Jakarta, xx August xxxx

No. xxxxx/xxxx
Board of Directors
PT xxxxxxxx
Jl. xxxxxxxxxxxxxx
Jakarta

Dear Sirs,

Valuation Report
Fixed Asset of PT xxxxx

1. EXECUTIVE SUMMARY

1.1 The Instruction

We were instructed to provide a current market value of certain asset as shown to us as
mentioned below.

We have assumed that the instruction and subsequent information supplied contained a
full and frank disclosure of all information that is relevant.

1.2 The Purpose and Basis of Valuation

We understand that this valuation is required for xxxxxxxxxx purposes. The valuation
has been carried out using Market Data Approach and Cost Approach.

1.3 The Property

The subject property is a store building located at :
Jl. I Gusti Ngurah Rai
Subdistrict of Sesetan
District of Denpasar Selatan
Denpasar - Bali

1.4 Date of Valuation

The date of valuation is xxth August 2008 and our valuation is based on the conditions as
at this date of valuation. We cannot be held liable for any losses relating to subsequent
variations in value due to fluctuations in the property market or economic conditions.

We carried out our inspection of the above property on 16 th August 2008. All comments
on conditions, use and occupancy relate to our observations made on the date of
inspection.

1.5 The Valuation

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 The valuation is contained in the final section of this report and should be read in
conjunction with the entire report and all terms, conditions and assumptions contained
herein.

2. GENERAL DESCRIPTION

The property under valuation is Makro Store, a one storey store framed building and other
land improvements, erected on a land plot of 46,022 m² as stated in the 12 (six) pieces of
land certificate.

3. LOCATION

3.1 Situation
This property is located at Jl. I Gusti Ngurah Rai, Subdistrict of Sesetan, District of
Denpasar Selatan, Denpasar, Bali. It is situated of about 400 meters east of the
intersection of Jl. I Gusti Ngurah Rai and Jl. Diponegoro and approximately 1,2 km
north of Benoa Harbour.
Ngurah Rai International Airport is located of about 4 km southwest of this property.

The surrounding developments within approximately 15-km radius from the site shown
the following table:

Description Developments Distance

Residential - Kuta Permai. ±2 km
- Perumahan Renon ± 7 km
- Perumahan Puri Gading ±12 km
- Pecatu Indah Resort ±15 km

Shophouse - Kuta Square ±6 km

- Kuta Permai ±7 km
- Discovery ±6,5 km

Retail - Matahari - Mal Bali Galleria ± 3,5 km

- Bali Plaza ± 4 km
- Carrefour ± 5 km
- Matahari –Kuta Square ± 6 km
- Sogo - Discovery ± 6,5km

3.2 Road Condition

The fronting road of this property is a 20 metre-wide asphalted road, two-way with
greenage in its middle and completed with open drainage system . This road is in good
condition
.

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 3.3 Neighborhood
The property is located in a commercial area. Prominent buildings / development which
are in proximity of the property are as follows:

- Panorama Tour
- Hotel Yani
- Bali Plaza

3.4 Location Map

Location Map attached in Appendix C.

4. SITE DETAILS

4.1 Shape and Land Area

The subject site is regular in shape with a total land area of 46,022 metres as stated in 6
(six) pieces of land certificate.

4.2 Topography
The terrain of the land plot is generally flat and at the same level to the fronting road.

4.3 Lot Plan

Lot Plan attached in Appendix C.

4.4 Site Plan

Site Plan attached in Appendix D.

4.5 Facilities

4.5.1 Electricity
Electricity supplied by PLN(state owned company) and generator set

4.5.2 Telephone line

Telephone line is supplied by Telkom (state owned company)

4.5.3 Water Supply

Water is supplied by deepwell.

4.5.4 Transportation
The public transportation is available along Jl. I Gustih Ngurah located infront
of the property.

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5. BUILDINGS AND OTHER IMPROVEMENTS

1. Store Building

Total of Floor : 1(one) storey

Structure : Steel Frame
Roof : Corrugated aluminum sheet on steel frame covered
with aluminium foil
Ceiling : Gypsum board (office) and aluminum sheet (fresh
fish & vegetable area and frozen food area)
Wall : Plastered brick wall and painted
Partition : Gypsum board and plastered brick wall and painted
Door : Steel door with steel frame and plywood with
timber frame
Floor : Concrete flooring to consumer area covered with
hardener, ceramic tile to the office
Accommodation : Consumer area, store area , loading dock area and
office
Facilities : Fire hydrant & smoke and heat detector system,
Multi split air conditioning system, lightning
protection and central sound system.
Condition : Good
Floor Area : xxxxx sqm

