First Yea

Month January February March April

Occupancy 35% 30% 40% 40%
Average Room Rate Rp1,700,000 Rp1,700,000 Rp1,800,000 Rp1,800,000
Room Revenue Rp414,120,000 Rp354,960,000 Rp501,120,000 Rp501,120,000
Food & Beverage Rp82,824,000 Rp70,992,000 Rp100,224,000 Rp100,224,000
Spa Rp41,412,000 Rp35,496,000 Rp50,112,000 Rp50,112,000
Others Income Rp33,129,600 Rp28,396,800 Rp40,089,600 Rp40,089,600

Total Revenue Rp571,485,600 Rp489,844,800 Rp691,545,600 Rp691,545,600

First Year Revenue Rp9,928,962,000

Second Ye

Month January February March April

Occupancy 65% 55% 60% 55%
Average Room Rate Rp1,700,000 Rp1,700,000 Rp1,800,000 Rp1,800,000
Room Revenue Rp769,080,000 Rp650,760,000 Rp751,680,000 Rp689,040,000
Food & Beverage Rp153,816,000 Rp130,152,000 Rp150,336,000 Rp137,808,000
Spa Rp76,908,000 Rp65,076,000 Rp75,168,000 Rp68,904,000
Others Income Rp61,526,400 Rp52,060,800 Rp60,134,400 Rp55,123,200

Total Revenue Rp1,061,330,400 Rp898,048,800 Rp1,037,318,400 Rp950,875,200

Second Year Revenue Rp13,319,456,400

Third Yea

Month January February March April

Occupancy 75% 60% 60% 60%
Average Room Rate Rp1,700,000 Rp1,700,000 Rp1,800,000 Rp1,800,000
Room Revenue Rp887,400,000 Rp709,920,000 Rp751,680,000 Rp751,680,000
Food & Beverage Rp177,480,000 Rp141,984,000 Rp150,336,000 Rp150,336,000
Spa Rp88,740,000 Rp70,992,000 Rp75,168,000 Rp75,168,000
Others Income Rp70,992,000 Rp56,793,600 Rp60,134,400 Rp60,134,400

Total Revenue Rp1,224,612,000 Rp979,689,600 Rp1,037,318,400 Rp1,037,318,400

Third Year Revenue Rp14,527,260,000
 Fourt Yea

Month January February March April

Occupancy 80% 65% 65% 65%
Average Room Rate Rp1,900,000 Rp1,700,000 Rp1,800,000 Rp1,800,000
Room Revenue Rp1,057,920,000 Rp769,080,000 Rp814,320,000 Rp814,320,000
Food & Beverage Rp211,584,000 Rp153,816,000 Rp162,864,000 Rp162,864,000
Spa Rp105,792,000 Rp76,908,000 Rp81,432,000 Rp81,432,000
Others Income Rp84,633,600 Rp61,526,400 Rp65,145,600 Rp65,145,600
20% down payment for
the sales of 6 hectares
bank land on December

Total Revenue Rp1,459,929,600 Rp1,061,330,400 Rp1,123,761,600 Rp1,123,761,600

Fourth Year Sekotong Hill
Revenue Rp27,624,608,400
Fourth Year Sekotong Hill
Revenue and Land Bank
sale Rp39,624,608,400

Fifth Yea

Month January February March April

Occupancy 80% 70% 65% 65%
Average Room Rate Rp1,900,000 Rp1,700,000 Rp1,800,000 Rp1,800,000
Room Revenue Rp1,057,920,000 Rp828,240,000 Rp814,320,000 Rp814,320,000
Food & Beverage Rp211,584,000 Rp165,648,000 Rp162,864,000 Rp162,864,000
Spa Rp105,792,000 Rp82,824,000 Rp81,432,000 Rp81,432,000
Others Income Rp84,633,600 Rp66,259,200 Rp65,145,600 Rp65,145,600
Monthly payment for the
remaining 80% of the 6
hectares bank land sale
paid for twelve month Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000

