6AB7B103 679D 4616 AEFA 0B5729D88C6A FY 2006 Analysts Meeting

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Bank Mandiri Presentation Contents

Results Overview Page #

FY Financial H ighlights 2

Q uarterly Loan Growth & LD R 3

Q uarterly Funding Mix 4

Q uarterly Savings D eposits & Funding Rates 5

Retail Funding Strategy & Electronic N etworks 6 - 7

ATM & e-Channel Utilization 8 - 9

Q uarterly N et Interest Margins and Spread 10

Q uarterly O verhead Expenses & D etail 11

Q uarterly N PL Movement & Asset Q uality 12 - 13

Provisioning & Collateral 14

Q uarterly Analysis of N PL D owngrades 15

Core Earnings Analysis & Profitability 16

Operating Performance H ighlights

Top N PL D ebtor D evelopments 17 - 20

N PL Resolution Program 21 - 23

Transformational Themes & SBU Strategy 24 – 41

2007 Milestones 42

Supporting M aterials 43 - 87

Results Overview Page #

FY Financial H ighlights 2

Q uarterly Loan Growth & LD R 3

Q uarterly Funding Mix 4

Q uarterly Savings D eposits & Funding Rates 5

Retail Funding Strategy & Electronic N etworks 6 - 7

ATM & e-Channel Utilization 8 - 9

Q uarterly N et Interest Margins and Spread 10

Q uarterly O verhead Expenses & D etail 11

Q uarterly N PL Movement & Asset Q uality 12 - 13

Provisioning & Collateral 14

Q uarterly Analysis of N PL D owngrades 15

Core Earnings Analysis & Profitability 16

Operating Performance H ighlights

Top N PL D ebtor D evelopments 17 - 20

N PL Resolution Program 21 - 23

Transformational Themes & SBU Strategy 24 – 41

2007 Milestones 42

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Key Financial H ighlights

Organization Structure

FY 2006

FY 2005

300.8%

2,421tn

Rp604 bn

Earnings After Tax

61.4%

5.9%

15.3%

N et N PL

12.1%

48.9%

55.6%

Efficiency

14.6%

4.7%

4.1%

N IM

10.3%

Rp117.7 tn

Rp106.7 tn

Loans

Bank Mandiri’s Full Year Performance for 2006 demonstrated marked

improvements in a number of key indicators:

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Q oQ Growth (%) YoY Growth (%)

4 4 .5 4 9 .2 4 2 .5 4 8 .3 4 8 .3 5 0 .4 5 8 .7 6 5 .4 6 8 .7 6 6 .8 7 2 .6 7 5 .9 7 6 .7 8 2 .3 8 7 .0 9 4 .4 9 9 .5 1 0 4 .0 1 0 6 .9 1 0 6 .9 1 0 5 .1 1 0 8 .8 1 1 7 .7 1 0 7 .8 57.2% 25.3% 35.4% 42.5% 51.8% 53.7% Q 1 '0 1 Q 2 '0 1 Q 3 '0 1 Q 4 '0 1 Q 1 '0 2 Q 2 '0 2 Q 3 '0 2 Q 4 '0 2 Q 1 '0 3 Q 2 '0 3 Q 3 '0 3 Q 4 '0 3 Q 1 '0 4 Q 2 '0 4 Q 3 '0 4 Q 4 '0 4 Q 1 '0 5 Q 2 '0 5 Q 3 '0 5 Q 4 '0 5 Q 1 '0 6 Q 2 '0 6 Q 3 '0 6 Q 4 '0 6

Loans (Rp tn) LD R (%)

22.6

31.4 33.0

37.7

35.1 35.7

1.6 3.7 5.1

8.5

45.2 42.3

40.6

38.2 39.5

44.0 44.7 53.6

40.2

32.6 32.9

22.2

8.6 6.1 6.7 8.2

1.9

1.2 1.7 2.0

12.6

10.8 11.5 11.8

1.5 Q 4 '0 2 Q 2 '0 3 Q 4 '0 3 Q 2 '0 4 Q 4 '0 4 Q 2 '0 5 Q 4 '0 5 Q 2 '0 6 Q 4 '0 6

Loan volume grew Q -o-Q in all segments but Commercial

Quarterly Loan Data – Consolidated

1.8% 12.2% 1.947 Micro 7.9% 29.6% 8.636 Small 11.5% 9.3% 12.620 C onsumer

100.0%

9.0%

109.380 T otal

29.8% (8.7%) 32.564 Commercial 49.0% 19.9% 53.613 Corporate % of Portfolio Loans (Rp tn) By Segment (Bank only) Y-O -Y Growth (%)

Quarterly Loan Segment Details – Bank Only

Corporate

Commercial

C onsumer

Small

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14.3 18.0 22.1 22.3 24.4 25.1 29.6 28.9 31.9 33.4 40.6 40.5 42.3 44.6 52.0 49.5 47.8 44.2 45.2 41.8 44.7 46.6 57.6 14.1 31.1 31.2 27.7 27.2 26.1 24.8 24.8 27.9 30.1 28.8 30.8 30.7 30.9 28.0 27.5 30.8 28.3 30.1 30.2 28.0 29.5 33.6 97.1 87.8 106.9 107.7 106.1 104.1 105.1 96.7 85.9 80.5 70.3 68.4 63.4 90.8 89.1 85.7 80.5 1 6 .5 2 1 .5 2 3 .4 2 1 .5 1 7 .8 2 0 .6 2 0 .6 1 9 .4 1 8 .6 1 8 .0 1 7 .3 1 6 .5 1 3 .8 1 2 .5 1 1 .6 1 1 .1 1 3 .3 1 6 .3 1 5 .7 1 5 .9 1 5 .1 1 3 .4 1 2 .6 1 3 .2 1 1 .6 1 2 .6 1 2 .3 1 1 .9 1 2 .3 1 1 .9 1 1 .6 1 4 .9 100.7 66.5 65.0 72.3 79.8 93.2 0 2 0 4 0 6 0 8 0 1 0 0 1 2 0 1 4 0 1 6 0 1 8 0 2 0 0

