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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

BackJun 10, 2011
Part I
1. Date of notice to issuer 10/06/2011
2. Name of Substantial Shareholder Bridgewater International Ltd ("BIL")
3. Notice Type Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.
Part II - Not Required
Part III
1. Date of change of Interest 08/06/2011
2. The change in the percentage level From 27.24 % To 27.24 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

1) On 22 May 2011, BIL entered into a sale and purchase agreement ("SPA") to acquire 197,658,026 Units from Lippo Strategic Holdings Inc. ("LSH"), and was deemed to have an interest in all such Units by virtue of the SPA.

2) On 8 June 2011, the transfer of 197,658,026 Units pursuant to the SPA was completed.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: The change in the percentage level is the result of a transaction. BIL became a direct substantial unitholder of 197,658,026 Units as a result of the completion of the transaction described in Part III(3).
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 295,511,944
As a percentage of issued share capital 0 % 27.24 %
No. of shares held after the change 197,658,026 97,853,918
As a percentage of issued share capital 18.22 % 9.02 %
Footnotes 1) On 20 May 2011, BIL entered into an agreement to acquire 97,853,918 Units, representing approximately 9.02% of the units in issue, from Mapletree LM Pte. Ltd. and is deemed to have an interest in all such Units by virtue of such agreement.

2) On 22 May 2011, BIL entered into the SPA to acquire 197,658,026 Units, representing approximately 18.22% of the units in issue, from LSH and is deemed to have an interest in all such Units by virtue of the SPA.

3) On 8 June 2011, BIL, through OCBC Securities Private Limited, its registered holder, received 197,658,026 Units from LSH pursuant to the SPA, and consequently became a direct holder of all such Units.

4) Accordingly, BIL has a direct interest in 197,658,026 Units and is also deemed to have an interest in the remaining 97,853,918 Units.

5) BIL is controlled by PT Sentra Dwimandiri ("PTSD"), which is in turn controlled by PT Lippo Karawaci Tbk ("LPKR"). For the avoidance of doubt, each of PTSD and LPKR's deemed interest in the LMIR Trust is not affected by the transfer of the 97,853,918 Units to BIL.

6) Percentage of unitholding is computed based on 1,084,967,455 Units in issue as at 8 June 2011.

7) Where reference is made to shares, it refers to the units in LMIR Trust.
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