<p><span><span><span style="font-size: small;"><span style="font-size: medium;"><span style="color: #808080;">Generating Continual Investment</span></span></span></span></span><br /><br />
<p class="MsoNormal"><span>APLN is a unique and integrated property developer in Indonesia. APLN are more focused on quick capital turnover under &ldquo;fast churn&rdquo; concept, which differentiates us from our competitors. This enables us to acquire the land and immediately design, sell it and able to finance the development from pre-sales. Our strong financial performance was supported by positive performance of Indonesian economy and property sector in particular, bold and intelligent decision-making together with hard work from our people, that captured in &ldquo;Bold Dimensions, New Heights.&rdquo;</span></p>
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<p class="MsoNormal"><span>APLN aggressively expanded with new subsidiaries, developing new properties, many of which targeted the growing middle-class segment demand for apartments. At the same time, we nurtured our existing commercial properties within superblocks, a winning proposition in major urban cities due to their ability to offer a balanced lifestyle. APLN also branched out into hotels as part of our strategy to increase recurring revenues. Finally, we continue to move out to secondary cities, starting with Bandung, Karawang, Nusa Dua-Bali, and Bogor, in the next step towards becoming a nationwide entity. Our new projects including Grand Taruma in Karawang; Amaris Thamrin City Hotel, Center Jakarta; Pullman Jakarta Central Park Hotel, West Jakarta; Emporium Pluit Mall;&nbsp; Luxurious Hotel in Nusa Dua, Bali; POP! Hotel and Harris Hotel (within Festival CityLink superblock in Bandung); Metro Park Residences in West Jakarta; Vimala Hills - an integrated residential and resort in West Java, and two Small Office Home Office (SOHO) towers and Central Park Mall Extention, as part of the Podomoro City Extension. </span></p>
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<p class="MsoNormal"><span>These new projects affirm APLN&rsquo;s ability to acquire more land or develop new projects. With our extensive networking, I have no doubts that APLN will continue to acquire more good projects going forward. </span></p>
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<p class="MsoNormal"><span>Going forward, APLN is strongly positioned to compete, supported by our rapid response, decision-making, strong execution capabilities and balance sheet. Geographically, we plan to expand outside of Jakarta to more secondary cities, including Makassar and Balikpapan. In terms of our portfolio, we will focus on increasing recurring revenues by adding more malls and hotels to our portfolio, with a medium term target of increasing recurring revenues to contribute 25-30% of total revenues. Overall, we will continue to maintain a flexible and opportunistic approach to investing wherever we see the right opportunities in the market, while striving to adhere to the principles of prudent capital management and fast build cycles, keeping our funds in play. </span></p>
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<span>Regardless, the future for APLN is bright. We will continue to act boldly and intelligently to scale new heights, making a quality lifestyle possible for the Indonesian people.</span></p>