2017Q1 Analysts Meeting

PT Bank Mandiri (Persero) Tbk

1Q 2017

Results Presentation

Share Information

∆ fro : IPO Dec 31, 2016

BMRI 1,662.05% 1.08% JCI 961.22% 5.12% -200%

0% 200% 400% 600% 800% 1000% 1200% 1400% 1600% 1800%

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BMRI JCI

No. of Investor % No. of shares %

I DOMESTIC

1. Government of RI 1 0.01% 14,000,000,000 60.00% 2. Retail 10,487 74.02% 187,122,880 0.80% 3. Employees 1,714 12.10% 10,437,918 0.04% 4. Cooperatives 4 0.03% 363,600 0.00% 5. Foundation 23 0.16% 15,184,145 0.07% 6. Pension Funds 120 0.85% 146,080,764 0.63% 7. Insurance 74 0.52% 524,892,085 2.25% 8. Banks 1 0.01% 150,000 0.00% 9. Corporations 68 0.48% 306,893,169 1.32% 10. Mutual Funds 244 1.72% 501,154,973 2.15%

Total 12,736 89.90% 15,692,279,534 67.25%

II INTERNATIONAL

1. Retail 96 0.68% 1,075,298 0.00% 2. Institutional 1,335 9.42% 7,639,978,501 32.74%

Total 1,431 10.10% 7,641,053,799 32.75%

No. Description By 31 March 2017

2

Table of Contents

Results Overview Page #



Corporate Strategy 3 –4



I do esia s E o o i Co ditio 5



Key Indicators + Financial Highlights 6 –7



SBU Performance Highlights 8



Ba k s Pe fo a e 9 –11



Loan Performance 12 –13



ROE, Forex Loan & NIM 14 –16



Fee-Based & CIR 17 –18



Wholesale Business 19 –21



Retail Business 22 –28



Non-Performing Loan & Restructured Loan 29 –32



Subsidiaries 33 –34



Corporate Guidance 35

Additional Information

Operating Performance Highlights Supporting Materials

Corporate Plan

–

Realigning Our 2020 Initiatives

Accelerate in Growth

Segments

Integrate The Group

Deepen Client

Relationship

I do esia s

Top Financial Institution:

Grow above the market, portfolio quality focused, employer of choicein Indonesia

• Become the first choice in consumer banking, especially in the middle-income class

• Focus on micro fixed income earners

and asset-backed consumer lending

• Selectively grow SME segment and productive micro by focusing on asset quality

 Drive su sidiaries perfor a e by

increasing synergies within the Mandiri Group.

 Increase distribution network productivity

 Strengthen presence in ASEAN countries

• Strengthen Ba k Ma di i s positio as

the No. 1 Corporate Bank

• Grow in-line with the market in the

Commercial Bankingsegment

• Offeringsector specific solutionand integrated product packages.

Current Achievements (1Q 2017)

 Consumer Loans Rp87.3Tn (+18.8% YoY)

 Micro Loans Rp52.2Tn (+18.0% YoY)

 SME Loans Rp57.5Tn (+2.5% YoY)

Current Achievements (1Q 2017)

Current Achievements (1Q 2017)

 Corporate Loans Rp235.4Tn (+26.3% YoY)

 Wholesale Fee Income Rp2.0Tn (28.1% of wholesale income)

 Total income from subsidiaries Rp544Bn (13.3% of EAT)

 Average CASA per branch grew by 7.9%

 Obtained Singapore Capital Market License

2016-2020 Bank Mandiri Corporate Plan

–

How We Plan To Get There

Focus on Core Business

▪

Grow corporate lending above the market growth rate and

deepen relationships with existing clients

▪

Increase fee based income & wholesale current accounts

Expanding into

Underpenerated Low-Risk

Segments

▪

Accelerate consumer lending growth: mortgages, auto loan

and salary based loans

▪

Push retail CASA growth through Bank@Work

▪

Defend market share in SME

Strengthen The Foundation

▪

Lower cost to income ratio through digitalization and

productivity enhancements

▪

Reduce NPL ratio by improving the loan underwriting process

▪

Increase utilization and sophistication of data analytics to

enhance insights and cross-selling.

Strategic Initiatives

Description

5

Inflation Starts to Pick Up

Source : CEIC, Bloomberg

Decreasing inflation gave room to

monetary policy easing

Current account balance in 4Q16

was quite stable

4Q16 GDP Growth

3.61 4.75 2 3 4 5 6 7 8 9 10 Ma r-10 Ma r-11 Ma r-12 Ma r-13 Mar -14 Ma r-15 Ma r-16 Ma r-17

Headline inflation (% YoY) Core inflation (% YoY) BI Rate

7 Days RR

(10) (5) -5 10 15 (15) (10) (5) -5 10 15 20 1 Q1 0 2 Q1 0 3 Q1 0 4 Q1 0 1 Q1 1 2 Q 11 3 Q1 1 4 Q1 1 1 Q1 2 2 Q1 2 3 Q1 2 4 Q1 2 1 Q1 3 2 Q 13 3 Q1 3 4 Q1 3 1 Q1 4 2 Q1 4 3 Q1 4 4 Q1 4 1 Q1 5 2 Q 15 3 Q1 5 4 Q1 5 1 Q1 6 2 Q1 6 3 Q1 6 4 Q1 6

Capital and Financial Account

Current Account (CA) BoP 4.5 5 5.5 6 6.5 7 4 Q 09

2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q1

3

4

Q

13

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16

5.57

3.30

4.94

6

Fee

Inc

ome & Cos

t

Sa

vi

ngs Support

11.

9%

PPOP

Gr

owth

R

e

turn

on E

qu

ity

(%

)

Tot

al

CAS

A

(Rp

Bn

)

Non P

erf

ormi

ng

Loan

(%

)

186,492 201,958 256,395 316,127 359,957 380,512 443,874 489,380 406,525 465,643

2009 2010 2011 2012 2013 2014 2015 2016 1Q16 1Q17

2.79% 2.42% 2.21% 1.87% 1.90% 2.15% 2.60% 4.00% 3.18% 3.98%

2009 2010 2011 2012 2013 2014 2015 2016 1Q16 1Q17

7,155 9,218 12,246 15,504 18,204 19,872 20,335 13,807 3,817 4,079

2009 2010 2011 2012 2013 2014 2015 2016 1Q16 1Q17

E

arni

ng

Aft

er T

a

x (

Rp

Bn

)

P

P

OP

(

Rp

Bn

)

Ne

t

In

ter

es

t Mar

gi

n

(%

)

Y

o

Y

11.9%

Y

o

Y

6.9%

Y

o

Y

(16

.5%

)

Y

o

Y

14.5%

Y

o

Y

25

.1

%

Y

o

Y

(8.1%

1Q 2016

1Q 2017



%

Loans

Rp 574.7Tn

Rp 656.2Tn

14.18%

Gross NPL Ratio

Net NPL Ratio

3.18%

1.16%

3.98%

1.33%

25.12%

14.46%

Low Cost Funds Ratio

[Low Cost Funds (Rp)]

62.1%

Rp 406.5 Tn

63.7%

Rp 465.6Tn

2.63%

14.54%

NIM

6.42%

5.90%

(8.13)%

Efficiency Ratio

44.46%

42.68%

3.99%

PPOP

Rp 9,667Bn

Rp 10,822Bn

11.9%

Earnings After Tax

Rp 3,817 Bn

Rp 4,079Bn

6.86%

7

Key Financial Highlights

8

Balanced Earnings from All Business Units

519

1,222 194

373

766

603

1,296 253

621

1,117

Micro & Business Banking

Consumer Commercial Corporate Treasury & Markets

1Q '17 1Q '16

Net Interest Income Analysis 1Q 2017 (YTD)

(Rp Bn)

Fee Based Income 1Q 2017 (YTD)

(Rp Bn)

1

,1

1

0

1

,1

1

5

1

,1

6

1 ₇₃₁

1Q'17 1Q'16

1

,0

2

4

1

,1

3

6

511

474

1Q'17 1Q'16

1

,0

2

8

972

3

,2

2

4

2

,2

9

2

1Q'17 1Q'16

1

,6

1

3

1

,7

0

8

1

,994 ₁

,4

6

6

1Q'17 1Q'16

2,271 1,846

1,536 1,610

4,253 3,264

3,607 3,174

Treasury & Markets

Corporate Banking

Commercial Banking

Consumer Banking

Micro & Business

Banking

*) Excluding AXA Dividend Rp 612 Bn

*

1

,0

9

4 878

184

89

1Q'17 1Q'16

1,279 967

Deposits by Product

–

Consolidated

(Rp Tn)

