REAL ESTATE INVESTMENT TRUST BY MARISKA, RANI AND SAMUEL

Confidential - for management use only

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CIPTADANA BACKGROUND

• DIRE CIPTADANA is an Indonesian-based real estate investment trust

(Dana Investasi Real Estate - Kontrak Investasi Kolektif) established with

the principal investment objective of owning and investing on a long-

term basis in a diversified portfolio of income-producing real estate in

Indonesia that are primarily used for retail and/or retail-related

purposes.

• DIRE CIPTADANA's first initial retail asset portfolio is Solo Grand Mall, a

retail mall which is strategically located in Solo. The number of visitors

Grand Mall Solo in May 2013 reached 546,000 people. This number

increased by 7.7% compared to the same period in 2012. Meanwhile

Grand Mall Solo occupancy rate was maintained above 90%. 2

DANA INVESTASI REAL ESTATE (DIRE) CIPTADANA

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Product Dana Investasi Real Estate (DIRE) Ciptadana (This product is

an investment product which is called Real Estate

Investment Trusts (REITs)). These products are offered to

institutional and retail high net worth individuals with a

minimum investment of $ 1 billion.

Founded 28 November 2012

Total investor 110

Asset Solo Grand Mall

Mutual funds This product like a mutual funds, but it is not a stock

portfolio, this is the physical building. The revenue obtained

from rents the mall, and then distributed to the investment

for every three-month for each units as dividends. While the

mall owners may be able to get a money from build a mall

elsewhere.

CIPTADANA INDONESIA GROWTH

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The line graph compares the percentage of performance

Ciptadana Indonesia growth and Asia pacific single country over

a period of 5 years. In 2011 performance Ciptadana Indonesia

growth increased sharply until 120% compare to Asia pacific

single country decrease until 20%.

LIPPO MAPLETREE BACKGROUND

Lippo Group : • 19 May 2001 - Lippo-Mapletree Indonesia Retail Trust (LMIRT)

• rising from Rp. 19,277 billion in 2001

• Base in Singapore

• Growth 6.3 %

• Use 60 % from investor , 40 % from mapletree

• Buy Lippo mall in Jakarta, Bali,Surabaya, Medan dan Palembang

• Asset : Residential/Township, Retail Malls, Hospitals, and Hotels

• financial adviser : Bank of America Merrill Lynch – Investment Banking Division

• FREIT (First Real Estate Investment Trust). • Base in Singapore

• Growth Potential 12%

• Buy

• Indonesia: 8 hospitals, 1 integrated hospital & hotel, and 1 hotel & country club

• Singapore: 3 nursing homes

• South Korea: 1 hospital

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LIPPO-MAPLETREE INDONESIA RETAIL TRUST

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LIPPO MAPLETREE FIRST REIT 7

MALAYSIA AND SINGAPORE REIT COMPANY

Perdana gapura prima & Amanah

Raya Berhad

Keppel Land and Alpha

Logo

Industry Property Property

Founded

reit

2007 ( Malaysia ) 2006 ( Singapore )

Portfolio Landed House

Apartment

Building

investment US$ 250 million $677.0 million

TOP 5 REITS COMPANY IN USA

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Simon

Property

Group

Public Storage HCP Inc. Ventas Inc. Equity

Residential

Logo

Industry Property (Mall) Real estate

investment

trust

Real estate

serving the

healthcare

Leases nursing

homes and

other health

care

properties

Acquisition,

development

and

management

of multi-family

residential

properties

Founded (REIT) Dec 2013 Dec 2012 Oct 2012 Dec 2011 Dec 2012

Portfolio - Regional

Malls,

Premium

Outlets

- The Mills

- Communit

y / Lifestyle

Centers

- Internation

al

Properties

Storage - Senior

housing

- Life

science

- Medical

office

- Post-

acute/skill

ed nursing

- Hospital

- Seniors

housing

- Healthcare

properties

Apartment

building

Investment $ 44,390 $ 3,562,500 $ 456,961 $ 74,488 $ 50,000

Scheme and Dire

GENERAL SCHEME

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1

Dana Investasi Real Estate (DIRE) Scheme

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DIRE (in Kontrak Investasi

Kolektif)

