EC83A63C E3BD 46D3 927D 5125402EAFFD AR2006 English

Prosper with Us

2006

3 A Rich Heritage 4 Awards

6 Financial Highlights

8 Message from the President Commissioner 10 Board of Commissioners

14 Message from the President Director 22 Board of Directors

29 Organization Structure

30 Management’s Discussion & Analysis of Financial Statements 49 Good Corporate Governance

57 Report of the Audit Committee

59 Report of the Nomination and Remuneration Committee 60 Report of the Risk Policy Committee

61 Report of the Good Corporate Governance Committee

62 Non-Commissioner Members of Committees & Corporate Secretary 64 Finance & Strategy

65 Strategic Business Unit (SBU) Summary 70 Change Management Office 72 Corporate Banking 80 Commercial Banking 84 Consumer Finance 90 Micro & Retail Banking 96 Treasury & International Banking 102 Special Asset Management 106 Products & Services 112 Risk Management

124 Compliance & Human Capital 132 Technology & Operations 136 Corporate Social Responsibility 138 Shareholder Information 144 Management

146 Bank Mandiri Branch Network 162 CBC, SBDC, MBDC & MBU Network 167 Statement of the Board Of Commissioners 168 Statement of the Board Of Directors

Consolidated Financial Statements With Independent Auditors’ Report Year Ended December 31, 2006 With Comparative Figures for 2005

Rp 267.5

trillion

Total Assets as of 31 December 2006

15.2

%

Deposit Market Share

25.3

%

Capital Adequacy Ratio (CAR)

reaffirming that

we are your

most trusted and

preferred bank

Prosper with Us

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- B:HH6<:;GDBI=:EG:H>9:CI8DBB>HH>DC:G

We remain committed to guiding the Bank

in creating sustainable and growing shareholder

value by fostering excellence in corporate

governance through a strong governance ethic and

culture that is exemplified through our structures

and policies.

EDWIN GERUNGAN • President Commissioner and Independent Commissioner

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1

Edwin Gerungan

President Commissioner and Independent Commissioner

2

Muchayat

Deputy President Commissioner

3

Soedarjono

Commissioner

4

Richard Claproth

Commissioner

5

Gunarni Soeworo

Independent Commissioner

6

Pradjoto

Independent Commissioner

7

Yap Tjay Soen

&&

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B:HH6<:;GDBI=:EG:H>9:CI9>G:8IDG

One of our key thrusts will be to grow in the

future by better capturing the synergies among

our SBUs. This strategy is critically important, as

Bank Mandiri already has a sizeable customer

base in all segments; we therefore have the

opportunity to enhance our business through

strategic alliances, cross-selling, and the

implementation of client service teams

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'' 7D6G9D;9>G:8IDGH

7D6G9D;9>G:8IDGH

1

Agus Martowardojo

President Director

2

Wayan Agus Mertayasa

Deputy President Director

6

Abdul Rachman

Managing Director Corporate Banking

4

Zulkifli Zaini

Managing Director Commercial Banking

3

Omar Sjawaldy Anwar

Managing Director Consumer Finance

11

Budi G. Sadikin

Managing Director Micro & Retail Banking

10

Thomas Arifin

Managing Director Treasury & International Banking

9

Riswinandi

Managing Director Special Asset Management

7

Sentot A. Sentausa

Managing Director Risk Management

5

Sasmita

Managing Director Technology & Operations

8

Bambang Setiawan

Managing Director Compliance & Human Capital

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13

Haryanto Tiara Budiman

Executive Vice President (EVP) Coordinator Change Management Office

12

Pahala Nugraha Mansury

Executive Vice President Coordinator Finance & Strategy

3

5

6

10

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PT BANK MANDIRI (PERSERO) TBK.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - PARENT COMPANY ONLY

Year Ended December 31, 2006

With Comparative Figures For 2005

(Expressed in millions of Rupiah, unless otherwise stated)

Unrealized

Gains/(Losses)

on Available-

Differences for-Sale Securities Revaluation Difference

Arising from and Government Increment Arising from

Translation of Recapitalization of Resulting in Retained Earnings *)

Issued and Additional Foreign Currency Bonds-net Premises Changes Total

Fully Paid-Up Paid-in Financial of deferred and in the Equity Share Shareholders’

Capital Capital/Agio Statements tax Equipment of Subsidiaries Options Appropriated Unappropriated Total Equity

Balance as of December 31, 2004 10,066,427 5,967,897 72,554 (404,001) 3,046,936 9,788 13,831 747,000 5,414,275 6,161,275 24,934,707

Execution of shares options from Management

Stock Option Plan (MSOP) 61,432 38,358 - - - - (8,565) - - - 91,225

General and specific reserve

allocated from 2004 net profit - - - 1,813,285 (1,813,285) - -

Dividends allocated from 2004 net profit - - - (2,627,816) (2,627,816) (2,627,816)

