DCF - Based On FS Rev 11.01.2019

Subject Property : Projected Maritime Tower
Owner : PT. MMI

Sheet : Discounted Cash Flow
Description Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12 Year-13 Year-14 Year-15 Year-16
Revenue
Office
Office Leasable Area 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260
Office Leased Area - - 238,408 238,408 271,869 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521
Occupancy Rate 0% 0% 57% 57% 65% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85%
Retail
Retail Leasable Area 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912
Retail Leased Area - - - - - 13,956 16,747 19,538 22,330 26,516 26,516 26,516 26,516 26,516 26,516 26,516
Occupancy Rate 0% 0% 0% 0% 0% 50% 60% 70% 80% 95% 95% 95% 95% 95% 95% 95%
Rate
Office
Rental Rate 186,443 214,410 246,571 271,228 297,480 318,303 340,585 364,425 389,935 417,231 446,437 477,687 511,126 546,904 585,188 626,151
SC Rate 60,000 64,200 68,694 73,503 78,648 84,153 90,044 96,347 103,091 110,308 118,029 126,291 135,131 144,591 154,712 165,542
Retail
Rental Rate 123,723 127,435 131,258 135,195 139,251 143,429 147,732 152,164 156,729 161,430 166,273 171,262 176,399 181,691 187,142 192,756
SC Rate 60,000 64,200 68,694 73,503 78,648 84,153 90,044 96,347 103,091 110,308 118,029 126,291 135,131 144,591 154,712 165,542
Revenue
Office
Rent Revenue - - 58,784,582,137 64,663,040,350 80,875,521,200 113,163,517,741 121,084,963,983 129,560,911,462 138,630,175,264 148,334,287,533 158,717,687,660 169,827,925,796 181,715,880,602 194,435,992,244 208,046,511,701 222,609,767,520
SC Revenue - - 16,377,212,891 17,523,617,793 21,381,888,027 29,918,195,631 32,012,469,325 34,253,342,178 36,651,076,130 39,216,651,460 41,961,817,062 44,899,144,256 48,042,084,354 51,405,030,259 55,003,382,377 58,853,619,143
Retail
Rent Revenue - - - - - 2,001,693,258 2,474,092,867 2,973,034,928 3,499,686,830 4,280,554,454 4,408,971,088 4,541,240,220 4,677,477,427 4,817,801,750 4,962,335,802 5,111,205,876
SC Revenue - - - - - 1,174,440,717 1,507,981,881 1,882,464,048 2,301,984,607 2,924,959,192 3,129,706,335 3,348,785,778 3,583,200,783 3,834,024,838 4,102,406,576 4,389,575,037
Total Rent Revenue - - 75,161,795,027 82,186,658,143 102,257,409,227 146,257,847,347 157,079,508,056 168,669,752,616 181,082,922,832 194,756,452,638 208,218,182,144 222,617,096,051 238,018,643,165 254,492,849,090 272,114,636,456 290,964,167,576
Other Revenue
Parking 2.00% - - 1,175,691,643 1,293,260,807 1,617,510,424 2,303,304,220 2,471,181,137 2,650,678,928 2,842,597,242 3,052,296,840 3,262,533,175 3,487,383,320 3,727,867,161 3,985,075,880 4,260,176,950 4,554,419,468
Total Other Revenue - - 1,175,691,643 1,293,260,807 1,617,510,424 2,303,304,220 2,471,181,137 2,650,678,928 2,842,597,242 3,052,296,840 3,262,533,175 3,487,383,320 3,727,867,161 3,985,075,880 4,260,176,950 4,554,419,468
Total Revenue - - 76,337,486,670 83,479,918,950 103,874,919,651 148,561,151,567 159,550,689,193 171,320,431,544 183,925,520,074 197,808,749,477 211,480,715,319 226,104,479,371 241,746,510,326 258,477,924,970 276,374,813,406 295,518,587,044
Expenses
Operating Expenses - - 16,377,212,891 17,523,617,793 21,381,888,027 31,092,636,348 33,520,451,206 36,135,806,226 38,953,060,738 42,141,610,651 45,091,523,397 48,247,930,034 51,625,285,137 55,239,055,096 59,105,788,953 63,243,194,180
Fixed Charges
Building Maintenance 2.50% - - 1,908,437,167 2,086,997,974 2,596,872,991 3,714,028,789 3,988,767,230 4,283,010,789 4,598,138,002 4,945,218,737 5,287,017,883 5,652,611,984 6,043,662,758 6,461,948,124 6,909,370,335 7,387,964,676
Land & Building Tax 0.30% - - 229,012,460 250,439,757 311,624,759 445,683,455 478,652,068 513,961,295 551,776,560 593,426,248 634,442,146 678,313,438 725,239,531 775,433,775 829,124,440 886,555,761
Insurance 0.50% - - 381,687,433 417,399,595 519,374,598 742,805,758 797,753,446 856,602,158 919,627,600 989,043,747 1,057,403,577 1,130,522,397 1,208,732,552 1,292,389,625 1,381,874,067 1,477,592,935
Marketing 2.00% - - 1,526,749,733 1,669,598,379 2,077,498,393 2,971,223,031 3,191,013,784 3,426,408,631 3,678,510,401 3,956,174,990 4,229,614,306 4,522,089,587 4,834,930,207 5,169,558,499 5,527,496,268 5,910,371,741
Permit 0.30% - - 229,012,460 250,439,757 311,624,759 445,683,455 478,652,068 513,961,295 551,776,560 593,426,248 634,442,146 678,313,438 725,239,531 775,433,775 829,124,440 886,555,761
Reserve for Replacement 2.50% - - 1,908,437,167 2,086,997,974 2,596,872,991 3,714,028,789 3,988,767,230 4,283,010,789 4,598,138,002 4,945,218,737 5,287,017,883 5,652,611,984 6,043,662,758 6,461,948,124 6,909,370,335 7,387,964,676
Total Fixed Charges - - 6,183,336,420 6,761,873,435 8,413,868,492 12,033,453,277 12,923,605,825 13,876,954,955 14,897,967,126 16,022,508,708 17,129,937,941 18,314,462,829 19,581,467,336 20,936,711,923 22,386,359,886 23,937,005,551
Investment Cost
Land 297,000,000,000
Building & Facilities 332,145,000,000 332,145,000,000
Total Investment Cost 629,145,000,000 332,145,000,000
Total Expenses 629,145,000,000 332,145,000,000 22,560,549,311 24,285,491,228 29,795,756,518 43,126,089,625 46,444,057,031 50,012,761,181 53,851,027,864 58,164,119,359 62,221,461,338 66,562,392,864 71,206,752,473 76,175,767,019 81,492,148,839 87,180,199,731
Net Operating Income Property (629,145,000,000) (332,145,000,000) 53,776,937,359 59,194,427,722 74,079,163,133 105,435,061,942 113,106,632,162 121,307,670,363 130,074,492,210 139,644,630,119 149,259,253,982 159,542,086,507 170,539,757,853 182,302,157,951 194,882,664,567 208,338,387,314
NOI/1000 (629,145,000) (332,145,000) 53,776,937 59,194,428 74,079,163 105,435,062 113,106,632 121,307,670 130,074,492 139,644,630 149,259,254 159,542,087 170,539,758 182,302,158 194,882,665 208,338,387
Growth NOI Last Year Forecasting 6.94%

