PT CIPUTRA DEVELOPMENT TBK (“CTRA”)

PT CIPUTRA DEVELOPMENT TBK (“CTRA”)Business PresentationMay 2008

DisclaimerThis presentation may contain forward-looking statements and assumptions thatinvolve risks and uncertainties. Therefore, actual performance, outcomes and resultsmay differ materially from those expressed in the statements. You are cautioned not toplace undue reliance on these statements, which are based on current view ofmanagement on future events.PT Ciputra Development Tbk – Business Presentation01

OverviewPT Ciputra Development Tbk – Business Presentation02

Corporate StructureFoundingShareholderPT SANGPELOPOR35.25%ManagementIncentive SchemeARTUPICINTERNATIONALBV6.19%Free FloatPUBLIC58.56%As of 31 Mar 2008PT CIPUTRA DEVELOPMENT TBK6.556.748.915 shares (par value IDR 500/ share)CDIF BV100% 99.9999% 99.9999% 99.89%PT Ciputra Residenceand subsidiariesPT Ciputra GrahaMitra and subsidiariesPT Ciputra Indah andsubsidiaries51.06%PT Ciputra PropertyTbk (CTRP)and subsidiaries39.92%PT Ciputra Surya Tbk(CTRS)and subsidiariesSPVAmsterdamThe projectsCitraRayaTangerangThe projectsCitraGardenBanjarmasinThe projectCitraIndahBogorThe projectsCiputra Mall&HotelJakartaThe projectsCitraRayaSurabayaCitraGarden CityJakartaCitraLand CitySamarindaCiputra Mall&HotelSemarangBukit PalmaSurabayaCitraGrand CityPalembangCitra Bukit IndahBalikpapanSomerset AptJakartaCiputra GolfSurabayaCiputra World 3-5JakartaCiputra WorldSurabayaCiputra World 6JakartaCitraHarmoniSidoarjoCiputra World 11JakartaCitraGardenSidoarjoThe Taman DayuPandaanCitraGardenBandar LampungPT Ciputra Development Tbk – Business Presentation03

Corporate History• Established on 22 October 1981 under the name of PT Citra Habitat Indonesia.1981-1990• The first project was the CitraGarden City, a 50 ha residential project which was developed in1984 and located adjacent to the Jakarta Soekarno-Hatta International Airport. Currently thedevelopment area has grown to more than 400 ha.1991-2000• Listed on the Jakarta Stock Exchange (JSX)* in 1994.• Conducted Rights Issue I and also listed on Surabaya Stock Exchange (SSX)* in 1996.• PT Ciputra Surya Tbk (CTRS), a subsidiary, listed on JSX in 1999 as an implementation ofdebt to equity conversion regarding bonds restructuring.• The Company, with more than 50 subsidiaries, is now one of the largest propertycompanies in Indonesia and focuses on residential and commercial propertydevelopment.Present• The Company weathered the Asian economic crisis, and has steadily increased itsbusiness activities and expansion.• Completed debts restructuring in early 2006 and balance sheet is now well capitalized.• Successfully conducted the Rights Issue II at the end of 2006.• Recently spin off the commercial property projects into PT Ciputra Property Tbk (CTRP),a subsidiary, which listed on JSX in November 2007.* JSX and SSX have merged into Indonesia Stock Exchange (IDX)PT Ciputra Development Tbk – Business Presentation04

Business OverviewSuccessfully developed: 2,500ha of residential projectsOne of thelargest propertycompanies inIndonesiawith more than 50,000 units; 2 integrated mall and hotel; 64,000sqm of retail space;Focus on largescaleintegratedresidentialprojectsdevelopment Other facilities including golf course,sport club, water park, recreational parkand others.PT Ciputra Development Tbk – Business Presentation05