Total Revenue Rp1,459,929,600 Rp1,142,971,200 Rp1,123,761,600 Rp1,123,761,600

Fifth Year Sekotong Hill
Revenue Rp16,088,040,000
Fifth Year Sekotong Hill
Revenue and Land Bank
sale Rp64,088,040,000

First Year Second Years Third Year Fourth Year

Sekotong hill Yearly
Revenue forcast Rp9,928,962,000 Rp13,319,456,400 Rp14,527,260,000 Rp15,624,608,400
Total 5 Years Revenue Rp69,488,326,800
Total Sekotong Hill net
profit 35% from revenue Rp 24,320,914,380

Option 1, on December of fourth year the Join Venture will sell the remaining 6 Hectares of the bank land at Rp 1.000.000
and the 80% will be settle every month for twelve month

Cash Flow Including sales of 6 Hectares Land Bank

First Year Second Years Third Year Fourth Year
Sekotong hill Yearly
Revenue forcast Rp9,928,962,000 Rp13,319,456,400 Rp14,527,260,000 Rp15,624,608,400
Total 5 Years Revenue Rp69,488,326,800
Total Sekotong Hill net
profit 35% from revenue Rp 24,320,914,380
Revenue of the sales of 6
Ha bank land on fourth
year Rp12,000,000,000
Revenue of the sales of 6
Ha bank land on fifth
year Rp48,000,000,000
total revenue in five
years Rp 84,320,914,380

Option 2 Join Venture will develop the 6Ha Land Bank into Resort/Condotel

**This forcast is not including 6-12 month construction period

 First Year Buget Sekotong Hill Resort

May June July August September

45% 55% 60% 55% 50%
Rp1,850,000 Rp1,900,000 Rp2,000,000 Rp1,900,000 Rp1,850,000
Rp579,420,000 Rp727,320,000 Rp835,200,000 Rp727,320,000 Rp643,800,000
Rp115,884,000 Rp145,464,000 Rp167,040,000 Rp145,464,000 Rp128,760,000
Rp57,942,000 Rp72,732,000 Rp83,520,000 Rp72,732,000 Rp64,380,000
Rp46,353,600 Rp58,185,600 Rp66,816,000 Rp58,185,600 Rp51,504,000

Rp799,599,600 Rp1,003,701,600 Rp1,152,576,000 Rp1,003,701,600 Rp888,444,000

Second Year Buget Sekotong Hill Resort

May June July August September

55% 65% 70% 75% 65%
Rp1,850,000 Rp1,900,000 Rp2,000,000 Rp1,900,000 Rp1,850,000
Rp708,180,000 Rp859,560,000 Rp974,400,000 Rp991,800,000 Rp836,940,000
Rp141,636,000 Rp171,912,000 Rp194,880,000 Rp198,360,000 Rp167,388,000
Rp70,818,000 Rp85,956,000 Rp97,440,000 Rp99,180,000 Rp83,694,000
Rp56,654,400 Rp68,764,800 Rp77,952,000 Rp79,344,000 Rp66,955,200

Rp977,288,400 Rp1,186,192,800 Rp1,344,672,000 Rp1,368,684,000 Rp1,154,977,200

Third Year Buget Sekotong Hill Resort

May June July August September

60% 70% 75% 80% 70%
Rp1,850,000 Rp1,900,000 Rp2,000,000 Rp2,000,000 Rp1,850,000
Rp772,560,000 Rp925,680,000 Rp1,044,000,000 Rp1,113,600,000 Rp901,320,000
Rp154,512,000 Rp185,136,000 Rp208,800,000 Rp222,720,000 Rp180,264,000
Rp77,256,000 Rp92,568,000 Rp104,400,000 Rp111,360,000 Rp90,132,000
Rp61,804,800 Rp74,054,400 Rp83,520,000 Rp89,088,000 Rp72,105,600

