MATAHARI DEPARTMENT STORE APPROVES Rp 1.4 TRILLION or 70% PAYOUT FOR CASH DIVIDEND

The Annual General Meeting of Shareholders (“AGM”) of PT Matahari Department Store Tbk (IDX: LPPF) (The Company) on 26 April 2017 concurred and approved the Directors’ Report on the Company’s business achievements and financial results for the fiscal year 2016. The Directors reported that the Company recorded a total 2016 gross sales of Rp 17.3 trillion, up 8.3% over 2015 with same store sales growth (SSSG) of 5.5%. 2016 net income increased by 13.4% to Rp 2,020 billion.

The AGM approved the use of its 2016 net income of Rp 2,020 billion as follows: Rp 1,414 billion or 70% of 2016 net profit for a cash dividend, to be distributed to its 2,917,918,080 shares, equivalent to Rp 484.60 per share, to be paid on 26 May 2017. The balance of Rp 606 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 : Richard T. Gibson
Director (Independent) : Andre Rumantir
Director : Eddy Harsono Handoko
Director : Christian Kurnia

Board of Commissioners:
President Commissioner (Independent) : John Bellis
Independent Commissioner : Jonathan L. Parapak
Independent Commissioner : Herbert Stepic
Commissioner : Sigit Prasetya
Commissioner : Henry Jany Liando
Commissioner : William Travis Saucer
Commissioner : John Riady
Commissioner : Niel Byron Nielson
Commissioner : Johanes Jany

“The cash dividend amounting Rp 1,414 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 on its growth strategies by opening 9 new stores in 2016. With these openings, Matahari, building on its history as the first domestic department store chain in Indonesia, now has 151 stores operating across Indonesia, and also offers its merchandise on-line at MatahariStore.com.