MATAHARI DEPARTMENT STORE APPROVED Rp 1.3 TRILLION or 70% PAYOUT FOR CASH DIVIDEND

The Annual General Meeting of Shareholders (“AGM”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 27 April 2018 concurred and approved the Directors’ Report on the Company’s business achievements and financial results for the fiscal year 2017. The Directors reported that the Company recorded a total 2017 gross sales of Rp 17.5 trillion, up 1.2% over 2016 with same store sales growth (SSSG) declined 1.2%. 2017 net income was Rp 1.9 trillion, equivalent to 10.9% of sales.

The AGM approved the use of its 2017 net income of Rp 1,907 billion as follows: Rp 1,334 billion or 70% of 2017 net profit for a cash dividend, to be distributed to its 2,917,918,080 shares, equivalent to Rp 457.50 per share, to be paid on 30 May 2018. The balance of Rp 572 billion will be recorded as retained earnings.

The AGM also confirmed shareholders' approval of the composition of the Board of Directors and Board of Commissioners below.

Board of Directors:
President Director                                             : Bunjamin J. Mailool
Vice President Director (Independent) : Richard T. Gibson
Director                                                                    : Christian Kurnia
Director                                                                    : Andre Rumantir
Director                                                                    : Henry Jani Liando
Director                                                                    : Widhayati Hendropurnomo

Board of Commissioners:
President Commissioner (Independent)            : John Bellis
Vice President Commissioner (Independent) : Roy Nicholas Mandey
Commissioner (Independent)                                   : Rudy Ramawi
Commissioner                                                                    : Sigit Prasetya
Commissioner                                                                    : John Riady
Commissioner                                                                    : William Travis Saucer
Commissioner                                                                    : Niel Byron Nielson
Commissioner (Independent)                                   : Surya Tatang

“The cash dividend amounting Rp 1,334 billion or 70% of net income shows our commitment to increasing our stakeholders’ returns”, said Richard Gibson, Vice President Director and CEO of the Company.

He also stated that the Board of Management of PT Matahari Department Store Tbk successfully executed its new merchandise initiatives and growth strategies by opening 8 new stores in 2017. Matahari building on its history as the first domestic department store chain in Indonesia which has 153 stores operating across Indonesia, and also offers its merchandise online at MatahariStore.com.