DIRE CIPTADANA is an Indonesian-based real estate investment trust (Dana Investasi Real Estate - Kontrak Investasi Kolektif) established with the principal investment objective of owning and investing on a long-term basis in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes.  DIRE CIPTADANA's first initial retail asset portfolio is Solo Grand Mall, a retail mall which is strategically located in Solo. The number of visitors Grand Mall Solo in May 2013 reached 546,000 people. This number increased by 7.7% compared to the same period in 2012. Meanwhile Grand Mall Solo occupancy rate was maintained above 90%.

1. REAL ESTATE
INVESTMENT TRUST
BY MARISKA, RANI AND SAMUEL
Confidential - for management use only
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2. CIPTADANA BACKGROUND
• DIRE CIPTADANA is an Indonesian-based real estate investment trust
(Dana Investasi Real Estate - Kontrak Investasi Kolektif) established with
the principal investment objective of owning and investing on a long-
term basis in a diversified portfolio of income-producing real estate in
Indonesia that are primarily used for retail and/or retail-related
purposes.
• DIRE CIPTADANA's first initial retail asset portfolio is Solo Grand Mall, a
retail mall which is strategically located in Solo. The number of visitors
Grand Mall Solo in May 2013 reached 546,000 people. This number
increased by 7.7% compared to the same period in 2012. Meanwhile
Grand Mall Solo occupancy rate was maintained above 90%. 2

3. DANA INVESTASI REAL ESTATE (DIRE)
CIPTADANA
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Product Dana Investasi Real Estate (DIRE) Ciptadana (This product is
an investment product which is called Real Estate
Investment Trusts (REITs)). These products are offered to
institutional and retail high net worth individuals with a
minimum investment of $ 1 billion.
Founded 28 November 2012
Total investor 110
Asset Solo Grand Mall
Mutual funds This product like a mutual funds, but it is not a stock
portfolio, this is the physical building. The revenue obtained
from rents the mall, and then distributed to the investment
for every three-month for each units as dividends. While the
mall owners may be able to get a money from build a mall
elsewhere.

4. CIPTADANA INDONESIA GROWTH
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The line graph compares the percentage of performance
Ciptadana Indonesia growth and Asia pacific single country over
a period of 5 years. In 2011 performance Ciptadana Indonesia
growth increased sharply until 120% compare to Asia pacific
single country decrease until 20%.

5. LIPPO MAPLETREE
BACKGROUND
Lippo Group :
• 19 May 2001 - Lippo-Mapletree Indonesia Retail Trust (LMIRT)
• rising from Rp. 19,277 billion in 2001
• Base in Singapore
• Growth 6.3 %
• Use 60 % from investor , 40 % from mapletree
• Buy Lippo mall in Jakarta, Bali,Surabaya, Medan dan Palembang
• Asset : Residential/Township, Retail Malls, Hospitals, and Hotels
• financial adviser : Bank of America Merrill Lynch – Investment Banking
Division
• FREIT (First Real Estate Investment Trust).
• Base in Singapore
• Growth Potential 12%
• Buy
• Indonesia: 8 hospitals, 1 integrated hospital & hotel, and 1 hotel
& country club
• Singapore: 3 nursing homes
• South Korea: 1 hospital
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6. LIPPO-MAPLETREE
INDONESIA RETAIL TRUST
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7. LIPPO MAPLETREE FIRST REIT
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8. MALAYSIA AND
SINGAPORE REIT COMPANY
Perdana gapura prima & Amanah
Raya Berhad
Keppel Land and Alpha
Logo
Industry Property Property
Founded
reit
2007 ( Malaysia ) 2006 ( Singapore )
Portfolio Landed House
Apartment
Building
investment US$ 250 million $677.0 million

9. TOP 5 REITS COMPANY IN USA
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Simon
Property
Group
Public Storage HCP Inc. Ventas Inc. Equity
Residential
Logo
Industry Property (Mall) Real estate
investment
trust
Real estate
serving the
healthcare
Leases nursing
homes and
other health
care
properties
Acquisition,
development
and
management
of multi-family
residential
properties
Founded (REIT) Dec 2013 Dec 2012 Oct 2012 Dec 2011 Dec 2012
Portfolio - Regional
Malls,
Premium
Outlets
- The Mills
- Communit
y / Lifestyle
Centers
- Internation
al
Properties
Storage - Senior
housing
- Life
science
- Medical
office
- Post-
acute/skill
ed nursing
- Hospital
- Seniors
housing
- Healthcare
properties
Apartment
building
Investment $ 44,390 $ 3,562,500 $ 456,961 $ 74,488 $ 50,000

