NET OPEN POSITION 2003 12 Full Audited Financial Statements w Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 151

53. NON-PERFORMING EARNINGS ASSETS RATIO AND SMALL SCALE LOANS RATIO

Non-performing earning assets to total earning assets are 3.52, 3.07 and 2.67 as of December 31, 2003, April 30, 2003 and December 31, 2002, respectively Bank Mandiri only are 3.54, 3.09 and 2.67. Non Performing Loans NPL ratio Bank Mandiri only before being deducted by the allowance for possible losses gross basis as of December 31, 2003, April 30, 2003 and December 31, 2002 is 8.84, 8.95 and 7.39, respectively Note 11A.e. The total allowance for possible losses on earning assets provided by Bank Mandiri compared to the minimum allowance for possible losses on earning assets under the guidelines prescribed by Bank Indonesia, as of December 31, 2003, April 30, 2003 and December 31, 2002 Bank Mandiri only are 141, 149 and 176, respectively. Small-scale loans to total loans ratio Bank Mandiri only are 4.40, 4.07 and 4.51 as of December 31, 2003, April 30, 2003 and December 31, 2002, respectively.

54. SEGMENT INFORMATION

The Bank considers the nature of business as the primary segment, and geographical areas as the secondary segment. The business activities of the Bank and its Subsidiaries and its geographical locations are as follows: Name of Company Entity Nature of Business Location __ PT Bank Mandiri Persero Tbk. parent Commercial Banking Indonesia, Singapore, Hong Kong, Grand Cayman and Timor Leste PT Bank Syariah Mandiri subsidiary Syariah Banking Indonesia Bank Mandiri Europe Limited subsidiary Commercial Banking United Kingdom PT Mandiri Sekuritas subsidiary Investment Banking Indonesia PT AXA Mandiri Financial Services formerly PT Asuransi Jiwa Mandiri subsidiary Insurance Indonesia Others PT Bumi Daya Plaza subsidiary and its subsidiaries Property management Indonesia PT Usaha Gedung Bank Dagang Negara subisidiary and its subsidiaries Property management Indonesia Inter-segment transactions are made under the same terms and conditions as with other parties. Primary Segment Information as of and for the Eight-Month Period Ended December 31, 2003 ‘Syariah’ Banking Banking Securities Insurance Others Elimination Consolidated Operating income 17,891,000 242,674 118,066 - 42,677 - 18,294,416 Inter-segment operating income 103,516 - - - - 103,516 - Operating income including inter-segment operating income 17,994,516 242,674 118,066 - 42,677 103,516 18,294,416 Operating expenses 12,964,767 229,592 54,064 - 47,379 - 13,295,801 Inter-segment operating expenses 10,718 - - - - 10,718 - Operating expenses including inter-segment operating expenses 12,975,485 229,592 54,064 - 47,379 10,718 13,295,801 Profit from Operations 5,019,031 13,082 64,002 - 4,702 92,798 4,998,615 Net Profit 3,238,604 12,471 57,280 - 13,017 92,798 3,228,574 Total Assets 247,098,477 3,422,769 1,082,925 - 288,793 2,457,410 249,435,554 Total assets as a percentage of total consolidated assets prior to elimination 98.10 1.36 0.43 0.11 Excludes PT AXA Mandiri Financial Services formerly PT Asuransi Jiwa Mandiri not consolidated as 51 of the ownership previously held by Bank Mandiri has been sold to National Mutual International Pty. Ltd., member of AXA Group, on November 5, 2003 Note 2b. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 152

54. SEGMENT INFORMATION continued

Secondary Segment Information as of and for the Eight-Month Period Ended December 31, 2003 Indonesia Domestic Asia Europe Other Elimination Consolidated Operating income 17,538,883 168,055 53,590 533,889 - 18,294,416 Inter-segment operating income 103,516 - - - 103,516 - Operating income including inter-segment operating income 17,642,399 168,055 53,590 533,889 103,516 18,294,416 Operating expenses 12,688,727 93,723 43,499 469,853 - 13,295,801 Inter-segment operating expenses 10,718 - - - 10,718 - Operating expenses including inter-segment operating expenses 12,699,445 93,723 43,499 469,853 10,718 13,295,801 Profit from Operations 4,942,954 74,332 10,091 64,036 92,798 4,998,615 Net Profit 3,143,826 103,153 10,357 64,036 92,798 3,228,574 Total Assets 230,417,927 3,566,625 1,286,741 16,621,671 2,457,410 249,435,554 Total assets as a percentage of total consolidated assets prior to elimination 91.47 1.42 0.51 6.60 Excludes PT AXA Mandiri Financial Services formerly PT Asuransi Jiwa Mandiri not consolidated as 51 of the ownership previously held by Bank Mandiri has been sold to National Mutual International Pty. Ltd., member of AXA Group, on November 5, 2003 Note 2b. Primary Segment Information as of and for the Four-Month Period Ended April 30, 2003 ‘Syariah’ Banking Banking Securities Insurance Others Elimination Consolidated Operating income 10,877,481 91,963 6,131 6,155 26,996 - 11,008,728 Inter-segment operating income 45,751 - - - - 45,751 - Operating income including Inter-segment operating income 10,923,232 91,963 6,131 6,155 26,996 45,751 11,008,728 Operating expenses 9,080,613 81,242 7,183 5,742 18,999 - 9,193,781 Inter-segment operating expenses 15,839 - - - - 15,839 - Operating expenses including inter-segment operating expenses 9,096,452 81,242 7,183 5,742 18,999 15,839 9,193,781 Profit from Operations 1,826,780 10,721 1,052 413 7,997 29,912 1,814,947 Net Profit 1,362,651 5,197 8,882 348 10,349 29,912 1,357,515 Total Assets 261,056,979 1,965,513 729,870 12,245 277,800 2,756,498 261,285,909 Total assets as a percentage of total consolidated assets prior to elimination 98.87 0.74 0.28 0.00 0.11