Mandiri Investment Forum (6-7 February 2020)

One of Indonesia’s Leading Property Developer

Property Development for Sale

Township Residential Condominium Office

Core Business
Commercial Property Development & Management

Shopping Hotel Serviced

Serviced Office Others
Mall Apartment
Apartment

- Business Presentation 2
Geographically Diversified Project Portfolio
Kalimantan

CitraGrand Senyiur City Samarinda CitraLand Banjarmasin

Over 75 projects
CitraGarden City Samarinda
CitraLand City Samarinda
CitraGarden Banjarmasin
CitraGarden Aneka Pontianak
in 33 cities across
Medan CitraMitra City Banjarbaru CitraCity Balikpapan
the nation.

Pekanbaru Batam

Sumatra
Sulawesi
CitraLand Gama City Medan Samarinda
Jambi
CitraPlaza Nagoya Batam CitraLand City Losari Makassar
Pontianak Palu
CitraLand Megah Batam Pangkal Pinang CitraLand Talassa City Makassar
CitraRaya City Jambi Balikpapan
Palembang CitraLand Celebes Makassar
CitraLand NGK Jambi CitraGarden Makassar
CitraLand Lampung Bengkulu Banjarmasin Vida View Makassar
CitraGarden Lampung CitraGrand Galesong City Gowa
CitraLand Palembang CitraLand Palu
Banjarbaru Kendari
CitraLand Pekanbaru CitraLand Kendari
CitraGarden Pekanbaru Bandar
CitraLand Botanical City Pangkal Lampung Makassar
Pinang Cirebon
Maja Jakarta
Semarang
Pekalongan Surabaya Bali
Yogyakarta
Malang Ciputra Beach Resort
Denpasar

Java
CitraRaya Tangerang CitraGarden City Jakarta CitraLand BSB City Semarang CitraLand Surabaya CitraLand Driyorejo CBD
CitraIndah City Jonggol Ciputra World Jakarta CitraGrand Semarang Ciputra World Surabaya The Taman Dayu Pandaan
CitraLand Cibubur Ciputra Puri International CitraSun Garden Semarang CitraLand Vittorio Surabaya CitraHarmoni Sidoarjo
Citra Sentul Raya Citra Towers Kemayoran Barsa City Yogyakarta CitraLand The Green Lake CitraGarden Sidoarjo
Citra Maja Raya CitraLand Cirebon CitraSun Garden Yogyakarta Surabaya CitraIndah Sidoarjo
CitraGarden BMW Cilegon CitraGarden City Malang

- Business Presentation 3
Greater Jakarta Project Portfolio

- Business Presentation 4
Country Overview
Encouraging Macro Conditions

Robust economic growth accelerating

middle class formation and increasing
housing demand

- Business Presentation 6
Favorable Population Structure

More than half of the Indonesian population lives in Rising working age population
urban areas since 2010 and it is estimated to reach leading to a reduction in
almost three-quarters by 2050 dependency ratio and promoting
economic growth

- Business Presentation 7
Regulatory Support from the Government
Increased Loan-to-Value (LTV) for
mortgages (e.g. first mortgage LTV relaxed
from 85% to 100%). Increased the threshold for the 20%
luxury tax from Rp10bn to Rp30bn for
Increased limit for indent mortgages (for apartments and from Rp20bn to Rp30bn
units still under construction) from 2 to 5. for houses.
Accelerated mortgage disbursement from Lowered the super luxury tax from 5% to
banks to developers (e.g. first 30% 1% and increased the threshold from
Bank Ministry of Rp5bn to Rp30bn
disbursed after signing of mortgage
versus. previously first 40% disbursed Indonesia Finance
only after foundation constructed).

Tax Ministry of
Authority Public Housing
Simplified the tax validation process to Plans to widen the subsidized mortgage
accelerate the transfer-of-title procedure scheme (e.g. increasing the salary cap,
from ~30 days to 3 days. increasing the unit price cap).