Terminal Cap Rate 10.00%
Terminal Value
PV Terminal Value
Discount Rate 13.50%
Discount Factor 0.881057269 0.776261911 0.683931199 0.602582554 0.530909739 0.467761885 0.412125009 0.363105735 0.319916947 0.281865151 0.24833934 0.218801181 0.192776371 0.169847023 0.149644954 0.131845774
Present Value of NOI (554,312,775,330) (257,831,512,352) 36,779,725,242 35,669,529,446 39,329,349,187 49,318,503,303 46,614,071,761 44,047,510,750 41,613,034,393 39,360,954,795 37,066,944,674 34,907,996,934 32,876,035,605 30,963,478,774 29,163,207,372 27,468,536,021
Net Present Value 93,369,055,479
Rounded Net Present Value 93,369,000,000
Financial Indicator
Internal Rate of Return 14.24%
Modified Internal Rate of Return 12.22%
Profibality Indeks 1.115
Subject Property : Projected Maritime Tower
Owner : PT. MMI
Sheet : Discounted Cash Flow
Description Year-17 Year-18 Year-19 Year-20 Year-21 Year-22 Year-23 Year-24 Year-25 Year-26 Year-27 Year-28 Year-29 Year-30 Year-31
Revenue
Office
Office Leasable Area 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260 418,260
Office Leased Area 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521 355,521
Occupancy Rate 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85%
Retail
Retail Leasable Area 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912 27,912
Retail Leased Area 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516 26,516
Occupancy Rate 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
Rate
Office
Rental Rate 669,981 716,880 767,062 820,756 878,209 939,684 1,005,461 1,075,844 1,151,153 1,231,733 1,317,955 1,410,212 1,508,926 1,614,551 1,727,570
SC Rate 177,130 189,529 202,796 216,992 232,181 248,434 265,824 284,432 304,342 325,646 348,441 372,832 398,930 426,855 456,735
Retail
Rental Rate 198,539 204,495 210,630 216,949 223,458 230,161 237,066 244,178 251,503 259,048 266,820 274,825 283,069 291,561 300,308
SC Rate 177,130 189,529 202,796 216,992 232,181 248,434 265,824 284,432 304,342 325,646 348,441 372,832 398,930 426,855 456,735
Revenue
Office
Rent Revenue 238,192,451,246 254,865,922,834 272,706,537,432 291,795,995,052 312,221,714,706 334,077,234,735 357,462,641,167 382,485,026,049 409,258,977,872 437,907,106,323 468,560,603,766 501,359,846,029 536,455,035,251 574,006,887,719 614,187,369,859
SC Revenue 62,973,372,483 67,381,508,557 72,098,214,156 77,145,089,147 82,545,245,387 88,323,412,564 94,506,051,444 101,121,475,045 108,199,978,298 115,773,976,779 123,878,155,153 132,549,626,014 141,828,099,835 151,756,066,824 162,378,991,501
Retail
Rent Revenue 5,264,542,052 5,422,478,314 5,585,152,663 5,752,707,243 5,925,288,461 6,103,047,114 6,286,138,528 6,474,722,684 6,668,964,364 6,869,033,295 7,075,104,294 7,287,357,423 7,505,978,145 7,731,157,490 7,963,092,215
SC Revenue 4,696,845,289 5,025,624,460 5,377,418,172 5,753,837,444 6,156,606,065 6,587,568,489 7,048,698,284 7,542,107,164 8,070,054,665 8,634,958,492 9,239,405,586 9,886,163,977 10,578,195,455 11,318,669,137 12,110,975,977
Total Rent Revenue 311,127,211,071 332,695,534,164 355,767,322,423 380,447,628,886 406,848,854,619 435,091,262,904 465,303,529,422 497,623,330,941 532,197,975,199 569,185,074,889 608,753,268,799 651,082,993,443 696,367,308,687 744,812,781,169 796,640,429,552
Other Revenue