Q 4 '99 Q 4 '00 Q 4 '01 Q 1 '02 Q 2 '02 Q 3 '02 Q 4 '02 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

R p S a v in g s D e p o si ts R p D e m a n d D e p o si ts F X D e m a n d D e p o si ts R p T im e D e p o si ts F X T im e D e p o si ts

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7 3 .6 % 5 2 .9 % 6 8 .7 % 6 8 .6 % 6 6 .5 % 6 8 .3 % 6 2 .6 % 6 1 .5 % 5 6 .2 % 5 7 .3 % 5 1 .7 % 4 4 .6 % 5 3 .7 % 4 5 .0 % 4 5 .3 % 5 1 .5 % 5 4 .1 % 5 0 .9 % 4 4 .5 % 3 7 .0 % 3 3 .8 % 3 2 .1 % 2 3 .1 % 3 1 .4 % R e ta il D e p o si ts ( % ) L o w -C o st D e p o si ts ( % )

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17.6 19.7 19.8 22.1 22.3 24.4 25.1 29.6 28.9 31.9 33.4 40.5 40.5 42.3 44.6 52.0 49.5 47.8 44.2 45.2 41.8 44.7 46.6 57.6 2 9 .2 % 2 3 .6 % 2 2 .7 % 1 0 .0 % 2 2 .8 % 1 6 .2 % 1 1 .7 % 3 0 .6 % 1 5 .9 % 1 5 .6 % 1 7 .5 % 1 5 .2 % 1 3 .5 % 1 1 .5 % 1 6 .8 %

Q 1 '01 Q 2 '01 Q 3 '01 Q 4 '01 Q 1 '02 Q 2 '02 Q 3 '02 Q 4 '02 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

S a v in g s D e p o si ts ( R p t n ) A s % o f T o ta l D e p o si ts N a ti o n a l S h a re o f S a v in g s D e p o si ts ( % ) 6 .0 % 3 .0 % 3 .5 % 3 .4 % 3 .7 % 6 .1 % 3 .7 % 4 .7 % 1 0 .6 % 5 .3 % 6 .9 % 9 .5 % 4 .3 % 4 .8 % 9 .9 % 1 7 .1 % 6 .4 % 1 3 .9 % 8 .4 % 6 .8 % 1 1 .4 % 1 0 .4 % 1 7 .0 % 7 .4 % 8 .5 % 1 3 .1 % 7 .8 % 1 1 .9 % R p D D R p S a v in g s R p T D 1 M o . S B Is

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S B I T D S D D D 2 .7 % 2 .4 % 0 .8 % 0 .5 % 1 .4 % 4 .4 % 2 .6 % 1 .7 % 1 .1 % 1 .9 % 2 .2 % 2 .1 % 4 .2 % 4 .0 %

Q 1 '02 Q 2 '02 Q 3 '02 Q 4 '02 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

FX D D FX T D F X T D F X D D

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Individual (Mass & Mass Affluent)

H igh N et-worth Individual (W ealth)

Employee of Corporate & Commercial Customers

Enhance network capability and coverage (branches, ATM and electronic channel) to strengthen

transactional payment capability

O ptimize strong customer base in Corporate & Commercial segment to serve transactional needs of its employees, distributors and suppliers (cross BU alliances)

Aggressively penetrating ethnic trading clusters (ie. Tanah Abang, Mangga D ua) through integrated business suite offering

D eliver “red carpet” service and wide range of investment and personal insurance products for H igh N et-worth, and provide specific offering to attract and retain Mass Affluent segment

Continuously improve branch service level to increase speed and convenience in order to attain

Leading Services Bank position

Key Target Market

Small & Micro businesses

Key Strategy

Key Products

N etwork enhancement: install 375 new ATMs, 2 ATM D rive Thru, 50 new Self Services Pass

Book Printers, open 41 new branches and 5 new Priority Launches

Enhance transaction features: joint ATM Mastercard, implement various additional payment features, shopping through e-channel, improve ED C features

Mandiri Fiesta, Tabungan Rencana Mandiri, Business Savings, multi-payment features through electronic channels

C onsumer Treasury, Structured Investment Products, Mutual Funds, Bankassurance

Int’l remittance

Retail Funding & Transactional Fee Income

“Optimizing Strong Network & Customer Base”

Selected Key Initiatives 2007

(8)

AT M Functionality O verview

ATM functionality and convenience continues to build

Source: McKinsey

Bank Mandiri Key Competitor

Insurance Payment (Sinar Mas, Eka Life, Astra CMG)

Installment Payment (Columbia, O TO Multi Artha, O TO Kredit Motor, Sun Prima)

Education Payment (STIE Trisakti)

Multi Payment (PGN , Modul Penerimaan N egara)

Acquiring/ATM N etwork

Purchase Payment (2007 : PT KAI, Air Asia, Lion Air)

Insurance Payment (2007 : Bumi Asih Jaya, Sequish Life, AX A)

Bill Payment

Mini Statement Registration Share N etwork

W ithdrawal Exchange Rate Information Bank Transfer

Balance Inquiry Purchases

Tuition Fee Payment

Loan Payment

Internet & Cable TV Payment

Insurance Payment

Cell Phone Bill Payment

Credit Card Payment

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315.3 354.5 422.5 492.1 521.8 554.9 576.6 607.5 627.6 665.7 710.2 677.0 203.9 232.9 290.5 159.0 226.2 271.8 268.7

Q 2 '01 Q 3 '01 Q 4 '01 Q 1 '02 Q 2 '02 Q 3 '02 Q 4 '02 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

O th e r P a y m e n t T ra n sf e r W it h d ra w a l/ In q u ir y A v g D a il y V o lu m e ( 0 0 0 )

