SALARIES AND EMPLOYEE BENEFITS

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 5129 44. EMPLOYEE BENEFITS continued Pension Plan continued As at 31 December 2010, 2009 and 2008, the provision for pension benefit obligation are determined based on the obligation and pension benef it cost calculation for the years ended 31 December 2010, 2009 and 2008 outlined in the independent actuarial report of PT Eldridge Gunaprima Solution dated 28 January 2011, 25 January 2010, 30 January 2009, respectively, using the following assumptions: DPBM I DPBM II DPBM III DPBM IV Discount rate 9.50 per annum December 2009: 11.00; December 2008: 12.00 9.50 per annum December 2009: 11.00; December 2008: 12.00 9.50 per annum December 2009: 11.00; December 2008: 12.00 9.50 per annum December 2009: 11.00; December 2008: 12.00 Expected rate of return on pension plan assets 9.00 per annum December 2009 and 2008: 10.00 9.00 per annum December 2009 and 2008: 10.00 8.00 per annum December 2009 and 2008: 10.00 8.00 per annum December 2009 and 2008: 10.00 Working period used As at 31 July 1999 As at 31 July 1999 As at 31 July 1999 As at 31 July 1999 Pensionable salary PhDP used As at 1 January 2003, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ As at 1 January 2003, adjusted PhDP of legacy banks’ Expected rates of PhDP increase Nil Nil Nil Nil Mortality Rate Table December 2010, 2009 and 2008: Indonesia Mortality Table 1999 TMI II for active members and Group Annuity Mortality 1983 GAM ’83 for pensioners December 2010, 2009 and 2008: Indonesia Mortality Table 1999 TMI II for active members and Group Annuity Mortality 1983 GAM ’83 for pensioners December 2010, 2009 and 2008: Indonesia Mortality Table 1999 TMI II for active members and Group Annuity Mortality 1983 GAM ’83 for pensioners December 2010, 2009 and 2008: Indonesia Mortality Table 1999 TMI II for active members and Group Annuity Mortality 1983 GAM ’83 for pensioners Turnover rate 2010, 2009 and 2008: 5.00 up to employees’ age of 25 and reducing linearly by 0.167 for each year up to 0.00 up to at age 55 and thereafter 2010, 2009 and 2008: 5.00 up to employees’ age of 25 and reducing linearly by 0.167 for each year up to 0.00 up to at age 55 and thereafter 2010, 2009 and 2008: 5.00 up to employees’ age of 25 and reducing linearly by 0.167 for each year up to 0.00 up to at age 55 and thereafter 2010, 2009 and 2008: 5.00 up to employees’ age of 25 and reducing linearly by 0.167 for each year up to 0.00 up to at age 55 and thereafter Disability rate 10.00 of TMI II December 2009 and 2008: 10.00 of TMI II 10.00 of TMI II December 2009 and 2008: 10.00 of TMI II 10.00 of TMI II December 2009 and 2008: 10.00 of TMI II 10.00 of TMI II December 2009 and 2008: 10.00 of TMI II Actuarial method Projected Unit Credit Projected Unit Credit Projected Unit Credit Projected Unit Credit Normal retirement age 56 years for all grades 56 years for all grades 56 years for all grades 56 years for all grades Maximum defined benefit amount 80.00 of PhDP 80.00 of PhDP 62.50 PhDP 75.00 PhDP Expected rate of pension benefit increase Nil Nil Nil 4.00 every 2 years Tax rates - average 3.00 of pension benefit December 2009: 3.00 of pension benefit; December 2008: 5.00 of pension benefit 3.00 of pension benefit December 2009: 3.00 of pension benefit; December 2008: 5.00 of pension benefit 3.00 of pension benefit December 2009: 3.00 of pension benefit; December 2008: 5.00 of pension benefit 3.00 of pension benefit December 2009: 3.00 of pension benefit; December 2008: 5.00 of pension benefit PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2010, 2009 AND 2008 Expressed in millions of Rupiah, unless otherwise stated Appendix 5130 44. EMPLOYEE BENEFITS continued Pension Plan continued The projected benefit obligations and fair value of plan assets as at 31 December 2010, based on independent actuary report, are as follow: DPBM I DPBM II DPBM III DPBM IV Projected benefit Obligations 1,046,218 1,279,128 540,301 340,394 Fair value of plan Assets 1,534,816 1,664,164 700,682 534,501 Funded status 488,598 385,036 160,381 194,107 Unrecognised past service cost - - - - Unrecognised actuarial gains 350,059 190,703 88,451 94,632 Surplus based on SFAS No. 24 Revised 2004 138,539 194,333 71,930 99,475 Asset ceilling - - - - Pension Plan Program Assets recognised in balance sheet - - - - There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions. There are no plan assets recognised in the Balance Sheets since the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled. The projected benefit obligations and fair value of plan assets as at 31 December 2009, based on independent actuary report, are as follow: DPBM I DPBM II DPBM III DPBM IV Projected benefit Obligations 890,700 932,393 448,578 264,022 Fair value of plan Assets 1,480,532 1,608,831 701,528 513,671 Funded status 589,832 676,438 252,950 249,649 Unrecognised past service cost - - - - Unrecognised actuarial gains 475,036 488,194 186,897 125,713 Surplus based on SFAS No.24 Revised 2004 114,796 188,244 66,053 123,936 Asset ceilling - - - - Pension Plan Program Assets recognised in balance sheet - - - - There are no unrecognised accumulated actuarial loss-net nor unrecognised past service cost and there are no present value of available future refunds or reductions of future contributions. There are no plan assets recognised in the Balance Sheets since the requirements under SFAS No. 24 Revised 2004 regarding “Employee Benefits” are not fulfilled.