Parking 2.00% 4,869,139,866 5,205,768,023 5,565,833,802 5,950,974,046 6,362,940,063 6,803,605,637 7,274,975,594 7,779,194,975 8,318,558,845 8,895,522,792 9,512,714,161 10,172,944,069 10,879,220,268 11,634,760,904 12,443,009,241
Total Other Revenue 4,869,139,866 5,205,768,023 5,565,833,802 5,950,974,046 6,362,940,063 6,803,605,637 7,274,975,594 7,779,194,975 8,318,558,845 8,895,522,792 9,512,714,161 10,172,944,069 10,879,220,268 11,634,760,904 12,443,009,241
Total Revenue 315,996,350,937 337,901,302,187 361,333,156,225 386,398,602,932 413,211,794,682 441,894,868,541 472,578,505,016 505,402,525,915 540,516,534,044 578,080,597,681 618,265,982,960 661,255,937,512 707,246,528,955 756,447,542,074 809,083,438,793
Expenses
Operating Expenses 67,670,217,773 72,407,133,017 77,475,632,328 82,898,926,591 88,701,851,452 94,910,981,054 101,554,749,728 108,663,582,208 116,270,032,963 124,408,935,270 133,117,560,739 142,435,789,991 152,406,295,291 163,074,735,961 174,489,967,478
Fixed Charges
Building Maintenance 2.50% 7,899,908,773 8,447,532,555 9,033,328,906 9,659,965,073 10,330,294,867 11,047,371,714 11,814,462,625 12,635,063,148 13,512,913,351 14,452,014,942 15,456,649,574 16,531,398,438 17,681,163,224 18,911,188,552 20,227,085,970
Land & Building Tax 0.30% 947,989,053 1,013,703,907 1,083,999,469 1,159,195,809 1,239,635,384 1,325,684,606 1,417,735,515 1,516,207,578 1,621,549,602 1,734,241,793 1,854,797,949 1,983,767,813 2,121,739,587 2,269,342,626 2,427,250,316
Insurance 0.50% 1,579,981,755 1,689,506,511 1,806,665,781 1,931,993,015 2,066,058,973 2,209,474,343 2,362,892,525 2,527,012,630 2,702,582,670 2,890,402,988 3,091,329,915 3,306,279,688 3,536,232,645 3,782,237,710 4,045,417,194
Marketing 2.00% 6,319,927,019 6,758,026,044 7,226,663,125 7,727,972,059 8,264,235,894 8,837,897,371 9,451,570,100 10,108,050,518 10,810,330,681 11,561,611,954 12,365,319,659 13,225,118,750 14,144,930,579 15,128,950,841 16,181,668,776
Permit 0.30% 947,989,053 1,013,703,907 1,083,999,469 1,159,195,809 1,239,635,384 1,325,684,606 1,417,735,515 1,516,207,578 1,621,549,602 1,734,241,793 1,854,797,949 1,983,767,813 2,121,739,587 2,269,342,626 2,427,250,316
Reserve for Replacement 2.50% 7,899,908,773 8,447,532,555 9,033,328,906 9,659,965,073 10,330,294,867 11,047,371,714 11,814,462,625 12,635,063,148 13,512,913,351 14,452,014,942 15,456,649,574 16,531,398,438 17,681,163,224 18,911,188,552 20,227,085,970
Total Fixed Charges 25,595,704,426 27,370,005,477 29,267,985,654 31,298,286,838 33,470,155,369 35,793,484,352 38,278,858,906 40,937,604,599 43,781,839,258 46,824,528,412 50,079,544,620 53,561,730,938 57,286,968,845 61,272,250,908 65,535,758,542
Investment Cost
Land
Building & Facilities
Total Investment Cost
Total Expenses 93,265,922,199 99,777,138,494 106,743,617,982 114,197,213,428 122,172,006,821 130,704,465,406 139,833,608,634 149,601,186,808 160,051,872,221 171,233,463,683 183,197,105,359 195,997,520,930 209,693,264,136 224,346,986,869 240,025,726,020
Net Operating Income Property 222,730,428,739 238,124,163,693 254,589,538,243 272,201,389,504 291,039,787,861 311,190,403,135 332,744,896,382 355,801,339,108 380,464,661,823 406,847,133,998 435,068,877,601 465,258,416,583 497,553,264,819 532,100,555,205 569,057,712,773
NOI/1000 222,730,429 238,124,164 254,589,538 272,201,390 291,039,788 311,190,403 332,744,896 355,801,339 380,464,662 406,847,134 435,068,878 465,258,417 497,553,265 532,100,555 5,690,577,128
Growth NOI Last Year Forecasting 6.94%