10. Scheme and Dire

11. GENERAL SCHEME
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12. Dana Investasi Real Estate (DIRE) Scheme
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DIRE
(in Kontrak Investasi
Kolektif)
Real estate
asset
(min. 80%) Aset yang berkaitan
dengan real estat
Ex. Stock
Cash or cash
equivalent
(max. 20%)
Aset real estat
(min. 50%)
Ex. Buildiing
Investor
Investment
Manager
Trustee
(Bank custody)
Tenant
Cash flow
Dividend, interest
income, and
principal
repayment of
shareholders’
loans
Management
fees
Trustee’s fees
Acts on
behalf of
Investor
Management
services
Tenancies
Rental
Payment

13. GOVERNMENT POLICY
• Bapepam-LK published policy No
IX.C.15, No IX.C.16, No. IX.M.1, No
IX.M.2.2007
• Indonesia Stock Exchange
published policy No I-O about
listing DIRE procedure2012
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14. GOVERNMENT POLICY
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Peraturan Nomor
IX. C. 15•Mengatur tentang
beberapa
persyaratan
administratif yang
harus dipenuhi
dalam
penyampaian
pernyataan
pendaftaran DIRE
KIK kepada
Bapepam-LK
Peraturan Nomor
IX.C.16•Prosepektus
penawaran unit
penyertaan DIRE KIK
dimuat beberapa
informasi khusus, antara
lain:
a. Informasi
mengenai DIRE KIK
seperti pendirian,
penawaran unit
penyertaan, penjelasan
imbal hasil sewa (rental
yield) yang diperoleh
dari aset berupa real
estat dan
pengelolaannya
b. Informasi
kebijakan investasi dan
tujuan investasi DIRE KIK,
serta kebijakan
mengenai pembagian
hasil investasi (jika ada)
c. Informasi
mengenai special
purpose company atau
SPC (jika ada)
d. Metode penilaian
aset real estat dan aset
yang berkaitan dengan
efek.
Peraturan Nomor
IX.M.l•Pengelolaan KIK antara lain:
DIRE KIK dapat menginvestasikan
dananya dengan atau tanpa
menggunakan SPC, yaitu perseroan
terbatas yang sahamnya dimiliki oleh
DIRE KIK paling kurang 99,9% dari
modal disetor.
DIRE KIK dapat menawarkan unit
penyertaannya baik melalui maupun
tidak melalui penawaran umum.
DIRE KIK dapat mencatatkan unit
penyertaannya di bursa efek.
DIRE KIK hanya dapat berinvestasi
pada aset real estat, aset yang
berkaitan dengan real estat di
wilayah Indonesia (efek), dan atau
kas atau setara kas dengan
ketentuan aset real estat dimaksud
bukan tanah kosong atau properti
yang masih dalam tahap
pembangunan.
DIRE KIK wajib berinvestasi pada aset
real estat paling kurang 50% dari Nilai
Aktiva Bersih (NAB),
Dalam hal DIRE KIK melakukan
investasi pada aset real estat dan
efek yang diterbitkan oleh
perusahaan real estat, maka investasi
tersebut paling kurang 80% dari NAB
dengan ketentuan investasi pada
aset real estat paling kurang 50%, dan
atau kas dan setara kas tidak lebih
dari 20% dari NAB.
Peraturan Nomor
IX.M.2•Kebijakan
pembentukan clan
penggunaan SPC
(jika ada)
larangan Manajer
Investasi (MI)
pengelola DIRE KIK.
Membeli tanah
kosong atau
berinvestasi di
properti yang masih
dalam
pembangunan,
disamping larangan
yang berlaku bagi MI
pengelola reksa
dana.
Kewajiban bank
kustodian untuk
menghitung NAB DIRE
KIK paling kurang
sekali dalam satu
bulan.

15. BARRIER
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•USA, Australia, Hong Kong, Japan, and
Singapore’s government liberated income tax.
•Barriers in Indonesia: sales tax, value added tax,
income tax, etc.
Tax benefit
uncertainty
•Low awareness of DIRE among public
Low
demand
for DIRE

16. CIPTADANA NET ASSET VALUE
Company Instrument Period NAV (per
unit)
Unit
Ciptadana XCID:IJ November
2012
IDR 100 4,200 billion
December
2012
IDR 106.19
June 2013 IDR 109.8
January 2014 IDR 113.95
XCID:IJ August 2013 IDR 110 12 Million
June 2014 IDR 102 1 k
Lippo LMET.SI June 2013 SGD 0.51 2,795 million
June 2014 SGD 0.41 1,355 million
Simon
Property
Group
SPG: US June 2013 $ 156.067 2,426 million
June 2014 $ 166.77 1,352 million
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