Loans by SBU + Subsidiaries

(Rp Tn)

97.1 121. 9 151. 8 186. 9 214 .7 201. 9 203. 0 208. 0 227. 7 207. 3 211. 0 218 .1 243. 7 224 .1 247. 9 247. 2 272 .0 259. 0 9.7 11.6 12.0 15.3

20.7_{22.1 23.2 22.3}24.7_{23.3 25.4}29.4 28.0 24.7 25.7 27.0 30.3 28.5 53.9 46.2 67.3 77.9

73.4 _{67.2 74.2 79}

.6 78.9 83 .4 91.7 90.7 101. 2 95.4 100. 2 101. 2 124 .4 117. 6 18.822.2 25.3 36.1 51.1 43.5 45.0

52.049.158.1

75.877.6 70.9 62.4 65.6 61.8 62.7 60.5 108. 4 147. 8 148. 1 150 .7 176 .2 176 .9 190. 0 201. 6 222. 3 226. 2 220. 5 212. 1 206. 3 224. 4 227. 8 229. 6 242 .1 238. 5 15.1 12.5 17.8 16.1 20.1 20.0 20.5 27.5

33.7 30.530.5 26.6 26.2 24.2 24.2 23.6 31.1 26.9 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 620 640 660 680 700 720 740 760 780 800 4Q '09 4Q '10 4Q '11 4Q '12 4Q '13 1Q '14 2 Q' 14 3Q '14 4 Q' 14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17

FX Time Rp Time FX Demand Rp Demand FX Savings Rp Savings

69.8 93.1 110.9 130.2 167.9 175.8 174.5 180.6 185.0 198.8 185.2 205

.0 211.4 230 .3 234.7 4.5 1.4 1.4 1.8

2.0 1.3 0.8 1.0 0.9 1.4 1.3 1.2 1.1 1.1 0.8 49.1 63 .8 80.7 102.7 11 6.9

142.8 145.1 14

8.9

149.4 160.6 15

3.7 158.5 162.6 165 .2 152.7 23.6 30.7 39.0 47.7 56.6

64.7 65.7 67.7 69.5 72.3 73.4 76.1 78.9 84.8 87.2 17.1 22.7 30.2 38.4 46.5

56.0 55.3 57.9 57.9 60.5 56.1 60.0 59.8 60.8 57.5 5.4 7.3 11.8 19.0 27.0

34.6 37.2 39.7 40.0 42.5 44.2 46.0 46.7 50.6 52.2 18.8 27.2 40.5 48.9 55.5 54.7 54.3 57.0 57.9 59.4 60.9 63.9

64.8 69.3 71.2

0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 620 640 660 680 700 4 Q' 09 4Q '10 4Q '11 4Q '12 4Q '13 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1 Q' 17 Subsidiaries Micro

Small Cons

Comm Int'l

Corp + SAM

Maintaining Momentum for Growth

Y-o-Y  11.4% 6.3% (3.0%) 23.3% 15.6% Y-o-Y  2.5% (0.6%) 26.8% (39.3%) 15.7% 14.2% 656.2 Tn Total Total 655.1 Tn 731.1 Tn 11.6% 16.9%

9

574.7 Tn 18.8% 18.0%

10

Strong and Liquid Balance Sheet

Assets

1Q 2017

1Q 2016

Liabilities

1Q 2017

1Q 2016

Cash

21,213

18,440 Current Account

178,124

157,769

Current Acc w/ BI & Other Banks

62,665

57,414 Savings

287,519

248,757

Placement w/ BI & Other Banks

73,767

58,048 Time Deposits

265,471

248,538

Advances (Other)

30,376

26,542

Marketable Securities

58,695

45,787

Total Deposits

731,115

655,063

Government Bonds

102,537

98,607

Loans (Gross)

656,211

574,704 Securities Issued

9,026

2,396

Provisions of Loans

(34,755)

(24,099) Deposits from other banks

33,893

26,332

Net Loans

621,457

550,605 Subordinated Debt

195

3,712

Reverse Repo

2,309

16,339 Borrowings

34,536

33,945

Other Provisions

(1,723)

(2,312) Other Int. Bearing Liabilities

15,783

14,102

Deferred Tax Assets

5,514

4,318 Non Int. Bearing Liabilities

57,935

53,142

Other Assets

57,499

32,952 Equity incl. Minority Interest

151,824

118,047

11

Revenue Growth Driven by Strong Fee Income

Summary P&L (Rp Bn)

1Q 2017

1Q 2016

Y-o-Y

(%)

4Q 2016

Q-o-Q

(%)

Interest Income

19,443

18,308

6.2%

19,825

-1.9%

Interest Expense

6,627

5,976

10.9%

6,656

-0.4%

Net Interest Income

12,816

12,331

3.9%

13,168

-2.7%

Net Premium Income

614

706

-13.1%

357

72.0%

Net Interest Income & Premium Income

13,430

13,037

3.0%

13,525

-0.7%

Other Non Interest Income

* Other Fees and Commissions

2,996

2,531

18.4%

3,202

-6.4%

* Foreign Exchange Gains - Net

653

417

56.7%

631

3.6%

* Gain fr. sale & Incr. in Val & Sale of Bonds

262

203

29.0%

90

192.0%

* Others

1,345

1,052

27.9%

1,899

-29.2%

Total Non Interest Income

5,256

4,203

25.1%

5,822

-9.7%

Total Operating Income

18,686

17,240

8.4%

19,347

-3.4%

Provisions, Net

(5,401)

(4,596)

17.5%

(8,734)

-38.2%

Personnel Expenses

(3,498)

(3,406)

2.7%

(3,435)

1.8%

G&A Expenses

(3,401)

(3,305)

2.9%

(3,517)

-3.3%

Loss from decr. in value of Sec & Gov Bonds

-

-

-Other Expenses

(965)

(862)

12.0%

(1,011)

-4.5%

Total Expense

(7,864)

(7,572)

3.9%

(7,963)

-1.2%

Profit from Operations

5,421

5,071

6.9%

2,651

104.5%

Non Operating Income

(24)

(5)

391.4%

(17)

39.4%

Net Income Before Tax

5,397

5,066

6.5%

2,634

104.9%

12

LDR Increased to 89.5%, Bank Only Loan Growth of 13.9%

9 2 .5 1 0 3 .1 1 1 0 .4 111 .7 1 1 8 .6 1 2 5 .2 129 .3 1 3 1 .7 1 2 9 .9 1 5 1 .9 1 5 3 .5 1 6 9 .7 1 6 6 .7 1 6 6 .3 1 7 6 .8 1 7 7 .0 1 7 5 .1 1 8 1 .4 1 8 5 .8 200 .1 1 8 6 .4 2 0 6 .2 212 .4 2 3 1 .3 2 3 5 .4 6 4

.5 70

.7 ₇5.3 81.1 82 .9 ₉0.1 93

.6 1 0 3 .0 1 0 2

.3 10

4

.4

118

.2 ₁17

.1 1 1 6 .5 123 .9 1 2 7 .9 1 4 2 .9 1 4 5 .2 1 4 9 .1 1 4 9

.5 160

.7

1

5

3

.7 158

.6

1

6

2

.6 165

.2 1 5 2 .7 24.5 25.927.7 30.330.9 33.235.1 38.538.5 42.544.1 46.546.349.052.0 56.155.357.957.9 60.5 56.1 60.059.8 60.8 57.5 7.7 8.59.5 11.813.1 15.116.8 19.020.7 23.9 24.927.028.2 31.0 32.734.5 37.239.740.0 42.5 44.2 46.046.7 50.6 52.2 3 2

