Financial Highlights

(Extracted from Annual Report 2008)

Note:

1. FY 2008 includes private trust period from 8 August 2007 to 18 November 2007 and public trust from 19 November 2007 (“Listing Date”) to 31 December 2008.

LMIR Trust recorded gross revenues of S$101.8 million for the Financial Year 2008 ended December 31, 2008 (“FY2008”), which was above forecast, mainly due to the contribution from Sun Plaza, which was acquired on March 31, 2008.

Property operating expenses for FY2008 came to S$13.5 million. The unfavourable increase of $7.5 million compared to forecast is due mainly to allowance for impairment charge on outstanding receivables of S$7.0 million comprising outstanding rent from wholesaler tenants.

Distribution to unitholders for FY2008 is S$59.5 million, which is S$9.4 million below forecast. This is mainly due to impairment charge for the outstanding receivables of $7.0 million as explained above, and the writing off of the arrangement fee of S$2.8 million for the balance S$225 million loan to be syndicated in 2009. This translates into a DPU of 5.60 cents for FY2008.

Notwithstanding the challenging economic climate, LMIR Trust still managed to achieve high average occupancy of 95.7%, above the industry average of 84.6%. LMIR Trust's gearing of 12.4% is well within the aggregate leverage limit as set out in the guidelines for real estate investment trusts in Appendix 2 of the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore. LMIR Trust's portfolio is well diversified with no single property accounting for more than 21% of total net property income. Tenant diversification is balanced with no single trade sector accounting for more than 17% of total N LA, which provides stability in the current economic climate.

For 2009, LMIR Trust will focus on organic growth through proactive asset management to maintain strong occupancy, balanced property and tenant diversification across its retail malls and spaces. Asset acquisitions are unlikely.

Notes:

1. Term loan repayable after 5 years from March 31, 2008.
2. Based on deposited property as defined in the Trust Deed.

Note:

1. FY 2008 includes private trust period from 8 August 2007 to 18 November 2007 and public trust from 19 November 2007 (“Listing Date”) to 31 December 2008.