SALARIES AND EMPLOYEE BENEFITS

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 5135 45. EMPLOYEE BENEFITS continued Pension Plan continued Based on the approval of the General Meeting of Shareholders AGM on 23 May 2011, Bank Mandiri raise the retirement benefits of each pension fund. Decision to increase pension benefits set forth in the Regulation of Pension Fund respectively and has been approved by the Minister of Finance Decree No. KEP-588KM.102011 dated 20 July 2011 DPBMS; No. KEP-589KM.102011 dated 20 July 2011 DPBMD; No. KEP-590KM.102011 dated 20 July 2011 DPBMT and No. KEP-591KM.102011 dated 20 July 2011 DPBME. As at 31 December 2011 and 2010 , the provision for pension benefit obligation are calculated by the independent actuary as shown in the independent actuarial report of PT Dayamandiri Dharmakonsilindo dated 18 January 2012 for the year ended on 31 December 2011 and the independent actuarial report of PT Eldridge Gunaprima Solution dated 28 January 2011 for the year ended 31 December 2010. The assumptions used for the years ended 31 December 2011 and 2010 are as follows: DPBM I DPBM II DPBM III DPBM IV Discount rate 7.25 per annum 2010: 9.50 7.25 per annum 2010: 9.50 7.25 per annum 2010: 9.50 7.25 per annum 2010: 9.50 Expected rate of return on pension plan assets 8.00 per annum 2010: 9.00 9.25 per annum 2010: 9.00 7.50 per annum 2010: 8.00 8.00 per annum 2010: 8.00 Working period used As at 31 July 1999 As at 31 July 1999 As at 31 July 1999 As at 31 July 1999 Pensionable salary PhDP used As at 31 July 1999, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ Expected rates of PhDP increase Nil Nil Nil Nil Mortality Rate Table 2011 and 2010: Indonesian Mortality Table 1999 TMI II for employee and former employee and Group Annuity Mortality 1983 GAM ’83 for pensioners 2011 and 2010: Indonesian Mortality Table 1999 TMI II for employee and former employee and Group Annuity Mortality 1983 GAM ’83 for pensioners 2011 and 2010: Indonesian Mortality Table 1999 TMI II for employee and former employee and Group Annuity Mortality 1983 GAM ’83 for pensioners 2011 and 2010: Indonesian Mortality Table 1999 TMI II for employee and former employee and Group Annuity Mortality 1983 GAM ’83 for pensioners Turnover rate 2011 and 2010: 5.00 for employees’ age of 25 and decreasing linearly by 0.167 each year up to 0.00 age 55 2011 and 2010: 5.00 for employees’ age of 25 and decreasing linearly by 0.167 each year up to 0.00 age 55 2011 and 2010: 5.00 for employees’ age of 25 and decreasing linearly by 0.167 each year up to 0.00 age 55 2011 and 2010: 5.00 for employees’ age of 25 and decreasing linearly by 0.167 each year up to 0.00 age 55 Disability rate 2011 and 2010: 10.00 of TMI II 2011 and 2010: 10.00 of TMI II 2011 and 2010: 10.00 of TMI II 2011 and 2010: 10.00 of TMI II Actuarial method Projected Unit Credit Projected Unit Credit Projected Unit Credit Projected Unit Credit Normal retirement age 48 years to 56 years depending on the grades 56 years for all grades 56 years for all grades 56 years for all grades Maximum defined benefit amount 80.00 of PhDP 80.00 of PhDP 62.50 PhDP 75.00 PhDP Expected rate of pension benefit increase Nil Nil Nil 4.00 per 2 years Tax rates - average 2011 and 2010: 3.00 of pension benefit 2011 and 2010: 3.00 of pension benefit 2011 and 2010: 3.00 of pension benefit 2011 and 2010: 3.00 of pension benefit 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 5136 45. EMPLOYEE BENEFITS continued Pension Plan continued The projected benefit obligations and fair value of plan assets as at 31 December 2011, based on independent actuary report, are as follows: DPBM I DPBM II DPBM III DPBM IV Projected benefit Obligations 1,212,086 1,484,395 614,362 395,053 Fair value of plan Assets 1,517,006 1,748,625 742,595 544,190 Funded status 304,920 264,230 128,233 149,137 Unrecognised past service cost - - - - Unrecognised actuarial gains 221,559 144,142 111,007 52,637 Surplus based on SFAS No. 24 Revised 2004 83,361 120,088 17,226 96,500 Asset ceilling - - - - Pension Plan Program Assets recognised in balance sheet - - - - There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions. There are no plan assets recognised in the Balance Sheets because the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled. The projected benefit obligations and fair value of plan assets as at 31 December 2010, based on independent actuary report, are as follow: DPBM I DPBM II DPBM III DPBM IV Projected benefit Obligations 1,046,218 1,279,128 540,301 340,394 Fair value of plan Assets 1,534,816 1,664,164 700,682 534,501 Funded status 488,598 385,036 160,381 194,107 Unrecognised past service cost - - - - Unrecognised actuarial gains 350,059 190,703 88,451 94,632 Surplus based on SFAS No. 24 Revised 2004 138,539 194,333 71,930 99,475 Asset ceilling - - - - Pension Plan Program Assets recognised in balance sheet - - - - There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions. There are no plan assets recognised in the Balance Sheets because the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled.