ACCEPTANCE RECEIVABLES FS Bank Mandiri Tbk 311210 Eng Final opini

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 584 14. INVESTMENTS IN SHARES continued a. The details of investments in shares are as follows: continued In 2008, temporary investments resulted from loan restructuring through Debt Equity Swap had been written-off because the Bank has owned the investments for more than 5 five years. This is to comply with Bank Indonesia Regulations - PBI No. 72PBI2005 dated 20 January 2005 regarding Asset Quality Rating for Commercial Banks which has been amended by Bank Indonesia Regulation - PBI No. 112PBI2009 dated 29 January 2009. b. Investments in shares by Bank Indonesia’s collectibility: 2010 2009 2008 Current 6,233 188,898 159,773 Doubtful 1,244 - - Loss 56 56 56 Total 7,533 188,954 159,829 Less: Allowance for impairment losses 1,285 2,106 1,656 6,248 186,848 158,173 c. Movements of allowance for impairment losses on investments in shares: 2010 2009 2008 Balance at beginning of year 2,106 1,656 73,943 Allowance during the year Note 38 614 450 339 Write-offs - - 72,626 Others 1,435 - - Balance at end of year 1,285 2,106 1,656 Includes effect of foreign currency translation Management believes that the allowance for impairment losses on investments in shares is adequate.

