MARKETABLE SECURITIES ISSUED Insurance liabilities on insurance contracts

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 5102 31. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES a. Transactions of commitment and contingent in the ordinary course of business of Bank Mandiri and its Subsidiaries activities that have credit risk are as follows: 2014 2013 Rupiah: Bank guarantees issued Note 53 26,853,713 23,777,965 Committed unused loan facilities granted Note 53 26,516,482 23,503,517 Outstanding irrevocable letters of credit Note 53 2,112,407 3,039,253 Standby letters of credit Note 53 1,709,373 1,626,837 Total Rupiah 57,191,975 51,947,572 Foreign currencies: Bank guarantees issued Note 53 34,359,188 32,641,571 Committed unused loan facilities granted Note 53 7,046,517 5,405,644 Outstanding irrevocable letters of credit Note 53 13,055,707 12,178,877 Standby letters of credit Note 53 10,180,077 7,025,509 Total foreign currencies 64,641,489 57,251,601 121,833,464 109,199,173 b. By Bank Indonesia’s collectibility: 2014 2013 Current 121,384,434 108,786,436 Special mention 367,646 352,792 Sub-standard 7,064 383 Doubtful 10,551 509 Loss 63,769 59,053 Total 121,833,464 109,199,173 Less: Allowance for impairment losses 196,793 200,501 Commitments and contingencies - net 121,636,671 108,998,672 c. Movements of allowance for impairment losses on commitments and contingencies: 2014 2013 Balance at beginning of year 200,501 189,085 Reversal during the year 5,313 10,784 Others 1,605 22,200 Balance at end of year 196,793 200,501 Includes effect of foreign currencies translation. Management believes that the allowance for impairment losses on commitments and contingencies is adequate. d. Information in respect of classification of “non-impaired” and “impaired” is disclosed in Note 61A. e. Deposits from customers and deposits from other banks pledged as collateral for bank guarantee and irrevocable letters of credit as at 31 December 2014 and 2013 amounting to Rp1,771,213 and Rp1,216,930, respectively Notes 21c and 24c. 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 5103 32. ACCRUED EXPENSES 2014 2013 - Fixed asset and software procurement 1,308,820 1,094,820 - Interest expenses 1,082,993 699,474 - Promotions 302,512 336,129 - Outsourcing expenses 258,401 225,672 - Employee related costs: uniform, recreation and others 70,706 88,352 - Others 856,841 882,028 3,880,273 3,326,475 Included in the fixed asset and software procurement are payables to vendors related with operational and maintenance activities for buildings, equipments, software, ATM machines and Bank’s IT System.

33. TAXATION a. Prepaid Taxes

2014 2013 Bank Mandiri 2,417,736 1,108,430 Subsidiaries 174,246 18,119 2,591,982 1,126,549

b. Tax Payables

2014 2013 Current Income tax payables Bank Mandiri Corporate Income Tax - Article 29 744,342 1,515,818 Subsidiaries Corporate Income Tax - Article 29 153,302 157,212 897,644 1,673,030 Taxes Payables - Others Bank Mandiri Income taxes Article 25 369,114 - Article 21 110,231 90,059 Article 4 2 276,939 196,617 Others 89,939 65,935 846,223 352,611 Subsidiaries 131,274 101,223 977,497 453,834 Total Taxes Payables 1,875,141 2,126,864 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 5104 33. TAXATION continued

c. Tax BenefitExpense

2014 2013 Tax expense - current: Bank Mandiri 4,674,771 4,528,782 Subsidiaries 635,148 759,707 5,309,919 5,288,489 Tax benefitexpense - deferred: Bank Mandiri 82,730 70,285 Subsidiaries 39,417 13,699 43,313 56,586 5,353,232 5,231,903 As explained in Note 2ad, income tax for Bank Mandiri and its subsidiaries are calculated for each separate legal entity.

