ACCEPTANCES RECEIVABLE continued INVESTMENTS IN SHARES OF STOCK

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 71

13. INVESTMENTS IN SHARES OF STOCK continued

The details of investments in shares of stock as of April 30, 2003 are as follows: Accumulated Equity in Percentage Retained Earnings Carrying Investee Company Nature of Business of Ownership Cost Accumulated Losses Value Equity Method of Accounting: PT Sarana Bersama Pembiayaan Indonesia Holding company 34.00 2,278 2,881 5,159 PT Bapindo Bumi Sekuritas Securities trading 26.19 2,750 197 2,947 8,106 Cost Method of Accounting: PT Bank Internasional Indonesia Tbk. Banking 2.00 50,400 50,400 PT Semen Kupang a Manufacturing 59.70 45,023 45,023 PT Sri Thai a Manufacturing na 23,055 23,055 PT Kertas Padalarang a Pulp and paper 51.50 9,530 9,530 PT Kustodian Sentral Efek Indonesia Security Custodian 16.00 4,800 4,800 PT Bunas Finance Internasional Tbk. a Finance na 3,889 3,889 PT Pisita Wisata a Tourism 16.00 658 658 PT Mega Guna Concrete a Construction 24.00 200 200 Maskapai Pelayaran Laut Shipping 8.50 95 95 PT Bursa Efek Surabaya Stock exchange 2.22 75 75 PT Bursa Efek Jakarta Stock exchange 0.50 60 60 PT Pemeringkat Efek Indonesia Securities rating 4.29 429 429 Others 3,584 3,584 141,798 Total 149,904 Less: Allowance for possible losses 27,633 122,271 aThese investments, regardless of percentage of ownership, represent restructured loans through debt to equity participations Note 11. Such investments are temporary investments for up to a maximum of five 5 years based on Bank Indonesia regulations. Accordingly, such investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 72

13. INVESTMENTS IN SHARES OF STOCK continued