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8.3 12.2 19.5 25.4 29.4 41.7 56.4 62.6 65.6 88.3 97.4 98.0 95.6 113.2 146.8 176.2 186.8 201.6 218.7 234.4 242.0 256.2 285.0 272.2 17.2 20.1 29.2 37.7 46.1 53.2 62.3 43.9 75.3 81.5 92.6 99.7

O th e r P a y m e n t T ra n sf e r W it h d ra w a l A v g D a il y V a lu e ( R p B n )

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Average Daily T ransactions for SMS & Call Centers

106 6,988 1,722 11,435 8,233 1,356 695 1,069 3,072 3,808 679 706 27 159 1,023

1,016 1,086 1,175

Q 3 '0 2 Q 4 '0 2 Q 1 '0 3 Q 2 '0 3 Q 3 '0 3 Q 4 '0 3 Q 1 '0 4 Q 2 '0 4 Q 3 '0 4 Q 4 '0 4 Q 1 '0 5 Q 2 '0 5 Q 3 '0 5 Q 4 '0 5 Q 1 '0 6 Q 2 '0 6 Q 3 '0 6 Q 4 '0 6

SMS Trans. (000)

Call Center Trans. (000)

Growth in other channels shows the strength of our franchise

U sers for O ther e-Banking Services

* D ebit Cards reintroduced in Jan. ‘04

341 1,014 2,665 3,772 4,429 5,024

7 18 72 164

234 497 680 1,132 1,523 1,897 5,752 469 11 22

166 199 258

358 Q 3 '0 2 Q 4 '0 2 Q 1 '0 3 Q 2 '0 3 Q 3 '0 3 Q 4 '0 3 Q 1 '0 4 Q 2 '0 4 Q 3 '0 4 Q 4 '0 4 Q 1 '0 5 Q 2 '0 5 Q 3 '0 5 Q 4 '0 5 Q 1 '0 6 Q 2 '0 6 Q 3 '0 6 Q 4 '0 6

D ebit Cards Issued* (000) SMS Subs. (000)

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2.6% 2.5% 3.0% 2.4% 2.5% 3.0% 3.0% 3.9% 2.9% 2.9% 3.4% 2.8% 3.0% 3.3% 3.3% 3.7% 4.7% 4.5% 4.0% 4.3% 4.3% 3.6% 3.8% 3.6% 4.2% 4.1% 4.6% 4.9% 0.8% 0.8% 1.8% 2.2% 1.1% 1.5% 1.7% 2.2% 2.1% 2.0% 2.5% 2.2% 2.2% 2.5% 3.2% 3.2% 4.2% 4.2% 3.8% 4.1% 4.1% 3.4% 3.7% 3.4% 4.1% 3.8% 4.3% 4.6%

Q 1 '00

Q 2 '00

Q 3 '00

Q 4 '00

Q 1 '01

Q 2 '01

Q 3 '01

Q 4 '01

Q 1 '02

Q 2 '02

Q 3 '02

Q 4 '02

Q 1 '03

Q 2 '03

Q 3 '03

Q 4 '03

Q 1 '04

Q 2 '04

Q 3 '04

Q 4 '04

Q 1 '05

Q 2 '05

Q 3 '05

Q 4 '05

Q 1 '06

Q 2 '06

Q 3 '06

Q 4 '06

S p re a d N IM .3

% 10

.9 % 1 1 .9 % 1 3 .0

% 12

.3 % 1 2 .6 % 1 2 .8 %1 3 .0 % 1 3 .9

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.4 % 9 .5 % 9 .3 % 8 .8 % 8 .7 % 8 .2 % 9 .4 % 1 0 .7 % 1 1 .8

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Q 1 '0 0 Q 2 '0 0 Q 3 '0 0 Q 4 '0 0 Q 1 '0 1 Q 2 '0 1 Q 3 '0 1 Q 4 '0 1 Q 1 '0 2 Q 2 '0 2 Q 3 '0 2 Q 4 '0 2 Q 1 '0 3 Q 2 '0 3 Q 3 '0 3 Q 4 '0 3 Q 1 '0 4 Q 2 '0 4 Q 3 '0 4 Q 4 '0 4 Q 1 '0 5 Q 2 '0 5 Q 3 '0 5 Q 4 '0 5 Q 1 '0 6 Q 2 '0 6 Q 3 '0 6 Q 4 '0 6

G&A Expenses (Rp bn) Personnel Expenses (Rp bn)

Full Year Average Cost to Income Ratio dropped to 48.8%

54.3% 83.3% 33.7% 43.7% 38.9% 36.9% 33.8% 37.1% 48.8% 57.6% 45.4% 31.1%

39.9% 42.8% 40.4%

C IR* ( %)

Annual Avg CIR ( %)

* Excluding Bond gains

(52.0%) 196,326

409,354 Post Employment Benefits

(4.3%) 249,619 260,771 Base Salary 20.6% 1,015,800 841,955 T otal G & A Expenses

(32.4%) 60,953 90,117 Subsidiaries 61.3% 85,203 52,834 Employee Related 87.4% 99,242 52,950 Professional Services 9.1% 79,454 72,804 Transportation & Traveling

140,562 242,361 190,327 1,240,925 82,488 24,396 463,916

Q 4 ‘05

43.1% 201,103

Promotion & Sponsorship

15.2% 279,271

O ccupancy Related G & A Expenses

(29.9%) 869,459

T otal Personnel Expenses

(23.3%) 63,286

Subsidiaries

(30.6%) 322,140

O ther Allowances Personnel Expenses

Change (Y-o-Y) Q 4 ‘06

10.6% 210,574

IT & Telecommunication

38,088 56.1% Training

Breakdown of Q 4 2005 & 2006 O perating Expenses

Quarterly Consolidated Operating Expenses & CIR

(13)

352 12,615

2,244

6,078

74,605

90,702

Beg. Balance

U/ G f r om NPL

D/ G t o NPL Net

Disburse.