- Business Presentation 8
Company Overview
Marketing Sales Summary
Historical Presales Presales per Location
(Rp bn) 2018 2019

Greater Other Greater Other

Surabaya Java Surabaya Java
7,640 21% 22% 23% 17%
7,186 431
Sumatra
480 6,363 9%
Sumatra
172 6,131 6,023
Greater 14% Greater Sulawesi
1,625 2,661 306 279
Jakarta Jakarta 12%
32% Sulawesi 38% Others
2,423
2,650 2,395 11% 1%

5,081
4,549
3,768
Presales per Product
3,176 3,349
2018 2019

Shophouses Shophouses
2016 2017 2018 2019 2019T 13% 12%
Apartments
8%
Directly-Owned JO - Profit Sharing JO - Revenue Sharing Office
Apartments 4%
Houses +
21% Houses +
Land Lots
Units Sold Land Lots
8,288 8,645 8,545 7,035 63%
76%
Office
Area Sold 3%
73 85 74 67
(Ha)

- Business Presentation 10
Marketing Sales Summary
Presales per Payment Method Presales per Unit Price

6% 10% 7% 6%
11% 15% 12% 15% 15% 16%

24% 21%
29%
30%
32%
26%
36% 40% 37%
57%
30% 21% 39%
24% 24%

53%
49% 48% 48%
40% 43%
32% 34% 36% 34%

2015* 2016 2017* 2018* 2019 2015* 2016 2017* 2018* 2019

Mortgage Instalment Cash < Rp1bn Rp 1-2bn Rp 2-5bn > Rp 5bn

High proportion of mortgage payment due to exposure to Units below Rp2bn continue to make up majority of
end-users and accessibility of mortgages presales as end-users are targeted

*Note: 2015, 2017, 2018 excludes en bloc sales to Ascott (Rp835bn and Rp675bn)
- Business Presentation and Diener Syz (Rp575bn)
11
Sufficient Land Bank to Sustain >15 Years of Development
Gross Land Land ASP
Ownership Land ASP Trend
Project Name Bank (Rp mn per sqm)
Scheme
Ha 2010-13 CAGR 2013-18 CAGR 2018
CitraRaya Tangerang 100% 770 63% 11% 4.5
CitraIndah Jonggol 100% 191 17% 16% 1.8
CitraGarden City Jakarta 100% 119 48% 6% 15.2
New Project in Puri 100% 18 - - -
CitraLand Cibubur JV - 60% 84 - 7% 4.1
Total Greater Jakarta 1,181
CitraLand Surabaya 100% 866 33% 10% 8.8
CitraHarmoni Sidoarjo 100% 73 31% 19% 5.0
CitraGarden Sidoarjo JV - 60% 11 23% 24% 7.4
Total Greater Surabaya 949
CitraLand Lampung 100% 28 - 16% 4.8
CitraLand Palembang JV - 60% 109 - - 3.1
Ciputra Beach Resort JV - 60% 57 - 4% 9.5
CitraLand Pekanbaru JV - 60% 7 - 14% 5.3
CitraLand NGK Jambi JV - 51% 2 - 4% 3.3
Total Others 204
Total Land Bank 2,334

- Business Presentation 12
Rights to Additional Land Bank Through Joint-Operation Schemes
Development Land ASP Development Land ASP
Joint Operation Project Plan (Ha) (Rp mn per Joint Operation Project Plan (Ha) (Rp mn per
sqm) sqm)
Citra Sentul Raya 114 - CitraGrand Senyiur City Samarinda 397 1.6
CitraLake Sawangan Depok 12 4.8 CitraGarden City Samarinda 100 2.5
Total Greater Jakarta 126 CitraLand City Samarinda 93 2.5
The Taman Dayu Pandaan 600 3.9 CitraMitra City Banjarbaru 172 1.2
CitraLand The Green Lake Surabaya 40 9.2 CitraLand Banjarmasin 40 3.5
CitraIndah Sidoarjo 2 3.7 CitraGarden Banjarmasin 10 3.1
Total Greater Surabaya 642 CitraGarden Aneka Pontianak 27 5.6
Citra Maja Raya 1,200 1.3 CitraCity Balikpapan 9 10.5
CitraLand BSB City Semarang 100 2.7 Total Kalimantan 849
CitraGrand Semarang 55 4.3 CitraGrand Galesong City Gowa 500 1.8
CitraSun Garden Semarang 17 6.1 CitraLand City Losari Makassar 157 14.5
CitraGarden City Malang 100 4.4 CitraLand Talassa City Makassar 69 4.6
CitraGarden BMW Cilegon 47 2.9 CitraLand Celebes Makassar 30 5.5
CitraLand Cirebon 45 3.1 CitraGarden Makassar 15 3.0
CitraLand Puri Serang 43 2.2 CitraLand Palu 17 4.1
CitraGarden Pekalongan 10 2.1 CitraLand Kendari 15 4.2
CitraGrand Mutiara Yogyakarta 9 5.4 Total Sulawesi 803
CitraSun Garden Yogyakarta 6 7.1
Total Java Ex-Jakarta Ex-Surabaya 1,632
CitraRaya City Jambi 611 1.1
CitraLand Gama City Medan 123 8.0
CitraLand Botanical City Pangkalpinang 57 2.4
Citra AeroLink Batam 21 3.7
CitraLand Megah Batam 19 3.2 Total JO Land Bank of 4,903 Gross Ha
CitraGarden Pekan Baru 20 2.0
Total Sumatra 851

- Business Presentation 13
Apartment Assets – Strata Title
Est. Unsold
Ownership Saleable SGA Sold Construction
Project Name Tower Stock Value
Scheme (sqm) % Progress
(Rp bn)
Ciputra World Jakarta 1 Raffles Residence 100% 41,500 84% 396 100%
The Orchard 31,000 93% 88 100%
Ciputra World Jakarta 2 100%
The Residence 14,000 98% 12 100%
Ciputra World Jakarta 2 Ext. The Newton 1 100% 15,800 93% 54 53%
San Francisco 25,300 42% 354 97%
Ciputra International JV - 55%
Amsterdam 25,500 86% 82 100%
Yashinoki 5,500 45% 42 100%
CitraRaya Tangerang Ecopolis JV - 51%
Suginoki 3,900 62% 19 100%
CitraLake Suites Tower A+B JV - 51% 18,000 62% 191 100%
Citra Living Orchard JO Revenue - 70% 9,100 90% 17 85%
Total Jakarta 189,600 78% 1,255
CitraLand Surabaya Denver 100% 22,500 69% 132 35%
Voila 35,800 94% 59 100%
Ciputra World Surabaya The Vertu JV - 53% 9,100 73% 69 100%
Sky Residence 6,700 3% 162 60%
CitraLand Vittorio Surabaya Alessandro JV - 51% 17,600 44% 193 5%
Total Surabaya 91,700 70% 614
CitraPlaza Nagoya Batam Tower 1 JV - 50% 22,700 83% 90 12%
Barsa City Yogyakarta Cornell JO Profit - 50% 8,500 46% 92 35%
Vida View Makassar Brentsville JO Profit - 50% 30,500 44% 342 90%
Total Others 61,700 59% 524
Total Strata Title Apartment 343,000 73% 2,394

- Business Presentation 14
Office Assets – Strata Title and Leased
Strata-Title Office
Est. Unsold
Ownership Saleable SGA Construction
Project Name Tower Sold Stock Value
Scheme (sqm) Progress
(Rp bn)
Ciputra World Jakarta 1 DBS Bank Tower 100% 20,700 84% 168 100%
Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 82% 211 100%
Propan Tower 19,500 71% 155 65%
Ciputra International JV - 55%
Tokopedia Care Tower 24,000 86% 81 100%
Citra Towers Kemayoran North Tower JO Profit - 50% 36,460 84% 186 98%
Total Jakarta 128,660 82% 801
Vieloft SOHO 31,500 29% 539 60%
Ciputra World Surabaya JV - 53%
Office Tower 38,500 64% 386 48%
CitraLand Vittorio Surabaya Alessandro JV - 51% 4,800 40% 52 5%
Total Surabaya 74,800 48% 977
Total Strata Title Office 203,460 69% 1,778

Leased Office
Ownership Leasable SGA Construction
Project Name Tower Leased
Scheme (sqm) Progress
Ciputra World Jakarta 1 DBS Bank Tower 100% 42,000 97% 100%
Ciputra World Jakarta 2 Tokopedia Tower 100% 36,500 47% 100%
Ciputra International Tokopedia Care Tower JV - 55% 10,000 100% 100%
Total Jakarta 88,500 77%
Total Office for Lease 88,500 77%

- Business Presentation 15
Future Mixed-Use Developments
Est. Saleable
Ownership
Project Name SGA
Scheme
(sqm)
Ciputra World Jakarta 1 100% 110,000
Ciputra World Jakarta 2 100% 42,000
Ciputra World Jakarta 3 100% 99,000
New Project in Ciracas* JV - 60% 61,000
Ciputra International** JV - 55% 66,000
CitraLake Suites JV - 51% 18,000
Citra Towers Kemayoran JO Profit - 50% 38,000
Citra Living JO Revenue - 70% 12,500
Total Jakarta 446,500
Ciputra World Surabaya JV - 53% 137,000
CitraLand Vittorio Surabaya JO Profit - 50% 250,000
Total Surabaya 387,000
CitraPlaza Nagoya Batam JV - 50% 116,000
Vida View Makassar JO Profit - 50% 27,000
Total Others 143,000
Total Saleable Area 976,500
* : Obtained 2Ha land out of optional 7Ha
**: Obtained 5Ha land out of optional 7.5Ha

