April December December Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY For the Eight-Month Period Ended December 31, 2003, the Four-Month Period Ended April 30, 2003 and the Year Ended December 31, 2002 Expressed in Millions of Rupiah, unless otherwise stated The accompanying notes form an integral part of these consolidated financial statements. 7 Unrealized Losses Differences Gains on Securities Premises Arising and Government and Issued and Additional from Translation Recapitalization Equipment Retained EarningsAccumulated Losses Total Fully Paid-up Paid-in of Foreign Currency Bonds Available Revaluation Share Shareholders’ Notes Capital CapitalAgio Financial Statements for Sale Increment Options Unappropriated Appropriated Total Equity Balance as of January 1, 2002 4,251,000 174,962,319 83,745 5,047,162 9,788 - 163,642,045 159,140 163,482,905 10,776,785 Return of additional paid-in capital to the Government 32 - 1,412,000 - - - - - - - 1,412,000 Reduction differences arising from the translation of foreign currency financial statements 2b,2c - - 19,581 - - - - - - 19,581 Unrealized gain on securities and Government Recapitalization Bonds available for sale 2h - - - 2,908,976 - - - - - 2,908,976 Dividends allocated from 2001 net profit 32 - - - - - - 1,372,878 - 1,372,878 1,372,878 Allocation for small industry and cooperative development fund “PUKK”, environmental development fund and directors’ and commissioners’ bonuses tantiem from 2001 net profit 32 - - - - - - 32,381 - 32,381 32,381 General and specific reserve allocated from 2001 net profit 32 - - - - - - 1,340,498 1,340,498 - - Net profit for 2002 - - - - - - 3,585,589 - 3,585,589 3,585,589 Reserve allocated from net profit for the six-month period ended June 30, 2002 - - - - - - 600,000 600,000 - - Balance as of December 31, 2002 4,251,000 173,550,319 64,164 2,138,186 9,788 - 163,402,213 2,099,638 161,302,575 14,434,510 Agio represents paid-up capital in excess of par value. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY For the Eight-Month Period Ended December 31, 2003, the Four-Month Period Ended April 30, 2003 and the Year Ended December 31, 2002