Core BusinessResidential PropertyDevelopmentCommercial PropertyDevelopment & Management Focus on large scale integrated residentialdevelopments. As a developer, the Company manages its projectsfrom inception to after sales support, which typicallyinvolve:• Identify business opportunity• Perform feasibility study• Get approvals and permits• Process land acquisitions• Town planning and marketing• Tendering construction process• Sales and after sales support Integrated commercial: retail mall & hotel. The Company also developed servicedapartments, sport and recreational facilities,which some of them are integrated in theCompany’s residential projects. The Company retains and manages certain ofits properties in order to generate a stablerevenue stream.PT Ciputra Development Tbk – Business Presentation06

Business Prospect● Annual housing needs areestimated at 800,000 units● Increase in urbanizationtrend● Growth in new mortgageloans supported by trendingdown in interest rate andgreater competition in thebanking sector● Indonesia’s economicgrowth, as a multipliereffect from plantation, coaland mining booming● Government plan to speedup infrastructuredevelopment, such as newtoll roads that can create awider accessibility to theprojectsLarge land bankslocated in highgrowth urbanareas for futureutilizationReputable brand& managementto supportbusinessexpansionProductdiversification interm of marketsegment,revenues andlocationThe Company is wellpositioned in Indonesia’sproperty outlook throughthe following factors:Commercialproperty portfolioin prime strategiclocationFocus onresidential andcommercialpropertydevelopmentPT Ciputra Development Tbk – Business Presentation07

Project PortfolioPT Ciputra Development Tbk – Business Presentation08

Geographic ReachSUMATRAKALIMANTANSamarindaPalembangBalikpapanBandarLampungJakartaBanjarmasinSemarang SurabayaJAVANOTE:Project in LampungCITRA GARDENProject in PalembangCITRA GRAND CITYNew and Future projectProjects in Greater JakartaCITRA GARDEN CITYCITRA RAYACITRA INDAHCIPUTRA MALL & HOTELSOMERSET GRAND CITRACIPUTRA WORLD LOT 3&5CIPUTRA WORLD LOT 6CIPUTRA WORLD LOT 11PT Ciputra Development Tbk – Business PresentationProject in SemarangCIPUTRA MALL & HOTELProjects in Greater SurabayaCITRA RAYABUKIT PALMACITRA HARMONICITRA GARDENTHE TAMAN DAYUCIPUTRA GOLFCIPUTRA WORLDProject in BanjarmasinCITRA GARDENProject in BalikpapanCITRA BUKIT INDAHProject in SamarindaCITRALAND CITY09

CTRA Residential ProjectsCitraGarden CityJakartaCitraRayaTangerangCitraIndahBogorLocationLaunchDevelopment planDeveloped areaMarket segmentUnit soldOthers• Kalideres, West Jakarta• 1984• 415 ha• 329 ha• Middle-up• 8,508 units• The first and largestresidential project in westJakarta, near the airport• Tangerang, West ofJakarta• 1994• 2,760 ha• 687 ha• Middle-low• 18,981 units• Township developmentwith the largest land bankwithin the Company• Bogor, South of Jakarta• 1997• 550 ha• 249 ha• Middle-low• 10,209 units• City of Nature, that offersthe beauty and freshnessof its environmentPT Ciputra Development Tbk – Business Presentation10

Project Map - Greater JakartaAirportCITRAGARDENCITYJakartaCBDCIPUTRAMALL & HOTELCITRA RAYATANGERANGCIPUTRAWORLDCITRAINDAHPT Ciputra Development Tbk – Business Presentation11

CTRA Residential Projects…CitraGardenBanjarmasinCitraLand CitySamarindaLocationLaunchDevelopment planDeveloped areaMarket segmentUnit soldOthers• Banjarmasin, South Kalimantan• September 2005• 50 ha• 10 ha• Middle-upper• 198 units• The first project in Kalimantan. A jointoperation project with Mitra Group• Samarinda, East Kalimantan• June 2007• 93 ha• 10 ha• Middle-upper• 128 units• A joint operation project with PTBangunpratama Kaltim AbadiPT Ciputra Development Tbk – Business Presentation12

