Value Added Tax VAT on Bank Syariah Mandiri BSM Murabahah Transactions

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 5191 60. ACCOUNTS RECLASSIFICATION Certain accounts in the consolidated financial statement as at 31 December 2010 and 1 January 2010 have been reclassified to conform with the presentation of the consolidated financial statements as at 31 December 2011 refer to Note 2b.i. The details of the accounts reclassifications are as follows: 31 December 2010 Before Reclassification Reclassification After Reclassification Consolidated statement of financial position Balance sheet Liabilities Obligation due immediately 757,465 658,366 1,415,831 Current tax payable - 750,432 750,432 Tax payable 1,408,798 1,408,798 - Minority interest in net assets of consolidated subsidiaries 527,228 527,228 - Equity Non controlling interest in net asset of consolidated Subsidiary - 527,228 527,228 Difference in transactions of equity changes in Subsidiaries 22,702 22,702 - Unrealised losses from decrease in fair value of available for sale marketable securities and government bonds - net of deferred tax 405,197 22,702 427,899 Statement of Cash Flow Cash flow from operating activities Increasedecrease in operating liabilities and temporary syirkah funds: Obligation due immediately 183,908 241,117 425,025 Taxes payable 3,473,497 3,354,221 119,276 Payment of corporate income tax - 3,595,338 3,595,338 1 January 2010 Before Reclassification Reclassification After Reclassification Consolidated statement of financial position Balance sheet Liabilities Obligation due immediately 573,557 417,248 990,805 Current tax payable - 1,438,581 1,438,581 Tax payable 1,855,829 1,855,829 - Minority interest in net assets of consolidated subsidiaries 189,494 189,494 - Equity Non controlling interest in net asset of consolidated Subsidiary - 189,494 189,494 Difference in transactions of equity changes in Subsidiaries 22,890 22,890 - Unrealised losses from decrease in fair value of available for sale marketable securities and government bonds - net of deferred tax 561,176 22,890 584,066 Presented after adjustment in respect of initial implementation of SFAS 50 Revised 2006 and SFAS 55 Revised 2006 refer to Note 50. 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 5192 61. NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standard Board of Indonesian Institute of Accountants DSAK-IAI has issued revision of the following accounting standards which will be effective as at 1 January 2012: - SFAS 10 Revised 2010 – The Effects of Changes in Foreign Exchange Rates, - SFAS 13 Revised 2011 – Investment Property, - SFAS 16 Revised 2011 – Fixed Assets, - SFAS 18 Revised 2010 – Accounting and Reporting of Retirement Benefits Plan, - SFAS 24 Revised 2010 – Employee Benefits, - SFAS 26 Revised 2011 – Borrowing Costs, - SFAS 28 Revised 2010 – Accounting for Loss Insurance, - SFAS 30 Revised 2011 – Leases, - SFAS 33 Revised 2010 – Accounting for General Mining, - SFAS 34 Revised 2010 – Construction Contractor, - SFAS 36 Revised 2010 – Accounting for Life Insurances, - SFAS 38 Revised 2011 – Business Combinations Involving Entities Under Common Control, - SFAS 45 Revised 2010 – Financial Reporting for Non-Profit Organisation, - SFAS 46 Revised 2010 – Income Taxes, - SFAS 50 Revised 2010 – Financial Instruments: Presentation, - SFAS 53 Revised 2010 – Share-Based Payment, - SFAS 55 Revised 2011 – Financial Instruments: Recognition and Measurement, - SFAS 56 Revised 2011 – Earnings per Share, - SFAS 60 Revised 2010 – Financial Instruments: Disclosures, - SFAS 61 Revised 2010 – Accounting for Government Grants and Disclosure of Government Assistance, - SFAS 62 Revised 2010 – Insurance Contract, - SFAS 63 – Financial Reporting in Hyperinflationary Economies, - SFAS 64 Revised 2010 – Exploration and Evaluation of Mineral Resources, - Interpretation of SFAS 13 – Hedge of Net Investment in a Foreign Operation, - Interpretation of SFAS 15 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction, - Interpretation ISAK 16 – Services Concession Agreements, - Interpretation of SFAS 18 – Government Assistance – No Specific Relation with the Operating Activities, - Interpretation ISAK 19 – Applying the Restatement Approach under SFAS 63, - Interpretation of SFAS 20 – Income Taxes – Changes in the Tax Status of an Entity or its Shareholders, - Interpretation of SFAS 22 – Services Concession Arrangements: Disclosure, - Interpretation of SFAS 23 – Operating Leases – Incentives, - Interpretation of SFAS 24 – Evaluating the Substance of Transactions Involving the Legal Form of a Lease, - Interpretation of SFAS 25 – Rights Arising from Land, - Interpretation of SFAS 26 – Reassessment of Embedded Derivatives. DSAK – IAI has also revoked the following accounting standard as at 1 January 2012: - SFAS 11 – Translation of Financial Statement in Foreign Currencies - SFAS 27 – Accounting for Cooperatives - SFAS 29 – Accounting for Oil and Gas - SFAS 39 – Accounting for Joint Operation - SFAS 44 – Accounting for Real Estate Development Activities - SFAS 52 – Reporting Currencies - ISAK 4 – Allowable Alternative treatment of Foreign Exchange Differences - ISAK 5 – Interpretation of Paragraph 14 PSAK 50 1998 on Reporting of Changes in Fair Value of Investment in Securities Available for Sale