SEGMENT INFORMATION continued 2004 12 Full Audited Financial Statements w Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 146

50. SEGMENT INFORMATION continued

Secondary Segment Information for the four-month period ended April 30, 2003 Indonesia Domestic Asia Europe Others Elimination Consolidated Operating income 10,661,690 75,655 26,091 245,292 - 11,008,728 Inter-segment operating Income 45,751 - - - 45,751 - Operating income including inter-segment operating income 10,707,441 75,655 26,091 245,292 45,751 11,008,728 Operating expenses 8,910,832 64,592 20,955 197,402 - 9,193,781 Inter-segment operating expenses 15,839 - - - 15,839 - Operating expenses including inter-segment operating expenses 8,926,671 64,592 20,955 197,402 15,839 9,193,781 Profit from operations 1,780,770 11,063 5,136 47,890 29,912 1,814,947 Net profit 1,320,233 14,169 5,135 47,890 29,912 1,357,515 Total assets 238,452,542 4,776,480 1,269,289 19,544,096 2,756,498 261,285,909 Total assets as a percentage of total consolidated assets prior to elimination 90.31 1.81 0.48 7.40

51. 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 core Tier I capital and supplementary Tier II capital less investments in subsidiaries. The CAR of Bank Mandiri Bank Mandiri only as of December 31, 2004 and 2003, and April 30, 2003 was 25.28, 27.72 and 27.05, respectively, and calculated as follows: December 31, December 31, April 30, 2004 2003 2003 Capital: Tier I 20,214,560 17,859,230 15,942,685 Tier II 9,189,588 9,342,931 6,964,107 Less: Investments in subsidiaries 1,867,664 1,738,445 1,704,746 Total capital 27,536,483 25,463,716 21,202,046 Total Risk-Weighted Assets 108,934,763 91,855,132 78,375,774 CAR 25.28

27.72 27.05

Minimum CAR 8 8 8 Excludes the impact of deferred tax assets of Rp673,141, Rp585,071 and RpNil as of December 31, 2004 and 2003, and April 30, 2003, and unrealized losses on available-for-sale securities and Government Recapitalization Bonds of Rp404,001 and Rp1,861,316 as of December 31, 2004 and 2003, and unrealized gains on available-for-sale securities and Government Recapitalization Bonds of Rp1,299,210 as of April 30, 2003. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 147

51. CAPITAL ADEQUACY RATIO continued

In accordance with BI regulations, the Bank has considered market risk in preparing its Capital Adequacy Ratio CAR calculation. The minimum capital adequacy required which has considered market risk as of December 31, 2004 was Rp412,874 unaudited, therefore the CAR which has considered market risk and credit risk is 24.48 unaudited. 52. NET OPEN POSITION The Net Open Position NOP ratio of Bank Mandiri Bank Mandiri only was 3.32, 2.85 and 2.67 as of December 31, 2004 and 2003, and April 30, 2003, respectively. Based on Bank Indonesia’s Decision Letter No. 513PBI2003 dated July 17, 2003, which has been amended by Bank Indonesia’s Decision Letter No. 620PBI2004 effective August 2, 2004, 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 the middle and end of business day. In accordance with Bank Indonesia guidelines, the aggregate net open position ratio is the sum of the absolute values of the net difference between the net 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 for balance sheets is the sum of the absolute values of the net difference between the net assets and liabilities in the balance sheets denominated in each currency which are stated in Rupiah. The NOP by currency of Bank Mandiri Bank Mandiri only as of December 31, 2004 was as follows: Currency Assets Liabilities Absolute Open Position ON-BALANCE SHEET United States Dollar 45,304,043 45,270,883 33,160 Singapore Dollar 1,644,486 1,531,252 113,234 Euro 351,764 592,691 240,927 Japanese Yen 260,764 253,688 7,076 Hong Kong Dollar 207,031 103,945 103,086 British Pound Sterling 32,569 37,136 4,567 Australian Dollar 44,520 14,877 29,643 Others 22,959 45,242 22,283 Total 553,976 OFF-BALANCE SHEET United States Dollar 5,423,879 4,823,758 600,121 Euro 319,089 - 319,089 British Pound Sterling 118,822 100,913 17,909 Singapore Dollar 16,320 99,572 83,252 Japanese Yen 1,411 5,400 3,989 Total 1,024,360 Total Absolute Open Position 912,869 Total Tier I and II Capital less investments in subsidiaries Note 51 27,531,325 NOP Ratio On-Balance Sheet 2.01 NOP Ratio Off-Balance Sheet 3.72 NOP ratio 3.32 include hedge bonds of Rp2,822,552 Note 7.