NET OPEN POSITION 2004 06 Full Audited Financial Statements w Notes

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 144

53. NET OPEN POSITION

The Net Open Position NOP ratio of Bank Mandiri Bank Mandiri only was 3.80, 9.06 and 2.67 as of June 30, 2004 and 2003, and April 30, 2003, respectively. Based on Bank Indonesia’s Decision Letter No. 31178KEPDIR dated December 31, 1998, banks are required to maintain a net open position of a maximum of 20 of the sum of Core Capital Tier I and Supplementary Capital Tier II. In accordance with Bank Indonesia guidelines, the net open position ratio is the sum of the absolute values of the net difference between the assets and liabilities denominated in each foreign currency and the net difference of the receivables and payables of both commitments and contingencies recorded in the administrative accounts denominated in each currency, which are stated in Rupiah. The Net Open Position by currency of Bank Mandiri Bank Mandiri only as of June 30, 2004 was as follows: Assets and Liabilities and Administrative Administrative Asset Accounts Liability Accounts Net Open Position United States Dollar 66,238,518 65,395,229 843,289 Euro 635,385 644,388 9,003 Singapore Dollar 169,546 161,458 8,088 Japanase Yen 169,821 133,773 36,048 British Pound Sterling 25,667 27,905 2,238 Australian Dollar 25,276 23,675 1,604 Malaysian Ringgit - 36,087 36,087 Hong Kong Dollar 153,582 92,025 61,557 Others 20,895 12,002 8,893 Total Net Open Position 912,151 Total Absolute Open Position 1,006,807 Total Tier I and II Capital less investments in subsidiaries Note 54 26,464,826 NOP ratio 3.80 include hedge bonds of Rp6,262,995 Note 9. The Net Open Position by currency of Bank Mandiri Bank only as of June 30, 2003 is as follows: Assets and Liabilities and Administrative Administrative Asset Accounts Liability Accounts Net Open Position United States Dollar 62,483,175 64,498,190 2,015,015 Singapore Dollar 1,276,034 1,194,773 81,261 Euro 536,895 501,584 35,311 Japanase Yen 94,448 68,068 26,380 British Pound Sterling 41,581 39,869 1,712 Australian Dollar 16,019 19,393 3,374 Malaysian Ringgit - 31,514 31,514 Others 33,672 13,080 20,592 Total Net Open Position 1,884,647 Total Absolute Open Position 2,215,159 Total Tier I and II Capital less investments in subsidiaries Note 54 24,446,049 NOP Ratio 9.06 include hedge bonds of Rp12,301,979 Note 9. 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