15. POLICYHOLDERS’ INVESTMENT AND LIABILITY TO UNIT-LINKED HOLDERS

This account represents Subsidiary’s policyholders’ funds placed in unit-linked investment, with details as follow: 2010 2009 2008 Non-syariah 6,707,586 - - Syariah 504,527 - - 7,212,113 - - The details of unit-linked investments non-sharia by type of contracts are as follow: 2010 2009 2008 Dynamic money 4,480,162 - - Progressive money 2,035,431 - - Attractive money 109,677 - - Secure money 66,390 - - Money market 7,797 - - Active money 5,961 - - Fixed money 2,168 - - 6,707,586 - - PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 585 15. POLICYHOLDERS’ INVESTMENT AND LIABILITY TO UNIT-LINKED HOLDERS continued The policyholders’ funds - non-sharia placed in statutory deposits as of 31 December 2010 amounted to Rp 138,500. Included in the above policyholders’ investments in unit-linked contracts are policyholders’ fund in foreign currency amounting to USD 2,437,683. Dynamic money This is an equity fund with underlying exposures in stocks listed on the Indonesia Stock Exchange and money market instruments through mutual fund Schroder Dana Prestasi Plus. Progressive money This is a balanced fund with underlying exposures in stocks and bonds listed on the Indonesia Stock Exchange and money market instruments through mutual fund Schroder Dana Terpadu II. Attractive money This is an equity fund with underlying exposures in stocks and bonds listed in Indonesia Stock Exchange and money market instruments through mutual fund Mandiri Investa Attractive. Secure money Secure money Rupiah fund is a fixed income fund with underlying exposures in fixed income securities listed on the Indonesia Stock Exchange and money market instruments through mutual fund Schroder Dana Mantap Plus II. The USD fund has underlying exposures in fixed income securities listed in Indonesia Stock Exchange as well as foreign stock exchanges and money market instruments through mutual fund Danareksa Melati Dollar. Money market This is money market fund with underlying exposures in money market instrument including term deposits and fixed income securities listed on Indonesia Stock Exchange through mutual fund Mandiri Pasar Uang. Active money This is a balanced fund with underlying exposures in stocks and bonds listed in Indonesia Stock Exchange and money market instruments through mutual fund Mandiri Investa Aktif. Fixed money This is a fixed income fund with underlying exposures in Indonesian Government Bonds and money market instruments through mutual fund Mandiri Investa Dana Obligasi. The details of unit-linked investments sharia by type of contracts are as follow: 2010 2009 2008 Attractive money syariah 455,647 - - Active money syariah 48,880 - - 504,527 - - The policyholders’ funds - sharia placed in statutory deposits as of 31 December 2010 amounted to Rp 9,882. Attractive money syariah This is an equity fund with underlying exposures in stocks and bonds listed in Indonesia Stock Exchange and money market instruments in accordance with sharia principle through mutual fund Mandiri Investa Atraktif Syariah. Active money syariah This is a balanced fund with underlying exposures in stocks and bonds listed in the Indonesia Stock Exchange and money market instruments in accordance with sharia principle through mutual fund Mandiri Investa Syariah Berimbang. PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 586 16. FIXED ASSETS The details of fixed assets were as follows: Movements from 1 January 2010 Beginning Ending to 31 December 2010 Balance Additions Deductions Reclassifications Balance CostRevalued Amount Direct ownership Land 2,789,518 412 10,436 711 2,780,205 Buildings 1,832,026 11,508 1 ,874 42,715 1,884,375 Furnitures, fixtures, office equipment and computer equipmentsoftware 4,696,691 290,568 4 ,843 156,415 5,138,831 Vehicles 88,948 77,982 7,800 1,406 160,536 Construction in progress 422,478 646,718 - 209,273 859,923 Leased assets 3,267 - - - 3,267 9,832,928 1,027,188 24,953 8,026 10,827,137 Accumulated Depreciation and Amortisation Note 43 Direct ownership Buildings 1,012,549 77,656 - 1,186 1,091,391 Furnitures, fixtures, office equipment and computer equipmentsoftware 3,798,091 358,394 4,134 6,767 4,145,584 Vehicles 57,676 11,912 8,118 268 61,202 Leased assets 1,306 654 - - 1,960 4,869,622 448,616 12,252 5,849 5,300,137 Net book value Direct ownership Land 2,780,205 Buildings 792,984 Furniture, fixtures, office equipment and computer equipmentsoftware 993,247 Vehicles 99,334 4,665,770 Construction in progress 859,923 Leased assets 1,307 5,527,000 The fixed assets were revalued in 1979, 1987 and 2003. The amounts include 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 at 31 July 1999. The revaluation increments were recorded prospectively on 18 June 2003 Note 16a. Reclassified from Abandoned Property and Construction In Progress. Construction in progress as at 31 December 2010 was comprised of: Balance Computers and other hardware that have not been installed 338,660 Buildings 227,866 Product development and license - Integrated Banking System 147,050 Office equipment and inventory 137,962 Vehicles 775 Others 7,610 859,923 The estimated percentage of completion of construction in progress as at 31 December 2010 for Integrated Banking System agreement was ranging between 82.13 - 99.93. PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 587 16. FIXED ASSETS continued Movements from 1 January 2009 Beginning Ending to 31 December 2009 Balance Additions Deductions Reclassifications Balance CostRevalued Amount Direct ownership Land 2,761,131 92 192 28,487 2,789,518 Buildings 1,637,465 148,140 422 46,843 1,832,026 Furnitures, fixtures, office equipment and computer equipmentsoftware 4,167,285 168,031 3,779 365,154 4,696,691 Vehicles 79,069 12,013 5,812 3,678 88,948 Construction in progress 416,690 454,833 - 449,045 422,478 Leased assets 3,267 - - - 3,267 9,064,907 783,109 10,205 4,883 9,832,928 Accumulated Depreciation and Amortisation Note 43 Direct ownership Buildings 925,316 82,793 403 4,843 1,012,549 Furnitures, fixtures, office equipment and computer equipmentsoftware 3,478,309 355,936 1,305 34,849 3,798,091 Vehicles 57,069 6,697 5,781 309 57,676 Leased assets 653 653 - - 1,306 4,461,347 446,079 7,489 30,315 4,869,622 Net book value Direct ownership Land 2,789,518 Buildings 819,477 Furniture, fixtures, office equipment and computer equipmentsoftware 898,600 Vehicles 31,272 4,538,867 Construction in progress 422,478 Leased assets 1,961 4,963,306 The fixed assets were revalued in 1979, 1987 and 2003. The amount include 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 at 31 July 1999. The revaluation increments were recorded prospectively on 18 June 2003 Note 16a. Reclassified from Abandoned Property and Construction In Progress. Construction in progress as at 31 December 2009 was comprised of: Balance Computers and other hardware that have not been installed 161,017 Product development and license - Integrated Banking System 106,049 Office equipment and i nventory 102,105 Buildings 49,287 Others 4,020 422,478 The estimated percentage of completion of construction in progress as at 31 December 2009 for Integrated Banking System agreement was ranging between 97.22 - 98.98. Included in the addition of fixed assets during 2009 is a building which was transferred by the Subsidiary PT Usaha Gedung BDN or UG BDN in accordance with the Joint Operation agreement KSO, which states that at the end of KSO agreement, UG BDN will transfer the building to Bank Mandiri. Bank Mandiri recorded the building at fair value of Rp131,640 Note 46 and depreciate it for 20 years.