Divestment of Government Share Ownership

These consolidated financial statements are originally issued in Bahasa. PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated 19

1. GENERAL INFORMATION continued

g. Subsidiaries associates

Subsidiaries included in the consolidated financial statements as of December 31, 2015 and 2014, are as follows: Percentage of Ownership Name of Subsidiaries Nature of Business Domicile 2015 2014 PT Bank Syariah Mandiri BSM Sharia Banking Jakarta 99.99 99.99 Bank Mandiri Europe Limited BMEL Commercial Banking London 100.00 100.00 PT Mandiri Sekuritas Securities Jakarta 99.99 99.99 PT Bank Mandiri Taspen Pos Commercial Banking Denpasar 58.25 93.23 formerly PT Bank Sinar Harapan Bali PT Mandiri Tunas Finance MTF Consumer Financing Jakarta 51.00 51.00 Mandiri International Remittance Sendirian Berhad MIR Remittance Kuala Lumpur 100.00 100.00 PT AXA Mandiri Financial Services Life Insurance Jakarta 51.00 51.00 PT Mandiri AXA General Insurance MAGI General Insurance Jakarta 60.00 60.00 PT Asuransi Jiwa InHealth Indonesia Life Insurance Jakarta 80.00 60.00 PT Mandiri Utama Finance MUF Consumer Financing Jakarta 51.00 - PT Mandiri Capital Indonesia Venture Capital Jakarta 99.00 - Effective starting from January 21, 2015 Effective starting from March 30, 2015 Effective starting from May 28, 2015 Effective starting from June 23, 2015 The Subsidiaries’ total assets as of December 31, 2015 and 2014 before elimination are follows: Total assets before eliminaton Year of commercial December 31, December 31, Subsidiaries operation 2015 2014 PT Bank Syariah Mandiri 1955 70,369,709 66,942,422 Bank Mandiri Europe Limited 1999 2,543,040 2,334,225 PT Mandiri Sekuritas 1992 1,712,002 2,969,264 PT Bank Mandiri Taspen Pos formerly PT Bank Sinar Harapan Bali 1970 2,578,095 1,761,790 PT Mandiri Tunas Finance 1989 9,202,994 7,419,798 Mandiri International Remittance Sdn Bhd 2009 11,404 11,523 PT AXA Mandiri Financial Services 1991 23,032,740 23,385,397 PT Mandiri AXA General Insurance 1962 1,551,866 1,177,732 PT Asuransi Jiwa lnHealth Indonesia 2008 1,841,695 1,779,156 PT Mandiri Utama Finance 2015 114,121 - PT Mandiri Capital Indonesia 2015 11,376 - Total 112,969,042 107,781,307 PT Bank Syariah Mandiri PT Bank Syariah Mandiri BSM is engaged in banking activities with Islamic banking principles, was established under the name PT Bank Industri Nasional “PT Bina” on June 15, 1955. On October 4, 1967, the subsidiarys name was changed from PT Bina to PT Bank Maritim Indonesia which subsequently changed to PT Bank Susila Bhakti on August 10, 1973 which is a subsidiary of BDN. The latest change of the subsidiary’s name to PT Bank Syariah Mandiri BSM is based on Notarial Deed of Sutjipto, S.H, No. 23 dated September 8, 1999. BSM obtain an operating license based on the decree of the Minister of Finance of the Republic of Indonesia No. 275122U.M.II dated December 19, 1995 as a commercial bank based on Islamic principles and began operating in 1999.