Slide 1: Proposed merger between PT Ciputra Surya Tbk and/or PT Ciputra Property Tbk into PT Ciputra Development Tbk
October 2016 Confidential Proposed merger between PT Ciputra Surya Tbk and/or PT Ciputra Property Tbk into PT Ciputra Development Tbk Company presentation
Slide 2: Proposed transaction structure
Proposed transaction structure Current Proposed structure(1) Sang Public Pelopor Sang Public Pelopor 30.6% 69.4% 25.9 – 28.4% 71.6 – 74.1% CTRP shares CTRA shares Public CTRA Public CTRA shares CTRS shares CTRA 43.7% 56.3% 62.7% 37.3% CTRP CTRS The transaction will be via a share exchange method,
Slide 3: Merger rationale and benefits
Merger rationale and benefits Creation of one of the largest listed real estate platforms in Indonesia Transform merged entity Increased size and into the property liquidity, a win-win for benchmark in Indonesia all shareholders Increased financial Optimisation of strength and ability to business st
Slide 4: Proposed merger summary
Proposed merger summary Merger between PT Ciputra Surya Tbk (“CTRS”) and / or PT Ciputra Property Tbk (“CTRP”) into PT Ciputra Development Tbk (“CTRA”) (together referred to as the “Consolidated group” or “Merging Parties”) Merger will be conducted by Pooling of Interest method in accordance wit
Slide 5: Indicative timetable
Indicative timetable Activity Date Delivery of merger statement containing the draft merger together with its supporting documents to the OJK 24 Oct 2016 Announcement of summary draft merger to public in 2 (two) daily newspaper and to the employees Issuance of circular on draft merger to the shareho
Slide 6: Poised to embark on its next phase of growth
Poised to embark on its next phase of growth Capital raising & corporate actions STRENGTHENING OUR FINANCIAL POSITION TO SUPPORT BUSINESS EXPANSION 2006 - Present 1997 - 2005 2006 : - Issuance of 2.3 billion shares without pre-emptive rights in relation with debt settlement process 1984 - 1996 - R
Slide 7: Proxy for Indonesian real estate counters
Proxy for Indonesian real estate counters Market capitalization and Average Daily Trading Volume (“ADTV”) US$ m 11.1 5.5 3.7 3.2 3.4 5.2 2.2 0.0 1.4 2.6 1.3 0.5 0.3 0.5 0.8 1.5 3,122 2,569 2,143 1,795 1,782 1,539 1,236 805 928 670 445 437 450 355 327 238 BSD Pakuwon Jati CTRA post Summarecon CTRA Li
Slide 8: Enhanced scale expected to increase trading liquidity
Enhanced scale expected to increase trading liquidity 10.00 – Pakuwon Jati Lippo Karawaci BSD Summarecon Pakuwon (20%) Jati Premium / (Discount) to RNAV (%) Alam Sutera CTRA 3M ADTV (US$m) Sentul City CTRA (40%) Intiland Puradelta CTRP 1.00 Summarecon BSD Agung CTRP Podomoro Puradelta (60%) Lippo Ka
Slide 9: Investors have reacted favorably to the 3-way merger
Investors have reacted favorably across 3 entities to the 3-way merger, outperforming the index 15 June 2016 Reported that company was exploring a merger 14.2% 12.3% CTRA Share price change since 15 June 2016. Index price change since 15 June 2016. 45.8% 12.3% 2.13 CTRA shares for 1 CTRS share CTR
Slide 10: CTRA transformed – value unlocked for shareholders
CTRA transformed – value unlocked for shareholders Shareholders’ equity (as of 1H16) Net debt to shareholders’ equity (as of 1H16) % increase 37.8% 14.2% 23.6% % decrease 27.4% 12.4% 19.1% (IDR in billions) (%) 25.9% 11,727 22.7% 20.9% 18.8% 10,518 9,721 8,513 CTRA + CTRP and CTRS + CTRS + CTRP CTRA
Slide 11: CTRS: Comparison of offer price premia
CTRS: Comparison of offer price premia Premium / (discount) Methodology Metric Range Share price (IDR) based on offer price Trading performance IDR 2,300 – Last 3M High / low 2,300 2,990 44.3% – 11.0% 2,990 IDR 1,972 – Last 6M High / low 1,972 3,010 68.3% – 10.2% 3,010 IDR 1,775 – Last 12M High / lo
