SUBORDINATED LOANS continued 2004 12 Full Audited Financial Statements w Notes

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 103

29. SUBORDINATED LOANS continued

Two-Step Loans TSL continued b Export-Import Bank of Japan EBJ continued Details of outstanding credit facilities from the Export-Import Bank of Japan EBJ are as follows: December 31, December 31, April 30, 2004 2003 2003 a Export-Import Bank of Japan I EBJ-TSL I 3,364 10,093 13,457 b Export-Import Bank of Japan II EBJ-TSL II - 15,148 22,722 c Export-Import Bank of Japan III EBJ-TSL III 29,568 59,135 73,919 d Export-Import Bank of Japan IV EBJ-TSL IV 48,823 68,352 78,116 81,755 152,728 188,214 The interest rate on the credit facilities from EBJ-TSL I and EBJ-TSL II is based on the weighted average interest rate for customers’ deposits in the participating banks as determined by Bank Indonesia every six months, less 1. EBJ-TSL II facility has been fully settled on October 2004. The interest rate on the credit facilities from EBJ-TSL III and IV is based on the floating interest rate determined every six months based on the prevailing average interest rate for the past six months for three-month Certificates of Bank Indonesia, which should: • Not be higher than the six-months’ average interest rate for three-month time deposits in five state-owned banks and not be lower than the interest rate on EBJ loans plus 4 for EBJ-TSL III. • Not be higher than the six-months’ average interest rate for three-month time deposits in five state-owned banks for EBJ-TSL IV. c Asian Development Bank ADB This account represents credit facilities from the ADB through the Government of the Republic of Indonesia, via the Ministry of Finance of the Republic of Indonesia, which re-lent the proceeds to participating banks to finance projects in Indonesia. The details of these facilities are as follows: Credit Facility Purpose Repayment Period ADB Fishery II Finance government projects in funding credit for fishery projects. December 19, 1991 - September 15, 2006 with 1 st installment on March 15, 1995. ADB Perkebunan Nusantara XII and Nescoco Inti Finance government projects in funding credit for plantation projects. February 15, 1989 - September 15, 2008 with 1 st installment on March 15, 1995. Development Financing Loan Project Finance industrial sector prioritizing manufacturing products for non-oil export, agro-based industry, employee- centred programs and earning foreign exchange. January 10, 1990 - January 15, 2005 with 1 st installment on July 15, 1993. ADB 1327-INO SF Finance Micro Credit Projects January 15, 2005 - July 15, 2029 with 1st installment on January 15, 2005. 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 104

29. SUBORDINATED LOANS continued