MATAHARI's EGMS APPROVED SHARES BUYBACK PROGRAM IN A MAXIMUM OF 7% OF THE COMPANY'S PAID-UP AND ISSUED CAPITAL

The Extraordinary General Meeting of Shareholders (“EGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 8 October 2018 has approved the Company’s plan to buyback shares that has been issued by the Company with the maximum of 7% (seven percent) of the Company’s paid-up and issued capital or a maximum of 204,254,266 (two hundred four million and two hundred fifty four thousand and two hundred sixty six) shares. The shares buyback will be executed in maximum 18 (eighteen) months after the closing of today’s EGMS until 7 April 2020.

“The Company’s shares buyback program is part of the Company’s effort to improve shareholders’ value and shares performance of the Company that will give greater flexibility to the Company in managing its capital to achieve a more efficient capital structure. For the execution of the shares buyback, the Company will spend a maximum of Rp 1.25 trillion”, said Richard Gibson, Vice President Director and CEO of the Company. The price of Shares Buyback will be limited up to a maximum of Rp13,330,- (thirteen thousand and three hundred thirty rupiah) per share or in accordance to Financial Services Authority Regulation number 30/POJK.04/2017 regarding Buyback of Shares that Has Been Issued By Public Company.

In addition to the shares buyback program, EGMS also has approved and ratified the reaffirmation of the Company’s shareholders structure. The Company has consistently applied its strategy to continue opening new stores and as of today Matahari has 155 stores operating across Indonesia, and also offers its merchandise online at Matahari.com