Cooperative development fund program and community development reserve

allocated from 2004 net profit - - - (105,113) (105,113) (105,113)

Directors and Commissioners Tantiem from

2004 net profit - - - (26,278) (26,278) (26,278)

Differences Arising from Translation

of Foreign Currency Financial Statements - - 36,369 - - - - - - - 36,369

Unrealized gains from the increase in value on available for sale securities and government

recapitalization bonds – net of deferred tax - - - 162,040 - - - 162,040

Recognition of shares options from Management

Stock Option Plan (MSOP) - - - - - - 169,746 - - - 169,746

Differrence Arising from Transactions Resulting

In Changes in the Equity of subsidiaries - - - (23,851) - - - - (23,851)

Net income for the year ended 31 December, 2005 - - - 603,369 603,369 603,369

Balance as of December 31, 2005 10,127,859 6,006,255 108,923 (241,961) 3,046,936 (14,063) 175,012 2,560,285 1,445,152 4,005,437 23,214,398

These financial statements are originally issued in Indonesian language.

APPENDIX 3

PT BANK MANDIRI (PERSERO) TBK.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - PARENT COMPANY ONLY

Year Ended December 31, 2006

With Comparative Figures For 2005

(Expressed in millions of Rupiah, unless otherwise stated)

Unrealized

Gains/(Losses)

on Available-

Differences for-Sale Securities Revaluation Difference

Arising from and Government Increment Arising from

Translation of Recapitalization of Resulting in Retained Earnings *)

Issued and Additional Foreign Currency Bonds-net Premises Changes Total

Fully Paid-Up Paid-in Financial of deferred and in the Equity Share Shareholders’

Capital Capital/Agio Statements tax Equipment of Subsidiaries Options Appropriated Unappropriated Total Equity

Balance as of December 31, 2005 10,127,859 6,006,255 108,923 (241,961) 3,046,936 (14,063) 175,012 2,560,285 1,445,152 4,005,437 23,214,398

General and specific reserve allocated from

2005 net profit - - - 15,084 (15,084) - -

Dividends allocated from 2005 net profit - - - (301,685) (301,685) (301,685)

Cooperative development fund program and community development reserve

allocated from 2005 net profit - - - (12,067) (12,067) (12,067)

Execution of shares options

from Management Stock Option Plan (MSOP) 187,750 427,693 - - - - (200,352) - - - 415,091

Differences arising from translation of

foreign currency financial statements - - (22,056) - - - - - - (22,056)

Unrealized gains from the increase in value on available-for-sale securities and government

recapitalization bonds – net of deferred tax - - - 471,533 - - - 471,533

Differrences arising from transaction resulting

in changes in the equity of subsidiaries - - - 23,381 - - - - 23,381

Recognition of share options from

Management Stock Option Plan - - - - - - 130,670 - - - 130,670

Net income for the year ended December 31, 2006 - - - 2,421,405 2,421,405 2,421,405

Balance as of December 31, 2006 10,315,609 6,433,948 86,867 229,572 3,046,936 9,318 105,330 2,575,369 3,537,721 6,113,090 26,340,670

PT BANK MANDIRI (PERSERO) TBK.

STATEMENTS OF CASH FLOWS - PARENT COMPANY ONLY

Year Ended December 31, 2006

With Comparative Figures For 2005

(Expressed in millions of Rupiah, unless otherwise stated)

2006

2005

CASH FLOWS FROM OPERATIONAL ACTIVITIES

Receipts from interest income

24,615,371

18,449,440

Receipts from fees and commissions

2,139,687

2,044,047

Payments of interest expense

(15,374,335)

(11,262,867)

Payments of other financing expenses

(139,119)

(296,821)

Receipts from the sale of securities and Government recapitalization bonds

3,253,360

7,798,577

Acquisition of Government recapitalization bonds – trading portfolio

(1,845,117)

(8,173,726)

Foreign exchange gains/(losses) - net

559,203

(932,967)

Operating income - others

641,454 603,094

Operating expenses - others

(555,758) (564,895)

Salaries and employee benefits

(2,566,586)

(2,380,049)

General and administrative expenses

(2,384,911)

(2,284,160)

Non-operating income/(expenses) - others

155,117

(117,879)

Profit before changes in operating assets and liabilities

8,498,366

2,881,794

(Increase)/decrease in operating assets:

Placements with Bank Indonesia and other banks

14,130,673

(9,718,014)

Securities and Government Recapitalization Bonds - trading portfolio

(294,163)

22,632

Other receivables - trade transactions

1,069,357

(1,035,095)

Loans

(13,914,012) (11,468,977)

Proceeds from collection of earning assets already written-off

1,074,335

823,067

Other

assets

483,996 4,399,773

Increase/(decrease) in operating liabilities:

