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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 53

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Cross Currency Swap Bank Mandiri has entered into a cross currency swap contract, which is associated with the securities sale and repurchase agreements with several counterparty banks. The contract was initiated when Bank Mandiri sold its Government Recapitalization Bonds to the counterparty banks and received Rupiah funds. These funds were used to settle the spot leg of the cross currency swap and Bank Mandiri will then receive US dollar funds. On the settlement date, the Bank will receive Rupiah funds and pay US dollar funds to the counterparty banks. Bank Mandiri is then obliged to use the Rupiah funds to repurchase the Government Recapitalization Bonds it previously sold to counterparty banks Notes 9 and 24. The summary of the cross currency swap contracts is as follows: Bank Effective Maturity Type of counterpart Date Date Transactions Sale Buy Deutsche Bank, May 9, 2003 Oct 25, 2006 Spot US100 million Rp1,305,000 million Jakarta Forward Rp1,305,000 million US100 million Standard Chartered Jun 4, 2003 Jun 6, 2005 Spot US100 million Rp1,037,500 million Bank, Jakarta Forward Rp1,037,500 million US100 million As of June 30, 2003 a summary of derivative transactions is as follows: Notional Amount Fair Value Derivative Derivative Transactions Contract Note 2l Recievables Payables Bank Mandiri Only Third Parties Cross currency: 1. Forward - buy US Dollar 450,882 441,535 129 9,476 Others 10,453 10,402 39 90 2, Forward - sell US Dollar 234,094 230,552 5,871 2,329 Others 4,841 4,780 61 - 3, Swap - buy US Dollar 242,271 242,224 920 968 4, Swap - sell US Dollar 4,301,667 3,283,901 1,019,074 1,308 Others 302,472 305,859 173 3,559 Others Interest Rate Swap US Dollar - - 161,841 - Total 1,188,108 17,730 Less: Allowance for possible losses 11,877 - 1,176,231 17,730 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 54

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