LIPPO MALLS SECURES 44,500SQM DEAL WITH MITRA ADIPERKASA AT UPCOMING ST. MORITZ & KEMANG VILLAGE SHOPPING MALLS

PRESS RELEASE

For Immediate Release

LIPPO MALLS SECURES 44,500SQM DEAL WITH MITRA ADIPERKASA AT UPCOMING ST. MORITZ & KEMANG VILLAGE SHOPPING MALLS

Lippo Karawaci, Tangerang

Tuesday, 08 February 2011

PT. Lippo Karawaci, Tbk (LPKR) - Indonesia’s largest listed integrated property developer and largest mall operator today announced it had reached agreement and received full support from Indonesia’s largest broad based retailer PT. Mitra Adiperkasa, Tbk. (MAP) to develop the St. Moritz Shopping Mall, Indonesia’s largest shopping mall in Puri Indah, CBD West Jakarta and the Kemang Village Mall, an upscale lifestyle shopping mall in the posh neighbourhood of Kemang in Jakarta.

At the signing ceremony this morning, LPKR officially signed and secured a 44,500 square meter retail leasing deal with MAP for the two malls including the confirmation of Debenhams as the anchor tenant in both malls and also a slew of premium retail brands under the MAP Group.

Under this deal, MAP will occupy more than 20% of the mall’s total net leasable area. Debenhams, one of MAP’s International department store brands will take up 17,000 square meters of retail space at St. Moritz Shopping Mall and 17,500 square meters at Kemang Village. The retail giant will also be filling up a further 6,500 square meters in St Mortiz and 3,500 square meters in Kemang Village with renowned brands such as Zara, Next, Marks & Spencer, Kidz Station, Starbucks, Burger King, Domino’s Pizza and others in MAP’s portfolio.

“We are delighted to welcome Debenhams to our shopping malls,” Michael Riady, the newly appointed Chief Executive Officer of LPKR's Shopping Malls Division says. “The introduction of Debenhams illustrates Lippo’s aim to introduce new retail brands and services into our malls, giving a wider variety of choices for our shoppers. The addition of Debenhams in our shopping mall will take the Lippo mall shopping experience to a whole new level."

The St. Moritz Shopping Mall is part of the US$1.2 billion St. Moritz mixed-use development, also comprising of hotel, office, residential, hospital, school, sports club, spa, wedding chapel, and heliport components. The one million square meter luxury development located in West Jakarta was unveiled in August 2008 and is slated to open in 2013.

Kemang Village Mall is a 6-storey upscale retail mall with a total net leasable area of 56,000 square meters targeted to open in 2012. The mall is part of the mixed-use Kemang Village complex that also consists of luxury apartment towers, an educational institute and a 5-star hotel.

Fetty Kwartati, Corporate Secretary of MAP is pleased with the outcome of the agreement. “MAP’s global and diversified specialty brands will complement and strengthen Debenhams as an anchor at St Moritz Shopping Mall and Kemang Village Mall and create a whole new exciting shopping experience for the shoppers,” says Kwartati.

Mitra Adiperkasa has over 90 global brands under its massive portfolio ranging from fashion, lifestyle, sports, children and food and beverage.

Michael Riady added: “We are pleased that successful global brands such as Zara and Marks & Spencer have endorsed our concept of creating dedicated luxury precincts at The St. Moritz, Puri Indah and Kemang Village.”

The signing ceremony at Px Pavilion mall at The St. Moritz, Puri Indah this morning marks Indonesia’s largest retail deal at the start of 2011. This is the first retail leasing deal between the two companies for a green-field development mall and more partnerships are expected to come as both companies are growing aggressively to capitalize on Indonesia’s strong economic growth.

“This is the first major agenda in my tenure as Chief Executive Officer of LPKR’s retail malls division; it makes a lot of strategic and commercial sense when two of the largest firms in the industry – landlord and retailer, are in partnership. The synergies are enormous and we need to leverage on each other. I am very pleased to work with our partners at MAP and sharing the same vision moving forward,” says Riady.

This is the first step toward the realizing the commitment between Lippo’s retail malls division and MAP in mutually joining forces to leverage one another in order to grow their businesses together.

LPKR is Indonesia’s dominant mall developer and operator, currently owning and managing 25 malls across the country. LPKR’s experience in developing malls and divesting them into Singapore listed real estate investment trust (REIT) – Lippo-Mapletree Indonesia Retail Trust (“LMIR Trust”), serve to facilitate the Company’s asset-light strategy by enabling the Company to recycle capital as they step up the turnover of mall assets, allowing the Company to execute on its growth strategy of developing additional 15 new regional malls.

LPKR continues to wholly-own, manage, and control the business enterprise and operations of LPKR’s retail malls division which contributes to the overall Company’s revenue. Currently, LPKR manages eight LMIR Trust Malls in Greater Jakarta, Bandung, and Medan with a total of over 300,000 square meters in NLA.

LPKR also manages LMIR Trust, with total assets under management of S$1.1 billion (US$855 million). LMIR Trust is listed on the Singapore Stock Exchange with a market capitalization of US$454 million.

LPKR asset management business division consists of its fund management unit and its property management unit.

LPKR's plans to increase funds under management to US$3 billion within 3 to 5 years and making the corresponding fee income a growing driver of LPKR's growth strategy.

LPKR is Indonesia's largest listed property company by total assets, revenues, and net profit, anchored by a large land bank and solid recurring income base.

LPKR's businesses comprise of Residential/Township, Retail Malls, Hospitals, Hotels and Asset Management.

LPKR is listed on the Indonesian Stock Exchange with a market capitalization of Rp12.11 trillion or US$1.35 billion.