Alam Sutera English 2014

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PT Alam Sutera Realty Tbk

Analyst MeetingJakarta, 15 April 2013


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Chapter 1 Industry Overview 3

Chapter 2 Company Update 5

Appendix 19

Table of Contents

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Chapter 1

Industry Overview


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Industry Overview

Text

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2

Low Interest

Rate

StrongDemand

Increase SellingPrice

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Rising of MiddleClass Income

The scarcity ofstrategiclandbank5

6Less Impact from

LTV regulation

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Correlation between BI Rate and Mortgage Loans

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Population Growth

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Jakarta Office Area Growth

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For coastal soaring are price growing morethan 25% for each region from the end of 2011-2Q12

Real Estat Indonesia (REI) noted the risein land prices in Bali reached 400% per year.

Property Price Increase in Bali

An Increase of 45% in areas that are notfacing the beach

An increase of price in Seminyak areafor more than 100% from 2010-2011..

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Chapter 2

The Company Development


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5132

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6

Overview of the property portfolio

No Location Area (ha) Project Description Notes1 Serpong, Tangerang 219 Alam Sutera2 Pasar Kemis, Tangerang 1,505 P asar Kemis In addition to the 1,403 ha landbank, ASRI has acquired more land in Pasar Kemis,

to which it is in the process of obtaining or perfecting the relevant title.

3 Serpong Utara, Tangerang 160 E xtension of Alam Suteratownship

In addition to the 132 ha of land, ASRI is in the process of acquiring an additional150 ha of land in this area from PT Modernland Realty Tbk.

4 Jakarta CBD 1Jakarta CBD 2

0.90.8

In Golden TriangleJakarta

ASRI has entered into a conditional sale and purchase agreement to acquired theWisma Argo Manunggal building as well as ~8,434 sqm of land onwhich the building

stands.5 Kuta, Bali 60 Garuda Wisnu KencanaCultural Park

6 Cibitung, Bekasi 107 Future land Development ASRI has entered into a MOU to dispose the land to an affiliated company, PTBekasi Fajar Industrial Estate Tbk

7 Cianjur, West Barat 89 Future land Development8 Sanur, Bali 6 Future land Development9 Puncak, Cimacan 9 Future land Development

10 Tanjung Pinang, Riau 75 Future land DevelopmentTotal 2,231 As of 31 March 2013 (gross land area)

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Internal NAV Calculation

No Asset Area Amount(Rp billion)

1 Serpong 219 Ha 17,284

2 North Serpong 160 Ha 3,342

3 Pasar Kemis 1,505 Ha 8,799

4 Mall @ Alam Sutera Ha 1,334

5 Cibitung 107 Ha 1,080

6 CBD Kavling 12 9,255 M2 1,000

7 GWK 61 Ha 900

8 Flavor Bliss 7 Ha 896

9 CBD Kavling 22 8,434 M2 360

10 Sanur Bali 6 Ha 227

11 Cianjur 89 Ha 111

12 Riau 75 Ha 30

13 Etc Ha 774

Total 36,137

Note:

As of 31 March 2013 Based on the latest appraisal report, except

for no.6

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ASRI evolution and growth of the business comes from the successful execution of the Companys strategy

IndependentTownship

Development

Projects inDevelopment

Project has beencompleted

Source ofRecurring Income

Alam Sutera Pasar Kemis Alam Sutera Pasar Kemis Proyek GWK

ASRI di 2011 ASRI di 2013

Synergy Tower Oak dan Maple Mall@Alam Sutera

Synergy Tower Oak dan Maple Mall@Alam Sutera WAM

Prominence Tower Kav 12

Mall@Alam Sutera WAM

GWKFlavorBliss

EstateManagement

Pasar 8Estate Management Pasar 8 Flavor Bliss

Apartemen Baru

Project Development

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Alam Sutera Project

Launching 4 residential clustersin 2012:

Sutera Renata Aruna (January)Sutera Sitara Mentari (March)Sutera Sitara Orlanda (May)Sutera Tiara (September)

Launching 2 residential cluster in2013:

Sutera Palmyra (January)Sutera Victoria (February)

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Suvarna Padi Golf Estate is a golf residential estate with

18 holes golf course designed by Rick Robbins fromRobbins & Associates International Inc.

In October 2011 launched 2 clusters, Akasia and Cempaka(first stage).