Terminal Cap Rate 10.00%
Terminal Value 5,690,577,127,729
PV Terminal Value 127,432,577,702
Discount Rate
Discount Factor 0.116163678 0.102346853 0.090173439 0.079447964 0.069998206 0.061672428 0.054336941 0.047873957 0.042179698 0.037162729 0.032742493 0.028848011 0.02541675 0.022393612 0.019730055
Present Value of NOI 25,873,185,787 24,371,258,728 22,957,214,091 21,625,846,061 20,372,262,948 19,191,867,720 18,080,339,781 17,033,617,928 16,047,884,382 15,119,549,850 14,245,239,528 13,421,779,988 12,646,186,898 11,915,653,514 11,227,539,886
Net Present Value
Rounded Net Present Value
Financial Indicator
Lessee Interests (Minimum Royalti)
Investment Cost (332,145,000,000) (332,145,000,000)
Property NOI 0 0 53,776,937,359 59,194,427,722 74,079,163,133 105,435,061,942 113,106,632,162 121,307,670,363 130,074,492,210 139,644,630,119 149,259,253,982 159,542,086,507 170,539,757,853 182,302,157,951 194,882,664,567 208,338,387,314
Royalti Expenses 9,950,455,817 10,264,890,221 10,589,260,752 10,923,881,391 11,269,076,043 11,625,178,846 11,992,534,498 12,371,498,588 12,762,437,943 13,165,730,982 13,581,768,081 14,010,951,953 14,453,698,034 14,910,434,892 15,381,604,635 15,867,663,341
Lesse NOI (342,095,455,817) (342,409,890,221) 43,187,676,607 48,270,546,331 62,810,087,089 93,809,883,096 101,114,097,664 108,936,171,775 117,312,054,267 126,478,899,136 135,677,485,900 145,531,134,555 156,086,059,818 167,391,723,058 179,501,059,932 192,470,723,972
NOI/1000 (342,095,456) (342,409,890) 43,187,677 48,270,546 62,810,087 93,809,883 101,114,098 108,936,172 117,312,054 126,478,899 135,677,486 145,531,135 156,086,060 167,391,723 179,501,060 192,470,724
Growth NOI Last Year Forecasting