- Business Presentation 16
Healthy Occupancy and Lease Expiry Profile for Malls
Mall
Net Leasable Occupancy Rate • Total mall NLA of
Area (sqm) 2015 2016 2017 2018 2019
200k m² with
Ciputra World Jakarta 1 81,000 100% 100% 100% 100% 100%
Ciputra World Surabaya 56,000 99% 95% 94% 92% 96% average occupancy
Ciputra Mall Jakarta 42,700 98% 95% 97% 98% 98% rate of 98%
Ciputra Mall Semarang 20,190 98% 99% 100% 98% 98%
Expansion Plans • 89k m² NLA to
Ciputra Mall CitraRaya Tangerang 26,000 Planned completion end-2020
Ciputra World Surabaya Extension 37,300 Planned completion early-2021
be completed by
CitraLand Surabaya Mall 26,000 Planned completion end-2022 end of 2022

(sqm) Lease Expiry Profile (by NLA)

140,000

120,000 59%

100,000

80,000

60,000

40,000 16%
13%
20,000 7%
5%
-
2019 2020 2021 2022 2023
Onwards

- Business Presentation 17
Continued Strong Performance of Diversified Recurring Assets
Revenue per Available Room (RevPAR) across Hotels
Rp '000 Rooms 2015 2016 2017 2018 2019 % YoY
Raffles Hotel (Ciputra World Jakarta 1) 173 - 813 1,520 1,428 1,421 0%
Ciputra World Surabaya Hotel 212 419 482 504 452 461 2%
Ciputra Hotel Jakarta 336 404 393 391 498 489 -2%
Ciputra Hotel Semarang 198 400 427 443 477 583 22%
CitraDream Hotel Bintaro 108 - 281 245 243 217 -11%
CitraDream Hotel Cirebon 110 135 148 122 122 142 16%
CitraDream Hotel Yogyakarta 110 266 254 160 162 172 6%
CitraDream Hotel Semarang 112 179 169 162 138 148 8%

Hospital Assets
Hospital Township Location Capacity (Beds) Start Operation
Ciputra Hospital Tangerang CitraRaya Tangerang West Greater Jakarta 126 Nov-11
Ciputra Hospital Jakarta CitraGarden City Jakarta West Jakarta 236 Dec-15
Ciputra Mitra Hospital CitraLand Banjarmasin South Kalimantan 168 Nov-16

- Business Presentation 18
Growth Strategy and Project
Highlights
Key Developments
• Launched 3 new projects and new clusters/towers in 15 existing projects with a combined presales of Rp3.2tn (53% of
2019 achievement)

• Total 2019 presales reached Rp6.1tn (102% of FY19 target)

• Conducted an en bloc sale of 253 apartment units to Diener Syz Real Estate in Ciputra World Jakarta 2
• Booked as Rp575bn marketing sales in August 2018
• Conducted an en bloc sale of 192 apartment units to The Ascott (CapitaLand) in Ciputra World Jakarta 2
• Booked as Rp675bn marketing sales in October 2017

• Issued SGD150mn Medium Term Note with 4-year maturity and 4.85% coupon rate (September 2017)
• Use of proceeds was for $115mn SGD of refinancing and $35mn SGD of working capital. The principal is hedged with
a 100% call-spread with a strike price of Rp12,520 / SGD.

• Received an affirmed credit rating from Fitch of BB- / Negative Outlook (June 2019)

• Merger of Ciputra Development (CTRA) with Ciputra Surya (CTRS) and Ciputra Property (CTRP) on 17 January 2017.
• Merged entity has increased financial strength, better access to capital, larger investor base and improved liquidity.
• Ciputra Surya and Ciputra Property de-listed from the Indonesian Stock Exchange on 19 January 2017.

