lippo malls indonesia retail...
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Lippo Malls Indonesia Retail Trust
Strictly Confidential
Investor Presentation
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520 465
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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
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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
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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
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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
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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
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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)
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Source: Company data
Financial Performance
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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
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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
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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)
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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
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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%
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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$0.32 as at 30 September 2015.
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Q3 2015 Financial Results – Balance Sheet
30 September 2015 S$ 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$1,806.9 million. The carrying values of the properties are stated based on the independent valuation as at 31 December 2014 in the financial statements of the Indonesian subsidiaries in IDR and translated into SGD using the exchange rate as at the end of the period.
Lease Expiry Profile As at 30 September 2015
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4% 8%
23%
11%
43%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2015 2016 2017 2018 2019 & Beyond
Weighted Average Lease Expiry (by NLA) as at 30 September 2015: 5.13 years
LMIRT’s portfolio lease terms represent a balanced mix of long-term anchor leases and shorter-term leases for non-anchor tenants, providing both stability and growth potential.
Debt Maturity Profile
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As at 15 December 2015
Weighted Average Maturity of Debt Facilities as at 15 December 2015: 2.04 years
Notes: 1 S$ 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%)
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2 3
4
5
6
1
2 3
4
3
4
5
6
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Appendix
Key Highlights of 3Q 2015 Results
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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
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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
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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.
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Disclaimer
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