PJ Asset Management submitted a shareholder proposal to the Management and Board of Directors of Far Eastern Department Stores (2903.TT) outlining a Reshaping Plan

TAIPEI,June 30,2020 -- PJ Asset Management Company ("PJAM") and its subsidiary,Jaryuan Investment Co. Ltd.,collectively holding more than 12% in common stock of Far Eastern Department Stores ("FEDS" or "the Company"),submitted a letter on June 18 to FEDS' management team and Board of Directors outlining a Reshaping Plan. This proposal follows our previous meeting request sent on December 12,2019 to the Company's management,although the request was unanswered. PJAM is FEDS' single largest shareholder,with a position of approximately USD125 million in market value.

The letter provided in Chinese below was sent to FEDS' Board of Directors communicating PJAM's significant concerns regarding the challenges facing FEDS today and analysis on its opportunities to enhance corporate governance,right-size its balance sheet and reshape its brand image for the Company's benefit and that of its key stakeholders. PJAM believes that FEDS,by implementing the Reshaping Plan,can unlock its significant conglomerate discount,pinpoint new growth perspectives in an era of retail industry revolution,and improve its balance sheet efficiency. PJAM wishes to have a positive and collaborative dialogue with FEDS' Board and management team to discuss this constructive plan in the near future.

The original letter in Chinese and PJAM's presentation on FEDS' Reshaping Plan can be found on PJAM's website: http://www.pjam.com.tw/index.php?route=newsblog/article&article_id=50&lang=en-gb

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