Other Land Improvements

Consisting of :
- Concrete construction buildings : Generator house, 2 units of guard house and rest
room
- Perimeter Fencing : BRC, height of about 2.5 metres with steel entrance
- Internal Roads / Parking Area : Asphalted
- Drainage system : Reinforced concrete construction
- Sewage Treatment Plant (STP)

Use of the property : Currently the property is used as Makro Cash and
Carry store.

We have not carried out a detailed structural survey of the buildings. However at the time of
our inspection the buildings were in good condition and well maintained.

6. LAND TITLE

The subject site is held under 12 (twelve) pieces of land certificate as follows :

We received only copy of list the above land certificates. We do not verify the validity of the
land certificate nor its changes if any.
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7. TOWN PLANNING

7.1 Town Planning

According to our investigation to the local area, the subject site is located within an area
zoned for commercial use.

7.2 Building Permit

We have not received the building permit. We have assumed that the building permit is
available and has covered all improvements built on the land.

8. MARKET COMMENTARY

The inflation rate in Indonesia at the end of 2007 was at 6,59% and economic growth
recorded 6,5%. While early 2008, Bank Indonesia was consistent to decline the interest rate
of SBI into 8,25 % to support the improvement of riel sector activities. It also contributed to
stabilize the appreciation of Rupiah.
In view of all the above factors, it might be translated into growth of property this year.

Due to commercial and residential estate, demand came from good quality location and the
rest occurred from the inferior estates offering competitive price. The investors’ confidence
is expected to continue hampering commercial and residential estate demand by the
improvement market sentiment as reflected in the reducing country risk and secure reason
can be maintained.

10. VALUATION CONSIDERATION

10.1 Basis of Valuation

In arriving at our opinion of market value we have had regard to the SPI (Standar
Penilaian Indonesia) issued by the Indonesian Appraisal Companies Association
(GAPPI) and the Indonesian Society of Appraisers (MAPPI). Market value is defined
as "the estimated amount for which an asset should exchange on the date of valuation
between a willing buyer and a willing seller in an arm's length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion".

10.2 Valuation Methodology

We have valued the property based on Market Data Approach and Depreciated
Replacement Cost Approach :

10.2.1 Land
We have valued the land using Market Data Approach which is based on
evidence for land sales in the vicinity of the subject property and using
information on quoting prices and considering the likely behavior of a

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 reasonable purchaser. Adjustment for location, efficiency, quality of the
building, services, facilities, and conditions are taken into account.

10.2.2 Buildings and Site Improvements

We have valued the buildings and site improvements using the Depreciated
Replacement Cost (DRC) basis of valuation which is carried out by estimating
the new replacement cost of the buildings and site improvements at the date of
valuation and then making deductions to allow for ware and tear, age, and
obsolescence. The building and site improvements are valued as going
concerned property.

11. VALUATION SUMMARY

11.1 Limiting Conditions

Our standard limiting conditions are applicable to this valuation and are attached as
Appendix B.

11.2 Valuation
On the assumption that there are no outstanding payments, onerous restrictions,
covenants or unusual outgoings of which we have no knowledge and subject to the
basis of valuation specified above, we are of the opinion that the current market value
of the property at the date of valuation is :

Rp xxxxxxxxxxx,-
(Rupiahs xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Only)

We hereby certify that we have neither present nor prospective interest in the property so valued
or on the value reported.

Yours faithfully,
PT Bahana Klasamas Prasetya

Billy Anthony Lie, BBuild, AAIQS, MAPPI (Cert)

President Director
Izin Penilai No. 1.00.0050
MAPPI No. 96-S-0740

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RECAPITULATION
LAND, BUILDING, OTHER LAND IMPROVEMENTS,

PT Makro Indonesia
Jl. I Gusti Ngurah Rai
Subdistrict of Sesetan, District of Denpasar Selatan
Denpasar - Bali

Market Value

 Land Rp xxxxxxxxxxx,-
 Building Rp xxxxxxxxxxx,-
 Other Land Improvements Rp xxxxxxxxxxx,-
---------------------------- +
Total Land and Building Rp xxxxxxxxxxx,-
================

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