CONSUMER FINANCING RECEIVABLES Employee benefit continued

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Appendix 585 15. INVESTMENTS IN SHARES a. The details of investments in shares are as follows: 2011 2010 Cost method 7,327 7,533 Less: Allowance for impairment losses 829 1,285 6,498 6,248 The details of investments in shares as at 31 December 2011 are as follows: Investee Nature Percentage of Carrying Companies of Business Ownership Amount Cost Method: Westech Electronics Trading and retail 5.50 124 Others each less than Rp3,000 Various 3.99 - 10.00 7,203 Total 7,327 Less: Allowance for impairment losses 829 6,498 In October 2011, the bank acquired 60.00 of PT Mandiri AXA General Insurance shares MAGI, formerly PT Asuransi Dharma Bangsa ADB. After the acquisition, MAGI’s financial statements are consolidated into the Bank’s consolidated financial statements Note 1g. The details of investments in shares as at 31 December 2010 are as follows: Investee Nature Percentage of Carrying Companies of Business Ownership Amount Cost Method: Westech Electronics Trading and retail 5.50 1,244 Others each less than Rp3,000 Various 3.99 - 10.00 6,289 Total 7,533 Less: Allowance for impairment losses 1,285 6,248 In August 2010, the Bank acquired additional 2.00 shares in PT AXA Mandiri Financial Services AMFS. As a result, the Bank’s ownership in AMFS increased to 51.00 and since then AMFS financial statements are consolidated into the Bank’s consolidated financial statements Note 1g. b. Investments in shares by Bank Indonesia’s collectibility: 2011 2010 Current 7,147 6,233 Doubtful 124 1,244 Loss 56 56 Total 7,327 7,533 Less: Allowance for impairment losses 829 1,285 6,498 6,248 PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Appendix 586 15. INVESTMENTS IN SHARES continued c. Movements of allowance for impairment losses on investments in shares: 2011 2010 Balance at beginning of year 1,285 2,106 Allowance during the year Note 39 850 614 Others 1,306 1,435 Balance at end of year 829 1,285 Includes effect of foreign currency translation Management believes that the allowance for impairment losses on investments in shares is adequate.

16. POLICYHOLDERS’ INVESTMENT AND LIABILITY TO UNIT-LINKED HOLDERS

This account represents Subsidiary’s policyholders’ funds placed in unit-linked investment, with details as follow: 2011 2010 Non-Sharia 8,405,310 6,707,586 Sharia 638,956 504,527 9,044,266 7,212,113 The details of unit-linked investments non-sharia by type of contracts are as follow: 2011 2010 Dynamic Money 5,661,420 4,480,162 Progressive Money 2,126,169 2,035,432 Attractive Money 409,248 109,677 Excellent Money 86,755 - Secure Money 78,096 66,390 Active Money 24,262 5,961 Fixed Money 11,918 2,168 Money Market 7,442 7,796 8,405,310 6,707,586 The policyholders’ funds - non-sharia placed in statutory deposits as of 31 December 2011 and 2010 amounting to Rp177,500 and Rp 138,500, respectively. Included in the above policyholders’ investments in unit-linked contracts are policyholders’ fund in foreign currency as at 31 December 2011 and 2010 amounting to USD3,315,060 and USD2,437,683 full amount, respectively. Dynamic Money This is an equity fund with underlying exposures in stocks listed in Indonesia Stock Exchange and money market instruments through mutual fund Schroder Dana Prestasi Dinamis 2010: mutual fund Schroder Dana Prestasi Plus. Progressive Money This is a balanced fund with underlying exposures in stocks and bonds listed in Indonesia Stock Exchange and money market instruments through mutual fund Schroder Dana Campuran Progresif 2010: mutual fund Schroder Dana Terpadu II. Attractive Money This is an equity fund with underlying exposures in stocks and bonds listed in Indonesia Stock Exchange and money market instruments through mutual fund Mandiri Saham Attractive 2010: mutual fund Mandiri Investa Attractive.