CTRA Residential Projects…Citra BukitIndahBalikpapanCitra Grand CityPalembangLocationLaunchDevelopment planDeveloped areaMarket segmentUnit soldOthers• Balikpapan, East Kalimantan• Mid 2008 (plan)• 21 ha• -• Middle-up• -• A joint operation project with PTPutraBalikpapan AdiPerkasa• Palembang, South Sumatra• Mid 2008 (plan)• 160 ha• -• Middle income• -• A joint venture project with PT CiptaArsigriyaPT Ciputra Development Tbk – Business Presentation13

CTRS Residential ProjectsCitraRayaSurabayaBukit PalmaSurabayaCitraHarmoniSidoarjoLocationLaunchDevelopment planDeveloped areaMarket segmentUnit soldOthers• West Surabaya• 1993• 1,126 ha• 580 ha• Middle-up• 9,520 units• The largest townshipdevelopment in Surabaya• West Surabaya• 1996• 575 ha• 45 ha• Young executive andmiddle income customers• 1,442 units• Located just north ofCitraRaya (CR) and will bepart of CR in the future• Sidoarjo, South ofSurabaya• 1997• 332.5 ha• 34 ha• Middle income customers• 987 unitsPT Ciputra Development Tbk – Business Presentation14

CTRS Residential Projects…CitraGardenSidoarjoThe Taman DayuPandaanCitraGardenLampungLocationLaunchDevelopment planDeveloped areaMarket segmentUnit soldOthers• Sidoarjo, South ofSurabaya• August 2005• 26 ha• 21 ha• Middle• 320 units• A joint venture with PodoJoyo Masyhur Group• Pandaan, South ofSurabaya• August 2005 (re-launched)• 600 ha• 195 ha• Middle to middle-up• 587 units• Residential cum resortdevelopment. A jointoperation project with PTTaman Dayu• Bandar Lampung, South ofSumatra• February 2005• 57 ha• 36 ha• Middle to middle-up• 509 units• First project developed inSumateraPT Ciputra Development Tbk – Business Presentation15

CTRS Commercial DevelopmentCiputra Golf SurabayaCiputra World SurabayaLocation : CitraRaya, WestSurabayaLand area : 125 ha (27-hole)Start operation : 1995Ciputra Golf is one of the biggest andmost popular golf courses inSurabaya, East Java. It often becomeshost for many regional andinternational golf tournaments.Currently, it has more than 1,700members.PT Ciputra Development Tbk – Business PresentationCTRS is undertaking a superblock development on an area of7.7 ha located in West Surabaya.The development will compriseshopping mall, apartment, officebuilding and hotel with totalbuilding area of more than300,000 sqm. For the first stage,CTRS will develop the shoppingmall and 2 towers of apartment.The construction started in July2007.Total investment cost : ± IDR 900 bioShopping mallGross/rentable area: 86,000 sqm/57,000 sqmExp. rental rate : IDR 140,000/ sqmper monthStart operation : 3Q 2009Apartment (2 towers)First Stage InformationTotal unit : 393 unitsExp. selling price : IDR 9 - 10 mio/sqmStart operation : 201016

Project Map - Greater SurabayaBUKITPALMACITRARAYACIPUTRAGOLFCIPUTRAWORLDCITRAHARMONIStrait of MaduraCITRAGARDENTAMANDAYULegend:Surabaya City AreaPT Ciputra Development Tbk – Business Presentation17

CTRP Commercial DevelopmentCTRP has developedand retained twointegrated shoppingmall and hotel. CTRPalso developed aserviced apartmentcomplex in JakartaCBD.Ciputra Mall & HotelJakartaCiputra Mall & HotelSemarangSomerset Grand Citra AptJakartaLocationTotal areaShopping mall• Start operation• Gross/ net area• Occupancy rate• ARR• Market valueGrogol, West Jakarta4.1 ha199376,000 sqm/ 43,100 sqm98%USD 21.4 (IDR 150,000)IDR 816 bio (USD 86.6 mio)Simpang Lima, Semarang1.7 ha199344,200 sqm/ 20,600 sqm99%USD 19.6 (IDR 127,000)IDR 385 bio (USD 40.9 mio)Jakarta CBD1.1 ha-----Hotel/ Apartment• Grade star• Operator• Start operation• Total rooms/ units• Occupancy rate• ARR• Market value4-starSwiss-Belhotel International199332873%IDR 441,500IDR 218 bio (USD 23.1 mio)PT Ciputra Development Tbk – Business Presentation5-starSwiss-Belhotel International199520065%IDR 391,500IDR 110 bio (USD 11.7 mio)-The Ascott Group199520391%USD 77 or USD 16/sqm/monthIDR 387.9 bio (USD 41.2 mio)18

