DEPOSITS FROM OTHER BANKS - TIME DEPOSITS continued

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 85

22. SECURITIES SOLD WITH AGREEMENTS TO REPURCHASE continued

The agreements to repurchase Government Recapitalization Bonds with Deutsche Bank series VR0010 and Standard Chartered Bank series VR0013 are associated with cross currency swap transactions with the respective counterparties. The Bank will settle all the repurchase agreements at nominal values at maturity. There is no premium or discount on these contracts Notes 7 and 10. April 30, 2003 As of April 30, 2003, securities sold with agreements to repurchase were as follows: Counter-party Commencement Date Marutity Date Repurchase Amount Serial Number Deutsche Bank 01312002 01312004 735,000 GRB FR0002 The Bank sold Government recapitalization bond serial number FR0002 with an agreement to repurchase, and entered into a swap transaction with Deutsche Bank Notes 7 and 10. 23. ACCEPTANCES PAYABLE a. By Currency: December 31, December 31, April 30, 2004 2003 2003 Rupiah: Payable to other banks Related parties - - - Third parties 136,480 50,407 77,142 Payable to debtors Related parties - - - Third parties 3,289 - - Total Rupiah 139,769 50,407 77,142 Foreign Currency: Payable to other banks Related parties - - - Third parties 5,080,959 3,200,235 2,688,977 Payable to debtors Related parties - - - Third parties 20,660 14,230 25,518 Total Foreign Currency 5,101,619 3,214,465 2,714,495 5,241,388 3,264,872 2,791,637 b. By Maturity : December 31, December 31, April 30, 2004 2003 2003 Rupiah: Less than 1 month 32,183 12,196 77,142 1 - 3 months 67,331 10,172 - 3 - 6 months 40,255 28,039 - 6 - 12 months - - - More than 12 months - - - 139,769 50,407 77,142 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 86

23. ACCEPTANCES PAYABLE continued

b. By Maturity: continued December 31, December 31, April 30, 2004 2003 2003 Foreign Currency: Less than 1 months 1,245,286 1,038,533 695,459 1 - 3 months 2,107,345 1,115,246 854,167 3 - 6 months 1,221,510 773,329 774,564 6 - 12 months 521,920 287,357 390,305 More than 12 months 5,558 - - 5,101,619 3,214,465 2,714,495 5,241,388 3,264,872 2,791,637 24. SECURITIES ISSUED a. By Type and Currency: December 31, December 31, April 30, 2004 2003 2003 Rupiah Mandiri travelers’ cheques 906,572 488,613 263,244 Commercial papers 688 568 564 Syariah bonds 200,000 200,000 - 1,107,260 689,181 263,808 Foreign Currency: Floating Rate Notes FRN and Medium Term Notes MTN 2,897,856 3,635,040 3,795,520 Inter-bank call money - - 9,977 2,897,856 3,635,040 3,805,497 Total 4,005,116 4,324,221 4,069,305 Less: Unamortized discount 11,136 11,609 15,428 3,993,980 4,312,612 4,053,877 Details of FRNs and MTN are as follows: December 31, 2004 Interest Nominal Amount Type Maturity Tenor Rate US Equivalent ISIN No Arranger Date months Per Annum full amount Rupiah FRN BDN Merryll Lynch Securities, Nov 10, 2005 120 2.32 17,000,000 157,845 XS0061292263 Hong Kong MTN Credit Suisse First XS0167272375 Boston Europe Ltd., London, Apr 22, 2008 60 7.00 297,392,025 2,761,284 UBS Hong Kong and PT Mandiri Sekuritas 314,392,025 2,919,129 Less: Securities issued and held by Bank Mandiri and Subsidiaries 2,291,134 21,273 312,100,891 2,897,856 Less: Unamortized discount 1,199,354 11,136 310,901,537 2,886,720