Real estate asset

(min. 80%) Aset yang berkaitan dengan real estat

Ex. Stock

Cash or cash equivalent

(max. 20%)

Aset real estat (min. 50%)

Ex. Buildiing

Investor

Investment Manager

Trustee (Bank custody)

Tenant

Cash flow

Dividend, interest

income, and

principal

repayment of

shareholders’

loans

Management

fees

Trustee’s fees Acts on

behalf of

Investor

Management

services

Tenancies

Rental

Payment

GOVERNMENT POLICY

• Bapepam-LK published policy No IX.C.15, No IX.C.16, No. IX.M.1, No IX.M.2. 2007

• Indonesia Stock Exchange published policy No I-O about listing DIRE procedure 2012

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GOVERNMENT POLICY 14

Peraturan Nomor IX. C. 15 •Mengatur tentang

beberapa persyaratan administratif yang harus dipenuhi dalam penyampaian pernyataan pendaftaran DIRE KIK kepada Bapepam-LK

Peraturan Nomor IX.C.16 •Prosepektus

penawaran unit penyertaan DIRE KIK dimuat beberapa informasi khusus, antara lain:

a. Informasi mengenai DIRE KIK seperti pendirian, penawaran unit penyertaan, penjelasan imbal hasil sewa (rental yield) yang diperoleh dari aset berupa real estat dan pengelolaannya

b. Informasi kebijakan investasi dan tujuan investasi DIRE KIK, serta kebijakan mengenai pembagian hasil investasi (jika ada)

c. Informasi mengenai special purpose company atau SPC (jika ada)

d. Metode penilaian aset real estat dan aset yang berkaitan dengan efek.

Peraturan Nomor IX.M.l •Pengelolaan KIK antara lain:

DIRE KIK dapat menginvestasikan dananya dengan atau tanpa menggunakan SPC, yaitu perseroan terbatas yang sahamnya dimiliki oleh DIRE KIK paling kurang 99,9% dari modal disetor.

DIRE KIK dapat menawarkan unit penyertaannya baik melalui maupun tidak melalui penawaran umum.

DIRE KIK dapat mencatatkan unit penyertaannya di bursa efek.

DIRE KIK hanya dapat berinvestasi pada aset real estat, aset yang berkaitan dengan real estat di wilayah Indonesia (efek), dan atau kas atau setara kas dengan ketentuan aset real estat dimaksud bukan tanah kosong atau properti yang masih dalam tahap pembangunan.

DIRE KIK wajib berinvestasi pada aset real estat paling kurang 50% dari Nilai Aktiva Bersih (NAB),

Dalam hal DIRE KIK melakukan investasi pada aset real estat dan efek yang diterbitkan oleh perusahaan real estat, maka investasi tersebut paling kurang 80% dari NAB dengan ketentuan investasi pada aset real estat paling kurang 50%, dan atau kas dan setara kas tidak lebih dari 20% dari NAB.

Peraturan Nomor IX.M.2 •Kebijakan

pembentukan clan penggunaan SPC (jika ada)

larangan Manajer Investasi (MI) pengelola DIRE KIK. Membeli tanah kosong atau berinvestasi di properti yang masih dalam pembangunan, disamping larangan yang berlaku bagi MI pengelola reksa dana.

Kewajiban bank kustodian untuk menghitung NAB DIRE KIK paling kurang sekali dalam satu bulan.

BARRIER

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•USA, Australia, Hong Kong, Japan, and Singapore’s government liberated income tax.

•Barriers in Indonesia: sales tax, value added tax, income tax, etc.

Tax benefit uncertainty

•Low awareness of DIRE among public

Low demand for DIRE

CIPTADANA NET ASSET VALUE

Company Instrument Period NAV (per

unit)

Unit

Ciptadana XCID:IJ November

2012

IDR 100 4,200 billion

December

2012

IDR 106.19

June 2013 IDR 109.8

January 2014 IDR 113.95

XCID:IJ August 2013 IDR 110 12 Million

June 2014 IDR 102 1 k

Lippo LMET.SI June 2013 SGD 0.51 2,795 million

June 2014 SGD 0.41 1,355 million

Simon

Property

Group

SPG: US June 2013 $ 156.067 2,426 million

June 2014 $ 166.77 1,352 million

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