MARKETABLE SECURITIES ISSUED continued Subordinated Notes Sharia Mudharabah

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated 133

33. TAXATION continued b. Taxes payable

December 31, December 31, 2015 2014 Current Income taxes payable Bank Mandiri Corporate Income Tax - Article 29 1,065,696 744,342 Subsidiaries Corporate Income Tax - Article 29 194,096 153,302 1,259,792 897,644 Taxes payable - others Bank Mandiri Income taxes Article 25 255,893 369,114 Article 21 122,795 110,231 Article 4 2 256,196 276,939 Others 100,764 89,939 735,648 846,223 Subsidiaries 136,176 131,274 871,824 977,497 2,131,616 1,875,141 c. Tax expensebenefit December 31, 2015 2014 Tax expense - current: Bank Mandiri 4,932,830 4,674,771 Subsidiaries 615,228 635,148 5,548,058 5,309,919 Tax benefitexpense - deferred: Bank Mandiri 337,514 82,730 Subsidiaries 6,488 39,417 331,026 43,313 5,217,032 5,353,232 As explained in Note 2ad, income tax for Bank Mandiri and its subsidiaries are calculated for each separate legal entity. PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated 134

33. TAXATION continued d. Tax expense - current

The reconciliation between income before tax expensebenefit 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: Year ended December 31, 2015 2014 Consolidated income before tax expense and non-controlling interests 26,369,430 26,008,015 Less: Income before tax expense of Subsidiaries - after elimination 1,900,221 2,265,732 Impact of changes in presenting investment from equity method to cost method 230,537 443,546 Income before tax expense and non-controlling interests - Bank Mandiri only 24,699,746 24,185,829 Adddeduct permanent differences: Non-deductible expensesnon-taxable income 1,732,048 398,481 Others 8,880 158 Adddeduct temporary differences: Allowance for impairment losses on loans and write-offs 799,374 1,025,957 Allowance for impairment losses on financial assets other than loans 83,164 151,940 Provision for post-employment benefit expense, provisions for bonuses, leave and holiday THR entitlements 816,084 496,970 Unrealised gain on BOT transactions 7,799 187,205 Allowance for estimated losses arising from legal cases 33,551 124,212 Provision for estimated losses on commitments and contingencies 175,580 2,660 Depreciation of fixed assets 228,162 102,848 Unrealised lossess on decrease in fair value of marketable securities and government bonds - fair value through profit or loss 15,779 6,964 Allowance for possible losses of abandoned properties - 1,051 Estimated taxable income 24,664,149 23,373,857 Estimated tax expense - current Bank Mandiri only 4,932,830 4,674,771 Subsidiaries 615,228 635,148 Estimated tax expense - current 5,548,058 5,309,919