Right Place, Right Time, Right Company

Analysts Briefing 21 July 2014

PT Lippo Karawaci Tbk Indonesia’s Largest and Most Integrated Property Group

DISCLAIMER This presentation has been prepared by PT Lippo Karawaci Tbk (“LPKR”) and is circulated for the purpose of general information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of LPKR. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. LPKR disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this presentation and neither LPKR nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or otherwise, in this presentation and any inaccuracy herein or omission here from which might otherwise arise.

Forward-Looking Statements The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature, forward looking statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this presentation. Factors that could cause actual results to differ include, but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for LPKR’s developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training, governmental and public policy changes; LPKR’s ability to be and remain competitive; LPKR’s financial condition, business strategy as well as the plans and objectives of LPKR’s management for future operations; generation of future receivables; and environmental compliance and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated improvements in production, capacity or performance might not be fully realized. Although LPKR believes that the expectations of its management as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as of the date hereof, and LPKR undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

CONTENTS 1. H1 2014 PROPERTY MARKETING SALES 2. PROJECTS LAUNCHED IN 2014 3. PROJECTS UNDER CONSTRUCTION

4. PIPELINE IN 2014 5.

OVERVIEW OF BUSINESS DIVISIONS

6. Q1 2014 FINANCIAL RECAP 7. Q & A

PROPERTY MARKETING SALES Rp BILLION PROJECTS

2011

2012

1H'13

2013

1H'14

Budget 2014 Original Revised

URBAN DEVELOPMENT Lippo Village Lippo Cikarang Tanjung Bunga San Diego Hills Sub Total

152 1,301 303 126 1,882

241 2,061 577 185 3,064

73 1,209 225 69 1,576

113 1,698 433 156 2,400

20 343 140 82 585

975 2,000 700 200 3,875

600 1,500 200 200 2,500

CONDOMINIUM Kemang Village The St Moritz (JKT) Park View Nine Residence City of Tommorow Holland Village Lippo Thamrin Office New Projects - St Moritz Makassar - Embarcadero Suites Sub Total

495 568 222 1 1,286

747 655 17 182 1,601

239 220 8 70 478 1,015

310 187 11 67 510 619 1,704

6 105 4 362 219 356 1,052

51 440 661 342 1,450 2,944

50 150 650 300 400 225 400 2,175

11

18

5

11

3

3,179

4,683

2,596

4,115

1,639

2,077

1,482

1,482

6,760

4,078

5,597

RETAIL INVENTORIES Sub total - Property ASSET SOLD TO THE REITS TOTAL MARKETING SALES Source : Company as of 6M’2014

3,179

1,639

-

-

6,819

4,675

3,200

3,200

10,019

7,875

01

PROJECTS LAUNCHED IN 2014 ST. MORITZ PANAKUKANG

Type Location Launched Land area Total no of unit ASP Pre-sold

: : : : : : :

Apartments CBD Makassar 18 Jan 2014 2.7 Ha 300 Rp 18 mn/sqm Rp 213 Bn (75%]

Payment Profile on launched date Cash Mortgage Installment

23% 1% 76%

OFFICE TOWER AT HOLLAND VILLAGE

EMBARCADERO BINTARO

Type Location Launched Land area Total no of unit ASP Pre-sold

: : : : : : :

Apartments South Jakarta 8 Mar 2014 2.4 Ha 400 Rp 19 mn/sqm Rp 324 Bn (83%)

Payment Profile on launched date

Type

Location Launched Total SGA Number of floor ASP Pre-sold

: : : : : : :

Office Tower CentralJakarta 9 May 2014 21,360 sqm 18 Rp 22 mn /sqm Rp 362 Bn [78%]

Payment Profile on launched date

Cash

13%

Cash

5%

Mortgage

18%

Mortgage

80%

Installment

69%

Installment

15%

02

PROJECTS UNDER CONSTRUCTION OFFICE TOWER AT THE ST. MORITZ

Type Location GFA Number of floor ASP Pre-sold

: : : : : :

Office Tower West Jakarta 20,280 sqm 13 Rp 20 mn/sqm Rp 295 Bn [90%]

PARK VIEW APARTMENTS

THE NINE RESIDENCE

Type Location Launched Land area Number of unit ASP Pre-sold

: : : : : : :

