Jakarta, xx August xxx

No. xxxxx/xxx
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. Ruhui Rahayu Raya No. 52-D
Subdistrict of Gunung Bahagia
District of Balikpapan Selatan
Balikpapan

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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PT. Makro Indonesia 1
 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 19,668 m² as stated in a
the 3 (four) pieces of land certificate provided to us in a list of land certificate.

3. LOCATION

3.1 Situation
This property is located at Jl. Ruhui Rahayu No.52-D, Subdistrict of Gunung Bahagia,
District of Balikpapan Selatan, Balikpapan. It is situated of about 200 metres east of the
intersection of Jl. Ruhui Rahayu and Jl. MT. Haryono and 9 km northeast of Plaza
Balikpapan is located of about 4.2 km south of this property.

The surrounding developments within approximately 10-km radius from the site shown
the following table:

Description Developments Distance Direction

Residential - Balikpapan Baru ±200 metres west
- Villa Damai ±800 metres south
- Perumahan Damai Indah ±2.6km south
- Perumahan KORPRI ±1.8km souteast

Shophouse - Balikpapan Baru ±2 km West

- Balikpapan Permai- ±8 km Southwest

Retail - Hero Super Market – Mal ±2,5 km West

Fantastic
- Hero Super Market - Plaza ±10 km Southwest
Balikpapan East
- Balikpapan Permai ±9 km Southeast
(Traditional Market)
- Hypermart Balikpapan Trade ±10 km Southwest
Center (underconstruction)
Office - Grand Sudirman ±10 km Southwest
Building (undercontsruction)

3.2 Road Condition

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 The fronting road of this property is a 15 metre-wide asphalted road, two-way
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:

- Kantor Dinas Pajak Balikpapan

- Kantor Lurah Gunung Bahagia
- Perumahan Balikpapan Baru

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 19,668 square metres as
stated in 3 (three) 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
The public transportation is available along Jl. Soekarno-Hatta 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 covered with
aluminium foil on steel frame
Ceiling : Gypsum board (office) and aluminum (fresh 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 : xxx 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. LAND TITLE

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

No. Certificate Issued Title

No. Date/Expiry
1. HGB

2. HGB
3. HGB
4. HGB
Total:

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.

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

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 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

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
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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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