Jakarta, xx August xx

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

Dear Sirs,

Valuation Report
Fixed Asset of xxxxxxx

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. Soekarno Hatta
Subdistrict of Cipamokolan
District of Rancasari
Bandung

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 a one-storey store building and other land improvements.
The building is of steel frame construction, erected on a land plot of 53,610 m² as stated in
the 4 (four) pieces of land certificate.

3. LOCATION

3.1 Situation
This property is located at Jl. Soekarno-Hatta No. 646, Subdistrict of Cipamokolan,
District of Rancasari, Bandung. It is situated of about 3,5 km east of Jl. Kiara Condong
and 5 km north of Jl. Tol Padalarang – Cileunyi.
Jl. Soekarno-Hatta is a high way and has high traffic density, as it is connected Jl. Jend.
Sudirman to the west and Jl. Raya Cibiru to the east.
Railway Station is located of about 8 km northwest of this property.

The surrounding developments within approximately 4-km radius from the site shown
the following table:

Description Developments Distance Direction

Residential - Gading Regensi ±200 meters North
- Sentosa Asih Jaya ±50 meters west
- Metro Soekarno - Hatta ±800 meters west
- Margahayu ±1.1 km west
- Cipadung Indah ±3 km east

Shophouse - MTC Complex ±2 km West

Retail - Pasar Swalayan Superindo ±1 km west

- MTC Hypermarket ±2 km West
- Carrefour ±3,5 km West
- Pasar Induk Gede Bage ±2.5 km East
(traditional market)

Office - - -
Building

3.2 Road Condition

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 The fronting road of this property is a 30 metre-wide asphalted road, two-way with
greenage in its middle and completed with open drainage system . This road is in good
condition

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

- Indosat Gallery
- Depo Bangunan
- Gading Regency

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 53,610 metres as stated in 4
(four) pieces of land certificate.

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

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

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 The public transportation is available along Jl. Soekarno-Hatta located infront
of the property.

5. BUILDINGS AND OTHER IMPROVEMENTS

1. Store Building

Total of Floor : 1(one) storey

Structure : Steel Frame
Roof : Corrugated aluminum sheet covered with
aluminium foil on steel frame
Ceiling : Gypsum board (office) and aluminum (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, ceramic tile to
the office
Accommodation : Consumer area, store area and office
Facilities : Fire hydrant & smoke detector system, Multi split
air conditioning system, lightning protection and
central sound system.
Condition : Fair
Floor Area : xxxx sqm

Other Land Improvements

Consisting of :
- Concrete construction buildings : Generator house, 2 units of guard house and
musholla
- Perimeter Fencing : Plastered hollow block wall and steel, 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 retail 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. OVERVIEW OF PROPERTY

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 Based on our survey, the store building require repair partially to wall, roof, floor and air
condition..
In relation the above condition, our opinion for estimated cost and time frame required for
the conversion are as follows:

A. Repair Existing Use

Estimated cost is approximately Rp 2.000.000.000,-
Time frame required 6 months

B. Partially conversion
Estimated cost is approximately Rp 6.000.000.000,-
Time frame required 6 months

C. Rebuilding into a new hypermarket

Estimated cost is approximately Rp 35.000.000.000,-
Time frame required 12-15 months

Information of market rental rate for retailer or restaurant space , we refer to shopping mall
in Jakarta with the following term and conditions:

-Tenant (> 500 sqm)

Rental rate : Rp 20,000 – 50,000 /month
Service Charge : Rp 10,000-20,000/month
Period : 36-60 months

-Tenant (< 500 sqm)

Rental rate : Rp 125,000 -300,000,- /month
Service Charge : Rp 50,000- 70.000/month
Period : 12-24 months

7. LAND TITLE

The subject site is held under 4 (four) pieces of land certificate as follows :

No.

1.

2.
3.
4.
Total:

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 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.

8. 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.

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
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

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 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. Soekarno-Hatta
Subdistrict of Pamokolan, District of Rancasari
Bandung

Market Value
I. Land and Building

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

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