SECURITIES ISSUED continued FUND BORROWINGS

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years Ended December 31, 2005 and 2004 Expressed in millions of Rupiah, unless otherwise stated 78

25. FUND BORROWINGS continued

e Trade Financing Facilities Trade financing facilities represent short-term borrowings with tenors between 180 to 185 days and bear interest at LIBOR and SIBOR plus an applicable margin. These borrowings are guaranteed by letters of credit issued by Bank Mandiri. The details of the borrowings are as follows : 2005 2004 Commerzbank, Singapore 196,600 - HSBC, Jakarta - 510,675 ABN AMRO, Singapore - 464,250 Bank of New York, Singapore - 232,125 HSBC, Hong Kong - 232,125 Indover Bank Limited, Hong Kong - 278,668 ABN AMRO, Jakarta - 185,700 Indover Bank Limited, Germany - 46,425 196,600 1,949,968 f Direct Off-shore Loans The details of direct off-shore loans are as follows : 2005 2004 Deutsche Bank AG, Singapore 737,250 - Sumitomo Mitsui Banking Corporation, Singapore 294,900 278,550 United Overseas Bank, Singapore 265,410 111,420 Bayerische Hypo-Und Vereinsbank AG, Singapore 147,450 139,275 1,445,010 529,245 Borrowing from Deutsche Bank AG, Singapore, Sumitomo Mitsui Banking Corporation SMBC, Singapore, Bayerische Hypo-und Vereinsbank AG BHV, Singapore and United Overseas Bank UOB, Singapore bear interest at three-month LIBOR plus an applicable margin, three-month SIBOR plus an applicable margin, six-month LIBOR plus an applicable margin and six-month SIBOR plus an applicable margin respectively. These borrowings will be fully paid on maturity date. g Exchange Offer Loans In accordance with the Government’s debt restructuring program for banks, Bank Mandiri exchanged certain non-Rupiah denominated obligations obtained from foreign banks for new borrowings with extended maturities, and guaranteed by Bank Indonesia pursuant to the exchange offer memorandum in the Master Loan Agreement as follows: 2005 2004 US Rupiah US Rupiah full amount Equivalent full amount Equivalent Exchange Offer Loan II - - 182,100,000 1,690,799 PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years Ended December 31, 2005 and 2004 Expressed in millions of Rupiah, unless otherwise stated 79

25. FUND BORROWINGS continued