NET OPEN POSITION continued

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 145

53. NET OPEN POSITION continued

The Net Open Position by currency of Bank Mandiri Bank Mandiri only as of April 30, 2003 was as follows: Assets and Liabilities and Administrative Administrative Asset Accounts Liability Accounts Net Open Position United States Dollars 68,073,824 67,911,758 162,066 Singapore Dollars 1,960,613 1,678,808 281,805 Japanese Yen 1,295,915 1,317,574 21,659 Euros 500,543 493,212 7,331 Australian Dollars 20,455 18,638 1,817 British Pounds Sterling 34,897 23,162 11,735 Malaysian Ringgit - 32,993 32,993 Hong Kong Dollars 34,156 279 33,877 Others 23,420 10,595 12,825 Total net open position 456,804 Total absolute open position 566,108 Total Tier I and II Capital less investments in subsidiaries Note 54 21,202,046 NOP Ratio 2.67 Including hedge bonds amounting to Rp14,262,027 Note 9. 54. CAPITAL ADEQUACY RATIO The Capital Adequacy Ratio CAR is the ratio of the Bank’s capital over its Risk-Weighted Assets RWA. Under Bank Indonesia regulations, total capital includes both core Tier I capital and supplementary Tier II capital less investments in subsidiaries. The CAR of Bank Mandiri Bank Mandiri only as of June 30, 2004 and 2003, and April 30, 2003 was 27.52, 30.73 and 27.05, respectively, and it was calculated as follows: June 30, 2004 June 30, 2003 April 30, 2003 Capital: Tier I 19,086,768 16,351,161 15,942,685 Tier II 9,115,198 9,776,035 6,964,107 Less: Investments in subsidiaries 1,737,140 1,681,147 1,704,746 Total capital 26,464,826 24,446,049 21,202,046 Total Risk-Weighted Assets 99,150,458 79,547,079 78,375,774 CAR 27.52 30.73 27.05 Minimum CAR 8 8 8 Excludes the impact of deferred tax assets of Rp761,463, Rp51,476 and RpNil as of June 30, 2004 and 2003, and April 30, 2003, and unrealized losses on securities and Government recapitalization bonds available for sale of Rp266,480 as of June 30, 2004 and unrealized gains on securities and Government recapitalization bonds available for sale of Rp1,160,209 and Rp1,299,210 as of June 30, 2003 and April 30, 2003, respectively. 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 146

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