Indonesia’s Most Preferred Department Store1

April 30, 2013

Matahari Department Store

Q1’FY13 Results Update

Indonesia’s Most Preferred Department Store2

Today’s Agenda

� Key Highlights

� Business Update

� Financial Update

� Conclusion

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Indonesia’s Most Preferred Department Store3

Key Highlights

Indonesia’s Most Preferred Department Store4

Key Highlights

• Successfully completed the share offering

• Strong Q1 results despite the impact of flooding in the Jakarta area

• Completed voluntary debt prepayment of IDR 700 Bn

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Indonesia’s Most Preferred Department Store5

Recap of Share Offering

• Share offering completed in March 2013 with subsequent exercise of over-allotment

option in April 2013

• Strong positive response from high quality global investors

• Free float increased to 47.4%

• Including the exercise of the over-allotment option, 1,327,765,500 shares were placed

out to investors at an offer price of Rp10,850 per share

Post-Offering Shareholding Structure

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32.2%47.4% 20.5%

PT Matahari Department Store Tbk

Public ACC Multipolar

Indonesia’s Most Preferred Department Store6

Business Update

Indonesia’s Most Preferred Department Store7

Business Highlights Q1’13

• Total gross sales IDR 2,372 Bn, 18.3% over Q1 2012

• Same store sales growth of 13.2%

• Merchandise gross margin improved 10 bps over 2012

• Net Income increased 82.8% to IDR 82.2 Bn

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Indonesia’s Most Preferred Department Store8

Financial Snapshot

2,006

2,372

Q1'12 Q1'13

IDR Bn

Gross Sales

SSSG

18.3%

13.2%

255

297

Q1'12 Q1'13

IDR Bn

Adjusted EBITDA

12.7%

Adjusted EBITDA Margin

16.3%

12.5%

45

82

Q1'12 Q1'13

IDR Bn

Net Income

2.2%

Net Income Margin

82.8%

3.5%

11.7%

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Indonesia’s Most Preferred Department Store99

Operating 118 Stores Across 57 Cities

No new stores scheduled in Q1 2013, 2 stores opened in April 2013 in line with schedule

East Java

16 Stores (9 cities)

Sumatra

18 stores (10 cities)

Kalimantan, Bali and East

Indonesia

24 Stores (13 cities)

MDS Store Overview

No. of Stores

As of 31 Dec 2012 116

Added up to April 2013 2

Total at April 2013 118

Up to April 2013 (1)

West Java

11 stores (7 cities)

Greater Jakarta33 stores (10 cities)

Central Java

16 stores (8 cities)

Note

1. Numbers in brackets indicate new stores added up to April 2013

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Indonesia’s Most Preferred Department Store10

Strong Store Pipeline

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# of stores % mix # of stores % mix

1 Jabodetabek (Greater Jakarta) 33 28.5% 13 20.0%

2 Java (Exc Greater Jakarta) 42 36.2% 16 24.6%

3 Outside Java 41 35.3% 36 55.4%

Total 116 100.0% 65 100.0%

2013-2015Geographic areaNo

As at 31 Dec 2012

Indonesia’s Most Preferred Department Store11

Strong Performance From Private Label Brands In Q1 2013

DP Increase Mix Of Business to + 2.6% in Q1 2013

% of Gross Sales

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DP

29.1%

CV

70.9%

DP

29.0%

CV

71.0%

FY12

DP

31.6%

CV

68.4%

Q1’12 Q1’13

Indonesia’s Most Preferred Department Store12

Financial Update

Indonesia’s Most Preferred Department Store13

Strong Total Sales Growth

IDR Bn

Strong sales growth in Q1 2013

9,247

10,884

2,006

2,372

2011 2012 Q1'12 Q1'13

+18.3%

+17.7%

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Indonesia’s Most Preferred Department Store14