Terminal Cap Rate
Terminal Value
PV Terminal Value
Discount Rate 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50%
Discount Factor 0.881057269 0.762820146 0.660450343 0.571818479 0.495080934 0.428641501 0.371118183 0.321314444 0.278194324 0.240860886 0.208537564 0.180552004 0.156322081 0.135343793 0.117180773 0.101455215
Present Value of Lesse Interest (301,405,687,944) (261,197,162,477) 28,523,315,826 27,601,990,370 31,096,076,578 40,210,809,124 37,525,280,192 35,002,765,474 32,635,547,620 30,463,819,766 28,293,852,406 26,275,937,916 24,399,697,679 22,655,430,722 21,034,072,992 19,527,158,660
Lessee Interest 5,958,366,909
Rounded Value of Lessee Interest 5,958,000,000
Financial Indicator
Lessor Interests (Minimum Royalti)

Investment Cost (297,000,000,000)
Royalti Revenue 3.35% 9,950,455,817 10,264,890,221 10,589,260,752 10,923,881,391 11,269,076,043 11,625,178,846 11,992,534,498 12,371,498,588 12,762,437,943 13,165,730,982 13,581,768,081 14,010,951,953 14,453,698,034 14,910,434,892 15,381,604,635 15,867,663,341
Lessor NOI (287,049,544,183) 10,264,890,221 10,589,260,752 10,923,881,391 11,269,076,043 11,625,178,846 11,992,534,498 12,371,498,588 12,762,437,943 13,165,730,982 13,581,768,081 14,010,951,953 14,453,698,034 14,910,434,892 15,381,604,635 15,867,663,341
NOI/1000 (287,049,544) 10,264,890 10,589,261 10,923,881 11,269,076 11,625,179 11,992,534 12,371,499 12,762,438 13,165,731 13,581,768 14,010,952 14,453,698 14,910,435 15,381,605 15,867,663