FX Impact End

Balance

Q 4 2006 Loan Movement, PL & N PL

Performing Loan Movements (Rp bn) - Bank Only N on-Performing Loan Movements (Rp bn) – Bank O nly

18,677 6,078

26,248

2,244 423 1,332

2,196 ₆₃₂

Beg. Balance

U /G to PL D /G from PL

D isburse. C ollectionsW rite-O ffs FX Impact End

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19.8% 9.7% 6.6% 7.3% 7.3% 8.4% 8.2% 7.2% 16.3% 70.9% 26.2% 25.3% 7.1% 8.6% 7.3% 24.9% 24.6% 17.8% 24.6% 23.4% 5.9% 13.6% 13.9% 15.0% 1 9 0 .4 % 1 3 9 .1 % 7 0 .0 % 4 4 .4 % 1 2 8 .8 % 7 4 .8 % 1 5 0 .7 % 1 0 0 .9 % 1999 2000 2001 2002 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

G r o s s N P L R a ti o N e t N P L R a ti o P r o v /N P L P r o v /N P L i n c l. C o ll .

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4,033 15,350 12,655 16,202 17,432 15,585 15,345 10,983 10,621 9,912 9,852 8,334 12,352 14,394 16,423 12,912 12,086 12,175 10,991 16,966 0 2 ,0 0 0 4 ,0 0 0 6 ,0 0 0 8 ,0 0 0 1 0 ,0 0 0 1 2 ,0 0 0 1 4 ,0 0 0 1 6 ,0 0 0 1 8 ,0 0 0 2 0 ,0 0 0 1999 2000 2001 2002 Q 1 '03 Q 2 '03 Q 3 '03 Q 4 '03 Q 1 '04 Q 2 '04 Q 3 '04 Q 4 '04 Q 1 '05 Q 2 '05 Q 3 '05 Q 4 '05 Q 1 '06 Q 2 '06 Q 3 '06 Q 4 '06

2 S p e c ia l M e n ti o n L o a n s (R p B n ) 1 5 .5 % 1 2 .9 % 9 .4 % 1 5 .0 % 2 4 .8 % 0 % 1 0 % 2 0 % 3 0 % 4 0 % 5 0 % C a t 2 %

(15)

N PL, Provisioning & Collateral D etails – Bank O nly

10.07%

-0.20 Micro

7.62% (0.16)

0.66 Small

18.68

0.52 6.99

10.31

N PLs (Rp tn)

4.13% (0.11)

C onsumer

19.24% (6.13)

Corporate

N PLs (%)

Q 4

U

(Rp tn)

21.47% (1.15)

Commercial

(7.57)

T otal

17.08%

100%

50%

15%

5% 1%

BMRI Policy

100%

5 4

3 2

1 Collectibility

N on-Performing Loans Performing

Loans

50%

15%

15%

100%

2% BMRI pre-2005

100% 50%

1% BI Req.

Provisioning Policy

Collateral Valuation Details

N on-Performing Loans by Segment

Bank Mandiri’s current provisioning policy adheres to BI requirements

As of 31 D ecember ’06, loan loss provisions excess to BI requirements = Rp901.3 bn

Collateral has been valued for 107 accounts and collateral provisions of Rp 14,591 bn have been credited against loan balances of Rp 20,543 bn

Collateral value is credited against cash provisioning requirements on a conservative basis. For assets valued above Rp 5bn:

Collateral is valued only if Bank Mandiri has exercisable rights to claim collateral assets

70% of appraised value can be credited within the initial 12 months of valuation, declining to:

¾

50% of appraised value within 12 to 18 months

¾

30% of appraised value within 18 to 24 months

¾

11,349 202

500 1,266

767

Total Cash Prov. (Rp bn)

5 4

3 2

Collectibility

63 70.2% 38.6%

25.1% 7.5%

1.0%

% Cash Provisions

12 1,071 30

7,682

# of Accounts

5,714 125

Collateral Prov. (Rp bn)

(16)

8.0

1.8

8.2

0.1

3.4

10.0 Q 2

2005

2.0

0.4

1.4

0.1

0.5

4.5 Q 3

2005

1.0

1.2

1.4

1.0

0.3

0.6 Q 3

2006

0.1

36.3

1.1

0.2

3.2

0.4 Q 2

2006

Q 4 2006

D etails

94,812.6

1,045.9

64,748.8

1,042.9

2,964.1

20,137.4

Q 4 ‘06

Balance

(Rp bn)

Q 1

2006

Q 4

2006

UG

to

PL

D G to

N PL

Q 4

2005

Loan

Background

4.6

1.2

0.6

0.1

59.1

10.9 Total Corporate, Commercial & Small Business Loans

N et

Upgrades

/

D owngrades

1.8

0.2

2.3

0.2

0.3

0.8

4.5

3.6

5.1

1.2

4.8

2.9

6.3

0.3

2.2

0.2

59.1

14.1

1.7

1.6

1.5

0.3 -3.2

Total

O verseas

Post-Merger

Pre-Merger

IBRA

Restructured

Q uarterly Analysis of Upgrades and D owngrades*

* Excluding Micro & Consumer Banking # % downgradesand upgradesare quarterly figures

(17)

260

114

402 380

247

166

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

2000 2001 2002 2003 2004 2005 2006 G ain on Sale/Value of Securities

FX G ain Core Earnings

P

re

-P

ro

v

is

io

n

O

p

e

ra

ti

n

g

P

ro

fi

t

IDR bn

2006 core earnings up 28.9% from 2005 to a record high

472 ₃₀₈ 519 510

290

602

690

97 305

967

610 372

(410)

645

799

819

775

(623)

829

2000 2001 2002 2003 2004 2005 2006

8.1%

21.5%

23.6%

10.0%

22.8%

26.2%

2.5%

RoE - After Tax (Annualized)

(18)

Raja Garuda

Mas

Raja Garuda

Mas

The agreement to restructure the syndicated loans of 3 companies within the group (“Riau Complex”) was concluded on 19 O ctober 2006, with the total facilities of USD 1.43 billion as of 30 September 2006 (Bank Mandiri’s portion was USD 589.93 million).

