ACCEPTANCES RECEIVABLE 2004 12 Full Audited Financial Statements w Notes

PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 68

13. INVESTMENTS IN SHARES OF STOCK continued

a. The details of investments in shares of stock are as follows: continued The details of investments in shares of stock as of December 31, 2004 are as follows: Accumulated Equity Investee Percentage of in Retained Earnings Companies Nature of Business Ownership Cost Accumulated Losses Carrying Value Equity Method of Accounting: PT Sarana Bersama Pembiayaan Indonesia Holding company 34.00 2,278 2,881 5,159 PT AXA Mandiri Financial Services Insurance 49.00 16,761 12,939 3,822 8,981 Cost Method of Accounting: PT Semen Kupang a Manufacturing 59.73 45,023 45,023 PT Sri Thai a Manufacturing 21.60 23,055 23,055 Others Various 9,935 9,935 78,013 Total 86,994 Less: Allowance for possible losses 78,145 8,849 a These investments represent restructured loans through debt to equity participations Note 11B.g. Such investments are temporary investments for up to a maximum of five 5 years based on Bank Indonesia regulations. Accordingly, such investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001. PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated 69

13. INVESTMENTS IN SHARES OF STOCK continued

a. The details of investments in shares of stock are as follows: continued The details of investments in shares of stock as of December 31, 2003 are as follows: Accumulated Equity Investee Percentage of in Retained Earnings Companies Nature of Business Ownership Cost Accumulated Losses Carrying Value Equity Method of Accounting: PT Sarana Bersama Pembiayaan Indonesia Holding company 34.00 2,278 2,881 5,159 PT AXA Mandiri Financial Services Insurance 49.00 16,761 7,343 9,418 PT Bapindo Bumi Sekuritas Securities trading 26.19 2,750 795 1,955 16,532 Cost Method of Accounting: PT Semen Kupang a Manufacturing 59.70 45,023 45,023 PT Sri Thai a Manufacturing 21.60 23,055 23,055 PT Kertas Padalarang a Pulp and paper 51.50 9,530 9,530 Others Various 10,075 8,275 85,883 Total 102,415 Less: Allowance for possible losses 89,693 12,722 a These investments represent restructured loans through debt to equity participations Note 11B.g. Such investments are temporary investments for up to a maximum of five 5 years based on Bank Indonesia regulations. Accordingly, such investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001.