INVESTMENTS IN SHARES OF STOCK continued PREMISES AND EQUIPMENT

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 73

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Movements from May 1, 2003 Beginning Ending to December 31, 2003 Balance Additions Deductions Reclassifications Revaluation Balance Cost or Valuation Direct ownership Land 345,517 9,243 7,638 - 2,556,648 2,903,770 Buildings 1,069,810 14,022 3,908 39,071 272,510 1,391,505 Furnitures, fixtures, office equipment and computer equipmentsoftware 1,674,374 174,028 27,288 664,243 743 2,484,614 Vehicles 39,367 11,725 3,646 - - 47,446 Construction in progress 556,719 527,354 - 703,314 - 380,759 Leased assets - 37,550 - - - 37,550 Total CostValuation 3,685,787 773,922 42,480 - 2,828,415 7,245,644 Accumulated Depreciation and Amortization Direct ownership Buildings 539,234 40,561 4,541 - 23,989 599,243 Furnitures, fixtures, office equipment and computer equipmentsoftware 1,079,557 172,502 25,265 - - 1,226,794 Vehicles 23,908 3,059 1,745 - - 25,222 Leased assets - 10,013 - - - 10,013 Total Accumulated Depreciation and Amortization 1,642,699 226,135 31,551 - 23,989 1,861,272 Net book value Direct ownership Land 2,903,770 Buildings 792,262 Furniture, fixtures, office equipment and computer equipmentsoftware 1,257,820 Vehicles 22,224 4,976,076 Construction in progress 380,759 Leased assets 27,537 5,384,372 The amount includes an increment in value of fixed assets based on revaluation of fixed assets of the merged banks performed by an Independent Appraiser, PT Vigers Hagai Sejahtera, using market values as of July 30, 1999. The revaluation increment was recorded prospectively on June 18, 2003 Note 14a. Construction in progress as of December 31, 2003 is comprised of: Product and license - Core Banking System 103,411 Buildings 6,351 Others 270,997 380,759 The construction in progress was approximately 84.17 complete as of December 31, 2003. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 74

14. PREMISES AND EQUIPMENT continued