The loan restructuring agreement was signed between the group and 3 major creditors (Bank Mandiri, BN I and Bank Panin) first. Following that, all remaining creditors to 2 entities (RAPP and RAK) have signed the agreement. Meanwhile, majority of creditors have agreed to loan restructuring agreement to the remaining 1 entity (RPE).

Based on this agreement, the obligor has agreed to increase principal installments from USD 21.6 million to USD 100 - USD 110 million a year from 2007 to 2016 as well as financial ratios and collateral to guard creditors’ interests.

The debtor has fulfilled its obligations under this new agreement in O ctober, N ovember and D ecember 2006 as well as January 2007.

Argo Pantes

The obligor is comprised of 11 companies, of which 6 companies are in integrated textile manufacturing and 5 companies are in other industries (property, tire and steel industry).

Total exposure to this obligor of Rp2.28 trillion has been restructured. The unsustainable

portion of these loans will be settled through disposal of non-core and property assets.

Loan restructuring agreement was signed on 18 O ctober 2006, with the obligor fulfilling all

commitments since that time.

(19)

Kiani

Kiani has made payments of USD 37 million, fulfilling all past-due obligations, both principal and interest.

As of D ecember 2006, the debtor has been categorized as Collectibility 2.

In February the obligor has made an additional payment of approximately USD 11 million, leaving the outstanding balance of USD 170 million.

D omba Mas

The obligor has submitted a proposal to resolve all of its N PLs through refinancing from other creditors. This process is expected to finalized by the first semester of 2007.

The obligor has already repaid, through refinancing, loans to 4 companies of equivalent Rp352.5 billion on 8 February 2007. The remaining outstanding loans are equivalent Rp1,253 billion to 6 companies.

Sumber Mitra

Total Group exposure equivalent to Rp403.1 billion.

The loan obligations of PT Sumber Mitra Jaya were settled for Rp163.0 billion on 21 D ecember 2006.

The loan obligations of Rp240.1 billion to PT. Kalimantan Energi Lestari has been restructured. The restructuring agreement has been effective since 20 D ecember 2006 and the resulting obligations have been fulfilled accordingly.

(20)

Pupuk Iskandar

Muda

Pupuk Iskandar

Muda

This syndicated loan facility includes BN I and BRI, with BM’s portion of ± Rp387 billion (± 51%).

The loan has been restructured since September 2006 and debtor has properly fulfilled its

obligations.

Bosowa

This obligor consists of 12 companies with the total exposure of Rp1.66 trillion.

Loan obligations of 4 companies were settled in Q 4-2006 and the obligations of PT

Bantimurung Indah and PT Bosowa Marga N usantara were settled in January and February of 2007.

The remaining companies will be restructured in the first half of 2007.

Benangsari

Total exposure is USD 43.1 million._{Loan restructuring agreement has been signed and effective since 9 O ctober 2006.}

The debtor has since fulfilled its obligations.

Apac

Total exposure is equivalent to Rp599.7 billion.

Performance since restructuring has been good.

Collectibility upgraded to special mention since May 2006.

(21)

Pacific Andes

Bisma N arendra

Total loan exposure is Rp104 bn.

The loans were restructured in September 2006 and the debtor has subsequently performed

accordingly. The Bank charges interest at commercial rates and has as security debtor’s land assets valued at Rp17.5 bn as additional collateral.

5 subsidiaries of the Pacific Andes group secured loans of ~USD 91.99 million (as of 30 September 2006), of which 4 have repaid loans of USD 87.2 million.

PT Sun H ope Investment, with outstanding loans of USD 4.8 million, will repay principal and interest monthly through June 2009 as scheduled.

(22)

O n D ec 22, 2006, Bank Mandiri obtained the shareholder approval to

implement PP N o.33/2006 and PMK 87/2006 to resolve its N PLs

Agenda 2

Proposed Resolution

Shareholder Position

Agenda 1

• Agreed to the proposed resolution

through, among others, the Program

Penyelesaian Kredit Macet Bank Mandiri

(“PPKM Mandiri”).

• 99.99%of eligible attendees voted in favor

of the resolution.

• Agreed to the proposed resolution to

amend several articles in Articles of

Association to allow the implementation

of the program to accelerate the

resolution of its distressed assets

• 88.43% of eligible attendees voted in favor

of the resolution.

Agreement for Bank

Mandiri to execute the

program to accelerate the

resolution of its distressed

assets

Amendment to the

Articles of Association to

enable the implementation

of the program to

accelerate the resolution

of its distressed assets

(23)

N eed to achieve a common understanding among the different stakeholders

through the O versight Committee to support the implementation of PPKM Mandiri

Government via a joint Ministerial D ecree (SKB N o. 121/KMK.01/2007 & N o.

