GENERAL continued 2004 12 Full Audited Financial Statements w Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 15

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d. Initial Public Offering of the Bank’s Shares continued Based on an amendment to the Articles of Association approved by the Minister of Justice and Human Rights in his decision letter No. C-12783.HT.01.04.TH.2003 dated June 6, 2003 that was published in Supplement No. 6590 of State Gazette No. 63 dated August 8, 2003, the Bank’s name was changed from PT Bank Mandiri Persero to PT Bank Mandiri Persero Tbk. e. Quasi-Reorganization In order for Bank Mandiri to eliminate the negative consequences of being burdened by accumulated losses, the Bank undertook a quasi-reorganization as approved in the Shareholder’s Extraordinary General Meeting RUPSLB on May 29, 2003. The quasi-reorganization adjustments resulted in the accumulated losses of Rp162,874,901 as at April 30, 2003 being eliminated against additional paid-in capitalagio. Bank Mandiri’s Articles of Association were amended to reflect the change in additional paid-up capital as a result of quasi-reorganization, by notarial deed No. 130 of Sutjipto, S.H. dated September 29, 2003 which was approved by the Minister of Justice and Human Rights in his decision letter No. C-25309.HT.01.04.TH.2003 dated October 23, 2003 and was published in Supplement No. 93 of State Gazette No. 910 dated October 23, 2003. On October 30, 2003, an Extraordinary Shareholders’ General Meeting RUPSLB approved the Quasi-Reorganization as at April 30, 2003. The minutes of the RUPSLB were notarized by Notary Sutjipto S.H. in notarial deed No. 165 dated October 30, 2003. See Note 60 for details of the implementation of the quasi-reorganization. f. Divestment of Government Share Ownership On March 11, 2004, the Government divested a further 10 shareholding involving 2,000,000,000 of its shares in Bank Mandiri through private placements Note 32. g. Structure and Management Bank Mandiri’s head office is located in Jakarta, Indonesia. As of December 31, 2004 and 2003, and April 30, 2003, Bank Mandiri had the following domestic and offshore structure: December 31, 2004 December 31, 2003 April 30, 2003 Domestic Regional Branches 10 10 10 Domestic Branches: Hubs Community Branches Spokes Cash Outlets 54 95 336 304 54 72 350 254 54 - 421 216 789 730 691 Offshore Branches 4 4 3 Representative Office 1 1 - PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 16

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