MATAHARI DEPARTMENT STORE STORE EXPANSION PLANS WILL OPEN AT LEAST 2 NEW STORES BEFORE LEBARAN

PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) is planning to open 6 to 8 new stores this year, where at least 2 new department stores will open before Lebaran this year, located in Mamuju (West Sulawesi) and Cilegon (Banten).

Richard Gibson, CEO and Vice President Director of the Company said, “We see the opportunity for stronger players like ourselves to increase market share by actively looking to expand our stores network in strategic areas. We are very excited about these new store openings where among them are in new cities for us, giving us the opportunity to bring our merchandise assortments to new markets. As we move forward we believe we will be well positioned for future growth once the market bounces back. With the 2 new store openings, less 1 expired lease (Palladium Medan), we will have 156 stores before Lebaran”.