SECURITIES continued 2003 12 Full Audited Financial Statements w Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 37

7. SECURITIES continued

d. By Issuer : continued December 31, 2003 Issuer Type Maturity Interest Date Rate Rating Value Per Annum Foreign Currency: Held to maturity Allied Asian Ltd. Promissorry notes 033104 na 139,375 Republic of Indonesia Bonds 010106 - 010806 7.75 B2B 143,654 Lazard Bank Ltd. Other 122105 3.72 Ba2 63,668 Deutsche Bank, Frankfurt Floating rate notes 030206 1.27 Aa3 33,700 Hypovereinsbank, Munich Floating rate notes 071204 1.25 A1 29,487 Government of Singapore Treasury bills 012904 0.74 25,814 Alliance Leicester Floating rate notes 041708 1.30 25,275 Bradford Bingley Floating rate notes 091908 1.32 25,275 Halifax Bank of Scotland Floating rate notes 060408 1.33 25,275 C.I.B.C. Floating rate notes 012008 1.27 25,275 PT Perkebunan Nusantara XI Bonds undated na 16,850 PT Astra Overseas Zero Coupon Bonds 063006 na 15,036 ING NV Credit Link Note 012704-103005 14.83 20,570 Others various various various 22,715 611,969 Trading Republic of Indonesia Bonds 080106 7.75 B2B 16,894 PT Aneka Tambang Tbk. Bonds 093010 7.37 B3B 16,463 PT Indosat Finance Bonds 110510 7.75 B2B 8,616 PT Bank Rakyat Indonesia Persero Tbk. Bonds 103013 7.75 B3 8,447 50,420 Available for sale PT Bank Negara Indonesia Persero Tbk. Floating rate notes 101512 10.00 B3CCC+ 101,771 Cab Holding Ltd. Bonds 072910 8.25 83,702 PT Bank Rakyat Indonesia Persero Tbk. Bonds 103013 7.75 B3 84,440 PT Medco Energy Floating rate notes 052210 8.75 B+ 17,044 PT Telekomunikasi Indonesia Tbk. Promissory notes 031504 na 15,136 PT Telekomunikasi Indonesia Tbk. Promissory notes 121504 na 14,151 Others various various various ____21,939 338,183 ______ Total Foreign Currency 1,000,572 ____ Total 12,691,698 Less: Unamortized interest 60,981 Unrealized gains from increase in value of securities 3,803 Allowance for possible losses 1,089,368 11,545,152 -------------------- April 30, 2003 Issuer Type Maturity Interest Date Rate Rating Value Per Annum Rupiah: Held to maturity Bank Indonesia Certificates of Bank Indonesia various various 10,765,511 PT Garuda Indonesia Mandatory convertible bonds 110206 4.00 na 1,018,809 Bank Indonesia Wadiah Certificates of BI various 5.14 312,500 PT Barito Pacific Timber Tbk. Bonds 071002 na na 36,000 Others various various various 35,111 12,167,931 Based on ratings issued by rating agencies including Pefindo and Moody’s. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated 38

7. SECURITIES continued