaccination goal, LMIR Trust has offered its malls as vaccine centres, with 15 malls within its portfolio of 29 malls allocating space and manpower, while PT Siloam International Hospitals Tbk provides well-experienced vaccine administrators from its network of hospitals.

1. 7 April 2021, The Jakarta Post - Yes, Covid-19 figures in Jakarta have dropped. But the public must remain alert
2. 14 April 2021, German-Indonesian Chamber of Industry and Commerce - COVID-19 developments in Indonesia

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Operationally, as shopper traffic and sales have yet to recover to pre-Covid levels, the Trust will continue to actively work with tenants to implement promotional and marketing activities to support their business recovery. In addition to active tenant management and engagement, LMIR Trust has also started resuming the asset enhancement initiatives at some of its malls, which will help reinvigorate and optimise value of existing assets to create sustainable returns for Unitholders.

INFORMATION

August Consulting

Tel: [phone] Fax: [phone]

Janice ONG: [e-mail]

Jeremy SING: [e-mail]

Emelda THEN: [e-mail]

About Lippo Malls Indonesia Retail Trust ("LMIR Trust") (www.lmir-trust.com)

LMIR Trust is a Singapore-based real estate investment trust 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.

LMIR Trust's portfolio comprises 22 retail malls ("Retail Malls") and seven retail spaces located within other retail malls ("Retail Spaces", and collectively with the Retail Malls, the "Properties"). The Properties have a total net lettable area of 962,629 square metres and total valuation of Rp19,069.0 billion as at 31 January 2021 (inclusive of Lippo Mall Puri) and are strategically located in major cities of Indonesia with large middle-income population. Tenants include leading names such as Matahari Department Store, Zara, M&S, H&M, Sogo, Giant, Hypermart, Carrefour, Ace Hardware, as well as international specialty tenants such as Victoria's Secret, Promod, McDonalds, Pizza Hut, Kentucky Fried Chicken, A&W, Fitness First and Starbucks.

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