LIABILITY TO UNIT-LINK HOLDERScontinued

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2016 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated 138

30. MARKETABLE SECURITIES ISSUED continued Bonds continued

The bonds are not guaranteed with specific guarantee, but guaranteed with all assets of the Bank, whether present or future, fixed or non-fixed assets in accordance with the provisions of Article 1131 and 1132 of the Indonesian Civil Law. As of December 31, 2016, based on Pefindo’s rating for Continuous Bond I Phase I is idAAA triple A. On October 7, 2016, the Subsidiary PT Mandiri Tunas Finance issued and registered Continuous Bonds IIII Mandiri Tunas Finance Phase I year 2016 “Continuous Bonds III phase I” to the Indonesia Stock Exchange with a nominal value of Rp500,000 which consist of 2 two series: Bonds Nominal value Fixed interest rate per annum Maturity date Series A 400,000 8.20 October 7, 2019 Series B 100,000 8.55 October 7, 2019 The trustee for Continuous Bonds III Mandiri Tunas Finance Phase I year 2016 is PT Bank Mega Tbk. The trustee agreement provides several restrictive covenants that must be fulfilled by the Subsidiary, among others, providing collateral with fiduciary transfer of consumer financing receivables and maintaining debt to equity ratio to not exceed 10:1. Moreover, during the year that the bonds principals are still outstanding, the Subsidiary is not allowed, among others, to conduct merger unless performed with the same business, to sell or assign more than 50 of the Subsidiary’s asset, except for Subsidiary’s normal business transactions As of December 31, 2016, based on Pefindo’s rating, the rating of Continuous Bonds III Mandiri Tunas Finance Phase I is idAA+ double A plus. On June 1, 2016, PT Mandiri Tunas Finance issued and registered Continuous Bonds II Mandiri Tunas Finance Phase II Year 2016 “Continuous Bonds II Phase II” to the Indonesia Stock Exchange with a nominal value of Rp1,400,000, which consist of 2 two series: Bonds Nominal value Fixed interest rate per annum Maturity date Series A 720,000 8.95 June 1, 2019 Series B 680,000 9.25 June 1, 2021 The trustee for Continuous Bonds II Mandiri Tunas Finance Phase II year 2016 is PT Bank Mega Tbk. On December 18, 2015, the subsidiary PT Mandiri Tunas Finance issued and registered continuous Bonds II PT Mandiri Tunas Finance Phase I Year 2015 “Continuous Bonds II Phase I” to the Indonesia Stock Exchange with a nominal value of Rp600,000, which consist of 2 two series: Bonds Nominal value Fixed interest rate per annum Maturity date Series A 500,000 10.20 December 18, 2018 Series B 100,000 10.80 December 18, 2020 The trustee for Continuous Bonds I Mandiri Tunas Finance Phase I year 2015 is PT Bank Mega Tbk. The trustee agreement provides several restrictive covenants that must be fulfilled by the Subsidiary, among others, providing collateral with fiduciary transfer of consumer financing receivables and maintaining debt to equity ratio to not exceed 10:1. Moreover, during the year that the bonds principals are still outstanding, the Subsidiary is not allowed to, among others, merge unless performed on the same business nor to sell or assign more than 50 of the Subsidiary’s asset, except for Subsidiary’s normal business transactions.