CTRP Commercial Development…CTRP plans to developcommercial development onJl. Satrio, Jakarta CBD. Thedevelopment will take place atLot 3&5, Lot 6 and Lot 11.Currently CTRP is undertakingthe development at Lot 3&5.Ciputra World JakartaLot 3 & 5 Lot 6Lot 3&5A super block developmentthat will comprise shoppingmall, condominium, servicedapartment, office, hotel,premium residence andmuseum.Lot 6A mixed-use development thatwill comprise condominium,serviced apartment and office.Lot 11Lot 11A mixed-use development thatwill comprise condominiumand office.PT Ciputra Development Tbk – Business Presentation19

CTRP Commercial Development…Lot 3&5 Lot 6 Lot 11Total areaInvestment costConstructionShopping mall• Gross/ net area• Expected ARR• Start operation5.5 haIDR 3.1 trillion (USD 332 mio)2008 - 2011132,000 sqm/ 84,000 sqmUSD 28/sqm/month2H 20101.4 haIDR 922 bio (USD 100 mio)2008 – 2011---3.0 haIDR 1.2 trillion (USD 127 mio)2011 - 2013---Condominium• Gross/ net area• Exp. selling price• Completion136 units45,300 sqm/ 35,800 sqm*Start from IDR 17.6 mio/ sqm2H 2011240 units32,625 sqm/ 20,228 sqmStart from IDR 17.6 mio/ sqm2H 2011300 + 300 units (Tower 1 & 3)45,000 sqm/ 36,000 sqm (T1)45,000 sam/ 36,000 sqm (T3)Start from IDR 18 mio/ sqm (T1)Start from IDR 22 mio/ sqm (T3)End of 2012 (T1) and 2013 (T3)Serviced apartment• Gross/ net area• Exp. ARR• Start operation170 units-USD 22/ sqm/ month2H 2011240 units32,625 sqm/ 20,228 sqmUSD 22/ sqm/ month2H 2011----Office building• Gross/ net area• Exp. ARR• Start operation67,000 sqm/ 57,000 sqmUSD 16/ sqm/ month2H 201145,900 sqm/ 28,458 sqmUSD 16/ sqm/ month2H 201145,000 sqm/ 36,000 sqm (T2)45,000 sqm/ 36,000 sqm (T4)USD 15/ sqm/ month (T2)USD 17/ sqm/ month (T4)End of 2012 (T2) and 2013 (T4)HotelPremium residence• Exp. selling price• Start operation180 rooms80 unitsStart from IDR 27 mio/ sqmEnd of 2011--------*include the area of serviced apartmentPT Ciputra Development Tbk – Business Presentation20

Project Map - Jakarta CBD areaStockExchange64113-5 1JW MarriottRitzCarltonPT Ciputra Development Tbk – Business Presentation21

FinancialsPT Ciputra Development Tbk – Business Presentation22

Marketing Sales & Recurring RevenuesIn billion IDRIn billion IDR2,5002,2812,5002,2812,2502,2502,0002,0003771,7501,5001,4391,4458021,7501,5001,4391,4451,2501,000750500250-241 944 254311 539 243 1,093270 814597 294698533323 2215557812004 2005 2006 2007 2008* 1Q 2008225 157 1521,2501,000750500250-274270 1,0938143391,9051,166823504 3101,106533864472004 2005 2006 2007 2008* 1Q 2008Projects under CTRPProjects under CTRSProjects under CTRA* TargetRecurring RevenueMarketing SalesPT Ciputra Development Tbk – Business Presentation23