- Business Presentation 20
Growth Strategy
• Retain healthy land bank levels (currently sufficient for >15 years of development) by continuously replenishing land bank
in existing projects while searching for new strategic locations

• Sustain wide geographical footprint (currently have a presence in 33 cities) to allow diversification of products and target
market while minimizing concentration risk

• Continue to leverage on the Ciputra brand equity by continuing Joint-Operation schemes with landowners

• Maintain prudent capital management (net gearing at 0.33x as of 9M19) with a well-balanced debt maturity profile and
mixed sources of funding

• Create innovative product launches to best cater to existing demand by capitalizing on the flexibility given by ample and
diverse land bank

• Increase portion of recurring income while simultaneously boost synergy by focusing on complimentary amenities within
existing developments (e.g. malls, hospitals, and offices)

- Business Presentation 21
New Projects 2019

CitraGarden Puri Jakarta

Location Puri - West Jakarta
Launch Oct 2019
Development plan 18.2 ha
Market segment Middle and middle-up
Pre-sales 2019 Rp 779 billion
Selling price per unit Rp 466 million to Rp 3.2 billion
Average unit selling price Rp 1.3 billion
Average land selling price Rp 8.4 million
Unit sold 594 units
Others Accessibility: 5 minutes from Kali Deres commuter line station
30 minutes from Soekarno Hatta international airport

- Business Presentation 22
New Projects 2019

CitraLand Driyorejo CBD

Location Driyorejo, Gresik, East Java
Launch Jul 2019
Development plan 12 ha
Market segment Middle and middle-low
Pre-sales 2019 Rp 334 billion
Selling price per unit Rp 571 million to Rp 6.8 billion
Average unit selling price Rp 1.4 billion
Average land selling price Rp 6.9 million
Unit sold 235 units
Others Accessibility: 1 km from Sumo toll road exit
3 minutes to Surabaya-Mojokerto toll road
30 minutes from Juanda airport

- Business Presentation 23
New Projects 2019

Citra Sentul Raya

Location Sentul, South Greater Jakarta
Launch Jul 2019
Development plan Phase 1: 114 ha out of 1,000 ha master plan
Market segment Middle and middle-low
Pre-sales 2019 Rp 332 billion
Selling price per unit Rp 554 million to Rp 2.2 billion
Average unit selling price Rp 969 million
Average land selling price Rp 4.8 million
Unit sold 343 units
Others Accessibility: 5 minutes from Sentul Circuit LRT Station
5 minutes from Sentul Circuit toll road exit

- Business Presentation 24
Key Projects 2019

CitraLand Surabaya
Location West Surabaya
Launch 1993
Development plan 1,700 ha (sold 732 ha)
Market segment Middle to middle-high
Pre-sales 2019 Rp 751 billion
Selling price per unit Rp 364 million to Rp 8.0 billion
Average unit selling price Rp 1.7 billion
Average land selling price Rp 8.9 million
Unit sold 442 units
Others Launched new clusters of CitraLand,
CitraLand Utara, Denver and Cornell
during 2019

- Business Presentation 25
Key Projects 2019

Pembangunan Kota Baru Terpadu Citra Maja Raya 2600 HA per Juni 2019
Citra Maja Raya
Location Lebak, Banten, West Java
Launch November 2014
Development plan 1,200 ha (sold 267 ha)
Market segment Middle to middle-low
Pre-sales 2019 Rp 549 billion
Selling price per unit Rp 118 million to Rp 1.1 billion
Average unit selling price Rp 270 million
Average land selling price Rp 1.4 million
Unit sold 2,034 units
Others Launched new clusters of house in Apr,
Sep and Nov and shop house in Jul

- Business Presentation 26
Key Projects 2019

CitraRaya Tangerang
Location Tangerang, West of Jakarta
Launch 1994
Development plan 2,760 ha (sold 837 ha)
Market segment Middle-low to middle-high
Pre-sales 2019 Rp 482 billion
Selling price per unit Rp 186 million to Rp 3.3 billion
Average unit selling price Rp 861 million
Average land selling price Rp 4.3 million
Unit sold 560 units
Others Launched new cluster of house
in Jul and shop house in Nov

- Business Presentation 27
Key Projects 2019

CitraLand City Losari Makassar

Location Makassar, South Sulawesi
Launch October 2015
Development plan 157 ha (sold 35 ha + 50 ha to government)
Market segment Middle to high
Pre-sales 2019 Rp 429 billion
Selling price per unit Rp 432 million to Rp 20.5 billion
Average unit selling price Rp 1.1 billion
Average land selling price Rp 15.3 million
Unit sold 400 units
Others Launched new tower of apartment in Oct

- Business Presentation 28
Key Projects 2019

CitraLand Gama City Medan

Location Medan, North Sumatra
Launch Sep 2018
Development plan 123 ha out of 210ha masterplan
Market segment Middle and middle-up
Pre-sales 2019 Rp 298 billion
Selling price per unit Rp 921 million to Rp 5.5 billion
Average unit selling price Rp 2.6 billion
Average land selling price Rp 9.1 million
Unit sold 114 units
Others Launched new cluster of house in Agst

