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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 16

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b. Principles of Consolidation continued As of December 31, 2003, the financial statements of PT AXA Mandiri Financial Services formerly PT Asuransi Jiwa Mandiri were not consolidated as the Bank’s ownership as of December 31, 2003 is below 50 and the Bank does not exercise control over the entity at that date. The total consolidated assets and liabilities, if the change in ownership interests in PT AXA Mandiri Financial Services was applied as of April 30, 2003 and December 31, 2002, would be: April 30, 2003 December 31, 2002 Without Without As Reported PT AXA Mandiri As Reported PT AXA Mandiri Audited Financial Services Audited Financial Services Consolidated assets 261,285,909 261,267,164 250,394,689 250,376,964 Consolidated liabilities 243,998,291 243,979,545 235,956,683 235,938,958 After reflecting Quasi Reorganization Notes 2ae and 61. The total consolidated net profit and shareholders’ equity, if the change in ownership interests in PT AXA Mandiri Financial Services was applied as of April 30, 2003 and December 31, 2002, would be: As of and for the Four-Month As of and for the Year ended Period Ended April 30, 2003 December 31, 2002 Without Without As Reported PT AXA Mandiri As Reported PT AXA Mandiri Audited Financial Services Audited Financial Services Consolidated net profit 1,357,515 1,357,339 3,585,589 3,590,924 Consolidated shareholders’ equity 17,284,380 17,284,899 14,434,510 14,418,923 c. Foreign Currency Transactions and Balances Bank Mandiri maintains accounting records in Indonesian Rupiah. Transactions in currencies other than Rupiah are recorded at the prevailing rates of exchange in effect on the date of the transactions. At the balance sheet date, all foreign currency monetary assets and liabilities are translated into Rupiah using the Reuters spot rates at 4.00 p.m. WIB Western Indonesian Time on December 31, 2003, April 30, 2003 and December 31, 2002. The resulting gains or losses are credited or charged to the current period’s profit and loss. The exchange rates used against the Rupiah were as follows amounts in full Rupiah: December 31, April 30, December 31, 2003 2003 2002 US Dollar 1Rp 8,425 8,675 8,950 British Pound Sterling 1Rp 15,057 13,836 14,405 Japanese Yen 100Rp 7,893 7,263 7,542 Euro 1Rp 10,649 9,657 9,367 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 17

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