Dear Shareholders,

We thank Lord God Almighty for all His blessings throughout our business life, especially in the year 2010. Thanks to his continuous blessings our business is able to enter its 30th year of business. During these 30 years, our entrepreneurial spirit has been supporting our survival, growth and expansion. Through this entrepreneurial business strategy, we have successfully utilized improving economic conditions to create a momentum in propelling our growth, enabling us to enjoy the fruits of our innovation and labor in the form of satisfactory performance and a hope for better performance in the future. 

Overall, the company has improved its performance in 2010; recorded revenues, operating profit and net profit after tax have all shown positive growths. These growths can be attributed to our expansion outside of Java, which has been a part of our strategy in the recent years proving to be successful.

The company is further diversifying, creating a new business line, by building a hospital at CitraRaya Tangerang. The company is also entering the international market through its project in China. In terms of corporate actions, the company was able to increase its stakes to be a majority shareholder in one of its subsidiaries PT Ciputra Surya Tbk. Also, the company has completed its warrant series I conversion. Up to the expiry of the conversion period, 99% of outstanding warrants were converted to shares. These are all strategies in an effort to significantly improve the value of the company in the future.

We believe that the property industry will continue to grow, and based on this belief, we encourage the company to continue to innovate new opportunities for growth in the cities of Indonesia. We believe that the Board of Directors and employees are capable of continuously innovating, working smarter and harder in unison to implement strategies that have been developed.

To encourage better and more transparent implementation of Corporate Governance is still one of our commitments that are continuously encouraged to be a part of the work culture that is supportive of the company’s operations in the long run.

Better implementation of enterprise risk management and sustainable development is expected to aid the Board of Directors in determining appropriate future strategies in a timely manner.

To conclude, on behalf of the Board of Commissioners, I would like to express my gratitude and highest respect to the Board of Directors, our employees and business partners for their hard work and dedication throughout 2010. We, the Board of Commissioners, hope that all of this will be a strong foundation to support the companyto achieve rapid growth. May Lord God Almighty give us His guidance and blessings for our future endeavors.

Dr. Hc. Ir. Ciputra
Chairman