.4 34 .3 36

.3 39 .0 ₄0.7 4

3

.3 ₄4.5 4

7 .7 4 9 .3 5 2

.4 55 .2 56

.6

5

7

.4 60.3

6 2 .4 64 .7 6 5

.7 67.7 69

.5 7 2 .3 7 3 .4 7 6

.1 78.9

8 4 .8 8 7 .2 1 Q'1 1 2 Q'1 1 3 Q'1 1 4 Q'1 1 1 Q'1 2 2 Q'1 2 3 Q' 12 4 Q'1 2 1 Q'1 3 2 Q' 13 3 Q'1 3 4 Q'1 3 1 Q'1 4 2 Q'1 4 3 Q'1 4 4 Q'1 4 1 Q'1 5 2 Q'1 5 3 Q'1 5 4 Q'1 5 1 Q'1 6 2 Q'1 6 3 Q' 16 4 Q'1 6 1 Q'1 7

Corporate Commercial Small Micro Consumer

Quarterly Loan Segment Details

(Bank Only)

Y-o-Y  18.8% 18.0% 2.5% -0.7% 26.3% 13.9% Total 14.9% 8.9% 9.8% 26.1% 40.2% Break down

As of March 2017; Non-consolidated numbers

314

.4

327.2 350.4 365

.2

388.8 391.6 428.7 450.8 472.4 470.4 485.8 506.5 530.0 532.8 552.8 560.6 595

.5

574.7 610.9 625

.1 662.0 656.2 74.1% 80.7%83.4% 84.4% 80.1%

83.5% 85.0% 87.3% 84.5% 88.0% 87.0% 85.3% 82.9% 84.4% 85.3% 87.7% 87.4% 88.1% 90.2% 86.5%89.5% 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1 Q' 13 2Q '13 3Q '13 4 Q' 13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1 Q' 17

Loans (Rp Tn) LDR (%)

5.7% 4.1% 7.1% 4.2% 6.5% 0.7% 9.5% 5.1% 4.8% -0.4% 3.3% 4.2% 4.6% 0.5% 3.7% 1.4% 6.2% 0.0% 6.3% 2.3% 5.9% -0.9% 27.7% 30.0% 26.6% 22.8% 23.7% 19.7% 22.3% 23.4% 21.5% 20.1% 13.3% 12.4% 12.2% 13.3% 13.8% 10.7% 12.4% 7.9% 10.5%11.5% 11.2% 14.2% 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1 Q' 14 2Q '14 3Q '14 4 Q' 14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17

QoQ Growth (%) YoY Growth (%)

Quarterly Loan Data

(Consolidated)

13

Rp 164.12 Tn in Loans Disbursed in 1Q 2017

592.67

164.12 123.87

32.90 10.87 _{0.87 3.22}

585.05

4Q'16 Disburs. Install. Payment Pay-off FX Impact Write-Offs

1Q '17

Loan Movement

–

1Q 2017 Bank-Only

Rp Tn

Loan Disbursement by Segment

–

1Q 2017 Bank-Only

Rp Tn

129.67

13.21

6.11

9.12

6.02

164.12

14

Post Asset Revaluation CAR 21.1%; ROE 10.6%

115.9 112.2 134.0

172.9

195

.8

242.4

352.5

400.2

49

1.3

514.9

577

.3

643

.4

648.8

27.4 28.4 28.3 27.2 30.5 35.7 53.3 62.0 73.9 85.7 107.4 137.4 137.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q

20

17

RWA (Rp Tn) Total Capital (Rp Tn)

Rp Bn

Bank Only - Capital & RWA Movement

Profit After Tax & ROE

• CAR inclusive of Credit and Market Risk started in December 2004

• CAR inclusive of Credit, Market and Operational Risk started in January 2010

1.1Tn from GIAA Recovery

23.2% 24.6% 20.8%

15.7% 15.4% 13.4%

15.3% 15.5%

14.9%

16.6%18.6%

21.4% 21.1%

CAR

519 1,168 1,549 1,744 519

2,003 1,027

1,390 4,303

4,925 2,681

3,817 4,079 1,099

97 305

1,113 1,221 1,526 2,031

2,543 3,744 3,991

4,660 4,786

3,263

967 1,017

1,528

1,408 610 2,352

1,040 1,345

4,509

4,869 4,658 4,933

-623 1,234

1,166 1,390

2,536 2,833

3,073 4,385

5,401 5,418

5,753

1,794

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q4 PAT

Q3 PAT Q2 PAT Q1 PAT

2.5% 10.0%

15.8% 18.1%

22.1%

24.2% 22.0%

22.6% 22.2%

21.0% 18.3%

9.7% 10.6%

38 .60 4 1 .87 44 .44 40 .35 4 1 .88 45 .47 4 5 .73 49 .62 4 8 .17 53 .29 5 9 .79 6 7 .75 6 2 .22 6 2 .95 7 2 .24 7 5 .38 73 .52 7 6 .90 78 .52 8 7 .79 8 3 .85 86 .55 7 7 .72 8 7 .85 8 9 .14 82.9% 91.5% 89.0% 75.8% 76.0% 76.2% 75.4% 76.4% 68.0% 65.1% 64.3% 69.0% 72.0% 71.3% 74.2% 73.2% 66.8% 61.1% 61.0% 73.1% 80.3% _79.2% 72.6% 74.3% 80.8% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% M ar 11 Jun e 11 S e p 11 D e c 11 M ar 12 Jun 12 S e p 12 D e c 12 M ar 13 Jun 13 S e p 13 D e c 13 M ar 14 Jun e 14 S e p 14 D e c 14 M ar 15 Jun 15 S e p 15 D e c 15 M ar 16 Jun 16 S e p 16 D e c 16 M ar 17 20 30 40 50 60 70 80 90 100

Loan FX

LDR FX

Prudent Management of FX Balance Sheet

USD Bn

Rp Tn

Breakdown of FX lending (Bank-Only)

Q

(Total USD 6.69 Bn)

0.03 0.03 0.13 0.15 0.31 0.41 0.58 0.77 0.77 1.26 2.25

Oth

Constr

Utilities

Bus Serv

Trans

Agri

Trading

Mining

Soc Serv

Oil & Gas

Mfg



% (YoY)

23% 34% 1% 0% -12% -36% -1% -33% 307% -56% -71%

FX Loans & LDR (Bank-Only)

16

Q1 Consolidated NIM of 5.9%

5.33% 5.84% 5

.44

%

5.19% 5.54% 5

.84

%

5.67% 5

.50

%

5.34% 5.71% 6.08% 5.94% 5.90% 5.84% 5

.92

%

5.41% 5.79% 5.7

4%

6

.74

%

6.28% 6.00% 7

.06 % 6.03% 5 .69 % 4Q '09 4Q '10 4Q '11 1Q' 12 2Q' 12 3Q' 12 4 Q' 12 1Q' 13 2Q' 13 3Q' 13 4 Q' 13 1Q' 14 2Q' 14 3 Q' 14 4Q' 14* 1 Q' 15 2Q' 15 3Q' 15 4Q' 15* * 1Q' 16 2Q' 16 3Q' 16* * 4 Q' 16 1Q' 17 NIM 9.4 9.6 8.7 8.2 8.1 8.4

8.2 8.1 7.8

8.3 9.0 9.1 9.2 9.6 9.6

9.1 9.2 9.2 9.8

9.3 9.110.09.0 8.6 4.3

3.8 3.4

3.2

2.8 2.7 2.7 2.8 2.6 2.8 3.1 3.3

3.5 3.9 3.8 3.9 3.6 3.7 _3.3 3.2

3.3

3.1 3.0 2.9

Yield on Assets (%) Cost of Funds (%)

6.4 7.2 5.3 4.9 5.1 4.4 4.5 4.5 6.6

4.2 4.3 4.4 6.4 4.6 4.6 13.3 3.8 4.3 1.5 0.7

0.6 0.7 0.7 0.8 0.7 0.7 0.9

1.1 _{0.8 0.7 0.7 1.0} 1.0 1.2 1.3 1.3

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 4Q '09 4Q' 10 4Q' 11 4Q' 12 4Q' 13 1 Q' 14 2Q' 14 3Q' 14 4Q' 14 1 Q' 15 2Q' 15 3Q' 15 4 Q' 15 1Q' 16 2 Q' 16 3Q' 16 4Q' 16 1Q' 17

