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PT CIPUTRA DEVELOPMENT TBK (“CTRA”)

PT CIPUTRA DEVELOPMENT TBK (“CTRA”)

PT CIPUTRA DEVELOPMENT TBK (“CTRA”)

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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) 1,161<strong>PT</strong> Ciputra Development Tbk – Business Presentation27

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