Terminal Value
PV Terminal Value
Discount Rate 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85%
Discount Factor 0.881057269 0.80944041 0.743644937 0.683197657 0.627663844 0.576644103 0.529771509 0.486708961 0.447146757 0.410800372 0.377408409 0.346730715 0.318546662 0.292653554 0.26886517 0.247010428
Present Value of Lessor Interest (252,907,087,386) 8,308,816,945 7,874,650,140 7,463,170,176 7,073,191,582 6,703,590,830 6,353,303,102 6,021,319,220 5,706,682,738 5,408,487,192 5,125,873,479 4,858,027,391 4,604,177,265 4,363,591,759 4,135,577,746 3,919,478,320
Lessor Interest 1
Rounded Value of Lessor Interest 1
Financial Indicator
Net Present Value 1.00
Profitability Indeks 1.000
Investment Cost
Property NOI 222,730,428,739 238,124,163,693 254,589,538,243 272,201,389,504 291,039,787,861 311,190,403,135 332,744,896,382 355,801,339,108 380,464,661,823 406,847,133,998 435,068,877,601 465,258,416,583 497,553,264,819 532,100,555,205
Royalti Expenses 16,369,081,503 16,886,344,478 17,419,952,964 17,970,423,478 18,538,288,860 19,124,098,788 19,728,420,309 20,351,838,391 20,994,956,484 21,658,397,109 22,342,802,458 23,048,835,015 23,777,178,202 24,528,537,033
Lesse NOI 206,361,347,236 221,237,819,215 237,169,585,279 254,230,966,026 272,501,499,001 292,066,304,347 313,016,476,073 335,449,500,717 359,469,705,339 385,188,736,889 412,726,075,143 442,209,581,567 473,776,086,617 507,572,018,172
NOI/1000 206,361,347 221,237,819 237,169,585 254,230,966 272,501,499 292,066,304 313,016,476 335,449,501 359,469,705 385,188,737 412,726,075 442,209,582 473,776,087 507,572,018

Terminal Cap Rate
Terminal Value
PV Terminal Value
Discount Rate 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50%
Discount Factor 0.087840013 0.076051959 0.065845852 0.057009396 0.049358784 0.042734878 0.036999894 0.032034541 0.027735533 0.024013449 0.020790865 0.018000749 0.015585064 0.013493562
Present Value of Lesse Interest 18,126,783,401 16,825,569,603 15,616,633,442 14,493,553,762 13,450,342,691 12,481,417,919 11,581,576,584 10,745,970,674 9,970,083,892 9,249,709,907 8,580,931,915 7,960,103,465 7,383,830,462 6,848,954,291
Lessee Interest
Rounded Value of Lessee Interest
Financial Indicator
Lessor Interests (Minimum Royalti)

Investment Cost
Royalti Revenue 3.35% 16,369,081,503 16,886,344,478 17,419,952,964 17,970,423,478 18,538,288,860 19,124,098,788 19,728,420,309 20,351,838,391 20,994,956,484 21,658,397,109 22,342,802,458 23,048,835,015 23,777,178,202 24,528,537,033 25,303,638,803
Lessor NOI 16,369,081,503 16,886,344,478 17,419,952,964 17,970,423,478 18,538,288,860 19,124,098,788 19,728,420,309 20,351,838,391 20,994,956,484 21,658,397,109 22,342,802,458 23,048,835,015 23,777,178,202 24,528,537,033 5,690,577,127,729
NOI/1000 16,369,082 16,886,344 17,419,953 17,970,423 18,538,289 19,124,099 19,728,420 20,351,838 20,994,956 21,658,397 22,342,802 23,048,835 23,777,178 24,528,537 5,690,577,128

Discount Rate 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85%
Discount Factor 0.226932152 0.208485942 0.191539134 0.175969849 0.161666116 0.148525064 0.136452184 0.12536065 0.115170693 0.105809027 0.097208326 0.089306734 0.082047424 0.075378188
Present Value of Lessor Interest 3,714,670,897 3,520,565,430 3,336,602,701 3,162,252,713 2,997,013,165 2,840,408,002 2,691,986,045 2,551,319,692 2,418,003,683 2,291,653,934 2,171,906,433 2,058,416,187 1,950,856,232 1,848,916,687
Lessor Interest
Rounded Value of Lessor Interest
Financial Indicator
Net Present Value 1.00
Investment Cost (332,145,000,000) (332,145,000,000)
Property NOI - - 53,776,937,359 59,194,427,722 74,079,163,133 105,435,061,942 113,106,632,162 121,307,670,363 130,074,492,210 139,644,630,119 149,259,253,982 159,542,086,507 170,539,757,853 182,302,157,951 194,882,664,567 208,338,387,314
Royalti Expenses 10,698,199,998 11,036,263,118 11,385,009,032 11,744,775,318 12,115,910,218 12,498,772,980 12,893,734,207 13,301,176,208 13,721,493,376 14,155,092,566 14,602,393,492 15,063,829,126 15,539,846,126 16,030,905,264 16,537,481,870 17,060,066,297
Lesse NOI (342,843,199,998) (343,181,263,118) 42,391,928,327 47,449,652,405 61,963,252,915 92,936,288,962 100,212,897,956 108,006,494,155 116,352,998,834 125,489,537,552 134,656,860,490 144,478,257,382 154,999,911,726 166,271,252,687 178,345,182,697 191,278,321,016
NOI/1000 (342,843,200) (343,181,263) 42,391,928 47,449,652 61,963,253 92,936,289 100,212,898 108,006,494 116,352,999 125,489,538 134,656,860 144,478,257 154,999,912 166,271,253 178,345,183 191,278,321