In July 2012 launched 2 new clusters, Mahoni and PuriAyu, as well as opening second stage of Akasia and

Cempaka clusters. In March 2013 launched new cluster, Puri Agung

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GOLF INFRASTRUCTURE CONSTRUCTION HOUSING CONSTRUCTION

Pasar Kemis Project


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Price is including 10% VAT

0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012

I n I D R m

i l l i o n p e r m

2

Serpong

Residential

Commercial

1.31.7 2.5 3.0

3.34.4 3.8

6.55.5

10.49.0 9.1

0

1

2

3

2011 2012 I n I D R m

i l l i o

n p e r m

2

Pasar Kemis

Residential

2.12.8

Average Selling Price of Land

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Increase the scale of operations, business diversification andincreasing recurring income

Wisma Argo Manunggal

Location Jl. Jend. Gatot Subroto Kav. 22Acquired from PT Day a Sakti PerdikaAcquisi tionpr ice Rp 327 b il lionLand area 8,434 m2Building GFA 18,165 m2Leasable Area 13,809 m2Occupancy* 90.3%Average rental rate* Rp 75,000 / m2 / monthAverage servicecharge* Rp 44,800 / m2 / month

Potentialredevelopment

Existing building will continueto operate until 2014

Demolished the existing C-grade building and build anew 40 storey A-grade officebuilding in 2015

Kav. 12Location Jl. Jend. Gatot Subroto Kav. 12Acquired from Third partyLand site area 9,522 m2BuildingGFA 67,214 m2Semigross Area 60,000 m2Launch date April 2013Construction startdate September 2013

Target Completiondate April 2016Estconstruction cost* Rp 650 billionEst ASP Rp 33 mn / sqm

Plan

Existing building had beendemolished

An A-grade new officebuilding will be built andmainly sold as a strata title.

1

2

Note:1 Jones Lang Lasalle, Asia Pacific Property Digest 4Q 2012

Prime locationwithin the 'Golden Triangle of Jakarta', aconcentrated area of business and commercial establishments in

JakartaForeign embassy district less than 2km away from the 2 buildingsraises the profile of the surrounding area

5 star luxury hotels around the 2 b uildings within the GoldenTriangle makes it a convenient business location

Kav. 12

WAMBursaEfek

Indonesia

PlazaSemangi

Pintumasuk

utama keCBD

C

A

B

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2

3

1 2

Project Office in Jakarta's Central Business District

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Future development and growth of Alam Sutera Township is underpinned by numerous projects undertaken byASRI and third parties who have acquired land in the township

Prominence Tower A 30-storey strata-title office building

located in Alam Sutera

Silkwood ResidencesFour more 30-storey towers to be

developed adjacent to the Oak and MapleTowers

Third party projects increase the attractiveness of theAlam Sutera Township as a residential and commercial

destination hence promoting its long term growth

Binus University

Mecure Hotel

Giant Hypermarket

Living World Mall

Office Tower Menara Top Food

Kentucky Fried Chicken

Towe 3Land Site Area 6,000 sqmBuilding GFA 25,800 sqm

Semigross Area 24,000 sqmNumber of units 450

Launch date Jul 2013Construction start date Sep 2013Target completion date 2H 2015

Est. selling price IDR 14m / sqmEst. construction cost IDR 129 bnStatus Planning

Developer ASRI

Prominence Tower

Land Site Area 13,981 sqm

Building GFA 50,000 sqm

Semigross Area 42,360 sqm

Launch date Feb 2013

Construction start date Mei 2013

Target completion date Mei 2015

Est. selling price Rp15 mill/ sqm

Est. construction cost Rp 263 bn

Status Marketing

Developer ASRI

Serpong Development

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GWK Project masterplan comprises the existing cultural park and phases for future development Acquisition

Acquisition iscomplete

Acquisition completed in Jul 2012 To tal acquisition of IDR 812.6bn for a 90.3% stake in the project Bali Tourism Development Corporation owns the remaining 9.7% Acquisition paid and financed by bank loans and internal cash

Master Planningunderway

Appointed AECOM to designed the Master Plan Strategy is to retain the cultural park for recurring income Sell land in residential/hotel area, may keep some land for self development of projects

Phase 1 of thedevelopment to

commence in June2013

Construction of the Pedestal and the Garuda Wisnu Kencana statue to commence in June 2013 To tal CAPEX budget of IDR450 bn, funded by bank loans and internal cash Expected to take 30-36 months and target completion date is end 2016 S tatue to be designed and built by Nyoman Nuarta, Indonesia's foremost modern sculptor

Futuredevelopments inplanned phases

Development of residential/commercial facilities in the GWK Park Could involve sale of land to third party developers St ill preliminary

Acquisition of GWK Project in Bali is complete and development is underway

Garuda Wisnu Kencana

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2008 2009 2010 2011 2012 2013

January 12,059 9,995 163,122 303,075 407,809 233,488

February 18,161 15,612 142,555 47,198 538,571 680,771

March 16,855 92,748 152,655 121,440 741,419

April 25,431 35,157 158,442 265,675 87,081

May 157,440 40,638 180,026 114,985 320,851June 17,842 80,229 221,273 163,846 50,523