KEP-19/MBU/2007) has formed the Monitoring Team to oversee restructuring of problem

loans in State-O wned Banks (O versight Committee) with the following tasks:

1. Review all the laws that potentially impact the options for resolving the N PLs in

State-O wned Banks

2. Coordinate with BI to ensure the implementation of adequacy risk management

practices and Good Corporate Governance in resolving problem loans in

State-O wned Banks

3. Monitor the implementation of the Performance Management Contract between

Government and the management of State O wned Bank with regard to N PL

resolution

4. Coordinate the socialization process with the relevant stakeholders (incl. with

law-enforcement agencies, the state auditors, and parliament)

(24)

The first step will entail an N PL

H istorical Review

…

3. N PL Resolution

• Restructuring • N on-Restructuring 2. N PL

Selection

2. N PL Selection

Collateral Sales Litigation Settlement 1. D esktop

Analysis

1. D esktop Analysis

PPKM Mandiri 2007

II. N PL D isposal Process I. N PL H istorical Review

If the Review shows that debtors are

cooperative, with strong goodwill to settle, and there are no issues on procedural

compliance…

If the Review shows that there are serious issues with procedural compliance…

Review* of selected accounts will adopt an holistic view on the cooperativeness (incl. goodwill to settle) of the debtors, as well as

compliance with procedures

Enter PPKM Mandiri 2007 Program

Enter PPKM Mandiri 2007 Program directly into the auction process, without an option for direct settlement

If the Review shows that debtors are not cooperative, but there are no issues on procedural compliance…

D iscuss with the relevant authorities to receive clearance to be included in PPKM Mandiri 2007

N PL H istorical Review will determine the amount of N PL portfolio to be included in N PL D isposal Process

(25)

Long Term Vision To Be The Dominant Multi-specialist Bank

Dominant Bank in Indonesia, with 20-30% market share of revenue across all segments, with distinctive strategies for each business t hat capture synergies across different market segments

Dominant Multi-specialist Bank Model

T o be the customers’ bank of choice, offering the most extensive range of products and most convenient access

Corporate

Commercial

Consumer Finance

Micro & Retail

“To be the dominant

wholesale bank, offering integrated transaction, credit and capital market products to large local corporations”

“To be the primary commercial bank, leveraging our dominant

corporate position to provide

services to SMEs up– and

downstream in the value chain”

To be the most convenient loan provider and a preferred partner among local

consumer finance players

“To be the primary chosen bank for the affluent segment and the ‘transaction

bank’ for the mass affluent”

“Maintain our current presence in Micro and keep options open for possibility of further expansion”

T reasury & FIO N

“To be prominent bank in providing treasury products and services”

To be the trusted and preferred partner for international business and capital market”

(26)

Leveraging leadership in cash generating business to build emerging and future

growth engines

Commercial

Banking

Building

Future

Growth Engine

Leveraging on

Our Cash

Generator

Strengthen

Emerging

Business

1

3 Corporate &

Treasury

Consumer Finance

& Micro/Retail

Banking

2

Optimizing Synergies

Across Business Unit

Optimizing Synergies

Across Business Unit

(27)

1,742

1,198

2,748 2,115

938

3,463 218

Corporate Commercial Micro&Retail T RS Cons. Fin Ot hers incl. SAM

Profit Before T ax

Each Strategic Business Unit generated profit in 2006

Rp billion

(28)

Leveraging corporate leadership to build retail and consumer

Corporate Treasury Commercial Cons.Fin Micro &

Retail O thers Total

Spread

793

660 1,022

681

194 21,751

25,100

Provision

130 (62)

64

214

219 2,845

3,409

N et Revenue

663

722

958

467 (25)

18,906

21,691

Spread

1,500

(365)

1,090

13 3,433

(21,021)

(15,351)

D ep. Ins

113

4

48 -

223

13

401 N et Revenue

1,387

(369)

1,042

13 3,210

(21,034)

(15,752)

N II

N et Int. Inc.

2,050

354 2,000

480 3,184

(2,128)

5,939

Fee Based

268

787

128

201 1,167

99 2,649

G & A

25

90

43

76 1,104

1,330

2,669

Personel

37

81

99

45 1,534

956 2,752

O thers

141

31

244

341

514 (852)

420 N et Profit

Before Tax

2,115

938 1,742

218 1,198

(3,464)

2,748

Y-T-D D ecember 2006

Asset

Revenue

Liabilities

Revenue

(29)

Retail Funding & T ransactional Fee

Income

Retail Funding & T ransactional Fee

Income

Commercial Funding

Commercial Asset

Corporate & Financial Institution Fee Income

Corporate

Liabilities

Corporate

Liabilities

Corporate Asset

+

T reasury

Fee Income

T reasury

Fee Income

Building a strong low cost deposit and

transactional platform franchise to match key competitor in 2008

Diversifying value centers and building dominant position in key

growth areas

Building market leadership in consumer finance through aggressive growth in credit card, mortgage, payroll loan and alliance with auto or consumer durables finance co

Retain leadership and grow profitably

Focusing on value-chain financing and high margin loans

Tapping into the decentralization of

government budget and regional autonomy

Diversifying income to capital market services, trade and cash management fees

Key Thrusts in 2007

Consumer Finance

(30)

AXA Mandiri Financial Services

Board of Commissioners

IT Business Solutions & Application Services Investor Relations Market & Operational Risk Human Capital Intl Banking & Capital Market Services Consumer Card Jakarta Network Jakarta Commercial Sales Corporate Banking I IT Operations Strategy & Performance Learning Center Treasury Consumer Loans Regional Network Regional Commercial Sales 1 Planning, Policies, Procedures, Architecture Accounting Corporate Risk Legal Bank Syariah Mandiri Micro Business Credit Operations Procurement & Fixed Asset Commercial Risk Compliance Small Business Central Operations Retail & Consumer Risk Mass & Electronic Banking Wealth Management Customer Care BMEL Credit Risk & Policy Technology & Operations Finance & Strategy Risk Management Compliance & Human Capital Treasury & International Consumer Finance Micro & Retail Banking Commercial Banking Corporate Banking Special Asset Management Change Management Office Wholesale Product Management Chief Economist Plantation Specialist Regional Commercial Sales 2 Syndicated & Structured Finance Mandiri Securities Internal Audit Corporate Secretary President Director & CEO

Deputy President Director

Risk and Capital Commitee Information Technology Committee Personnel Policy Committee

Audit Committee Risk Policy Committee Nomination & Remuneration Committee Good Corporate Governance Committee

Credit Recovery II Credit Recovery I Asset Management Corporate Banking II Corporate Banking III Director Group Committee under Commissioner * Commissioner Committee under CEO & Deputy CEO

Subsidiaries Key Principle Changes

Implementation of Strategic Business Unit Base O rganization

O rganization Structure

1. Establishment of 6 Strategic Business Units (SBU) : Corporate, Treasury & International, Commercial, Consumer Finance, M icro & Retailand Special Asset M anagement with better defined and focused business development accountability

2. Each Strategic Business Unit has autonomy and flexibility in developing its business, primarily in the planning and human resources areas.

