INVESTMENTS IN SHARES OF STOCK continued

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated 67

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The estimated percentage of completion of construction in progress for Integrated Banking System agreement with PT Silverlake Informatikatama was approximately 96.24, while with Silverlake Corporation is 74.95 as of December 31, 2008. Certain fixed assets of Bank Syariah Mandiri, a subsidiary, with net book value of Rp23,576 as of November 30, 2008 are no longer pledged to Bank Indonesia in accordance with the approval from Bank Indonesia on the payment of subordinated loans with Bank Indonesia totaling Rp32,000 Note 29. Movements from January 1, 2007 Beginning Ending to December 31, 2007 Balance Additions Deductions Reclassifications Balance Cost Direct ownership Land 2,604,103 - 628 107,045 2,710,520 Buildings 1,540,552 14,926 3,572 55,929 1,607,835 Furnitures, fixtures, office equipment and computer equipmentsoftware 3,717,510 107,876 3,037 134,012 3,956,361 Vehicles 73,178 6,957 2,548 562 77,025 Construction in progress 166,570 168,608 3,722 180,553 150,903 8,101,913 298,367 13,507 115,871 8,502,644 Accumulated Depreciation and Amortization Note 40 Direct ownership Buildings 800,243 86,341 3,381 4,069 887,272 Furnitures, fixtures, office equipment and computer equipmentsoftware 2,550,474 487,802 3,197 - 3,035,079 Vehicles 41,953 9,734 2,971 - 48,716 3,392,670 583,877 9,549 4,069 3,971,067 Net book value Direct ownership Land 2,710,520 Buildings 720,563 Furniture, fixtures, office equipment and computer equipmentsoftware 921,282 Vehicles 28,309 4,380,674 Construction in progress 150,903 4,531,577 The premises and equipment were revalued in 1979, 1987 and 2003. The amount includes an increment in value of fixed assets based on revaluation of fixed assets of the merged banks performed by an Independent Appraiser, PT Vigers Hagai Sejahtera, using market values as of July 31, 1999. The revaluation increment was recorded prospectively on June 18, 2003 Note 14a. Reclassified to abandoned property and construction in progress. Construction in progress as of December 31, 2007 is comprised of: Product and license - Core Banking System 54,013 Buildings 15,464 Others 81,426 150,903 PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated 68

14. PREMISES AND EQUIPMENT continued