Slide 12: CTRP: Comparison of offer price premia
CTRP: Comparison of offer price premia Premium / (discount) Methodology Metric Range Share price (IDR) based on offer price Trading performance IDR 575 – 575 700 Last 3M High / low 47.6% – 21.3% 700 IDR 448 – 448 700 Last 6M High / low 89.7% – 21.3% 700 IDR 337 – 337 700 Last 12M High / low 152.2% –
Slide 13: Optimisation of business structure
Optimisation of business structure Cost saving from streamlining departments and functions Simplify corporate structure and increase organization efficiencies Operational Coordinated synergies strategy Back office operations IT Health Safety & HR Environment Enhance marketing Collective efforts mana
Slide 14: Appendix: Company Overview – Pre-merger CTRA
Appendix: Company Overview – Pre-merger CTRA 13
Slide 15: Core business
Core business Property Development for Sale Commercial Property Development & Management (Development property income) (Investment property / recurring income) Township Residential Condominium Office Shopping Mall Hotel Serviced Apt. Office Others Currently developing over 5,000 ha land and successf
Slide 16: Project overview
Project overview CitraLand Bagya City CitraGarden CitraLand Celebes CitraLand CitraLand CitraGarden CitraGarden Vida View Apartment CitraDream Hotel CitraGrand Galesong City CitraLand NGK BizPark CE CitraLand City Losari CitraRaya City Citra BukitIndah CitraLand CitraGrand City CitraCity projects in
Slide 17: Competitive strengths
Competitive strengths Business Prospect Increase in Change in Availability in Potential Urbanization Government Stable political housing customers’ mortgage economic trends stimulus plan outlook needs lifestyle facility growth We are well Focus on real estate positioned in Indonesia’s business curre
Slide 18: Land bank directly owned projects (as at 30 June 2016)
Land bank directly owned projects (as at 30 June 2016) Developed Land Undeveloped Land Sales Information Average Land Selling Price (Saleable Land) (Raw Land) 2015 (per sqm) Project Ha IDR bio Ha IDR bio Ha Unit 2011 2012 2013 2014 2015 CitraGarden City − Citra 6 2.6 74.6 - - 0.2 10 6,290,000 10,750
Slide 19: Land bank joint operation projects (as at 30 June 2016)
Land bank joint operation projects (as at 30 June 2016) Development Sales Information Plan 2015 Average Land Selling Price (per sqm) Joint Operation Project (Ha) Ha Unit 2011 2012 2013 2014 2015 The Taman Dayu Pandaan 600 2.1 53 1,010,000 1,121,000 2,026,000 3,322,000 3,571,000 CitraGarden Banjarmas
Slide 20: CTRA – New project launched in 2016
CTRA – New project launched in 2016 NEW Citra AeroLink Batam Location Batam, Riau Development plan 21 ha Launch June 2016 Market segment Middle-up segment Unit sold 5 units Others A joint operation project. A commercial industrial mixed-use development, with 60% area for logistic warehousing or ligh
Slide 21: New projects to be Launched in 2016
New projects to be Launched in 2016 No. Projects Cooperation scheme Area (ha) CTRA 1. CitraGarden Hills Samarinda Joint Operation - Profit Sharing 54 ha 2. CitraGarden Angsana Samarinda Joint Operation – Profit Sharing 20 ha 3. CitraLand Cileungsi Joint Venture 86 ha 4. Fatmawati Project Joint Ventu
Slide 22: Pre-sales residential projects
Pre-sales residential projects (in billion IDR) 2015 2016 T Sep-2016 By location 36% 39% 30% 1% 2% 2% 27% 13% 2% 6% 1% 8% 28% 16% 17% 16% 11% 6% 18% 12% 12% 4,783 4,878 5,088 Greater Jakarta Greater Surabaya Inner Java cities Sumatra 4,631 Sulawesi Kalimantan Bali 2015 2016 T Sep-2016 By product 5,0
Slide 23: Financial highlights – CTRA
Financial highlights – CTRA (IDR in billions) 2013 2014 2015 1H2016 BALANCE SHEET Assets 20,245 23,539 26,259 27,282 −Cash & cash equivalent 3,465 2,889 3,034 2,866 −Land 6,680 7,765 9,229 9,593 −Fixed asset 1,804 2,352 2,962 3,053 −Investment properties 3,552 4,204 4,521 4,678 −Others 4,744 6,329 6