July 15,452 91,300 163,941 313,847 399,238

August 43,206 111,014 119,180 629,156 265,188

September 37,743 173,119 76,562 369,411 464,681

October 105,876 185,361 62,555 198,486 169,629

November 43,565 68,264 94,106 169,335 174,355

December (1,406) 119,385 73,412 115,047 28,526

Total 492,224 1,022,822 1,607,829 2,811,501 3,647,871 914,199

Termasuk PPN 10%

In IDR Million

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Consolidated Marketing Sales


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2007 2008 2009 2010 2011 2012Revenues 308 435 419 791 1,381 2,446Gross Profit 74 111 168 406 814 1,467Operating Profit 32 55 116 333 694 1,254Net Profit 20 59 94 291 603 1,216Cash 425 365 546 904 1,130 2,012Assets 2,966 3,057 3,560 4,588 6,008 10,946BankLoan 733 724 804 669 554 796Bond Payable

- - - - - 1,385Sales Advances 286 273 578 1,391 2,313 3,378Liabilities 1,263 1,294 1,625 2,372 3,221 6,215Equity 1,696 1,755 1,935 2,216 2,787 4,732

Ratio:

Liability to Assets 42.6% 42.3% 45.6% 51.7% 53.6% 56.8%Liability to Equity 74.4% 73.7% 84.0% 107.0% 115.6% 131.3%

Debt to Equity 43.2% 41.2% 41.5% 30.2% 19.9% 46.1%Gross Profit Margin 24.1% 25.5% 40.0% 51.4% 59.0% 60.0%Net Profit Margin 6.6% 13.5% 22.5% 36.8% 43.6% 49.7%Return on Assets 0.7% 1.9% 2.6% 6.3% 10.0% 11.1%Return on Equity

1.2% 3.4% 4.9% 13.1% 21.6% 25.7%

I n I D R B i l l i

o n

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Financial Highlights


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No Item s Description

1 Issuer Alam Sutera International Private Limited

2 Notes US$ 150,000,000 aggregate principal amountof 10.75% Senior Notes due 2017

3 Rating B2 (stable) from Moodys and B (stable) from S&P

4 Maturity Date 27 March 2017

5 Coupon Rate 10.75% per annum, payable semi-annually in arrears.

6 Interest Payment Date 27 March and 27 September of each year, commencing 27 September 2012

7 Use of Proceeds Approximately 80% forthe acquisition of landbank in GreaterJakarta, primarily in Alam Sutera andPasar Kemis and their surrounding area; and

Approximately 20% for the construction and development of properties

8 Hedging Policy P rincipal is hedged with call spread IDR 9,400 -IDR 11,000 Hedging cost is 1.3% -1.35% p.a. Company will keep ~USD 24 million (3x coupon payment) as a hedge.

9 USD Bonds Issuance Rationalevs.IDR Bonds

USD bonds is unsecured, no collateral required Broader liquidity access in the global market D iversification of source of financing increase Companys recognition in the debt capital market

USD Bonds 1 -Alam Sutera International Private Limited


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No Items Description

1 Issuer Alam Synergy Pte. Ltd.

2 Notes US$ 235,000,000 aggregate principal amountof 6.95% Senior Notes due 2020

3 Rating B1 stable / B stable/ B+ Stable (Moodys / S&P / Fitch)

4 Maturity Date 27 March 2020

5 Coupon Rate 6.95% per annum, payable semi-annually in arrears. .

6 Interest Payment Dates 27 March and 27 September of each year, commencing 27 September 2013

7 Use of Proceeds Land acquisitions including those acquired from Modernland; to pay the remaining acquisit ioncosts of WismaArgo Manunggal(WAM) office tower; to refinance existing bank facilities; todevelop residential and commercial properties; and for general working capital purposes

8 Hedging Policy P rincipal will be hedged Company will keep ~USD 24 million (3x couponpayment) as a hedge.

9 USD Bonds Issuance Rationalevs.IDR Bonds

Interest rate has been low USD bonds is unsecured, no collateral required Broader liquidity access in the global market

D Iversification of source of financing Increase Companys recognition in the debt capital market

USD Bonds 2-Alam Synergy Pte.Ltd.


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DISCLAIMER

This presentation may contain forward-looking statements that involve risks anduncertainties. Actual future performance, outcomes and results may differ materiallyfrom those expressed in forward-looking statements as a result of a number of risks,uncertainties and assumptions.

Representative examples of these factors include (without limitation) general industryand economic conditions, interest rate trends, cost of capital and capital availability,availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customersand partners, changes in operating expenses, including employee wages, benefits andtraining, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You arecautioned not to place undue reliance on these forward looking statements, which arebased on current view of management on future events.

We expressly disclaim any obligation or undertaking to release publicly any update of or revision to any forward-looking statements contained herein to reflect any changein our expectations with regards hereto or any change in events, conditions or circumstances on which any such statements is based.

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Alam Sutera English 2014

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