3. Marketing and risk management functions enhanced by;

• setting up plantation specialist function and structured finance groups in Corporate Banking, Regional Sales 2 in Commercial Banking

• Separating credit risk and policy from operational risk and merging several groups in IT & O perations

4. Confirmed job grading and authorities up through 2 levels under BoD (L3)

5. D evelopment of Talent Management and human resources integrated with Performance Based Culture Program

(31)

Large Private and Listed Corporation

State-O wned Enterprises and Government Institution

MN Cs

Bank, Insurance and Securities

Trade Services, Trade Finance and Bank Guarantee

C ash Management and transactional payment features

Treasury products and remittance

Capital Market services (equity & debt capital market, advisory)

Syndication & structured finance

Key Target Market

Key Strategy

Key Products

Selected Key Initiatives 2007

Implement Client Services Team’s (CST) for major clients (ie. Pertamina, Ministry of Finance, Telkom etc.) to provide integrated one-stop services including capital market service (Mandiri Sekuritas)

Build best in class Syndication & Structured Finance Unit

Enhance capability, features and pricing strategy for Cash Management and Trade Services as key fee income products

Strengthen international presence (London, H ong Kong, Singapore, Cayman and Shanghai planned

to be open in 2007)

Corporate & Financial Institution Fee Income

“Integrated One-Stop Services”

Implement CST organization, set-up Syndication & Structured Finance Group

O pen Shanghai branch; increase reciprocal business relationship with bank and non-bank financial institutions; improve correspondent banking arrangement with domestic banks

Customized and integrated cash management services delivery through implementation of Unified

(32)

Passion to Serve, Passion to Perform

Reflected in Client Services Team (CST) Program and Alliance

Program, Especially for Large Corporate Clients

Client Service T eam (CST )

Relationship M anager

T reasury

T rade finance _Corporate

finance Credit

Capital market

Other

+

Corporate

Consumer Commercial Internal

Strategic Alliance

“ A One-way Integrated Approach – CST” “ Alliance Focusing in Value Chain Business”

Cross sell products to the employees as well as customers

¾ Payroll account

¾ Mortgage or auto loans

¾ Corporate/ Retail cards

Actively leverage the supplier and distributor network

¾ Provide basic transaction and cash management service

¾ Support the suppliers and distributors on day to day financing

¾ Launch attractive reward programs

Cross sell products to the employees as well as customers

¾ Payroll account, Mortgage or auto loans, Commercial / Retail cards

Exploit the wealth management opportunities for individual owner operators

(33)

T OP 10 SU N & Corporate Obligation T ransaction (excluding Banks)

December 2006 (Ytd)

Supported by Mandiri Securities’ Capital Market Capabilities

N o Broker

T ransaction Value

(Rp million)

Market Share

1 D anareksa Sekuritas 43,897 _10.2%

2 Bahana 28,855 6.7%

3 Trimegah Securities 27,124 6.3%

4 Mandiri Sekurit as 19,576 4.6%

5 D anatama Makmur 13,029 3.0%

6 Lautandhana 12,667 3.0%

7 Sarijaya 11,347 2.6%

8 Sinarmas 10,926 2.6%

9 N usadana 10,029 2.3%

10 Indo Premier 9,930 2.3%

11 O thers 241,043 _56.3%

428,420 100%

T otal

T op 10 Local Broker D ec 2006 (Ytd)

N o Securities T ransaction

Volume

Market Share % *

1 Mandiri Sekurit as 31,345 33%

2 C IMB-GK Securities Indonesia 13,284 14%

3 Bahana Securities 7,489 8%

4 Arab - Malayasian C apital 6,562 7%

5 T rimegah Securities T bk 6,018 6%

6 KIM EN G Securities 5,875 6%

7 AAA 4,915 5%

8 D anpac Sekuritas 3,403 4%

9 Binaartha Parama 3,307 3%

10 N ISP Sekuritas 1,973 2%

O thers 11,377 12%

95,549 100%

(34)

Passion to Serve, Passion to Perform

Loan Target to Infrastructure Sector in 2007

1,593

215 ₁₀

1,865 45

Agri-culture

Energy T oll roads

& Airports

T elco Maritime

Industry

T otal Energy Dam

Develop ment

T otal Rp Billion

2,143

921

2,050

6,047 798

135

Corporate

Commercial

Rp Billion

T elco T oll roads

& Airports

(35)

Top players in attractive sectors: Retail, W holesale, Multi-finance, Food & Beverages, Manufacturing, Energy & Mining, C onstruction and Plantation

Top players in 5 top regions (Jakarta, Jabar, Jatim, Jateng, Sumut) and 5 potential regions (Banten, Kaltim, N TT, N TB, Sulsel)

Regional government bodies and state-owned enterprises

Focus and strengthen alliance program to optimize value-chain business from corporate customer (focusing on industry with network of multi suppliers and distributors)

Build strong foothold in key prosperous regions and deepen relationship with key government decision makers at regional level

Continuously implementing risk based pricing and customer profitability analysis (CPA) to improve portfolio productivity and total revenue from business relationship

O ptimize end-to-end process to improve Turn Around Time (TAT) in order to provide faster

and competitive offering to customers

Key Target Market

Key Strategy

Key Products

Enhance loan processing capability: Proactive sales & marketing, integrated Loan

Monitoring System and Loan Origination System, Commercial Asset Purchase system,

collection system

Launch alliance program : RM’s and CBCs capability in proactive marketing and sales