- Business Presentation 29
Key Projects 2018

CitraLand Tallasa City Makassar

Location Makassar, South Sulawesi
Launch May 2017
Development plan 69 ha (sold 6 ha)
Market segment Middle
Pre-sales 2019 Rp 252 billion
Selling price per unit Rp 636 million to Rp 3.5 billion
Average unit selling price Rp 1.2 billion
Average land selling price Rp 4.5 million
Unit sold 217 units
Others Launched new cluster of house in Oct

- Business Presentation 30
Key Projects 2019

CitraGarden City Jakarta

Location Kalideres, West Jakarta
Launch 1984
Development plan 444 ha (sold 364 ha)
Market segment Middle to high
Pre-sales 2019 Rp 205 billion
Selling price per unit Rp 367 million to Rp 8.3 billion
Average unit selling price Rp 3.5 billion
Average land selling price Rp 15.6 million
Unit sold 59 units
Others -

- Business Presentation 31
Results Summary
Results Summary (Income Statement)
(Rp bn) 9M19 9M18 % YoY
Effect of -4% YoY in Property Development segment and
Revenue 4,655 4,691 -1%
+8% YoY in Recurring segment

COGS (2,397) (2,401) 0%

Gross Profit 2,258 2,289 -1%

Gross Profit Margin 49% 49%

Operating Expense (1,151) (1,121) 3%

Operating Profit 1,107 1,169 -5%

Operating Profit Margin 24% 25%

Effect of lower capitalized borrowing cost due to project

Interest Income (Expense) - Net (488) (403) 21%
completion and higher total borrowings
Other Income (Expense) - Net 19 80 -76%
Final Tax and Income Tax (176) (188) -7%

Net Income Before Non-Controlling Interest 462 657 -30%

Non-Controlling Interest (53) (77) -31%

Net Income Attributable to Owners 409 580 -29%

Net Profit Margin 9% 12%

- Business Presentation 33
Results Summary (Revenue Breakdown and Margin Performance)
(Rp bn) 9M19 9M18 % YoY
Revenue Breakdown
Property Development Revenue 3,274 3,415 -4%
Houses, shophouses, and land lots 2,408 2,545 -5%
Apartments 530 540 -2%
Office for sale 335 330 2%

Recurring Revenue 1,382 1,276 8%

Shopping malls 579 571 1%
Hotels 345 349 -1%
Hospitals 226 161 40% Improving patient volume
Office leasing 144 110 31% New contribution from Tokopedia Care Tower
Others 88 85 3%

Total Revenue 4,655 4,691 -1%

Margin Performance
Property Development GPM 47% 48%
Houses, shophouses, and land lots 51% 51%
Apartments 36% 41% Effect of product mix
Office towers 40% 35%

Recurring GPM 52% 51%

Shopping malls 62% 61%
Hotels 40% 40%
Hospitals 46% 45%
Office leasing 63% 58% Improving margin across all office segment portfolio
Others 28% 30%

Total GPM 49% 49%

- Business Presentation 34
Results Summary (Revenue per Segment and per Location)

Revenue per Segment (9M19) Revenue per Location (9M19)

Greater
Apartment Office Strata Surabaya
Strata 7% Shopping 23%
11% Malls
13%

Hotels
7% Other Java
11%

Others
10%
Sumatra
8%
Houses, Greater
shophouses, Sulawesi
Jakarta
and land lots 54% Others 2%
52% 2%

• Development = 70% (Houses + Apartments + Office) • Sustained focus on geographically diversified

• Recurring = 30% (Malls + Hotels + Hospitals + Office) revenue sources to minimize concentration risk

- Business Presentation 35
Results Summary (Historical Revenue Breakdown)
Rp tn Development vs. Recurring Revenue
9.0

8.0

7.0 1.4 1.8

27% 30%
6.0 1.6
1.1 1.7 23%
5.0
18% 24%
4.0 1.4
18%
3.0 6.1 5.9
5.2 5.1
4.7
2.0
3.3
1.0

-
2014 2015 2016 2017 2018 9M19

Development Revenue Recurring Revenue Recurring as % of Total Revenue

• Continued focus on high-growth core development business and complemented by stable recurring assets

- Business Presentation 36
Debt Profile

As of Sep-19 Floating Fixed Rupiah SGD

18% 79%
Total Borrowings: Rp8.9tn 82% 21%

USD
1%
(Rp tn)
Maturity Profile (% of total debt)
2.5 28%

2.0
Borrowing Cost*
19%
1.5 12.7%
12.1% 11.7%
10.3% 10.2% 14% 14%

1.0
8% 7% 7%
0.5
3%

0.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Short Term Bank Loan Maturity Long Term Bank Loan Maturity Bonds and Notes Payable Maturity Borrowing Cost

*Borrowing Cost calculation includes capitalized interest expense of 96bn, 74bn, 131bn, 179bn, Rp89bn in 2014, 2015, 2016, 2017, and 2018.