Apartments South Jakarta 4 August 2012 0.9 Ha 352 Rp 18 mn/sqm Rp 251 Bn [100%]

Type

: Apartments [2 towers] Location : Depok Launched : 2011 Number of units : 839 ASP : Rp 9 mn/sqm Pre-sold : Rp 247 Bn [100%]

HOLLAND VILLAGE

Type Location Launched Land area Number of units ASP Pre-sold

: : : : : : :

Apartments Central Jakarta 18 May 2013 4 Ha 240 Rp 20 mn/sqm Rp 510 Bn [100%]

LIPPO THAMRIN

Type Location Launched GFA Number of floor ASP Pre-sold

: : : : : : :

Office Tower CentralJakarta 24-25 Oct 2013 13,055 sqm 13 Rp 47.5m /sqm Rp 619 Bn [100%]

03

PIPELINE IN 2014 HILLCREST HOUSE LIPPO VILLAGE

Type Location SGA Tentative Launch Date

: Apartments : Lippo Village : 58,338 sqm

HOLLAND VILLAGE

Type Location SGA Tentative Launch : Aug–Sep 2014 Date

KEMANG ANTASARI

: Apartments Type : Apartments : Central Jakarta Location : South Jakarta : 21,369 sqm SGA : 21,000 sqm Tentative Launch : Aug-Sep 2014 Date : Oct –Nov 2014

ORANGE COUNTY LIPPO CIKARANG

Type Location SGA Tentative Launch Date

: Apartments : Lippo Cikarang : 58,000 sqm : Nov – Dec 2014

LIPPO THAMRIN

Type Location GFA Tentative Launch Date

: Office Tower : CentralJakarta : 5,500 sqm : Dec 2014

04

8

PREMIER HOSPITALS GROUP Unrivalled scale across Indonesia Maluku Population : 2.6 mio

Sumatra Population : 50.6 mio

Sulawesi Population : 17.4 mio

JCI Standard

Kalimantan Population : 13.8 mio

Papua Population : 3.6 mio Java Population : 136.6 mio Nusa Tenggara Population : 9.2 mio Bali Population : 3.9 mio

Operational Hospitals (17) Future Developments (23)

NEW HOSPITALS IN 2014: SILOAM HOSPITALS PURWAKARTA (WEST JAVA) Greater Jakarta Population : 28 mio

Jakarta Population : 10 mio

203 Bed Capacity 34 GP and Specialists 105 Nurses Centre of Excellence : Emergency & Trauma

05

DOMINANT POSITION IN RETAIL DEVELOPMENT & PROPERTY MANAGEMENT MANAGES 36 MALLS THROUGHOUT INDONESIA  2.8 million sqm GFA, ± 1 million sqm NLA  Over 2,300 retailer brands in 4,200 units  As of Mar 30, 2014 : Overall average occupancy 88% and 95% in LMIRT properties

LIPPO MALL KUTA

PX PAVILLION

LIPPO MALL KEMANG

NEW MALLS UNDER MANAGEMENT :

Lippo Plaza Medan

LIPPO MALL PURI

PALEMBANG ICON

BLU PLAZA BEKASI

06

MANAGES 8 HOTELS THROUGHOUT INDONESIA  Pipeline: 10 upscale hotels and 40 midscale hotels by 2020  As of Jun 30, 2014 : Overall average occupancy 66%

HOTEL ARYADUTA LIPPO VILAGE (192 rooms)

HOTEL ARYADUTA JAKARTA (302 rooms)

HOTEL ARYADUTA MEDAN (197 rooms)

HOTEL ARYADUTA PEKANBARU (158 rooms)

HOTEL ARYADUTA MANADO (146 rooms)

HOTELS UNDER ARYADUTA MANAGEMENT :

HOTEL ARYADUTA SEMANGGI (274 rooms)

HOTEL ARYADUTA MAKASSAR (224 rooms)

HOTEL ARYADUTA PALEMBANG (170 rooms)

07

ASSET MANAGEMENT UNIQUE FOR AN INDONESIAN PROPERTY COMPANY

100% BOWSPRIT CAPITAL CORPORATION LTD REIT MANAGER

100%

33.57% Code : FIRT

100%

LMIR TRUST MANAGEMENT LTD

27.76% Code : LMRT

REIT MANAGER

100%

PT LIPPO MALLS INDONESIA

PT ARYADUTA INTERNATIONAL MANAGEMENT

MALL MANAGEMENT SERVICES

HOTEL OPERATOR

Management Fee

Management Fee

Management Fee

Fees

- Base fee : 0.4% p.a. of the value of the Deposited Property.