12.6 12.5 12.5

11.311.8 11.8

12.0 12.4 12.2 12.1

12.2 12.2

12.1 11.9 11.3

11.3 11.3 10.8 6.7 6.5

4.1 _4.0

5.3 5.4 5.9 5.7 6.0

6.4 6.4 6.7 6.9 7.0 6.6 6.7 6.8 6.6 4.7

4.2 3.9

3.0 3.7

3.9 4.1

4.6 _{4.4 4.5}

4.3 4.3

3.8 _3.7 3.6

3.5 3.4 3.3

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Avg Loan Yield Avg Bond Yield Avg COF

* Starting on 4Q2014, we back out the LPS premium from the interest expense

17

Greater Detail On Fee-Based Income

Non-Loan Related Fees & Commissions

1Q-2017

4Q-2016

1Q-2016

Y-o-Y

Q-o-Q

Δ

%

Δ

%

Administration Fees

857

875

766

11.9%

(2.1%)

Opening L/C, BG & Cap Market (custodian & trustee)

322

336

308

4.4%

(4.4%)

Subsidiaries

410

416

321

28.0%

(1.4%)

Transfer, Retail Transaction

612

722

538

13.9%

(15.2%)

Credit Cards

470

496

488

(3.6%)

(5.2%)

Mutual Fund, ORI & Bancassurance

107

125

101

6.0%

(14.2%)

Syndications

272

240

58

366.2%

13.2%

Payroll Package

18

19

18

(0.4%)

(8.8%)

Others

(72)

(28)

(66)

8.8%

153.9%

Total

2,996

3,202

2,531

18.4%

(6.4%)

Foreign Exchange Gains

653

631

417

56.7%

3.6%

Gains Fr Sale & Incr. in Value of Sec. & Gov. Bonds

262

90

203

29.0%

192.0%

Cash Recoveries

667

1,192

571

16.8%

(44.1%)

Other Income

679

707

482

40.9%

(4.0%)

Total Fee Based Income (As Reported)

5,256

5,822

4,203

25.1%

(9.7%)

18

1Q 17 Cost to Income Ratio of 42.7%

1,52

4

1,510 1,883 2

,107 1,614 2,004 2,071 2,565 2,034 2,322 2,375 3,167 ,309 2 2,693 2,958 3,488 2,574 3,173 3,322 3,730 3,305 3,640 3,49

7

3

,517 3,401 1,547 1

,631

1,671 1,903

1,865

1,939 1,869

2,372

2,042

2,336 2_,679

2,37

4

2,626

2,662 2,752

2,807

2,92

0

3

,109

2,903

3

,444

3,406

3,488

3,290 3,435 _3,498

1Q'

11

2

Q'

11

3Q'

11

4Q'

11

1Q'

12

2

Q'

12

3Q'

12

4Q'

12

1

Q'

13

2Q'

13

3

Q'

13

4Q'

13

1Q'

14

2Q'

14

3Q'

14

4Q'

14

1Q'

15

2

Q'

15

3Q'

15

4Q'

15

1Q'

16

2

Q'

16

3Q'

16

4Q'

16

1

Q'

17

G&A Expenses Personnel Expenses

Breakdown of 1Q 2017 Operating Expenses

Quarterly Consolidated Operating Expenses & CIR

(Rp Bn) (Rp Bn)

32.4% 37.3% 39.0%

41.6%

44.0%_43.2% 42.7%

51.3% 41.1%

43.1% 42.5%

48.4% 41.8%

43.2% 46.6%

44.4% 44.4% 45.2%

40.1% 42.7%44.5%

46.0% 38.5%41.3%

42.7% CIR (%)

Q1 2017 Q4 2016 Q1 2016 Growth

QoQ YoY

Personnel Expenses

Base Salary 934 882 879 5.9% 6.3%

Other Allowances 1,618 1,542 1,635 4.9% (1.1%) Post Empl. Benefits 83 54 96 55.7% (13.6%)

Training 60 177 81 (66.0%) (25.8%)

Subsidiaries 802 780 714 2.9% 12.3%

Total Personnel Expenses 3,498 3,435 3,406 1.8% 2.7%

G&A Expenses

IT & telecoms 585 573 540 2.1% 8.3% Occupancy Related 663 839 595 (20.9%) 11.4% Promo & Sponsor 235 386 293 (39.2%) (19.7%) Transport & Travel 152 189 150 (19.7%) 1.2% Goods, Prof. Svcs. & Oth. 453 668 437 (32.2%) 3.7% Employee Related 605 622 579 (2.8%) 4.5%

Subsidiaries 709 240 711 195.6% (0.3%)

Total G&A Expenses 3,401 3,517 3,305 (3.3%) 2.9%

Other Expenses 965 1,011 862 (4.5%) 12.0%

19

Top 10 Industries in Corporate Lending Expansion

1Q

7

–

1Q 6 (Total Rp49.09 Tn)

Rp Bn 2,365

2,859 3,161 3,461 4,611 4,806 5,004 6,630 8,450 12,659

Mfg-NonM Mfg-Chem Mining-Metal Ore Bus Serv Mining-Oil & Gas Trad-Exp Roads & Bridge Trad-Ret Mfg-F&B Electricity

%

110% 44% 169% 94% 215% 43% 28% 52% 20% 89%

Rp Bn

Top 10 Industries in Commercial Lending Contraction

1Q

7

–

1Q

6 (Total

–

Rp1.02 Tn)

-324 -428 -509 -650 -690 -734 -941 -1,167 -1,294 -2,885

Mfg-Wood SocServ-Health Mfg-Text Mining-Oil & Gas Trad-Exp Mining-Coal Plantations Trad-Distr Mfg-P&P 4 Wheels-Vehicles

%

-62% -26% -6% -6% -16% -27% -17% -7% -39% -16%

20

Whol

es

al

e

Trans

acti

ons

Dri

vi

ng

CA

SA

745 2,414 4,066 6,153 7,784 10,943 11,899 12,932 13,629 13,873 14,105 14,397 14,676 15,101 15,565 16,200 16,853 17,592 18,531 2006 2007 2008 2009 2010 2011 2012 2013 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Ca

sh

Ma

na

g

em

en

t

Use

rs

248 677 1,178 2,201 2,657 3,598 3,989 4,484 4,832 5,123 5,266 5,384 5,704 7,085 7,392 7,563 8,439 4Q10 4Q11 4Q12 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

A

ver

age

#

of

Ca

sh

Ma

na

g

em

en

t

Tx

(000

),

t

ot

al

2

5

.3

Mn

tr

an

sact

ion

s

in

1

Q

201

7

* *) E xc lud ing M an di ri T ran sa ct io n S yst e m

Whol

esal

e CAS

A

Deposi

ts

(Rp

Bn

)

58,055 62,257 61,691 53,604 74,116 89,959 74,334 73,192 140,278 149,351 126,430 142,487 -20, 000 40, 000 60, 000 80,000 100, 000 120 ,000 140, 000 160, 000 180, 000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q16 1Q17 1 2 .7% Yo Y Gro wt h

21

Strong Pickup in Forex, As Trade Transactions Remain Slow

Forex

34 42 63 61 56 41 46 ₁₁ 14

281,153 310,512

322,795399,500 379,730 348,436

433,929

106,291

114,186

-50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Mar 16 Mar 17

Value (USD Bn) # of Trx

Wholesale Remittance

70 94 121 135 146 126 90 ₂₂ 28

435,866 448,219

599,909 651,241

739,046 730,011

399,585

125,510 137,920

-100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Mar 16 Mar 17 Value (USD Mn) # of Trx

*) _{Excluding Mandiri Transaction System}

Mandiri Cash Management*

549 818 1,519 2,2

3

1

3

,1

2

0

3

,7

7

8

4

,549

914 1,3

0

4

2,503 7,668

13,676 24,543

44,184 61,599

82,075

17,869

25,316

(25,000) (5,000) 15,000 35,000 55,000 75,000 95,000

-500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0 5,000.0

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Mar 16 Mar 17

Value (Rp Tn) # of Trx (000)

Trade Transactions : Export, Import, Domestic

85 110 125 133 137 127 107 23 31

495,813 510,916

517,251 520,948 _509,207 468,870

406,669

101,017

105,974

-100,000 200,000 300,000 400,000 500,000 600,000

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Mar 16 Mar 17 Value (USD Bn) # of Trx

