Bogor, February 23rd 2024

SUMMARY OF MEETING

SENTRA LAND SEMARANG ASSET APPRAISAL

Time : 15.00 WIB – 17.30 WIB

Meeting Purpose : 1. Confirm the appraisal method that used by KJPP Office to determine the Appraisal Resume.
2. Review the working paper of Appraisal Sentraland Semarang Asset.
Attendee : KJPP Sentraland Semarang
Ms. Yola Mentari, Ms. Yannuara, Mr. Maheswari, and Ms. Silvia
PT PIG
Mr. Watanabe, Ms. Fujimoto, Mr. Andri, and Mr. Adimay
PT Propernas
Mr. Bayu, Mr. Rudi, Mr. Erwin Gusur, and Mr. Izzudin Abdu
PT Iida Group Holdings
Mr. Matsumoto, Mr, Skoridith, Mr. Bobby, and Mr. Bill

I. Agenda Review & Main Discussion Point

KJPP Team explain the Appraisal Method and Calculation for Sentraland Semarang with order as follow:

Topic Main Discussion Point

Office - Need confirmation and ensure the large of the land and building.
- Assumes to sell in 5 years (generally KJPP cannot take an aggressive plan).
- Selling price is above the assumption of propernas.
Hotel - There is uncertainty in determination of Average Room Rate (ARR) to measured value of how
much revenue a given hotel can make for a paid rented room in any given time period.
- Appraisal data for Hotel mostly is data from Harris Sentra land which bond by contract with
PGU till 2035
- KJPP has not yet obtained actual comparisons for similar 4-star hotel rentals.
- There is an error in the data on the number of hotel rooms.
Ballroom - Ms. Fujimoto asked why the calculation of Ballroom appraisal not breakdown the item like
income from banquet, weeding, etc.
- KJPP explained that for calculation of Ballroom, this method is gave the best value. Because if
the income breakdown implemented, the cost of operational also will be higher. Also this will
be affected by inflation rate in Indonesia.
Mall - Due to the low occupany rate on Mall Asset. KJPP use appraisal method based on Sell
Asumption, for reason to cut the management and operational cost
Parking Lot - Data used for appraisal parking lot still not calculate the effect of profit sharing between
management.

II. Response To Assumed Total Value of Asset Appraisal

- Mr. Rudi explained that in 2022 Perum Perumnas also already conduct Appraisal on Asset of Sentra land Semarang and
reach amount around IDR 521.000.000.000, he also convey concern of their party for the total difference in value based
on this KJPP assumption which only reach IDR 368.188.000.000 in maximum appraisal value. Mr. Rudi also explain that
if IIDA party force to use this number, this will make harder to administrate the asset as MTN settlement since they will
gain loss.
- Mr. Watanabe then explained to Mr. Rudi that the use of this KJPP is not was not conducted entirely in connection with
the MTN, but rather in connection with the audit process carried out by IIDA's Head Quarter Auditor.
- KJPP Team explain that it is very normal for there to be differences in appraisal values carried out by 2 institutions with
different approaches and calculations, market conditions and other fluctuating matters
However, the KJPP appraisal team said that this could still be discussed and increased the value as much as possible.

III. Action Items

- Since there are appraisal data that not correct and uncertain, PT PIG will conduct internal meeting to discuss
potential of revision on the worksheet and calculation method by considering Average Room Rate (ARR) on Hotel
asset, Parking Loot profit sharing.
- PGU will ensure the large of the land and building and coordinate with lawyer of PT PIG on Monday, 23rd 2024.

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