It gives me great pleasure to take the helm at Lippo-Mapletree Indonesia Retail Trust and provide leadership for this exciting new REIT as we lay the foundations for a bright and sustainable future. Indonesia, with its growing retail sector and increasingly affluent urban middle class presents a treasure trove of opportunities in retail property, and we are very excited to be embarking on this journey.

With an initial portfolio of quality retail properties comprising seven retail malls and seven retail spaces, all strategically located in major cities of Indonesia, LMIR Trust starts its journey on a solid footing. Focusing on everyday malls for everyday people, our shopping destinations cater to the lifestyle and entertainment needs of ordinary Indonesians, and are well supported by a diverse trade mix and strategic locations. This places us in an excellent position to ride on the growth of a thriving Indonesian retail sector, which has benefited in recent years from a growing urban middle-income class as well as a shift in lifestyle towards a higher level of consumerism.

With the combined strengths of Lippo Karawaci and the Mapletree Group, I am confident that the future holds much promise for LMIR Trust and our immediate task will be to build upon this solid foundation. The Indonesian retail property sector is highly dispersed and fragmented, providing significant opportunities for new acquisitions, and considerable advantages for an early mover with the right resources, experience and know-how.

LMIR Trust currently enjoys a right of first refusal over five properties now under development by our Sponsor, the largest listed property company in Indonesia. Should we acquire all five of these properties, the aggregate Net Lettable Area (NLA) of LMIR Trust’s property portfolio will increase by over 270,000 sq m, a gain of around 87.4% from our initial portfolio as at 30 June 2007.

In addition, we have also entered into non-binding memoranda of understanding with various third parties for the potential acquisition of three retail malls located in North Jakarta, North Sumatra and West Surabaya. With a combined net lettable area of 264,222 sq m, these potential acquisitions form part of our roadmap for the future and are an indication of our commitment to growing the portfolio by identifying and enhancing suitable investments that will create value for Unitholders in the years to come.

On behalf of my entire team, I would like to take this opportunity to thank all our shareholders for their confidence in us. We welcome all of you to the LMIR Trust family and are grateful for your continued support as we look to establish LMIR Trust as one the premier retail focused REITs in Asia.

Viven G. Sitiabudi
Chief Executive Officer