22

Retail Deposits Increased by 13.4% Year on Year

132.7 140.6 146

.1

165.0 157.5 166.8 176

.3

190.9 179.0 180.8 184.7 202.6 182

.5

186.0 18

8.0

209

.8

193.0 214.8 212

.1 233.5 220.5 12.712.813.0 13.7 14.715.6 18.4 20.7 21.022.021.8 24.0 22.223.224.3 23.1 21.1 21.723.1 26.0 24.5 14.615.416.1 18.6 17.016.7 28.6 33.0 29.733.634.4 40.2 33.536.425.0 31.9 29.0 29.930.5 36.5 32.9 4.3 4.3 10.7 11.4 12.111.913.1 13.0

12.814.4_7.8 7.6 6.9 6.5 6.8 9.0 9.3 71.670.3 71.5 71.4 72.170.7 80.2 84.5 88.4100.1 108.3 120.0 119.2116.0 110.0 110.3 112.2 115.5116.9 120.0 119.5

5.0 5.0 5.1 5.0 4.7 4.6 6.4 7.0 6.3 7.0 7.2 9.5 9.0 7.8 7.7 7.4 6.9 6.8 7.0 10.7 11.7 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 1Q '12 2Q '12 3Q '12 4 Q' 12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2 Q' 14 3Q '14 4Q '14 1 Q' 15 2Q '15 3Q '15 4 Q' 15 1Q '16 2Q '16 3Q '16 4 Q' 16 1Q '17

Rp Savings Deposits FX Savings Deposits Rp Demand Deposits FX Demand Deposits Rp Time Deposits FX Time Deposits

Retail Deposit Analysis –

Bank Only

2.2%

1.7% 2.0% 2.0% 2.0% 2.0% 2.1% 1.9% 2.1% 2.1% 2.1% 2.0% 1.8% 1.9% 2.1% 2.3% 2.1%

1.5% 1.5% 1.6% 1.5% 1.5% 1.4% 1.3% 1.2% 1.2% 1.2% 1.3% _{1.1% 1.1% 1.1% 1.1%} 6.3% 5.1% 6.6% 7.0% 7.3% 8.3% 7.9% 7.8%

7.4% 7.5% 7.2%

6.9% 6.7% 6.6%

6.4% 6.2% 0% 5% 10% 4 Q' 11 4Q '12 4Q '13 1Q '14 2 Q' 14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4 Q' 15 1Q '16 2Q '16 3 Q' 16 4Q '16 1Q '17 Rp DD Rp Savings Rp TD

Average Quarterly Deposit Costs (%)

0.1% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4%

0.2% 0.3%

0.6% 0.7% 0.8% 0.7% 0.8%

0.6% 0.8%

1.2% 1.2% _1.1% 1.3% 1.8%

1.2% 0.8%

0.6% 0.5%

0.5% 0.6% 0.6% 0.7% 0.0% 0.5% 1.0% 1.5% 2.0% 4Q '11 4Q '12 4 Q' 13 1Q '14 2Q '14 3Q '14 4Q '14 1 Q' 15 2Q '15 3Q '15 4 Q' 15 1Q '16 2Q '16 3Q '16 4 Q' 16 1Q '17

FX DD FX TD

66.5% 69.6%

70.1% 72.5%

71.6%

73.0% 73.7% 71.9%

69.9% 68.8%

68.4%

66.2%67.7% 67.6% 69.8% 67.7% 69.1% 68.8% 70.0% 68.6%

44,210 52,195 7,985

1Q2016 Growth 1Q2017

23

63, 323 66 ,851 73, 324 81, 046 84, 675 91 ,504 96, 268 105, 192 108 ,434 118, 788 123, 833 130, 158 131 ,857 140, 189 146, 744 155, 338 158, 173 165 ,304 167, 429 175, 211 173, 739 182 ,190 185, 335 196, 194 196 ,909 28.6% 27.6% 28.3% 29.6% 29.8% 30.2% 30.9% 31.8% 31.7% 31.3% 31.2% 31.8% 32.6% 32.7% 33.1% 33.3% 32.7% 33.8% 33.1% 33.1% 33.7% 20% 22% 24% 26% 28% 30% 32% 34% 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 140,000 150,000 160,000 170,000 180,000 190,000 200,000 210,000 220,000 230,000 1Q 2011 2 Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3 Q 2012 4Q 2012 1Q 2013 2Q 2013 3 Q 2013 4Q 2013 1Q 2014 2 Q 2014 3Q 2014 4Q 2014 1Q 2015 2 Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3 Q 2016 4Q 2016 1Q 2017

Retail to Total Loans

Consumer and Micro Are Key Retail Growth Drivers

Retail to Total Loans

Micro Credit Business Banking Consumer

(Rp Bn) Business Banking

56,108 57,508

1,401

1Q2016 Growth 1Q2017

YoY 2.5% (Rp Bn) Micro Credit YoY 18.1% (Rp Bn) 73,413 87,206 13,794

1Q2016 Growth 1Q2017

YoY 18.8%

Strong M

icrof

inan

ce Growth

24

200 300 502 687 898 994 1,084 1,085 600 800 800 878 928 1,027 1,127 1,427 1,718 1,717 10 152 480 710 760 751 706 653 612 611 6 10 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 Bra n ch Unit Ki o sk C a sh O u tl e t

Cus

tome

rs (0

0

0

)

Ne

tw

or

k

# Of Ne

w

Cus

tome

rs

73,566 79,500 76,325 94,855 74,037 110,000 121,007 146,359 126,509 140,064 131,715 147,825 138,747 160,620 136,196 162,181 140,886 167,145 158,909 162,738 134,501

138,500 97,164

127,828 130,227 146,323 117,565 117,971 116,440 1Q '10 2Q '10 3Q '10 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q1'6 1Q1'7 271 430 562 694 815 889 1 ,0 0 9 1 ,1 1 2 1 ,2 0 8 1 ,1 9 5 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17

25

…as

el

l as Cosue

Ledi

g,

hi

h ‘ose

1

8

.8

%

Y

-o

-Y

as

Mort

gages

Gr

ew

1

2

.3

%

14,268 15,523 16,466 17,779 18,764 20,113 20,919 22,818 24,092 26,135 27,357 26,995 26,690 26,505 26,347 26,495 26,207 26,340 26,369 26,832 26,869 27,651 28,001 29,994 30,172 3,964 3,979 3,949 3,887 3,777 3,679 3,571 3,471 3,365 3,312 3,240 3,181 3,172 3,198 3,240 3,310 3,326 3,432 3,534 3,739 3,892 4,313 4,914 5,881 6,246 6,398 6,708 6,861 6,995 7,143 7,412 7,753 8,206 8,386 8,958 9,374 9,781 10,030 10,642 11,253 11,880 12,201 12,838 13,408 14,103 14,497 15,279 16,160 17,441 17,986 3,575 3,761 3,910 4,296 4,245 4,492 4,590 5,035 5,025 5,195 5,303 5,620 5,557 6,855 7,568 8,288 8,343 8,751 8,683 8,970 8,768 8,761 8,674 9,128 9,048 3,454 3,492 4,200 5,115 5,829 6,593 6,609 7,209 7,486 7,905 9,013 10,218 11,083 12,260 13,271 13,983 14,890 15,630 16,641 17,608 18,344 18,981 20,001 21,124 22,555 698 791 873 928 964 1,016 1 ,037 1,010 966 927 904 809 840 805 765 750 683 733 892 998 1 ,043 1,091 1 ,133 1,194 1,199 0 5 ,0 0 0 1 0 ,0 0 0 1 5 ,0 0 0 2 0 ,0 0 0 2 5 ,0 0 0 3 0 ,0 0 0 35 ,000 40 ,000 4 5 ,0 0 0 5 0 ,0 0 0 55 ,000 6 0 ,0 0 0 65 ,000 7 0 ,0 0 0 7 5 ,0 0 0 8 0 ,0 0 0 8 5 ,0 0 0 9 0 ,0 0 0 9 5 ,0 0 0 1 0 0 ,0 0 0 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q'16 3Q'16 4Q'16 1Q'17 Ot h e r Au to Cre d it Card s Pa yro ll Lo an s H o m e E q u ity Lo an s Mo rtga ge s

Loan

T

ype

Gr

o

wth

(%)