Demand

deposits

3,891,292 3,741,010

Saving

deposits

12,448,900 (6,832,423)

Time

deposits

(15,322,896) 26,489,678

Inter-bank call money

1,061,662 (1,126,341)

Liabilities immediately payable

23,144

31,632

Taxes

payable

(303,918) (590,029)

Other

liabilities

(33,971) 717,514

Estimated losses on commitments and contingencies

-

288

Net cash provided by operating activities

12,812,765

8,336,509

CASH FLOWS FROM INVESTING ACTIVITIES

(Increase)/decrease in securities - available for sale

and held-to-maturity portfolio

(7,325,280)

3,113,790

(Increase)/decrease in Government Recapitalization Bonds - available for sale

and held-to-maturity portfolio

(401,841)

2,107,132

Redemption of matured Government Recapitalization Bonds

-

2,865,356

Replacement of Government Recapitalization Bonds

-

(2,865,356)

Proceeds from sale of premises and equipment

64,189

19,492

Acquisition of premises and equipment

(226,060)

(358,223)

Increase in investment in shares of stock

(140,531)

-

Increase/(decrease) in securities purchased with agreement to resell

(450,112)

480,000

These financial statements are originally issued in Indonesian language.

APPENDIX 4

PT BANK MANDIRI (PERSERO) TBK.

STATEMENTS OF CASH FLOWS - PARENT COMPANY ONLY (continued)

Year Ended December 31, 2006

With Comparative Figures For 2005

(Expressed in millions of Rupiah, unless otherwise stated)

2006

2005

CASH FLOWS FROM FINANCING ACTIVITIES

Decrease in securities issued

(214,662) (6,032)

Decrease in fund borrowings

(1,280,778)

(3,103,821)

Decrease in subordinated loans

(244,906)

(2,413,940)

Decrease in securities sold with agreements to repurchase

(307,224)

(1,001,345)

Dividends payment

(313,752) (2,759,207)

Execution of shares option

415,090 91,225

Net cash used in financing activities

(1,946,232)

(9,193,120)

NET INCREASE IN CASH AND CASH EQUIVALENTS

2,386,898

4,505,580

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

23,050,352 18,544,773

CASH AND CASH EQUIVALENTS AT END OF YEAR

25,437,250

23,050,353

Cash and cash equivalents at end of year consist of:

Cash

3,828,154 2,428,499

Current accounts with Bank Indonesia

21,119,659

19,988,680

Current accounts with other banks

489,437

633,174

Total Cash and Cash Equivalents

25,437,250

23,050,353

SUPPLEMENTAL NON-CASH FLOW INFORMATION

Activities not affecting cash flows:

Unrealized gains on securities and government recapitalization

bonds available for sale

471,533

162,040

Unreliazed (losses)/gains on securities and Government recapitalization

bonds

trading

89,995

(66,214)

SPECIAL SUB SPECIAL SUB

MENTION STANDARD MENTION STANDARD

I Related Parties A EARNING ASSETS

1

Placement with other banks 126,042 - - - - 126,042 206,761 - - - - 206,761 2

Securities **) 91,313,857 - - - 10,163 91,324,020 92,320,016 - - - - 92,320,016 3

Loan to related parties 447,436 - - - 200,899 648,335 913,194 31 6,000 - 209,747 1,128,972 a. Small scale business credit (KUK) - - - - - - - - - - - -b. Property Loans 736 - - - - 736 11,014 - - - - 11,014

i. Restructured - - - - - - 10,500 - - - - 10,500 ii. Unrestructured 736 - - - - 736 514 - - - - 514 c. Other restructured loans - - - - - - 110,992 - - - - 110,992 d. Others 446,700 - - - 200,899 647,599 791,188 31 6,000 - 209,747 1,006,966 4

Investment in shares of stock to related parties 2,210,393 - - - - 2,210,393 2,046,481 - - - - 2,046,481 a. In bank financial institutions 1,248,906 - - - - 1,248,906 1,167,731 - - - - 1,167,731 b. In non bank financial institutions 799,839 - - - - 799,839 728,581 - - - - 728,581 c. Due to loan restructuring - - - - - - - - - - - -d. Others 161,648 - - - - 161,648 150,169 - - - - 150,169 5

Other receivables to related parties 57,400 - 247 - - 57,647 54,531 552 - - - 55,083 6

Commitments and contingencies to related parties 4,623 - - - - 4,623 18,172 - - - - 18,172

B NON EARNING ASSETS 1

Abandoned properties - - - - - - - - - - - -2

Repossessed Assets - - - - - - - - - - - -3

Interbranch and suspense account - - - - - - - - - - -

-II Third Parties A EARNING ASSETS

1

Placement with other banks 9,751,903 - - - - 9,751,903 23,945,594 - - - - 23,945,594 2