Terminal Cap Rate
Terminal Value
PV Terminal Value
Discount Rate 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50%
Discount Factor 0.881057269 0.762820146 0.660450343 0.571818479 0.495080934 0.428641501 0.371118183 0.321314444 0.278194324 0.240860886 0.208537564 0.180552004 0.156322081 0.135343793 0.117180773 0.101455215
Present Value of Lesse Interest (302,064,493,390) (261,785,581,263) 27,997,763,601 27,132,588,054 30,676,825,124 39,836,350,422 37,190,828,594 34,704,046,627 32,368,743,842 30,225,521,258 28,081,013,669 26,085,838,833 24,229,908,749 22,503,782,011 20,898,626,403 19,406,183,161
Lessee Interest 1
Rounded Value of Lessee Interest 1
Financial Indicator
Net Present Value 1
Lessor Interests (Maximum Royalti)

Investment Cost (297,000,000,000)
Royalti Revenue 3.60% 10,698,199,998 11,036,263,118 11,385,009,032 11,744,775,318 12,115,910,218 12,498,772,980 12,893,734,207 13,301,176,208 13,721,493,376 14,155,092,566 14,602,393,492 15,063,829,126 15,539,846,126 16,030,905,264 16,537,481,870 17,060,066,297
Lessor NOI (286,301,800,002) 11,036,263,118 11,385,009,032 11,744,775,318 12,115,910,218 12,498,772,980 12,893,734,207 13,301,176,208 13,721,493,376 14,155,092,566 14,602,393,492 15,063,829,126 15,539,846,126 16,030,905,264 16,537,481,870 17,060,066,297
NOI/1000 (286,301,800) 11,036,263 11,385,009 11,744,775 12,115,910 12,498,773 12,893,734 13,301,176 13,721,493 14,155,093 14,602,393 15,063,829 15,539,846 16,030,905 16,537,482 17,060,066

Terminal Value
PV Terminal Value
Discount Rate 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85%
Discount Factor 0.881057269 0.80944041 0.743644937 0.683197657 0.627663844 0.576644103 0.529771509 0.486708961 0.447146757 0.410800372 0.377408409 0.346730715 0.318546662 0.292653554 0.26886517 0.247010428
Present Value of Lessor Interest (252,248,281,940) 8,933,197,338 8,466,404,319 8,024,002,984 7,604,718,775 7,207,343,737 6,830,733,032 6,473,801,648 6,135,521,265 5,814,917,299 5,511,066,091 5,223,092,247 4,950,166,114 4,691,501,395 4,446,352,875 4,214,014,284
Lessor Interest 10,087,804,097
Rounded Value of Lessor Interest 10,088,000,000
Financial Indicator
Net Present Value 10,088,000,000.00
Investment Cost
Property NOI 222,730,428,739 238,124,163,693 254,589,538,243 272,201,389,504 291,039,787,861 311,190,403,135 332,744,896,382 355,801,339,108 380,464,661,823 406,847,133,998 435,068,877,601 465,258,416,583 497,553,264,819 532,100,555,205
Royalti Expenses 17,599,164,392 18,155,297,987 18,729,005,403 19,320,841,974 19,931,380,581 20,561,212,207 21,210,946,513 21,881,212,422 22,572,658,735 23,285,954,751 24,021,790,921 24,780,879,514 25,563,955,307 26,371,776,295
Lesse NOI 205,131,264,347 219,968,865,706 235,860,532,840 252,880,547,530 271,108,407,280 290,629,190,928 311,533,949,870 333,920,126,685 357,892,003,088 383,561,179,247 411,047,086,680 440,477,537,068 471,989,309,512 505,728,778,910
NOI/1000 205,131,264 219,968,866 235,860,533 252,880,548 271,108,407 290,629,191 311,533,950 333,920,127 357,892,003 383,561,179 411,047,087 440,477,537 471,989,310 505,728,779