Y

-o

-Y

Q

-o

-Q

Other

1

4

.9

7

%

0

.4

7

%

Auto

Loan

s

2

2

.9

6

%

6

.7

7

%

Cr

edi

t Car

ds

3

.2

0

%

-0

.8

8

%

P

a

yr

ol

l Loan

s

2

4

.0

7

%

3

.1

2

%

Home

E

qui

ty Loans

6

0

.4

9

%

6

.2

1

%

Mortg

age

s

1

2

.2

9

%

0

.5

9

%

Tot

al

Consumer

1

8

.7

9

%

2

.8

8

%

Quart

er

ly

Consumer

Lendi

ng

Bal

a

nces b

y

Type

Consumer

L

endi

ng

Gr

o

wth

b

y

Type

Rp 8 7.2 Tn *A u to & M o to rc yc le Loa n s ch an n el e d o r e xecu ted t h ro u gh fi n an ce comp an ies = Rp 10 .1 Tn in ou r C ommer ci al P ort fol io

26

Transaction Capabilities Growth Driven By Mobile Banking

Transaction Volume

Quarterly Transaction Value (Rp Tn)

Quarterly Users (Mn)

95.5 122.2 147.7 153.8 170.0 179.3

191.2 192.6 208.1 210.0

241.5 245.0 236.8 252.7 238.0 248.3 271.2

2.1 3.5 4.1 5.0 6.6 8.3 10.5

17.6 28.3 35.7 38.9 53.0

55.3 68.9

67.8 84.0 85.2

7.1 14.0 18.1

23.5 26.8

29.4 33.3 33.3 34.5 46.7 32.6 36.1 36.5 35.5 40.0 37.3 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 4Q '09 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3 Q '12 4Q '12 1 Q '13 2Q '13 3Q '13 4 Q '13 1 Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3 Q '16 4Q '16 1 Q '17 ATM Mobile Banking Internet Banking 7.7 8.6 8.2 9.2 10.0 10.6 11.1 11.6 11.8

12.4 12.6 12.6

13.6 13.8 14.1

14.4

3.2 4.7 4.9

5.3 5.6 5.8 6.1

6.3 6.5 6.7 6.8

6.9 7.0 7.1 7.3 7.4

1.2

1.0 1.1 1.2 1.3

1.4 1.5 1.6 1.7

1.8 1.9 2.0 2.1 2.1 2.2

0 2 4 6 8 10 12 14 4Q '09 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2 Q '12 3Q '12 4 Q '12 1Q '13 2Q '13 3 Q '13 4 Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2 Q '16 3Q '16 4 Q '16 1Q '17 Debit Cards Mobile Banking Internet Banking

Quarterly Transaction Volume (Mn)

142 157

184 189

212 218 233 235

246 249 268

293 295 287

309

291 306 313

39 36 44

41 43 41 39 44

51 53

47 48 50 46 49 45 48 46

12 18

23 26 32 31 34 57 70 113 172 196 190 254 258

295 311 17 42 55 78 85 67

76 81 89 117 102 117 131 138 149 156 154 0 25 50 75 100 125 150 175 200 225 250 275 300 325 4Q '09 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q' 12 2Q '12 3Q '12 4 Q '12 1Q '13 2 Q '13 3Q '13 4Q '13 1 Q '14 2 Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4 Q '16 1Q '17 ATM Branch Mobile Banking Internet Banking

27

Retail Payment System Gaining Traction

Fee Income from e-channel Tx (Rp Bn)

200.3 258.2 315.2 347.6 414.7

604.3 711.7 758.2 196.5 285.7

318.6 382.0 490.3

663.4 765.2

249.3 313.9

361.8 437.5

489.2 683.3

742.7

268.5 312.8

464.4 512.9

664.8 771.0

862.6

2010 2011 2012 2013 2014 2015 2016 2017

Q4 Q3 Q2 Q1

6.5% YoY Growth

Numbers of EDC

23,690 27,611

33,732 47,127

92,903 180,532

230,352 270,352

286,861

236,711 239,312

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17

Volume Mandiri Business

Saving Account (Rp Tn)

17.7 34.7

59.4 85.8

102.3 108.5

120.6

93.1 110.8

2010 2011 2012 2013 2014 2015 2016 1

Q'

16

1Q'

17

19.0% YoY Growth

18 ,528 25 ,857 32, 273

42,582 47,

304 53 ,124 57, 447 73, 666

79,970 88,

013 79, 173 89, 389 89 ,906 118 ,389 105, 781 126, 857 126 ,545 11,535 13,542 15,312

15,971 17,802

18,216

22,570 24,676 26,441

28,122 27,591

29,040 29,967 40,285

34,251 37,059 39,025 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17

Transaction Value (Rp Bn) # of Active Users

28

Making Inroads into SME and Retail Payments

Fiesta Point Program

A program to get points based on savings average balance and # of transactions through e-channel or branch, so that customer has the opportunity to earn immediate prizes.

Mandiri Belanja Untung Program

Prizes for buyers who do the transactions in the merchant (as a participants), or using Mandiri EDC. For sellers, they have the opportunity to be included into the national lucky draw.

Belanja Hoki/ Dagang Hoki Program

Co-promotion with the ITC Group for the merchants and the buyers who transact in ITC using Mandiri Debit and also a reward program for the building management.

# MTB Transaction & Volume

201,106 212,844 261

,935

265,423 272,212 290,019 306

,831

349

,868

299,417 322,587 308,832 348

,059

267,195 334,912 322,377 382,104 340,288

9,235 10,601 11,385 12,616 12,773 14,068 14,508 16,052

15,996 17,444 17,101

18,373

20,186 20,187 18,974 20,357 20,329 -3,000 6,000 9,000 12,000 15,000 18,000 21,000 -50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 1Q '1 3 2Q '1 3 3 Q '13 4 Q '13 1Q '1 4 2Q '1 4 3Q '1 4 4 Q '14 1Q '1 5 2Q '1 5 3Q '1 5 4Q '1 5 1Q '1 6 2Q '1 6 3 Q '16 4Q '1 6 1Q '1 7

# of Volume # of Transactions (000)

# MIB Transaction Value & Users

# SME Business w/ Mandiri Acc

543,972

643,334

789,300 845,073 851,069 853,539

29

Gr

oss

NPL

s

3.

98

%,

Coverage

at 13

3.

2%,

Cat

egory 2 at

4.

3%

13,442 17,501 15,909 15,918 18,838 16,924 14,846 14,292 13,336 12,986 13,944 13,606 15,676 14,856 15,626 16,989 17,672 17,755 19,272 21,586 23,825 22,958 27,116 29,549 28,547 27,078 31,458 30,255 31,122 25,823 28,271 12.6 % 14.9 % 11.5 % 9 .1 % 9.5% 6.9% 5.9% 5.2% 4.5% 4.1% 4 .3 % 3.9% 3.8% 3.9% 4 .1 % 4 .3 % 5.1% 4.5% 5.5% 5 .0 % 3.9% 4.3% -2,000 4,000 6,000 8 ,000 10,000 12,000 14,000 16 ,000 18 ,000 20,000 22,000 24,000 26 ,000 28,000 30,000 32,000 34,000 4Q'05 4Q'06 4Q'07 4Q'08 4Q'09 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'16 S p ec ial M ent ion S p ec ial M ent ion Rat io

NPL Mo

vem

en

t

-Cons

ol

ida

ted

5.14% 4.74% 4.44% 4.73% 5.85% 4.78% 3.79% 2.79% 2.56% 2.54% 2.60% 2.42% 2.60% 2.42% 2.56% 2.21% 2.22% 2.07% 2.04% 1.87% 2.08% 1.89% 1.90% 1.90% 2.07% 2.23% 2.16% 2.15% 2.27% 2.43% 2.81% 2.60% 3.18% 3.86% 3.81% 4.00% 3.98% 116 .0 % 122. 5% 138. 9% 127. 1% 116 .6 % 136. 1% 155. 2% 206. 0% 191. 7% 192. 4% _155. 5% 185 .1 % 185. 1% 189. 6% 193. 4% ₁₈₅ .5 % 187 .6 % 185. 3% 170. 3% 157. 4% 157 .1 % 150. 5% 137. 7% 136. 2% 145. 5% 131. 9% 112. 7% 126 .6 % _124. 5% 133. 2% 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 3Q '10 4Q '10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Gr os s NPL R a ti o Pr ov/NPL

