MANAGEMENT STOCK OPTION PLAN

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Appendix 5131 37. INTEREST AND SHARIA EXPENSE Interest and sharia expense are incurred on the following: 2011 2010 Time deposits 10,031,286 8,939,093 Saving deposits 3,008,988 2,585,365 Demand deposits 1,116,436 1,294,351 Insurance premiums on third party funds guarantee program Note 59 759,174 651,057 Subordinated loans 434,401 434,964 Fund borrowings 282,964 279,439 Marketable securities issued 133,789 100,218 Others 167,004 110,111 15,934,042 14,394,598 Included in interest expense of time deposits and saving deposits is expense based on sharia principle for the years ended 31 December 2011 and 2010 amounting to Rp1,780,550 and Rp1,161,680, respectively. Included in interest and sharia expense above are interest expense from related parties transactions from fund borrowings for the years ended 31 December 2011 and 2010 amounting to Rp5,435 and Rp8,565, respectively refer to Note 51.

38. OTHER OPERATING INCOME – OTHERS

2011 2010 Recovery of written-off loans relating to implementation of SFAS 55 Revised 2006 2,997,761 1,834,289 Income from loan written-off 589,961 237,897 Income from penalty 100,849 108,810 Stamp duty income 50,086 47,348 Safety deposit box 21,536 21,247 Others 652,207 485,939 4,412,400 2,735,530 For 2011 the amount includes receipt of PT Garuda Indonesia Persero “Garuda” Tbk’s Mandatory Convertible Bond p rincipal settlement amounting Rp967,869 refer to Note 51. For 2011 the amount includes receipt of interest portion of settlement of Garuda MCB amounting Rp433,054 refer to Note 51.

39. ALLOWANCE FOR IMPAIRMENT LOSSES

2011 2010 Allowancereversal for impairment losses on: Current accounts with other banks Note 5d 828 3,323 Placements with other banks Note 6e 7,300 63,286 Marketable Securities Note 7g 17,530 167,895 Other receivables - trade transactions Note 9d 98,692 269,594 Derivative receivables Note 11 - 412 Loans Note 12B.j 3,407,728 2,450,235 Consumer financing receivables Note 13c 113,083 46,116 Net investment in lease finance 197 - Acceptance receivables Note 14 d 151,154 117,977 Investments in shares Note 15c 850 614 3,297,670 2,986,23 4

40. REVERSAL FOR POSSIBLE LOSSES

2011 2010 Reversalallowance provision for: Estimated losses arising from fraud cases 40,022 62,114 Estimated losses arising from legal cases Note 30 14,576 61,381 Others assets Note 18 339,620 89,803 Others - 1,758 285,022 88,778 PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Appendix 5132 41. UNREALISED GAINSLOSSES FROM INCREASEDECREASE IN FAIR VALUE OF MARKETABLE SECURITIES, GOVERNMENT BONDS AND POLICYHOLDER’S INVESTMENT IN UNIT-LINKED CONTRACTS 2011 2010 Marketable securities 9,139 19,613 Government Bonds 60,764 10,813 Changes in market value of policyholders’ investment and increasedecrease in liability in unit-linked contracts - Change in market value of policyholders’ - investment 164,575 611,814 - Decrease in liability in unit-linked contracts 164,575 665,641 69,903 23,401

42. GAINS ON SALE OF MARKETABLE SECURITIES AND GOVERNMENT BONDS

2011 2010 Marketable securities 81,400 184,513 Government Bonds 35,736 102,357 117,136 286,870

43. SALARIES AND EMPLOYEE BENEFITS

2011 2010 Salaries, wages, pension and tax allowances 3,892,610 3,298,782 Holidays THR, leave and related entitlements 807,860 522,467 Training and education 328,906 317,988 Employee benefits in kind 424,182 253,976 Provision for post-employment benefit expenses and free of service year 207,772 404,299 Provision of tantiem 109,822 86,782 Bonuses and others 995,319 917,879 6,766,471 5,802,173 Total gross salaries and allowances, bonustantiem, long-term employment benefits of the Boards of Commissioners, Directors, Audit Committee and Risk Monitoring and Good Corporate Governance Committee, Syariah Supervisory Board and Executive Vice President and Senior Vice President are amounting to Rp405,791 and Rp353,831 for the years ended 31 December 2011 and 2010, respectively as follows: 31 December 2011 Long-term Salaries and Bonus Employment Allowance Tantiem Benefits Total The Board of Commissioners 29,278 25,675 1,930 56,883 Directors 94,231 84,146 5,380 183,757 Audit Committee and Risk Monitoring and Good Corporate Governance Committee 1,614 691 - 2,305 Syariah Supervisory Board 837 - - 837 Executive Vice Presidents and Senior Vice Presidents 105,055 41,925 15,029 162,009 231,015 152,437 22,339 405,791 PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Appendix 5133 43. SALARIES AND EMPLOYEE BENEFITS continued 31 December 2010 Long-term Salaries and Bonus Employment Allowance Tantiem Benefits Total The Board of Commissioners 22,656 18,067 2,719 43,442 Directors 81,389 65,430 7,510 154,329 Audit Committee and Risk Monitoring and Good Corporate Governance Committee 1,467 523 - 1,990 Syariah Supervisory Board 772 - - 772 Executive Vice Presidents and Senior Vice Presidents 87,696 50,092 15,510 153,298 193,980 134,112 25,739 353,831

44. GENERAL AND ADMINISTRATIVE EXPENSES

2011 2010 Professional fees 1,108,914 675,022 Promotions 929,292 881,846 Rent 864,746 642,728 Repairs and maintenance 631,524 470,854 Communications 577,075 471,894 Depreciation and amortisation of fixed assets Note 17 465,730 448,616 Office supplies 407,006 342,891 Goods and services provided by third parties 400,747 383,873 Electricity, gas and water 343,654 307,704 Transportations 222,711 170,528 Traveling 145,454 108,170 Insurance 60,564 35,598 Others 420,226 528,248 6,577,643 5,467,972 For the year ended 31 December 2011 and 2010, promotions expenses included the sweepstakes prize expense of third party funds amounting to Rp46,247 and Rp47,423.

45. EMPLOYEE BENEFITS

Under the Bank’s policy, in addition to salaries, employees are entitled to allowances and benefits, such as yearly allowance THR, pre-retirement MBT allowance, medical reimbursements, death allowance, leave allowance, functional allowance for certain levels, pension plan for permanent employees, incentives based on employee’s and the Bank’s performance, and post-employment benefits in accordance with prevailing Labor Law.