Terminal Cap Rate
Terminal Value
PV Terminal Value
Discount Rate 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50% 15.50%
Discount Factor 0.087840013 0.076051959 0.065845852 0.057009396 0.049358784 0.042734878 0.036999894 0.032034541 0.027735533 0.024013449 0.020790865 0.018000749 0.015585064 0.013493562
Present Value of Lesse Interest 18,018,732,904 16,729,063,202 15,530,437,769 14,416,567,220 13,381,581,377 12,420,003,052 11,526,723,271 10,696,977,879 9,926,325,480 9,210,626,635 8,546,024,293 7,928,925,368 7,355,983,427 6,824,082,429
Lessee Interest
Rounded Value of Lessee Interest
Financial Indicator
Net Present Value 1
Lessor Interests (Maximum Royalti)

Investment Cost
Royalti Revenue 3.60% 17,599,164,392 18,155,297,987 18,729,005,403 19,320,841,974 19,931,380,581 20,561,212,207 21,210,946,513 21,881,212,422 22,572,658,735 23,285,954,751 24,021,790,921 24,780,879,514 25,563,955,307 26,371,776,295 27,205,124,425
Lessor NOI 17,599,164,392 18,155,297,987 18,729,005,403 19,320,841,974 19,931,380,581 20,561,212,207 21,210,946,513 21,881,212,422 22,572,658,735 23,285,954,751 24,021,790,921 24,780,879,514 25,563,955,307 26,371,776,295 5,690,577,127,729
NOI/1000 17,599,164 18,155,298 18,729,005 19,320,842 19,931,381 20,561,212 21,210,947 21,881,212 22,572,659 23,285,955 24,021,791 24,780,880 25,563,955 26,371,776 5,690,577,128

Discount Rate 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85% 8.85%
Discount Factor 0.226932152 0.208485942 0.191539134 0.175969849 0.161666116 0.148525064 0.136452184 0.12536065 0.115170693 0.105809027 0.097208326 0.089306734 0.082047424 0.075378188
Present Value of Lessor Interest 3,993,816,255 3,785,124,397 3,587,337,471 3,399,885,652 3,222,228,893 3,053,855,365 2,894,279,984 2,743,043,015 2,599,708,744 2,463,864,225 2,335,118,091 2,213,099,425 2,097,456,691 1,987,856,723
Lessor Interest
Rounded Value of Lessor Interest
Financial Indicator
Net Present Value 10,088,000,000.00

DCF - Based On FS Rev 11.01.2019

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DCF - Based On FS Rev 11.01.2019

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Subject Property : Projected Maritime Tower

Owner : PT. MMI

Growth NOI Last Year Forecasting 6.94%

Net Present Value 93,369,055,479

Rounded Net Present Value 93,369,000,000

Growth NOI Last Year Forecasting 6.94%

Net Present Value

Rounded Net Present Value

Growth NOI Last Year Forecasting

Lessee Interest 5,958,366,909

Rounded Value of Lessee Interest 5,958,000,000

Lessor Interests (Minimum Royalti)

Growth NOI Last Year Forecasting

Rounded Value of Lessor Interest 1

Growth NOI Last Year Forecasting

Rounded Value of Lessee Interest

Lessor Interests (Minimum Royalti)

Growth NOI Last Year Forecasting

Rounded Value of Lessor Interest

Growth NOI Last Year Forecasting

Rounded Value of Lessee Interest 1

Lessor Interests (Maximum Royalti)

Growth NOI Last Year Forecasting

Lessor Interest 10,087,804,097

Rounded Value of Lessor Interest 10,088,000,000

Growth NOI Last Year Forecasting

Rounded Value of Lessee Interest

Lessor Interests (Maximum Royalti)

Growth NOI Last Year Forecasting

Rounded Value of Lessor Interest

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