- Base fee : 0.25% p.a. of the valueof the Deposited Property.

- 2% p.a. of the gross revenue of the retail malls.

Fees consists among others Management Fee and Incentive Fee which computed based on certain percentagefrom Revenue and GOP, respectively.

- Performance fee : 5.0% p.a. of the Net Property Income. - Investment & Divestment fee.

- Performance fee : 4.0% p.a. of the Net Property Income. - Investment & Divestment fee.

As of 30 June 2014

IN SINGAPORE

- 2% p.a. of the Net Property Income of the retail malls. - 0.5% p.a. of the retail malls in lieu of leasing commission.

IN INDONESIA

08

Q1 2014 Financial Recap

REVENUE & EBITDA CONTRIBUTION

REVENUE

EBITDA

Q1’14: Rp2.011 Trillion

Q1’14: Rp596 Billion

19%

38% 47%

60% 8%

11% 10%

7%

Residential & Urban Development

Commercial

Hospitals

Asset Management 10

INCOME STATEMENTS : Q1’2014 AND Q1 ’2013

REVENUE Q1’14: RP 2.011 TRILLION

EBITDA Q1’14 : RP 596 BILLION

36%

REVENUE Q1’13: RP 1.477 TRILLION

EBITDA Q1’13 : RP 437 BILLION Rp bn

Rp bn 1,000 900 800 700 600 500 400 300 200 100 -

36%

400

951

360

350 751

300

620

250

584

231

200 150 146 124

163 148

110

100

85

65 62

61 59

- Commercial

- Asset Management

50 -

- Residential & Urban Development

- Healthcare

- Commercial

- Asset Management

- Residential & Urban Development

NPAT Q1’14 : RP 339 BILLION Source : Company as of Q1’2014

- Healthcare

35%

NPAT Q1’13 : RP 252 BILLION 11

BALANCE SHEET AS OF 31 DECEMBER (Unless otherwise stated)

Rp Billion

31 MAR 2014

2013

2012

2011

2010

TOTAL ASSET

31.615

31.300

24.869

18.259

16.155

TOTAL LIABILITIES

16.500

17.123

13.399

8.850

7.976

TOTAL EQUITY

13.614

12.801

10.656

8.834

7.710

TOTAL DEBT

7.303

7.808

6.014

3.753

3.376

CASH AND CASH EQUIVALENTS

1.945

1.855

3.337

2.175

3.660

D/E RATIO

0.5

0.6

0.6

0.4

0.4

NET GEARING RATIO

0.4

0.5

0.3

0.2

-

Source : Company as of Q1’2014

12

STRONG FINANCIAL PERFORMANCE TOTAL REVENUE

EBITDA

NET PROFIT AFTER TAX

(RP TRILLION)

(RP BILLION)

(RP BILLION)

11.55 2)

3,872 2)

3.00

2,806 2)

1,400 1,250

6.16 1) 1,6861)

0.88

1,060 1) 365

8.55

4.19

5.28

1,801

3.13

2010

854

2011

2012

358

2,472

6.66

2013

2014P

2010

1,083

2011

1,321 525

2012

2013

1,556 1,228

2014P

2010

708

702

2011

2012

2013

2014P

1) FY 2012 includes Revenue, EBITDA, and Extraordinary Net Income After Tax amounting to Rp879M, Rp 365 M dan Rp 358M respectively 2) Projection FY 2014 includes Revenue, EBITDA and Extraordinary Net Income After Tax amounting to Rp 3T, Rp 1.4T dan 1.25T respectively Source : Company as of Q1’2014

13

DEBT MATURITY PROFILE* USD million

Coupon rate 7% pa

450

Coupon rate 6.125% pa

Coupon rate 7% pa

403.3

400

350

130.0

130.00

300

252.8

250

200

273.3

250

150

273.31 250.00

100 150.00

50 0.4

1.4

2.8

2016

2019

0 2013

2014 Bonds

Bank Central Asia

2020

2022

Bank Pembangunan Daerah Kalimantan Timur

* Bank Loans (except Bonds) are denominated in IDR

Source : Company as of 6M’2014

14

GROWTH STRATEGIES RESIDENTIAL AND URBAN DEVELOPMENT

HOSPITALS

Continue to complete and deliver on project pipeline with due consideration of recent regulations in a more realistic launch schedule

Deliver as promised on our hospital expansion program whilst further enhancing our position as the leading hospital and healthcare group in Indonesia.