Securities (issued by Bank Indonesia and third parties) 15,452,971 - - - 1,053,469 16,506,440 7,040,858 - 205,272 - 1,089,746 8,335,876 3

Loan to third parties 73,288,577 16,966,301 1,991,380 523,607 15,961,523 108,731,388 59,733,197 12,892,862 5,602,749 5,299,083 15,509,030 99,036,921 a. Small scale business credit (KUK) 3,274,521 757,820 35,438 72,519 396,755 4,537,053 3,751,797 581,821 91,285 79,328 361,136 4,865,367 b. Property Loans 6,826,187 2,452,173 116,167 81,185 1,238,788 10,714,500 1,958,965 959,964 1,025,980 197,637 315,613 4,458,159 i. Restructured 4,533 855,600 56,081 5,450 171,386 1,093,050 81,369 240,125 76,413 189,258 - 587,165 ii. Unrestructured 6,821,654 1,596,573 60,086 75,735 1,067,402 9,621,450 1,877,596 719,839 949,567 8,379 315,613 3,870,994 c. Other restructured loans 5,525,657 6,614,874 1,500,232 60,700 5,566,706 19,268,169 5,542,379 3,487,042 1,300,257 2,276,535 5,485,675 18,091,888 d. Others 57,662,212 7,141,434 339,543 309,203 8,759,274 74,211,666 48,480,056 7,864,035 3,185,227 2,745,583 9,346,606 71,621,507 4

Investment in shares of stock of third parties - - - - 72,625 72,625 - - - - 72,625 72,625 a. In bank financial institutions - - - - - - - - - - - -b. In non bank financial institutions - - - - - - - - - - - -c. Due to loan restructuring - - - - 72,625 72,625 - - - - 72,625 72,625 d. Others - - - - - - - - - - - -5

Other receivables from third parties 5,302,328 1,058,062 - 1,010 804,232 7,165,632 4,617,799 1,563,224 803,685 260,224 1,159,826 8,404,758 6

Commitments and contingencies to third parties 14,135,867 469,119 911 12,425 107,582 14,725,904 13,939,899 831,260 329,674 68,243 180,790 15,349,866

B NON EARNING ASSETS 1

Abandoned properties 416,167 - - - - 416,167 - - - - - 238,236 2

Repossessed Assets 158,922 - - - - 158,922 - - - - - 158,922 3

Interbranch and suspense account 811,418 - - - 778,967 1,590,385 - - - - - 1,205,839 213,477,904

18,493,482 1,992,538 537,042 18,989,460 253,490,426 204,836,502 15,287,929 6,947,380 5,627,550 18,221,764 252,524,122 Minimum requiredallowance for possible losses on earning assets ***) 1,084,717 1,341,922 500,255 208,977 12,536,244 15,672,115 986,557 718,556 953,740 1,899,210 10,185,262 14,743,325 Required allowance for possible losses on non earning assets - - - - 778,967 778,967 - - - - - -Total required allowance for possible losses on assets 1,084,717 1,341,922 500,255 208,977 13,315,211 16,451,082 986,557 718,556 953,740 1,899,210 10,185,262 14,743,325 Established allowance for possible losses on earning assets 1,391,988 1,341,922 500,255 208,977 13,456,212 16,899,354 1,158,188 718,556 953,740 1,899,210 10,452,189 15,181,883 Established allowance for possible losses on non earning assets - - - - 994,703 994,703 - - - - - 2,030,018 Total established allowance for possible losses on assets 1,391,988 1,341,922 500,255 208,977 14,450,915 17,894,057 1,158,188 718,556 953,740 1,899,210 10,452,189 17,211,901 *) This information has been based on:

a) Bank Indonesia Regulation No. 7/50/PBI/2005 dated November 29, 2005 regarding Transparency of Bank's Financial Condition

b) Bank Indonesia's Circular Letter No. 7/10/DPNP dated March 31, 2005 regarding amendment to Bank Indonesia's Circular Letter No. 3/30/DNP dated December 14, 2001 regarding Presentation of Quarterly and Monthly Published Financial Statements of Commercial Banks and Certain Reports Submitted to Bank Indonesia.

c) Bank Indonesia's Regulation No. 4/7/PBI/2002 dated September 27, 2002 regarding Prudential Principles for Purchase of Credit by Banks from The Indonesian Bank Restructuring Agency (IBRA). **) Include Government Recapitalization Bonds

***) The Calculation of allowance for possible losses on earning assets should be provided on the principal after deducting by collaterals.

No allowance for posible losses is required for certificates of Bank Indonesia, placements with Bank Indonesia and government recapitalization bond.

DOUBTFUL CURRENT

December 31, 2006 (Audited) December 31, 2005 (Audited)

TOTAL

CURRENT DOUBTFUL LOSS

No ASSETS

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