Dear Shareholders,
We would like to give thanks to God Almighty for His mercy and grace allowed our company to end 2011 with a range of achievements and confidence for the year 2012. Year 2011 was a time for thanksgiving, as we celebrate our 30 year anniversary with a recognition of values which have led to our success, namely Integrity, Professionalism, and Entrepreneurship. These values enabled us to survive, grow and create new opportunities.

Through an entrepreneurial business management strategy, we managed to increase sales and expand our business by leveraging Indonesia’s flourishing economic and political conditions. These achievements in 2011, reinforced the Board’s belief and hope to achieve even greater progress in 2012.

Overall, we are grateful to witness the significant sales growth reaching over 100% on the Company’s 30th year of business. This achievement is reached thanks to management’s continuous innovation in seek of growth. The Company’s project spread have grown further in 2011, and the month of October, the Company’s latest venture in health care, "Ciputra Hospital" located within CitraRaya Tangerang officially commenced operations. The Company also strived to manage the growth of investment funds efficiently.

In 2012, management will continue its strive to grow the business. Maintaining its growth rate with continuous innovation, while keeping prudent and conservative financial management. For the year 2012, the Company has about 10 new projects to launch in the form of: residential areas, hotels and hospitals.
The Company views the quality of human resources (HR) as the key to building a solid organization. In 2012, the Company will concentrate more on instilling values of: Integrity, Professionalism and Entrepreneurship to awaken employees’ innovative spirit for the Company.

Management has been implementing an HR strategy promoting entrepreneurial skills and spirit, intrapreneurship, to equip the company in facing an increasingly tight competition in the future. At the same time, the Company also strives to achieve better corporate governance and transparency. In addition, the Company strategized to implement better enterprise risk management and sustainable development, all of these strategies are expected to aid management in making timely and accurate strategic decisions.

Finally, on behalf of the Commissioners, I would like to express my deepest gratitude and appreciation to management, employees and business partners for all their efforts in the strive to advance the Company's business during the year 2011. May the Almighty God give His guidance in our strive to build this Company into a flourishing business providing great benefits to all stakeholders.

Dr. Hc. Ir. Ciputra
Chairman