Esteemed Shareholders,

I believe it would not be amiss for me to say that we should be thankful that 2010 was an outstanding year not only for the Company but also for the property sector and the nation. Armed with the cooperation of the entire management and employees of PT Ciputra Property Tbk., the Company was able to return working at full capacity on Ciputra World Jakarta after implementing a wait and see  strategy the previous year. All this was made possible by the conducive condition of the domestic economy in line with the the recovery of the global economy, despite having the European Sovereign Debt Crisis that began unfolding early in the year in the backdrop

The foreign media touted the Indonesian Stock Exchange as the best performing bourse, foreign exchange reserves grew more than 46 percent, the rupiah strengthened by 4 percent, the cumulative value of exports increased sharply to around 35 percent. All are indicators that the Indonesian economy is indeed in prime condition. And it was also in this condition that the Company delivered a sterling performance. In 2010, the Company booked revenues totalling Rp 356 billion, up 5% from Rp 337 billion the previous year, and a net profit of Rp 155 billion, soaring 109% from Rp 74 billion.

The development of the Company’s mega project, Ciputra World Jakarta, has returned to running at full capacity after slowing down in 2009 as part of the Company’s strategy in anticipating the impact of the global financial crisis. As of the publication of this report, this mega project has reached the 9th floor of the mall, the 9th floor of the Raffles Tower, the14th floor of the office tower, and the 15th floor of the myHome apartments and Ascott Serviced Residences. We, the Board of Commissioners, are genuinely convinced that the Board of Directors with its proven ability will be able to manage the construction process so that the projects are completed ontime in compliance with the publicised schedule.

As a proponent of the Go Green movement, the Company also strives to implement the green building concept in the development of Ciputra World Jakarta (CWJ). In order to meet the requirements of an aspect Greenship, an Indonesia-specific assessment tools deve-loped by Green Building Council Indonesia (GBCI), the Company, among others, installed double glazed glass, elevators equipped with destination control and escalators with speed control. Their usage improves energy efficiency that will benefit CWJ and its tenants / occupants in the future. The Company was awarded a Gold Standard Green Building certification by GBCI for its efforts. The gold standard denotes that CWJ is deemed to be very green.

In terms of corporate governance, we appreciate the Board of Directors’ consistency in developing Enterprise Wide Risk Management in the Company’s various activities. The Board appointed Beca Carter Hollings & Ferner Overseas Ltd. in 2010, to conduct safety audits on equipment and parts of buildings that are prone to fire and other accidents at Ciputra World Jakarta. As for assets that are already operating such as Ciputra Mall and Hotel at  Jakarta and Semarang, the Company constantly reviews its risk register in order to identify existing risks and the potential risks that may arise in running the business.

The Board of Commissioners, in concert with the Audit Committee, continually strives to improve corporate governance. Oversight is implemented regularly and consistently, and the findings on the Company's operations thoroughly examined. We have passed along the reports submitted by the Internal Auditors, External Auditors Purwantono, Suherman & Surja and the Audit Committee to the Board of Commissioners to the Company’s Board of Directors for further action. We did not note, however, the existence of matters that need to be especially handled.

Moving forward, we are optimistic that the property sector, and thus the Company, will continue to show positive results, but will remain vigilant against the possibilities of financial upheavals on the international stage which will inevitably have an impact on the nation’s economy.

In closing, allow me, on behalf of the Board of Commissioners, to say thank you and extend our highest appreciation to the Directors as well as the entire management of the Company for a most excellent performance. We also extend our thanks to all stakeholders that comprise our shareholders, business partners and all employees for the trust and support they have given the Company. The Board of Commissioners believes that with the Board of Directors’ commitment and hard work as well as the continued support and trust of the stakeholders, the Company will be able to achieve even more in the years to come.