EMPLOYEE ALLOWANCES AND BENEFITS

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 133

42. EMPLOYEE ALLOWANCES AND BENEFITS continued

Pension Plan continued As of December 31, 2002, the calculation of fair value of plan assets and projected benefit obligation is based on the actuarial report of PT Jasa Aktuaria Pensiun dan Asuransi. In its calculation, the actuary used the following assumptions: DPBM I DPBM II DPBM III DPBM IV Actuarial date December 31, 2002 December 31, 2002 December 31, 2002 December 31, 2002 Frequency of actuarial valuation Annually Annually Annually Annually Interest rate 9 per annum 9 per annum 9 per annum 9 per annum Expected rate of return on plan assets 9 per annum 9 per annum 9 per annum 9 per annum Pensionable salary and working period used As of July 31, 1999 As of July 31, 1999 As of July 31, 1999 As of July 31, 1999 Expected rates of pensionable salary increase Nil Nil Nil Nil Mortality rate table CSO-1958 Modified CSO-1958 Modified CSO-1958 Modified CSO-1958 Modified Ill-health retirement rate 0.3 of mortality rate 0.3 of mortality rate 0.3 of mortality rate 0.3 of mortality rate Actuarial method Accrued benefit method Accrued benefit method Accrued benefit method Accrued benefit method Normal pension age 565248 years depending on the grade 56 years for all grade 56 years for all grade 56 years for all grade Maximum defined benefit amount 80 of latest gross pensionable salary PhDP 80 of latest gross pensionable salary PhDP 60 of latest gross pensionable salary PhDP 60 of latest gross pensionable salary PhDP The projected benefit obligation and fair value of plan assets as of December 31, 2003 are as follows: DPBM I DPBM II DPBM III DPBM IV Projected Benefit Obligation 958,312 905,092 542,065 291,637 Fair Value of Plan Assets 1,186,701 1,207,970 664,899 391,634 Surplus 228,389 302,878 122,834 99,997 The projected benefit obligation and fair value of plan assets as of April 30, 2003 are as follows: DPBM I DPBM II DPBM III DPBM IV Projected Benefit Obligation 1,089,825 1,065,625 579,064 329,853 Fair Value of Plan Assets 1,157,794 1,164,513 617,404 379,790 Surplus 67,969 98,888 38,340 49,937 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 134

42. EMPLOYEE ALLOWANCES AND BENEFITS continued