<strong>PT Matahari Department Store Tbk</strong><br/><span>Annual Cash Flow Stat

ement</span><table width="100%" cellpadding="3" cellspacing="1" class="ccbnRowH

overTbl" Border="1"><tr class="ccbnBgTblTtl"><td align="left"><span class="ccbn
TblTtl">Period Ended</span></td><td align="right"><span class="ccbnTblTtl">31-De
c-2014</span></td><td align="right"><span class="ccbnTblTtl">31-Dec-2013</span><
/td><td align="right"><span class="ccbnTblTtl">31-Dec-2012</span></td></tr><tr c
lass="ccbnBgTblSubTtl"><td align="left">&#160;</td><td align="right"><span class
="ccbnTblSubTtl">Update</span></td><td align="right"><span class="ccbnTblSubTtl"
>Update</span></td><td align="right"><span class="ccbnTblSubTtl">Update</span></
td></tr><tr class="ccbnBgTblSubTtl"><td align="left">&#160;</td><td align="right
"><span class="ccbnTblSubTtl">05-Nov-2015</span></td><td align="right"><span cla
ss="ccbnTblSubTtl">05-Nov-2015</span></td><td align="right"><span class="ccbnTbl
SubTtl">05-Nov-2015</span></td></tr><tr class="ccbnBgTblSubTtl"><td width="100%"
align="left" colspan="4"><span class="ccbnTblSubTtl">In millions of IDR<br />(e
xcept for per share items)</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Cash Receipts</span></td><td align="righ
t" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">15,927,265.00</span></t
d><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">13,937
,039.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="c
cbnTblTxt">11,975,982.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Cash Payments</span></td><td align="righ
t" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-10,477,757.00</span></
td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-9,24
4,711.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="
ccbnTblTxt">-10,086,510.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Cash Taxes Paid</span></td><td align="ri
ght" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-377,795.00</span></t
d><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-470,4
37.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccb
nTblTxt">-315,842.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Other Operating Cash Flow</span></td><td alig
n="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-3,197,311.00</s
pan></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt"
>-2,550,956.00</span></td><td align="right" valign="top" nowrap="nowrap"><span c
lass="ccbnTblTxt">26,151.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Changes in Working Capital</span></td><t
d align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-3,197,311
.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnT
blTxt">-2,550,956.00</span></td><td align="right" valign="top" nowrap="nowrap"><
span class="ccbnTblTxt">26,151.00</span></td></tr>
<tr><td colspan="6"><table width="100%"
cellpadding="0" cellspacing="0" Border="1"><tr class="ccbnBgLine"><td></td></tr
></table></td></tr>
<tr class="ccbnBgTblHighlight"><td class
="ccbnBgTblHighlightLnk"><span class="ccbnTblTxt">Cash from Operating Activities
</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblH
ighlight">1,874,402.00</span></td><td align="right" valign="top" nowrap="nowrap"
><span class="ccbnTblHighlight">1,670,935.00</span></td><td align="right" valign
="top" nowrap="nowrap"><span class="ccbnTblHighlight">1,599,781.00</span></td></
tr>
<tr class="ccbnBgSpacer">
<td colspan="6"></td>
</tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Purchase of Fixed Assets</span></td><td align

