INVESTMENTS IN SHARES OF STOCK continued

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 74

14. PREMISES AND EQUIPMENT continued

Movements from May 1, 2003 Beginning Reclassi- Ending to December 31, 2003 Balance Additions Deductions fications Revaluation Balance Cost or Valuation Direct ownership Land 345,517 9,243 7,638 - 2,556,648 2,903,770 Buildings 1,069,810 14,022 3,908 39,071 272,510 1,391,505 Furniture, fixtures, office equipment and computersoftware 1,674,374 174,028 27,288 664,243 743 2,484,614 Vehicles 39,367 11,725 3,646 - - 47,446 Construction in progress 556,719 527,354 - 703,314 - 380,759 Leased assets - 37,550 - - - 37,550 Total cost or valuation 3,685,787 773,922 42,480 - 2,828,415 7,245,644 Accumulated Depreciation and Amortization Direct ownership Buildings 539,234 40,561 4,541 - 23,989 599,243 Furniture, fixtures, office equipment and computersoftware 1,079,557 172,502 25,265 - - 1,226,794 Vehicles 23,908 3,059 1,745 - - 25,222 Leased assets - 10,013 - - - 10,013 Total Accumulated Depreciation and Amortization 1,642,699 226,135 31,551 - 23,989 1,861,272 Net Book Value Direct ownership Land 2,903,770 Buildings 792,262 Furniture, fixtures, office equipment and computersoftware 1,257,820 Vehicles 22,224 4,976,076 Construction in progress 380,759 Leased assets 27,537 5,384,372 The amount represents increment in value of fixed assets based on revaluation of fixed assets of the merged banks performed by an Independent Appraiser, PT Vigers Hagai Sejahtera, using market prices as of July 30, 1999. The increment was recorded prospectively on June 18, 2003 Note 14c. Construction in progress as of December 31, 2003 is comprised of: Product and license - Core Banking System 103,411 Buildings 6,351 Others 270,997 380,759 The construction in progress is approximately 84.17 completed as of December 31, 2003. 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 75

14. PREMISES AND EQUIPMENT continued

Movements from January 1, 2003 to Beginning Reclassi- Ending April 30, 2003 Balance Additions Deductions fications Balance Cost or Valuation Direct ownership Land 345,517 - - - 345,517 Buildings 1,063,216 5,864 - 730 1,069,810 Furniture, fixtures, office equipment and computersoftware 1,632,417 48,501 7,351 807 1,674,374 Vehicles 36,656 2,711 - - 39,367 Construction in progress 432,796 125,460 - 1,537 556,719 Total cost or valuation 3,510,602 182,536 7,351 - 3,685,787 Accumulated Depreciation and Amortization Direct ownership Buildings 523,683 15,551 - - 539,234 Furniture, fixtures, office equipment and computersoftware 1,005,966 73,581 10 - 1,079,557 Vehicles 22,171 1,737 - - 23,908 Total accumulated depreciation and amortization 1,551,820 90,869 10 - 1,642,699 Net Book Value Direct ownership Land 345,517 Buildings 530,576 Furniture, fixtures, office equipment and computersoftware 594,817 Vehicles 15,459 1,486,369 Construction in progress 556,719 2,043,088 Construction in progress as of April 30, 2003 is comprised of: Product and license - Core Banking System 488,671 Buildings 13,354 Others 54,694 556,719 The construction in progress is approximately 66 completed as of April 30, 2003.