Deferred tax assets - net

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 AND 2013 Expressed in millions of Rupiah, unless otherwise stated Appendix 5108 33. TAXATION continued

f. Tax assessment letters continued

Fiscal Year 2010 continued Management disagree with the Tax Underpayment Assessment letter result and on 4 March 2013, Bank has submitted an objection letter to the tax office. The Bank has paid all the tax underpayment which recorded as prepaid tax as at 31 December 2014 and 2013. On December 2013, the Tax Office issued a decision letter to the Bank’s objection letters on VAT above and partially accepted the Bank’s objection, therefore the Tax office refunded a portion of prepaid tax related to value added tax. The Bank disagreed with the above decision letter and has submitted an appeal for on the above decision letter to the Tax Court in March 2014. Until the date of this consolidated financial statements, the tax court is still on progress. On 21 February 2014, Tax Office issued a decision letter to the Bank’s objection letters on tax underpayment on corporate income tax and Tax office rejected the objection. The Bank has filed an appeal against the objection decision letter to the Tax Court on 19 May 2014. Until the date of this consolidated financial statements, the tax court is still on progress.

34. EMPLOYEE BENEFIT LIABILITIES

2014 2013 Rupiah - Provision for post-employment benefit Note 50 2,234,193 1,965,656 - Provisions for bonuses, leave and holiday entitlements 2,946,967 2,619,413 5,181,160 4,585,069 The provision for post-employment benefit such as pension fund and other long term remuneration is according to Bank and Subsidiaries’ policy which had been calculated using actuarial calculation.

35. OTHER LIABILITIES

2014 2013 Rupiah: Liability to policyholders 3,144,685 1,955,475 Payable to customers 2,018,396 1,271,409 Non controlling interest from Subsidiary’s mutual fund consolidation 1,152,424 857,009 Liability related to ATM and credit card transaction 966,018 1,001,071 Guarantee deposits 737,225 744,712 Deferred income directly attributable 501,082 555,001 Deferred income not directly attributable 242,143 181,831 Customers transfer transaction 57,367 138,046 Payable from purchase of marketable securities 13,201 726 Others 4,320,549 4,624,750 Total Rupiah 13,153,090 11,330,030 Foreign currencies: Guarantee deposits 1,178,359 1,357,207 Customers transfer transaction 555,859 535,090 Deferred income not directly attributable 422,854 447,467 Other liabilities related to UPAS transactions 796,728 283,127 Deferred income directly attributable 1,936 5,813 Others 261,860 207,480 Total foreign currencies Note 61B.v 3,217,596 2,836,184 16,370,686 14,166,214 Liabilities to policyholders consists of Subsidiaries’ AXA Mandiri Financial Services and Mandiri AXA General Insurance and PT Asuransi Jiwa InHealth Indonesia liability for future policy benefits for non unit-linked policyholders, claim payables, unearned premium income and estimated claim liabilities, amounting to Rp1,724,888, Rp93,824, Rp954,692 and Rp371,251 as at 31 December 2014 and amounting to Rp1,368,306, Rp35,394, Rp399,103 and Rp152,672 as at 31 December 2013. PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 AND 2013 Expressed in millions of Rupiah, unless otherwise stated Appendix 5109 35. OTHER LIABILITIES continued Payable to customers mostly represent payable arising from marketable securities transactions done by PT Mandiri Sekuritas the Bank’s subsidiary. Liability related to ATM and credit card transactions represents payable arising from ATM transactions via ATM Bersama, ATM Link and ATM Prima network and payable to Visa and MasterCard on credit card transactions. Non-controling interest from Subsidiary’s mutual funds consolidation represents the portion of non- controling arises from consolidation of mutual funds controlled by Subsidiary AXA Mandiri Financial Services. Guarantee deposits are cash guarantee deposited by the Bank’s customers for export and import transaction and bank guarantee issuance. Deferred income directly attributable represents unamortised provisioncommissions income directly attributable to loans. Deferred income not directly attributable represents unamortised provisioncommissions income not directly attributable to loans. Payable from purchase of marketable securities represents the Bank’s liability related to purchase of marketable securities transactions that have been subsequently settled on 5 January 2015 and 3 January 2014, respectively for the year 2014 and 2013. Other liabilities related to UPAS transactions represents liability to the paying bank in foreign currencies in relation to UPAS receivables from importer. Others mostly consist of inter-office account, liabilities related to import transaction, suspense and unsettled transaction such as customer’s financial transaction.

36. FUND BORROWINGS

2014 2013 Rupiah: Related parties Note 55 a PT Permodalan Nasional Madani Persero - 2,369 g Others 202,609 775,945 202,609 778,314 Third parties b Ministry of Public Housing Kemenpera 137,570 109,021 c Direct Off-shore Loans 300,000 - f Repo to Maturity 494,301 - g Others 3,221,252 3,241,145 4,153,123 3,350,166 Total Rupiah 4,355,732 4,128,480 Foreign currencies: Related parties Note 55 e Trade Financing Facilities 49,540 - Third parties c Direct Off-shore Loans 10,500,576 8,121,615 d Bilateral Loan 6,190,452 3,041,233 e Trade Financing Facilities 3,130,804 705,860 Total foreign currencies Note 61B.v 19,821,832 11,868,708 19,871,372 11,868,708 24,227,104 15,997,188