- Business Presentation 37
Capex Schedule

Mall
32%
Historical Capex
Office for Lease
3% Rp tn
2.1
Hotel 2.0
9M19 2%
1.3
0.9tn 0.9 0.9
Others
14%
Land for
Development
48% 2015 2016 2017 2018 9M19

• Increased capex for shopping malls as

three are currently under construction
(CitraRaya Tangerang, CitraLand Surabaya,
and Ciputra World Surabaya)

- Business Presentation 38
Financial Highlights
Revenue Gross Profit
(Rp bn) (Rp bn) 3,724
7,514 7,670 3,628
3,330 3,290
6,739 6,443 2,997
6,340
2,289 2,258
4,691 4,655 53%
50% 49% 49% 49%
47% 47%

2014 2015 2016 2017 2018 9M18 9M19

2014 2015 2016 2017 2018 9M18 9M19 Gross Profit Gross Margin

Net Profit Key Ratios

(Rp bn)
1,685 1,645 1.9 2.0 2.1
1.9
1.6 1.4 1.5
1.4
1,185
27% 1,021
894
22% 17% 22% 28% 31% 33%
580 10%
409 -15% -7%
15% 15%
14% 12%
9%

2014 2015 2016 2017 2018 9M18 9M19 2012 2013 2014 2015 2016 2017 2018 9M19

Current Ratio Net Debt to Equity

Net Profit Net Margin

- Business Presentation 39
Balance Sheet Summary
Rp bn Sep 2019 Dec 2018 Dec 2017 Dec 2016

Assets 35,494 34,289 31,872 29,169

Cash & cash equivalents 3,237 3,243 3,240 3,471
Land 13,423 13,048 11,696 10,109
Fixed Assets 3,032 3,114 3,144 3,034
Investment Properties 5,235 4,962 4,762 4,908
Others 10,568 9,921 9,031 7,647

Liabilities 18,529 17,645 16,322 14,787

Debt 8,907 8,455 7,618 6,662
Advances from customers 7,267 6,814 6,459 5,851
Others 2,354 2,375 2,245 2,274

Equity 16,965 16,644 15,551 14,382

Minority interests 2,311 2,270 2,113 1,688
Equity net of minority interests 14,654 14,374 13,438 12,694

Debt to Total Equity 53% 51% 49% 46%

Net Debt to Total Equity 33% 31% 28% 22%
- Business Presentation 40
Appendix
New Corporate Structure Post Merger
PT Sang Pelopor
Public
& Affiliates

52% 48%
(18,560,303,397 shares @ Rp 250)

99.99% PT CIPUTRA RESIDENCE 98.33% PT CIPUTRA ADIGRAHA PT CIPUTRA RAYA 65.75%

& Subsidiaries SEJAHTERA & Subsidiaries

99.99% PT CIPUTRA NUSANTARA 99.84% PT SARANANEKA INTERNATIONAL CITY 7.43%

& Subsidiaries INDAHPANCAR HOLDINGS PTE. LTD.

99.99% PT CIPUTRA GRAHA MITRA 81.38% PT CIPUTRA SENTRA Others

& Subsidiaries & Subsidiaries

Residential 99.10% PT CIPUTRA SEMARANG

& Subsidiaries

92.35% PT CIPUTRA ADIBUANA

60% PT CIPUTRA
NIRVANADWIPA

Commercial
- Business Presentation 42
Corporate Milestones
Capital raising & corporate actions -> Strengthening our financial position to support business expansion