d. Tax Expense - Current

The reconciliation between income before tax benefitexpense as shown in the consolidated statements of comprehensive income and income tax calculations and the related estimated current tax expense for Bank Mandiri and its Subsidiaries are as follows: 2014 2013 Consolidated income before tax expense and non-controlling interests 26,008,015 24,061,837 Less: Income before tax expense of Subsidiaries - after elimination 2,265,732 3,408,523 Impact of changes in presenting investment in Subsidiaries by using cost method previously equity method 443,546 1,018,151 Income before tax expense and non-controlling interests - Bank Mandiri only 24,185,829 21,671,465 Adddeduct permanent differences: Non-deductible expensesnon-taxable income 398,481 626,250 Others 158 5,229 Adddeduct temporary differences: Allowance for impairment losses on loans and write-offs 1,025,957 762,212 Allowance for impairment losses on financial assets other than loans 151,940 417,111 Provision for post-employment benefit expense, provisions for bonuses, leave and Holiday THR entitlements 496,970 717,993 Unrealised gain on BOT transactions 187,205 15,597 Allowance for estimated losses arising from legal cases 124,212 66,412 Provision for estimated losses on commitments and contingencies 2,660 11,693 Depreciation of fixed assets 102,848 61,070 Unrealised lossess on decreaseincrease in fair value of marketable securities and Government Bonds - fair value through profit or loss 6,964 6,052 Allowance for possible losses on other assets - 19,555 Allowance for possible losses of abandoned properties 1,051 9,402 Estimated taxable income 23,373,857 22,643,911 Estimated tax expense-current Bank Mandiri only 4,674,771 4,528,782 Subsidiaries 635,148 759,707 Estimated tax expense-current 5,309,919 5,288,489 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 5105 33. TAXATION continued

d. Tax Expense - Current continued

The calculation of income tax for the year ended 31 December 2014 is a preliminary estimate made for accounting purposes and are subject to change at the time of the Bank submit its annual tax return. Tax calculation for the year ended 31 December 2013 in accordance with the income tax SPT Bank Mandiri. The tax on Bank Mandiri and Subsidiaries Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits on the consolidated entities as follows: 2014 2013 Consolidated income before tax expense and minority interest 26,008,015 24,061,837 Tax calculated at applicable tax rates: 5,403,600 5,186,425 Tax effect of: Bank Mandiri - Income not subject to tax and final tax 171,684 150,620 - Expense not deductible for tax purposes 91,987 274,824 79,697 124,204 Subsidiaries 29,329 78,726 Total tax effect 50,368 45,478 Income tax expense 5,353,232 5,231,903 Under the taxation laws of Indonesia, Bank Mandiri and Subsidiaries submit the Annual Corporate Income Tax Returns to the tax office on the basis of self assessment. The Directorate General of Taxation may assess or amend taxes within 5 five years from time when the tax becomes due. Starting from 2009, Bank Mandiri has recognised written-off loans as deduction of gross profit by fullfiling the three requirements stipulated in UU No. 36 Year 2008 and Regulation of the Minister of Finance No. 105PMK.032009 dated 10 June 2009, which was amended by Regulation of the Minister of Finance No. 57PMK.032010 dated 9 March 2010. Based on UU No. 36 Year 2008 regarding Income Tax, Government Regulation No. 81 Year 2007 dated 28 December 2007 which is subsequently replaced by Government Regulation GR No. 77 Year 2013 dated 21 November 2013 regarding Reduction of Income Tax Rate for Resident Corporate Tax Payers and Regulation of the Minister of Finance No. 238PMK.032008 dated 30 December 2008 regarding Procedures for Implementing and Supervising the Granting of Reduction of Income Tax Rate for Resident Corporate Taxpayers, a public listed company can obtain a reduction of income tax rate by 5 lower from the highest income tax rate by fulfilling several requirements at least 40 of the total paid-up shares are listed and traded in the Indonesia Stock Exchange and must be recorded in depository and settlement institutional, the shares are owned by at least 300 parties and each party can only own less than 5 of the total paid up shares. The above requirements must be fulfilled by the taxpayer at the minimum 183 one hundred and eighty three calender days in a period of 1 one fiscal year. Tax payer should include the certificate from Securities Administration Agency in the annual Corporate Income Tax return by attaching form X.H.1-6 as regulated in Bapepam-LK Regulation No X.H.1 for each respective fiscal year.