Set-up funding teams in potential prosperous region

Cash management and transactional payment features

Structured investment and treasury products

Tailored loan products for key sectors

Commercial Asset & Liabilities

“Value-Chain Financing and Tapping into Regional Autonomy”

Selected Key Initiatives 2007

(1)

8 7

e

a

su

re

s

o

f

sc

a

le

a

n

d

r

e

tu

rn

s

re

la

ti

v

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e

rs

a n k O n ly , A s o f S e p te m b e r 2 0 0 6 32.9% 28.6% 25.5% 22.2% 21.4% 18.5% 14.3% 14.1% 12.5% 7.3% BRI BCA Lippo BN I BII N iaga Panin D anamon Permata Mandiri 955 921 774 558 441 239 236 222 399 318 BN I Mandiri BCA BRI D anamon Lippo Permata BII Panin N iaga 11.3% 7.3% 7.1% 7.1% 6.0% 5.8% 5.5% 5.4% 4.9% 4.3% BRI BCA Lippo Danamon Permata Niaga BN I BII Panin Mandiri 37,545 4,995 3,027 6,000 6,624 7,037 18,500 19,471 20,748 21,079 BRI Mandiri BCA BN I D anamon BII Permata Lippo N iaga Panin B ra n c h e s R e tu rn o n E q u it y ( A ft e r T a x ) (% ) E m p lo y e e s N e t I n te re st M a rg in s (% ) 4.6% 3.8% 2.8% 2.6% 2.3% 2.3% 1.8% 1.5% 1.2% 1.0% BRI BCA Lippo Panin N iaga D anamon BN I BII Permata Mandiri R e tu rn o n A ss e ts ( B e fo re T a x ) (% ) 4,173 2,662 2,272 971 779 697 691 582 345 333 BCA Mandiri BN I BRI D anamon BII Lippo Permata Panin N iaga A T M s In d u st ry A v e ra g e

(2)

N otes

_____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________

(3)

N otes

(4)

Jan 1 2006 IPO

Ufrom:

+55.30% +244.11%

JCI

+76.83% +329.63%

BMRI

Share Information

Investors Shares %

D O MEST IC

1. Government 1 14,000,000,000 67.9% 2. Retail 12,256 387,240,985 1.9% 3. Employees 9,422 154,200,852 0.7% 4. Pension Funds 115 133,230,500 0.6% 5. Assurance/Banks 30 105,596,500 0.5% 6. Institutions 211 313,304,930 1.5% 7. Mutual Funds 85 296,641,000 1.4%

T otal 22,120 15,390,214,767 74.6%

IN T ERN AT IO N AL

1. Retail 45 10,584,000 0.1% 2. Institutional 447 5,230,418,700 25.4%

T otal 492 5,241,002,700 25.4%

T O T AL 22,612 20,631,217,467 100.0%

Description Shareholders as of 31 December 2006

Trading Volume

O pen/Close D own Mo.

O pen/Close Up Mo.

H igh/

(5)

nawal.nely@ citigroup.com 6221-5290-8564

N awal N ely CITIGRO UP SECURITIES

tjandra.lienandjaja@ asia.bnpparibas.com 6221-5798-4661

Tjandra Lienandjaja BN P PARIBAS PEREGRIN E

raymond.kosasih@ db.com 6221-318-9525

Raymond Kosasih D EUTSCH E VERD H AN A SECURITIES

Joshua.tanja@ ubs.com 6221-570-2378

Joshua Tanja UBS

aditya.srinath@ id.abnamro.com 6221-515-6016

Aditya Srinath ABN AMRO Asia Securities Indonesia

liny.halim@ macquarie.com 6221-515-7343

Liny H alim MACQ UARIE SECURITIES IN D O N ESIA

jenny.ma@ morganstanley.com 852-2848-8206

Jenny Ma MO RGAN STAN LEY D EAN W ITTER

yawinoto@ kimeng.co.id 6221-3983-1455

Yusuf Ade W inoto KIM EN G SECURITIES

6221-515-8826 6221-526-3445 6221-5291-8570 6221-515-1330 852-3191-8630 6221-3983-2668 6221-350-9888 662-614-6213 6221-574-6911 6221-250-5081

TELEPH O N E

Arief Koeswanto D armawan H alim Rizal Prasetijo Robert Adair Lawrence Chen Agus Pramono Mulya Chandra Roger Lum Stephan H asjim Ari Pitoyo

AN ALYST

lawrence_chen@ fpk.com FO X -PITT, KELTO N

mulya@ danareksa.com D AN AREKSA SECURITIES

roger.lum@ csfb.com CRED IT SUISSE

arief_koeswanto@ ml.com darmawan@ mandirisek.co.id rizal.b.prasetijo@ jpmorgan.com adair.robert@ cimb-gk.com

agus.pramono@ id.dbsvickers.com stephan.hasjim@ clsa.com

aripitoyo@ bahana.co.id E-MAIL

D BS VICKERS SECURITIES

MAN D IRI SEKURITAS J.P. MO RGAN ASIA G.K. GO H IN D O N ESIA

MERRILL LYN CH CLSA LIMITED

BAH AN A SECURITIES

BRO KERAGE

The equity analysts listed above actively follow Bank Mandiri, but not all have issued research reports or

(6)

For Additional Information:

Please refer to our website at www.bankmandiri.co.id O r Contact:

Mansyur N asution Corporate Secretary T el: (6221) 524 5299 Fax: (6221) 5296 4024 Jonathan Zax

H ead of Investor Relations T el: (6221) 3002-3171 Fax: (6221) 5290 4249

E-mail: ir@bankmandiri.co.id

PT Bank Mandiri (Persero) T bk Plaza Mandiri

Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190

6AB7B103 679D 4616 AEFA 0B5729D88C6A FY 2006 Analysts Meeting

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Bank Mandiri Presentation Contents

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Key Financial H ighlights

Organization Structure

FY 2006

FY 2005

300.8%

2,421tn