Strong FinancialStrongGrowth inRevenuesHighGrossMarginsIn billion IDR1,5001,2501,1861,0501,0007505002507396585553142412671,348691269294 28113677-2004 2005 2006 2007 1Q 200880%70%65%62%65% 64%60%49%51% 53%46%45%45%43%46% 44% 44%40%CTRACTRSCTRPCTRACTRSCTRP20%0%PT Ciputra Development Tbk – Business Presentation2004 2005 2006 2007 1Q 200824

Financial HighlightsIn million IDR31 March31 DecemberBalance Sheets 2008 2007 2006 2005 2004Assets 7,764,945 7,484,109 5,156,691 5,306,703 4,958,684Liabilities 1,378,753 1,276,669 1,306,849 4,489,037 4,404,326Debts (bank loans, lease payable,bonds payable and other debts) 167,255 171,692 215,221 3,215,820 3,393,607Others 1,211,498 1,104,977 1,091,628 1,273,217 1,010,719Minority interests 2,553,848 2,419,967 1,005,018 914,094 778,632Stockholders' equity (Capital deficiency) - net 3,832,344 3,787,473 2,844,824 (96,428) (224,274)Statements of Income 1Q 2008 2007 2006 2005 2004Revenues 281,266 1,347,518 1,185,718 1,049,896 738,597Net sales 190,487 990,325 869,449 774,565 487,860Business revenues 90,779 357,193 316,269 275,331 250,737Gross profit 143,144 595,277 534,420 486,191 362,782Operating profit 60,166 325,210 286,957 235,486 145,102Extraordinary gain - - 477,713 - 14,127Net profit (loss) 36,794 167,961 572,100 79,231 (219,274)PT Ciputra Development Tbk – Business Presentation25

Land Banks – Residential ProjectsAs of 31 March 2008, the Company and subsidiaries have 787.1 ha developed land and 626.3 ha undevelopedland, which totally amount to IDR 2,396 billion.(in billion IDR, except for Average Land Selling Price)Developed LandUndeveloped Land1Q-2008 Sales Average LandProjects (Salable Land)(Raw Land)Land Unit Selling Priceha (Net) IDR ha (Gross) IDR ha (Net) IDR / m 2CitraGarden City 27.7 233.8 12.2 33.1 0.9 68 2,800,000CitraRaya Tangerang 154.3 406.2 538.1 417.9 4.1 545 470,000CitraIndah Bogor 157.1 220.7 76.0 46.2 11.0 1,042 460,000CitraRaya Surabaya 177.0 586.2 - - 1.5 137 1,870,000CitraHarmoni Sidoarjo 44.3 61.8 - - 0.4 20 700,000Bukit Palma Surabaya 183.6 256.4 - - 0.4 31 840,000Taman Dayu Pandaan - 15.3 - - 0.2 31 690,000CitraGarden Sidoarjo 13.6 47.3 - - 0.7 61 1,060,000CitraGarden Lampung 29.5 39.0 - - 0.6 37 830,000CitraGarden Banjarmasin - 21.6 - - 0.1 8 1,680,000Citraland City Samarinda - 10.2 - - 0.4 31 1,310,000Total 787.1 1,898.5 626.3 497.2 20.3 2,011PT Ciputra Development Tbk – Business Presentation26

CTRA Value – In House EstimationDescriptionAs of 31 Mar 2007Project Value % Effective Value(in bio IDR)(in bio IDR)CTRA direct projects 3,528 80% - 100% 3,373CTRS projects 3,358 39.92% 1,341CTRP projects 5,678 51.06% 2,899Total Value (in bio IDR) 7,612Outstanding shares (in mio shares) 6,557Value/ share (in IDR) 1,161PT Ciputra Development Tbk – Business Presentation27

Thank YouFor further information, please visit our website atwww.ciputradevelopment.comPT Ciputra Development Tbk – Business Presentation28