Slide 24: Appendix: Company Overview – CTRS
Appendix: Company Overview – CTRS 23
Slide 25: Marketing Sales
Marketing Sales Marketing Sales 2016 2012 2013 2014 2015 R Target Sept To Target Cont. CitraLand Surabaya 798 583 393 1,329 901 650 72.1% 32.3% CitraHarmoni Sidoarjo 95 119 107 134 150 80 53.3% 4.0% CitraGarden Lampung 118 81 76 25 5 (14) (280.0%) (0.7%) CitraGarden Sidoarjo 60 80 91 119 220 88 40.0
Slide 26: Projects
Projects No Project Location Ownership Development Type GFA (sqm) Area (Ha) 1 CitraLand Surabaya Surabaya Fully Owned Township 2,100 2 The Taman Dayu Pandaan Joint Operation Residential 229 3 CitraLand City Losari - Makassar Makassar Joint Operation Residential 157 4 CitraHarmoni Sidoarjo Sidoarjo F
Slide 27: Project to be Launched in 2017
Project to be Launched in 2017 CitraLand Tallasa City – Makassar Total area: 70.7 Ha Cooperation Scheme: Joint Operation (Profit Sharing) Logo Location 26
Slide 28: Financial highlights – CTRS
Financial highlights – CTRS Total assets Total liabilities Total equity 3,281.2 3,110.3 3,328.4 3,220.8 3,652.5 3,768.3 6,980.9 6,989.0 3,011.5 5,770.6 6,121.8 2,213.6 2,489.4 4,428.2 2,214.6 2012 2013 2014 2015 1H2016 2012 2013 2014 2015 1H2016 2012 2013 2014 2015 1H2016 Net revenues Gross profit P
Slide 29: Financial highlights – CTRS
Financial highlights – CTRS (IDR in billions) 2013 2014 2015 1H2016 BALANCE SHEET Assets 5,771 6,122 6,981 6,989 −Cash & cash equivalent 1,219 990 1,307 1,200 −Land 2,338 2,742 3,154 3,183 −Fixed asset 394 430 403 387 −Investment properties 549 601 559 546 −Others 1,271 1,359 1,558 1,673 Liabilities
Slide 30: Appendix: Company Overview – CTRP
Appendix: Company Overview – CTRP 29
Slide 31: Marketing sales
Marketing sales Actual Sales YTD Sep 2015 Actual Sales YTD Sep 2016 Target Sales FY 2016 % Incr/(Decr) Amount Amount from Amount % to Projects (in Rp bn) Sqm Unit (in Rp bn) Sqm Unit last year (in Rp bn) Sqm Unit target Ciputra World 1 Jakarta MyHome - - - 21,333 493 3 100% 22,322 493 3 96% Raffles
Slide 32: Revenue breakdown
Revenue breakdown Revenue Breakdown Revenue Breakdown Recurring Vs Development Sales By Segment YTD Sep 2015 YTD Sep 2015 4% 2% 6% 21% 37% 10% 63% 57% YTD Sep 2016 YTD Sep 2016 0% 7% 11% 33% 40% 60% 29% 20% Shopping Mall Hotel Condominium & Residential Offices-Strata Recurring Development Offices-Le
Slide 33: Property portfolio
Property portfolio Assets with recurring income Project Location Asset No of Room / Total Area . Start Operating Ciputra World Jakarta CBD Mall Lotte Shopping Avenue 81,000sqm 2013 1 Jakarta DBS Office Tower 61,728sqm (30% strata, 70% lease) 2013 Raffles Hotel 173 roomkeys 2015 Theatre, Museum & Art
Slide 34: Projects to be launched
Projects to be launched The Newton 2nd Office Tower Ciputra World 2 Jakarta Ciputra International Description Mixed-use development superblock located in Jakarta CBD. Ciputra International is an integrated complex that will comprise of office spaces, residential areas, hotel and retail zones located
Slide 35: Financial highlights – CTRP
Financial highlights – CTRP (IDR in billions) 2013 2014 2015 1H2016 BALANCE SHEET Assets 7,654 8,862 9,824 9,990 −Cash & cash equivalent 978 569 687 523 −Land 1,495 1,285 1,729 1,749 −Fixed asset 1,139 1,402 1,881 1,924 −Investment properties 2,910 3,506 3,840 3,998 −Others 1,132 2,100 1,687 1,796 L
Slide 36: Disclaimer
Disclaimer This information (this “Information”) is being provided to you solely for your reference in connection with a potential merger proposal (“Transaction”) involving PT Ciputra Development Tbk (“CTRA”), PT Ciputra Surya Tbk (“CTRS”) and PT Ciputra Property Tbk (“CTRP”, and together with CTRA