Additional Paid-In CapitalAgio continued

PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009, 2008 AND 2007 Expressed in millions of Rupiah, unless otherwise stated Appendix 5105 33. MANAGEMENT STOCK OPTION PLAN continued Based on the policy of the Board of Commissioners, on 30 October 2007, the Bank stated that MSOP Stage 3 can be exercised on the first period 7 May 2007 and 5 November 2007 for maximum of 50.00 from total options granted. The remaining 50.00 can be exercised on the next period the second period or the next periods. The fair value of MSOP Stage 3 stock options granted on 22 May 2006 was Rp593.89 full amount based on a valuation report issued by PT Watson Wyatt Indonesia dated 22 February 2007. The fair value of MSOP Stage 1, MSOP Stage 2 and MSOP Stage 3 were estimated using the Black Scholes option pricing model with the following assumptions: MSOP Stage 1 MSOP Stage 2 MSOP Stage 3 Risk free interest rate 8.46 9.50 11.65 Expected option period 5 years 5 years 5 years Expected volatility of stock price 24.53 50.00 50.00 Expected dividend yield 7.63 7.63 7.75 Employee turnover rate 1.00 1.00 1.00 Number of options exercised during the year ended 31 December 2009 totaled 64,469,017 options Notes 32a and 32b which consist of MSOP Stage 2 and MSOP Stage 3 of 86,800 options and 64,382,217 options, respectively. Number of options exercised during the year ended 31 December 2008 totaled 92,882,614 options Notes 32a and 32b which consist of MSOP Stage 1, MSOP Stage 2 and MSOP Stage 3 of 4,835,783 options, 55,110 options and 87,991,721 options, respectively. Number of option exercised during the year ended 31 December 2007 totaled 181,547,707 options Notes 32a and 32b which comprised of MSOP Stage 1, MSOP Stage 2 and MSOP Stage 3 of 43,512,471 options, 687,178 options and 137,348,058 options, respectively. A summary of the Management Stock Option Plan and the movements during the period full amount: 2009 Number of options Weighted average fair value of options full amount Weighted average excercise price of options full amount Value of Options Option outstanding at beginning of the year 91,134,384 597.64 1,572.36 54,465 Option exercised during the year 64,469,017 593.96 1,496.42 38,291 Options that can be exercised at the end of the year 26,665,367 606.54 1,755.97 16,174 2008 Number of options Weighted average fair value of options full amount Weighted average excercise price of options full amount Value of Options Option outstanding at beginning of the year 187,234,826 573.18 1,500.62 107,320 Option exercised during the year 92,882,614 566.63 1,456.49 52,630 Options have been expired 3,217,828 69.71 742.50 225 Options that can be exercised at the end of the year 91,134,384 597.64 1,572.36 54,465