Driven by double-digit same-store sales growth

SSS growth %

Strong same-store sales growth in Q1 2013

13.6%

11.1%11.7%

13.2%

2011 2012 Q1'12 Q1'13

Average 12.4%

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Indonesia’s Most Preferred Department Store

20.7%21.0%

Q112 Q113

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Wages pressure affected opex in Q1 as anticipated

Note

1. Opex calculated as Adjusted Gross Profit less Adjusted EBITDA

Adjusted Opex(1) as a % of Gross Sales

17.7%

17.1%

2011 2012

(60) bps

+30 bps

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Indonesia’s Most Preferred Department Store16

EBITDA increased 16.3% over 2012

Adjusted EBITDA and Margins

1,479

1,819

255 297

2011 2012 Q1'12 Q1'13

+16.3%

16.0%

16.7%

12.7% 12.5%

IDR Bn

Adjusted EBITDA as a % of Gross Sales

+23.0%

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Indonesia’s Most Preferred Department Store

45

82

Q1'12 Q1'13

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Net profit margin increased 82.8% over 2012

Net Profit and Margins

466

771

2011 2012

+82.8%

5.0%

7.1%

2.2%

3.5%

IDR Bn

Net Profit as a % of Gross Sales

+65.4%

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Note: Q1 2013 assumes a 25% base tax rate. If base tax rate was 20%, net profit margin would be 93.4 Bn, 3.9% of gross sales and an increase of

108% over last year.

Indonesia’s Most Preferred Department Store18

Voluntary prepayment of IDR 700Bn was made in Q1’13

Total Debt and Interest Expense

� Total debt declined by 441Bn, due to voluntary

prepayment

� Management intends to make additional

voluntary prepayments during the course of the

year

� Effective interest rate declined from 13.1% in

Q1 ‘12 to 11.1% in Q1 ’13 following the

refinancing of the loan from Matahari Pacific in

August 2012.

Commentary

Notes

1. Excluding amortization of upfront fees

2. Effective interest rate is computed by dividing interest expense (excluding amortization of upfront fees) during the relevant period by beginning gross debt of the relevant period

3. Total debt comprises of bank loan, revolving loan and vendor loan

2,959

2,518

Q4'12 Q1'13

111

81

Q1'12 Q1'13

Total Debt Interest expense

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Indonesia’s Most Preferred Department Store19

Strong SSSG across each region

Sales Growth and SSSG by Region

Geographic AreaStores as at

Q1’13

Store Mix

% to Total

Q1 Sales

(IDR Bn)

Q1 Total Sales

% growthSSSG%

Greater Jakarta 33 28.5 727.5 14.3 12.2

Java exclude Greater Jakarta 42 36.2 738.4 22.8 18.1

Outside Java 41 35.3 906.4 18.0 10.1

Total 116 100.0 2,372.3 18.3 13.2

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Indonesia’s Most Preferred Department Store20

Financial Summary

Q1’12 Q1’13

Gross Sales 2,005.9 2,372.4

SSSG 11.7% 13.2%

Growth 16.5% 18.3%

Net Revenue 1,033.8 1,257.2

Growth 17.2% 21.6%

Adjusted Gross Profit 669.4 794.0

Margin 33.4% 33.5%

Adjusted EBITDAR 415.6 486.0

Margin 20.7% 20.5%

Adjusted EBITDA 255.1 296.7

Margin 12.7% 12.5%

Profit before tax 95.7 138.1

Margin 4.8% 5.8%

Net Profit 45.0 82.2

Margin 2.2% 3.5%

growth 82.8%

IDR Bn

Key Profit & Loss Items

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Summary

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Q1’13 Summary and Plans for 2013

• Exceeded Company internal plans in Q1

• Seeing strength in sales and earning growth, driven by the increased

disposable income in our target segment

• Management has a positive outlook for the balance of the year

• Accelerated debt repayment is on track in 2013

• Store pipeline continues to grow

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End of Presentation