News Release: Antam to distribute dividend of the net profit of 2003 of Rp73.63 billion

Jakarta, May 27th 2004 - PT Antam Tbk (ASX, JSX, SSX) is pleased to announce it has held its Annual General Meeting of Shareholders (AGM) and Extraordinary General Meeting of Shareholders (EGM) today at Hotel Intercontinental Mid Plaza, Jakarta.

Among the resolutions of the AGM, it was resolved to pay a cash dividend in the amount of Rp73.63 billion, or 32.5% of Antam's profits after tax of the year ended December 31st, 2003. The dividend, which is equivalent to Rp38.60 per share, will be distributed June 30, 2004.

Antam?s shareholders agreed with the recommendation to appoint the Public Accountant firm of Haryanto Sahari & Partners - an affiliate of Pricewaterhouse Coopers, to audit Antam?s annual financial statements for the fiscal year ended December 31st, 2004.

As well, Antam received shareholder ratification of the Company?s 2003 financial statements and approval of the restatement of the 2002 financial statements. The restatement was performed after Antam decided to retroactively recognize the estimated current and future post-retirement health liability of substantially all of Antam?s qualified permanent employees.

During the EGM, Antam?s shareholders shareholders ratified the termination and appointment of Antam?s Board of Commissioners. In order to meet market regulations for a minimum 30% of independent commissioners, a second independent commissioner was appointed, following the termination of Commissioner Hikman Manaf. The President Commissioner was replaced in order to bring a new approach to achieving long term corporate objectives, while the other Commissioners were reappointed. The membership of Antam?s Board of Commissioners accompanies this announcement.

There were no changes to Antam?s Board of Directors. The members of the Board of Commissioners were appointed to five-year terms. While the appointment process did not formally use a nomination committee it was based on a nomination procedure conducted by the Ministry of State Owned Enterprises in consideration of integrity, experience, competency and other qualifications.

As part of Antam?s full listing on the Australian Stock Exchange (ASX), Antam must release to the market its waiver from ASX listing rule 14.3 to permit Antam to accept nominations of directors from candidates approved by the Ministry of State Owned Enterprises.

For further information please contact: Mr Dohar Siregar, Corporate Secretary, Tel: (6221) 780 5119, Fax: (6221) 781 2822, Email: corsec@antam.com. (*)