Rp1,066,132,800 Rp1,277,438,400 Rp1,440,720,000 Rp1,536,768,000 Rp1,243,821,600

 Fourt Year Buget Sekotong Hill Resort

May June July August September

65% 75% 80% 85% 70%
Rp1,850,000 Rp1,900,000 Rp2,100,000 Rp2,100,000 Rp1,850,000
Rp836,940,000 Rp991,800,000 Rp1,169,280,000 Rp1,242,360,000 Rp901,320,000
Rp167,388,000 Rp198,360,000 Rp233,856,000 Rp248,472,000 Rp180,264,000
Rp83,694,000 Rp99,180,000 Rp116,928,000 Rp124,236,000 Rp90,132,000
Rp66,955,200 Rp79,344,000 Rp93,542,400 Rp99,388,800 Rp72,105,600

Rp1,154,977,200 Rp1,368,684,000 Rp1,613,606,400 Rp1,714,456,800 Rp1,243,821,600

Fifth Year Buget Sekotong Hill Resort

May June July August September

70% 80% 85% 90% 70%
Rp1,850,000 Rp1,900,000 Rp2,100,000 Rp2,100,000 Rp1,850,000
Rp901,320,000 Rp1,057,920,000 Rp1,242,360,000 Rp1,315,440,000 Rp901,320,000
Rp180,264,000 Rp211,584,000 Rp248,472,000 Rp263,088,000 Rp180,264,000
Rp90,132,000 Rp105,792,000 Rp124,236,000 Rp131,544,000 Rp90,132,000
Rp72,105,600 Rp84,633,600 Rp99,388,800 Rp105,235,200 Rp72,105,600

Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000

Rp1,243,821,600 Rp1,459,929,600 Rp1,714,456,800 Rp1,815,307,200 Rp1,243,821,600

Fifth Year
 Rp16,088,040,000

ank land at Rp 1.000.000/meter. The payment will be made as such 20% down payment

Fifth Year

Rp16,088,040,000
 October November December
50% 40% 60%
Rp1,850,000 Rp1,700,000 Rp1,900,000
Rp643,800,000 Rp473,280,000 Rp793,440,000
Rp128,760,000 Rp94,656,000 Rp158,688,000
Rp64,380,000 Rp47,328,000 Rp79,344,000
Rp51,504,000 Rp37,862,400 Rp63,475,200

Rp888,444,000 Rp653,126,400 Rp1,094,947,200

October November December

65% 50% 75%
Rp1,850,000 Rp1,700,000 Rp1,900,000
Rp836,940,000 Rp591,600,000 Rp991,800,000
Rp167,388,000 Rp118,320,000 Rp198,360,000
Rp83,694,000 Rp59,160,000 Rp99,180,000
Rp66,955,200 Rp47,328,000 Rp79,344,000

Rp1,154,977,200 Rp816,408,000 Rp1,368,684,000

October November December

70% 60% 80%
Rp1,850,000 Rp1,700,000 Rp1,900,000
Rp901,320,000 Rp709,920,000 Rp1,057,920,000
Rp180,264,000 Rp141,984,000 Rp211,584,000
Rp90,132,000 Rp70,992,000 Rp105,792,000
Rp72,105,600 Rp56,793,600 Rp84,633,600

Rp1,243,821,600 Rp979,689,600 Rp1,459,929,600

 October November December
70% 60% 80%
Rp1,850,000 Rp1,700,000 Rp2,000,000
Rp901,320,000 Rp709,920,000 Rp1,113,600,000
Rp180,264,000 Rp141,984,000 Rp222,720,000
Rp90,132,000 Rp70,992,000 Rp111,360,000
Rp72,105,600 Rp56,793,600 Rp89,088,000

Rp12,000,000,000

Rp1,243,821,600 Rp979,689,600 Rp13,536,768,000

October November December

70% 60% 80%
Rp1,850,000 Rp1,700,000 Rp2,000,000
Rp901,320,000 Rp709,920,000 Rp1,113,600,000
Rp180,264,000 Rp141,984,000 Rp222,720,000
Rp90,132,000 Rp70,992,000 Rp111,360,000
Rp72,105,600 Rp56,793,600 Rp89,088,000

Rp4,000,000,000 Rp4,000,000,000 Rp4,000,000,000

Rp1,243,821,600 Rp979,689,600 Rp1,536,768,000