="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-270,720.00</span

></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-2
39,272.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class=
"ccbnTblTxt">-241,103.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Capital Expenditures</span></td><td alig
n="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-270,720.00</spa
n></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">239,272.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class
="ccbnTblTxt">-241,103.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Sale of Fixed Assets</span></td><td align="ri
ght" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">1,723.00</span></td><
td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">1,355.00<
/span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTx
t">1,058.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Purchase of Investments</span></td><td align=
"right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></td><td
align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></t
d><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">.00</s
pan></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Other Investing Cash Flow</span></td><td alig
n="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></td><t
d align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">.00</span>
</td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-27
2,761.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Other Investing Cash Flow Items, Total</
span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt
">1,723.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class
="ccbnTblTxt">1,355.00</span></td><td align="right" valign="top" nowrap="nowrap"
><span class="ccbnTblTxt">-271,703.00</span></td></tr>
<tr><td colspan="6"><table width="100%"
cellpadding="0" cellspacing="0" Border="1"><tr class="ccbnBgLine"><td></td></tr
></table></td></tr>
<tr class="ccbnBgTblHighlight"><td class
="ccbnBgTblHighlightLnk"><span class="ccbnTblTxt">Cash from Investing Activities
</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblH
ighlight">-268,997.00</span></td><td align="right" valign="top" nowrap="nowrap">
<span class="ccbnTblHighlight">-237,917.00</span></td><td align="right" valign="
top" nowrap="nowrap"><span class="ccbnTblHighlight">-512,806.00</span></td></tr>
<tr class="ccbnBgSpacer">
<td colspan="6"></td>
</tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Other Financing Cash Flow</span></td><td alig
n="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-169,097.00</spa
n></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">274,281.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class
="ccbnTblTxt">-325,445.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Financing Cash Flow Items</span></td><td
align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-169,097.00
</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblT
xt">-274,281.00</span></td><td align="right" valign="top" nowrap="nowrap"><span
class="ccbnTblTxt">-325,445.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Cash Dividends Paid - Common</span></td><td a

lign="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-460,156.00</

span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt
">--</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbn
TblTxt">.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Total Cash Dividends Paid</span></td><td
align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-460,156.00
</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblT
xt">--</span></td><td align="right" valign="top" nowrap="nowrap"><span class="cc
bnTblTxt">.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Sale / Issuance of Common</span></td><td alig
n="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></td><t
d align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span><
/td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">.00<
/span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Common Stock, Net</span></td><td align="right
" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></td><td align=
"right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">--</span></td><td
align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">.00</span></
td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Issuance (Retirement) of Stock, Net</spa
n></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTbl
Txt">--</span></td><td align="right" valign="top" nowrap="nowrap"><span class="c
cbnTblTxt">.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Long Term Debt Issued</span></td><td align="r
ight" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">1,659,200.00</span><
/td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">250,
000.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="cc
bnTblTxt">1,176,173.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Long Term Debt Reduction</span></td><td align
="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-2,647,253.00</sp
an></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">
-1,650,000.00</span></td><td align="right" valign="top" nowrap="nowrap"><span cl
ass="ccbnTblTxt">-1,854,748.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLnk"><span class="ccbnTblTxt">Long Term Debt, Net</span></td><td align="rig
ht" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-988,053.00</span></td
><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-1,400,
000.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="cc
bnTblTxt">-678,575.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Issuance (Retirement) of Debt, Net</span
></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-9
88,053.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class=
"ccbnTblTxt">-1,400,000.00</span></td><td align="right" valign="top" nowrap="now
rap"><span class="ccbnTblTxt">-678,575.00</span></td></tr>
<tr><td colspan="6"><table width="100%"
cellpadding="0" cellspacing="0" Border="1"><tr class="ccbnBgLine"><td></td></tr
></table></td></tr>
<tr class="ccbnBgTblHighlight"><td class
="ccbnBgTblHighlightLnk"><span class="ccbnTblTxt">Cash from Financing Activities
</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblH
ighlight">-1,617,306.00</span></td><td align="right" valign="top" nowrap="nowrap
"><span class="ccbnTblHighlight">-1,674,281.00</span></td><td align="right" vali

gn="top" nowrap="nowrap"><span class="ccbnTblHighlight">-1,004,020.00</span></td

></tr>
<tr class="ccbnBgSpacer">
<td colspan="6"></td>
</tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Net Change in Cash</span></td><td align=
"right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-11,901.00</span><
/td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">-241
,263.00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="c
cbnTblTxt">82,955.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Net Cash - Beginning Balance</span></td>
<td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">797,796.
00</span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTb
lTxt">1,039,059.00</span></td><td align="right" valign="top" nowrap="nowrap"><sp
an class="ccbnTblTxt">956,104.00</span></td></tr>
<tr class="ccbnBgTblTxt"><td class="ccbn
BgTblLabelLnk"><span class="ccbnTblTxt">Net Cash - Ending Balance</span></td><td
align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTxt">785,895.00<
/span></td><td align="right" valign="top" nowrap="nowrap"><span class="ccbnTblTx
t">797,796.00</span></td><td align="right" valign="top" nowrap="nowrap"><span cl
ass="ccbnTblTxt">1,039,059.00</span></td></tr></table>