RETAIL MALLS

Continue our operational and cost efficiency programs to shorten stabilisation periods of new hospitals.

Fast track asset enhancement projects in existing malls.

Continue to diversify into other types of property developments, i.e. office. Enhance value of our landbank through various infrastructural and commercial initiatives.

Ramp up our marketing sales to capitalise on current opportunities and our industry leading position. Wider price range to capture broad market coverage

Set the benchmark for innovative medical packages that meet the needs of our growing middle class. Create innovative medical package to meet the needs of broad market segment

COMMERCIAL

Execute on planned pipeline developments

ASSET MANAGEMENT

Deliver a significant growth in scale in our REITs through our asset light strategy.

Expedite the development of pipeline projects

Continue to grow our fee income contribution which strengthen our recurring revenue base.

Enhance process and culture to create Indonesia’s premier malls operator. HOTELS Increase market share and profitability of our existing hotel portfolio Entry into the middle market through launch of three star hotel chain

15

TOP 20 LISTED COMPANIES BY TRADING VALUE Period : January – June 2014

20 Most Active Stocks by Trading Value No.

Listed Stocks

Total Trading Volum e

Value (Rp)

%

Freq. (X)

Trading Days

1.

Bank Rakyat Indonesia (Persero) Tbk.

4,922,705,014

46,194,958,719,596

6.48

531,434

119

2.

Astra International Tbk. [S]

5,782,490,061

41,978,314,517,837

5.89

501,817

119

3.

Telekomunikasi Indonesia (Persero) Tbk. [S]

17,507,776,590

40,883,040,748,332

5.73

566,314

119

4.

Bank Mandiri (Persero) Tbk.

4,044,194,476

38,319,503,524,214

5.38

453,727

119

5.

Trada Maritime Tbk.

17,123,096,354

29,842,369,528,497

4.19

111,019

102

6.

Bank Central Asia Tbk.

2,436,448,175

25,902,087,858,817

3.63

305,974

119

7.

Semen Indonesia (Persero) Tbk. [S]

1,280,853,770

19,554,654,624,618

2.74

359,627

119

8.

Bank Negara Indonesia (Persero) Tbk.

3,643,193,873

17,154,048,590,050

2.41

379,265

119

9.

Perusahaan Gas Negara (Persero) Tbk. [S]

2,997,316,389

15,126,930,840,074

2.12

390,181

119

10.

Siloam International Hospitals Tbk. [S]

1,306,554,674

14,650,948,001,475

2.06

38,538

119

11.

Matahari Putra Prima Tbk. [S]

5,257,005,891

12,976,917,157,605

1.82

108,084

119

12.

Lippo Karaw aci Tbk. [S]

11,582,908,099

11,849,296,414,238

1.66

244,300

119

13.

Kalbe Farma Tbk. [S]

7,180,890,559

10,576,262,851,584

1.48

545,300

119

14.

Saw it Sumbermas Sarana Tbk. [S]

9,984,296,585

10,472,331,507,812

1.47

739,512

119

15.

Matahari Department Store Tbk.

768,690,128

10,392,922,668,943

1.46

238,939

119

16.

Indocement Tunggal Prakarsa Tbk. [S]

428,044,107

9,764,370,598,407

1.37

259,225

119

17.

Wijaya Karya (Persero) Tbk. [S]

4,350,853,409

9,585,244,671,472

1.34

317,281

119

18.

Adhi Karya (Persero) Tbk. [S]

3,592,722,700

9,316,170,549,043

1.31

322,006

119

19. 20.

Indofood Sukses Makmur Tbk. [S] PP London Sumatra Indonesia Tbk. [S]

1,319,552,079 4,418,180,664

9,298,720,701,592 9,100,197,501,428

1.30 1.28

244,226 332,318

119 119

Source : IDX

16

Q&A

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