2006 : - Issuance of 2.4 billion shares without

pre-emptive rights for debt settlement
- Rights Issue II
2007 : IPO of PT Ciputra Property Tbk (CTRP)
2015 : Share dividend distribution
2016 : Share dividend distribution
Merger plan with CTRS and CTRP
1997 : Economic crisis hit Indonesia. Start of
debt restructuring process Developed and launched:
1999 : PT Ciputra Surya Tbk (CTRS)’s listing on 2007 : Ciputra World Surabaya
1994 : IPO and listing on JSX JSX 2008 : Ciputra World Jakarta
1995 : Issuance of Notes (US$ 100 million) 2000 : Bonus shares distribution 2009 : CitraLand Celebes Makassar, our first
1996 : - Rights issue I project in Sulawesi
Developed and launched: 2011 : Ciputra Hospital Tangerang, our first health
- Listing on SSX
2005 : CitraGarden Lampung in Sumatra and care project
Established under the name - Issuance of bond (Rp 150 billion)
CitraGarden Banjarmasin in Kalimantan,
- Issuance of TLCF (US$ 25 million) 2012 : CitraDream Hotel Cirebon, our first budget
of PT Citra Habitat marking the beginning of business hotel
(Transferrable loan certificate facility)
Indonesia expansion outside of Java 2013 : Ciputra Beach Resort Bali, our first resort
Developed and launched: h development
1984 : CitraGarden City, our first project, in West Jakartaz 2015 : CitraLand City Losari in Makassar, our first
1993 : - CitraLand, our first and largest township project in Surabaya reclamation residential project
- Ciputra Mall & Hotel Jakarta, our first commercial project 2016 : Ciputra Mitra Hospital, our first health care
1994 : CitraRaya Tangerang, our largest township development project in Kalimantan
project, covering an area of more than 2,700 ha

Project Development -> Over 30 years of experience

- Business Presentation 43
Competitive Strength
BUSINESS PROSPECT
Increase in Change in Availability in Potential Stable
Urbanization Government
housing customers’ mortgage economic political
trends stimulus plan
needs lifestyle facility growth outlook

We are well
positioned in Indonesia’s
Focus on real estate business current property outlook: Steady launch and development
of pipeline projects

Reputable brand & experienced

Most diversified in market targets, management team
products offered & project locations

Large land bank at prime locations to

support future growth

- Business Presentation 44
Experienced Management Team
Board of Commissioners Board of Directors

DR. Ir. Ciputra Dian Sumeler Rina Ciputra S. Junita Ciputra Candra Ciputra Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi
Chairman President

Sandra Hendharto Kodradi Henk Wangitan Thomas Bambang Agussurja Widjaja MI Meiko Handojo Nanik J. Santoso Sutoto Yakobus
Independent member Independent member Independent member

Artadinata Djangkar Tulus Santoso

Corporate Secretary

- Business Presentation 45
Investor Relations
Corporate Secretary
PT. CIPUTRA DEVELOPMENT TBK

Ciputra World 1
DBS Bank Tower 39th Floor
Jl. Prof. DR. Satrio Kav. 3-5
Jakarta 12940 - INDONESIA
Phone : +62 21 29885858 / 6868
Fax : +62 21 29888787
Email : [email protected]
Website : www.ciputradevelopment.com

- Business Presentation 46
Disclaimer
Any person obtaining this Presentation material, will be deemed to have understood and agreed to the obligations and restrictions herein.

The content of this material are provided on a strictly private confidential basis and shall be the proprietary of PT. CIPUTRA DEVELOPMENT Tbk.
Information contained in the material are intended for information purpose and does not constitute or form part of an offer solicitation, invitation or
inducement to purchase or subscribe for any securities of the PT. CIPUTRA DEVELOPMENT Tbk. or any contract or commitment whatsoever, and
further is not intended to be distributed, reproduced or copied at any time to any party without prior written consent of PT. CIPUTRA DEVELOPMENT
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where such distribution or use would be contrary to local law or regulation in such jurisdiction.

The information and opinions contained in this material have not been independently verified, and no representations or warranties (expressed or
implied) is made as to, and no reliance should be placed on the fairness, accuracy, completeness, correctness, omissions of the information or opinions
contained herein. It is not the intention to provide and you may not rely on this material as providing a complete or comprehensive analysis of the
condition (financial or others), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The
information and opinions contained in this material are provided as at the date of this presentation and are subject to change without any notice. The
company (including any of its subsidiaries, shareholders, affiliates, representatives, partners, directors, employees, advisers or agents) shall have no
responsibility or liability whatsoever (in negligence or otherwise) for any direct, indirect or consequential loss and/ or damages arising from the use of
this materials, contents, information, opinions or communication therewith.

This presentation may contain forward-looking statements and assumptions that are subject to various risks and uncertainties which may change over
time and in many cases are outside the control of the company. Therefore, actual performance, outcomes and results may differ materially from those
expressed in the statements. You are advised and cautioned not to place undue reliance on these statements, which are based on current view of
management on future events.

- Business Presentation 47
@ PT Ciputra Development Tbk