Ca

tegory

2

Loans

30

Non-Performing Loans by Segment

Movement by Customer Segment (Rp Bn)

Non-Performing Loan Movements (Rp Tn)

–

Bank-Only

* Excluding loans to other banks

Q1 2017 Total NPLs of Rp 23.14 Tn

23.44

0.23

_3.43

0.68

3.22

0.39

_23.14

4Q' 2016 UG to PL DG to NPL Payment Write-Offs Other 1Q' 2017

84

1,785

622

39

747

1,070

43

535

1,097

44

367

434

-500 1,000 1,500 2,000 2,500 3,000 3,500

UG to PL DG to NPL W/O

Corp Comm Small Micro Cons

NPLs

1Q

NPLs

(Rp tn)

(Rp tn)

(%)

Corporate

2.30

(0.03)

0.98%

Commercial

16.11

0.72

10.55%

Small

2.04

(0.43)

3.54%

Micro

1.09

(0.68)

2.09%

Consumer

1.60

0.14

1.84%

31

Total Loans originated since 2005

Net

Upgrades(%)

/

Downgrades(%)

#

_{1Q 2016 Details}

Loan

Background

Q

Balance

(Rp Bn)

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

2Q

2016

3Q

2016

4Q

2016

1Q

2017

DG to

NPL

%

UG to

PL

%

Corporate

229,872

-

0.11

0.38

0.24

0.13

0.24

-

0.32

0.14

-

0.14

Commercial

148,210

0.13

0.95

0.83

0.77

1.97

3.02

0.16

3.87

1.13

1.18

0.06

Small

55,178

1.29

1.17

1.24

0.54

1.31

1.50

1.36

0.63

1.20

1.26

0.07

Micro

52,175

1.25

1.37

1.50

1.08

1.37

1.45

1.35

0.84

0.94

1.03

0.08

Consumer

87,070

0.28

0.23

0.25

0.17

0.32

0.21

0.30

0.17

0.37

0.42

0.05

Total

572,505

0.33

0.60

0.68

0.31

0.94

1.28

0.35

1.36

0.49

0.59

0.09

1Q17 Net Downgrades of 0.49% On Loans Originated since

2005

32

Restructured Loans

17.1 14.3 13.1 13.6 13.5 13.5 14

.2

13.9 14.0 11

.7

11.7 12

.0

12.5 12.7 11

.2

11.5 10.2 11.8 14.4 20.9 26.4 28.9 28

.3

34.1 39.3 47

.2

47.3

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0

4

Q

'09

4Q

'10

1Q

'11

2

Q

'11

3Q

'11

4

Q

'11

1Q

'12

2Q

'12

3

Q

'12

4Q

'12

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3

Q

'14

4Q

'14

1Q

'15

2

Q

'15

3Q

'15

4

Q

'15

1Q

'16

2Q

'16

3

Q

'16

4Q

'16

1Q

'17

Restructured Loans at Rp 47.3 Trillion

Downgrade to Non-Performing After being Restructured

14.9% 17.2%

16.2% 13.0%

12.8% 17.6%

13.5% 17.8%

26.2% 23.6%

33.0% 33.7%

0.8% 0.2%

3.9% 0.2%

5.5% 5.7% 1.6%

3.4%

11.7%

2.3% 13.9%

4.4%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

2Q14 3_Q

14

4Q14 1_Q

15

2Q15 3Q15 4Q15 1Q16 2_Q

16

3Q16 4Q16 1_Q

17

33

Enhancing Synergies & Value from Subsidiaries

Total Assets Rp80.0Tn

Bond Trading Volume Rp18.1Tn

Total Assets Rp26.3Tn

Total Loans Rp6.2Tn

Total Financing Rp4.6Tn Total Financing

Rp55.4Tn

Equity & FI Underwriting Rp2.7Tn

Annual FYP Rp0.8Tn

Net Interest Margin 6.6%

Net Interest Margin 2.9%

Total Deposits Rp71.0Tn

Equity Trading Volume Rp42.9Tn

ROA 4.7%

ROA 2.1%

ROA 2.6% ROE

5.8%

ROE 7.4%

ROE 56.6%

ROE 11.1%

ROE 14.0%

•Remains the leader in syariah financing

•Capital injection program over 3 years

•Cross-selling syariah products to Mandiri customers

•Expansion of business to fully utilize current capital base

•Cross-sell capital market services to broad range of Mandiri customers

•Refocus business toward higher fee income

•Providing end-to-end bank assurance business

•Continue to build cross-sell opportunities in various segments

•Bancassurance products to complete our suite of consumer offerings

•Enhancing operating model

•Improving risk

management systems and IT

•Improving productivity

• Pe et ate Ba k Ma di i s network and customer base to develop the

multifinance segment with a strong focus on new 4 wheel vehicles.

Investment Banking

AXA

Mand

iri

Fi

nanci

al

Servi

ces

Perf

orman

ce

34

171 183 237 255 258 234 262 259 298 270 269 256 348 297 316 308 360 274 247 387 331 280 262 434 300 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 Ne t Pr of it A ft e r Ta x (R p Bn ) A n n u a l Fi rs t Ye a r Pr e m iu m (AF YP) ( Rp Bn ) # of P ol icy H ol d e rs 820 742 769 946 796 892 712 667 695 850 726 774 611 832 874 648 648 816 719 893 760 668 591 1,046 756

1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 1,603 1,639 1,695 1,744 1,791 1,859 1,878 1,919 1,967 2,033 2,123 2,217 2,354 2,479 2,657 2,962 3,162 3,360 3,465 3,710 3,832 3,961 3,939 4,101 3,930 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 (0.5 % ) Y o Y G ro w th (9 .3 % ) Y oY G ro w th 2 .6 % YoY G row th

35

Ba k Ma di i s

Co po ate Guida e

2017 Target

2017 Realization

Gross Loan Growth (YoY)

11.0% - 13.0%

14.2%

Low Cost Deposits

Rp 537.0 Tn

Rp 465.6 Tn

Net Interest Margins

5.7% - 5.8%

5.9%

Efficiency Ratio

43.0%

42.7%

Gross NPLs

3.5% - 4.0%

3.98%

Cost of Credit

2.5% - 2.7%

3.32%

# of New ATMs

197

233

# of New EDCs

10,000

2,601

# of New Micro Network

34

(1)

36

Operating Performance

Highlights

37

Corporate Banking:

Generating Strong Asset Spread

Performance to Date: 1Q2017 (Rp Bn)

_{Strategies for 2017}

1. Focusing on Anchor Clients and

penetrating through using of

Transaction Banking

2. Account Plan implementation for top

76 Corporate Banking Customers.

3.

P o ide o e stop se i e solutio s fo

usto e s t a sa tio s a d eate

new business process to accelerate

the execution of Account Plan

including effective and responsive

Complaint Handling.

4. Strengthen business alliance with

Mandiri InHealth & Mandiri DPLK to

ease corporate customers to manage

their needs in health insurance &

pension fund / severance

1,110

1,161

621 177

2,715

56

38

InHealth

–

Opportunity to Increase Fee Income and

Contribute to the Insurance Portfolio

Leveraging our institutional, corporate, &

commercial customers

Providing solutions through our banking

products to InHealth healthcare provider

Cross-selling Mandiri products to InHealth

members

We have over 700 institutional, 300 corporate, and 1,700 commercial customers with the potential to become members of InHealth

• InHealth has 6,870 healthcare providers and recorded over Rp 297 Bn in claims year to date 2017

• Bank Mandiri will leverage the hospital network asI Health s partner to increase transactions through enhanced cash management products

• Bank Mandiri also will provide retail packaged products for all the doctors asI Health spartner

InHealth earned premium payments of Rp 398 Bn in 2017 year to date from clients. Going forward, Bank Mandiri will encourage the use of cash management products through Bank Mandiris distribution channels and cross sell other products to over 1.4 Mn InHealth members.

