OTHER LIABILITIES continued SUBORDINATED LOANS

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 97

30. OTHER LIABILITIES continued

Movements of certain provisions for the two-month period ended June 30, 2003 were as follows: Provision Arising Provision for Provision for from Obligations Possible Losses Post-Employment from Investments on Legal Cases Benefits in Shares of Stocks _ Balance at beginning of period 1,428,756 674,062 110,513 Provision during the period 5,606 - - Others 66,252 - - _ Balance at end of period 1,368,110 674,062 110,513 Movements of certain provisions for the four-month period ended April 30, 2003 were as follows: Provision Arising Provision for Provision for from Obligations Possible Losses Post-Employment from Investments on Legal Cases Benefits in Shares of Stocks _ Balance at beginning of period 1,591,517 674,062 110,513 Reversal during the period 118,460 - - Others 44,301 - - _ Balance at end of period 1,428,756 674,062 110,513 Includes foreign currency translation effect.

31. SUBORDINATED LOANS

a. By Currency: June 30, 2004 June 30, 2003 April 30, 2003 Rupiah: Two-Step Loans TSL a Nordic Investment Bank NIB 339,014 381,278 381,282 b Export-Import Bank of Japan EBJ 117,241 188,214 188,214 c Asian Development Bank ADB 18,124 33,022 33,022 d International Bank for Reconstruction and Development IBRD 33,171 46,399 46,577 e ASEAN Japan Development Fund Overseas Economic Cooperation Fund AJDF-OECF 112,206 124,673 124,673 f ASEAN Japan Development Fund-Export-Import Bank of Japan AJDF-EBJ 5,623 6,748 7,310 625,379 780,334 781,078 Bank Indonesia 768,859 1,254,859 1,416,859 Investment Fund Account RDI ex-Two-Step Loans 138,626 415,878 415,878 1,532,864 2,451,071 2,613,815 Foreign currency: Two-Step Loans - Kreditanstalt fur Wiederaufbau, Frankfurt KfW 86,355 86,069 91,614 Others 3,485,862 3,048,071 3,195,648 3,572,217 3,134,140 3,287,262 5,105,081 5,585,211 5,901,077 PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 98

31. SUBORDINATED LOANS continued