692

,831

1,023,228 1,175,240 1

,118

,206

1

,141

,896

1,087,313

940

,696

1,24

7,33

4

1,355,229

5,501

6,242 6,314 6,262 6,094 6,189

7,072 7,018 6,870

-2,000 4,000 6,000 8,000

-200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000

2009 2010 2011 2012 2013 2014 2015 2016 1Q17

Total Member # of Providers

36 78 47 107 120 203 155 163 42 52 203

811

1,073 1,203

1,410 1,400 1,432 1,620

323

453 0 50 100 150 200 250

-200 400 600 800 1,000 1,200 1,400 1,600 1,800

2009 2010 2011 2012 2013 2014 2015 2016 1Q16 1Q17

39

1. Implement client segmentation

strategy for Treasury anchor and

non-anchor clients.

2.

Increase retail coverage of fixed

income and structured products.

3. Develop new FI client coverage model

and implement segmentation strategy.

4.

‘e italize o e seas offi es fu tio as

a distribution channel, and introduce

new business models.

5. Enhance retail brokerage program in

Mandiri Sekuritas.

6. Upgrade business license status of

Mandiri Sekuritas Singapore Office.

Treasury & Market

Performance to Date: 1Q2017 (Rp Bn)

_{Strategies for 2017}

1,279

1,117 129

Mandiri Sekuritas

fi a ial pe fo

a e

(Rp Bn)

40

Q1 2017

Q1 2016

Y-o-Y



(%)

Revenues

185

154

20%

•

Investment Banking

₁₈

₂₈

_-37%

•

Capital Market

₇₀

₆₄

_9%

•

Proprietary

₁₀

₁₇

_-44%

•

Investment Mgt

₈₇

₄₄

_97%

Operating Expenses

₁₆₁

₁₁₇

_38%

Earnings After Tax

₁₉

₂₆

_-26%

Equity Transactions

–

bn

_42,904

_25,864

_66%

SUN Transactions

–

bn

_18,057

_19,934

_-9%

Equity & Bonds Underwriting

–

bn

_2,663

_1,537

_73%

ROA

6.2%

6.9%

-0.7%

Commercial Banking:

Strong revenues from Assets

41

1.Support Bank

Ma di i s

Wholesale

Banking vision as an Integrated

Wholesale Bank through

sophisticated, customized and complete

services leading to increased revenue

through Wholesale Deposit generation

and Fee Income.

2.Increasing profit and market share

th ough i

easi g e isti g usto e s

share of wallet, increasing revenue from

e usto e s a d a agi g NPL s.

3.Provide the best total business solutions

for commercial customers by developing

products and services including quality

bundling of products, quick service and

competitive pricing.

4.Effective Alliance in units based on

customer base in Commercial

segment, especially in developing value

chain business.

Performance to Date: 1Q2017 (Rp Bn)

_{Strategies for 2017}

1,024

511

253 125

1,664

1,844

42

Commercial Banking :

Stronger Platform & Improved Distribution Capability

* Business Savings Product

Expanding Scope of Distribution, 1Q 2017

Solid & Stable Source of

_{Low Cost Funds}

Product 1Q 2017

1Q 2016

Growth YoY Demand

Deposit 30.88 34.48 -11.66% Rupiah 21.87 18.66 14.69% FX 9.00 15.82 - 75.67% Saving

Deposit* 8.16 6.90 15.32% Total CASA 39.03 41.38 -6.02% Total Funding 56.86 57.67 -1.43%

CASA Ratio = 68.65%

Funding from Java & Bali = 72% of total funding

Sumatera Loans = Rp 26.1 tn

Funds = Rp 9.7 tn

Kalimantan Loans = Rp 7.9 tn Funds = Rp 3.9 tn

Eastern Loans = Rp 4.9 tn Funds = Rp 2.5 tn

Java and Bali Loans = Rp 113.8 tn

Funds = Rp 40.8 tn

CBC = 25 Unit, 2 Dept Floor = 23 Unit

43

1.

Remapping the featured products

2.

Strengthening the collateral policy

3.

Offering the effective rate to the

customers

4.

Deposit collateral loan program

5.

Super deal of non-revolving

investment and working capital loan

6.

Cash back program for the utilized

revolving working capital loan

7.

Special rate for deposit collateral loan

Micro & Business Banking:

Rapidly growing our high margin business

Performance to Date: 1Q2017 (Rp Bn)

_{Strategies for 2017}

1,613

1,994

603

811

3,333

1,613

44

Business Banking :

* Numbers are restated after Resegmentation in Jul 2015 Medan

Makassar Banjarmas

in Surabaya Semarang

Denpasar Bandung

Pekanbaru Palembang B.Lampung

Pontianak

Samarinda

Manado

Palu _Jayapura

Balikpapan Batam

Jambi Pematang siantar Padang

Bekasi Jakarta

Solo Tangerang Bogor

Branch Models that covered SME Customers M-1 Branch : 79

M-2 Branch : 68 M-3 Branch : 165

Expanding Scope of Distribution, 1Q 2017

Solid & Stable Source of

_{Low Cost Funds*}

Product 1Q 2017

1Q 2016

Growth YoY

Demand

Deposit 39.3 33.1 18.7%

Saving

Deposit 72.2 65.5 10.2%

Total CASA 111.5 98.6 13.1%

Total

Funding 132.1 121.7 8.5% Rp Tn

CASA Ratio = 87.4%

Funding from Java & Bali = 76.5% of total funding

Sumatera Loans = Rp 12.99tn Funds = Rp 17.3 tn

Kalimantan Loans = Rp 8.6 tn Funds = Rp 6.03 tn

Eastern Loans = Rp 7.2 tn Funds = Rp 7.6 tn

Java and Bali Loans = Rp 28.7 tn Funds = Rp 101 tn

45

10.31 13.28 16.06 23.97 36.73 37.44 39.93 41.82 44.50 46.30 48.40 49.70 50.46 49.82 49.60 49.32 49.13 48.80 50.40 50.60 51.09 50.74 52.71 53.24 55.58 55.42 4Q '07 4Q '08 4Q '09 4Q'10 4Q '11 1Q '12 2Q '12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Fi na n ci ng 91.1% 89.1% 83.1% 82.7% 86.2% 87.2% 92.2% 93.9% 93.9% 95.6% 94.2% 91.3% 89.4% 90.3% 89.9% 85.7% 82.1% 81.7% 85.3% 84.5% 82.0% 80.1% 82.6% 80.4% 79.2% 79.5% FDR

BSM

Add

ress

ing As

se

t Qu

al

ity

Issues

Sy

ari

a

h

Fi

n

an

ci

ng

(

Rp

tn

)

Fi

n

an

ci

a

l P

er

for

mance

(Rp

bn

)

FY FY FY FY FY FY FY Q Fi n an ci n g 23,968 36,664 44,755 50,460 49,133 51,090 55,580 55,418 De p o si ts 28,999 42,618 47,409 56,461 59,821 62,113 69,950 71,036 A ss e ts 32,482 48,672 54,229 63,965 66,942 70,369 78,832 80,012 E A T 418.5 551.1 805.7 651.2 71.8 289.6 325.4 90.3 R ati o s: RO A (% ) 2.2 1.9 2.3 1.5 0.2 0.6 0.6 0.6 R O E ( % ) 25.1 24.2 25.1 15.3 1.5 5.9 5.8 5.8 G ro ss N PF 3.5% 2.4% 2.8% 4.3% 6.8% 6.1% 4.9% 4.9%

Ne

t

In

ter

es

t M

ar

gi

n

&

Cos

t of

Fund

s

Yo A

CoF _NIM

6.3% 6.3% 6.6% 6.6% 7.5% 6.9% 6.9% 7.0% 7.3% 7.1% 7.3% 7.2% 7.3% 6.3% 6.2% 6.0% 6.2% 6.3% 6.3% 6.4% 6.5% 6.5% 7.2% 6.7% 6.7% 4Q '07 4Q '08 4Q '09 4Q'10 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 2Q'16 3Q'16 4Q'16 1Q'17 12.4% 13.0% 12.7% 12.3% 13.0% 11.5% 12.0% 12.2% 12.4% 12.3% 12.4% 12.1% 12.0% 11.1% 11.1% 11.0% 10.9% 10.6% 10.0% 10.6% 10.9% 10.8% 10.9% 11.1% 11.1% 5.4% 5.7% 5.6% 5.1% 5.2% 4.5% 4.7% 4.5% 4.5% 4.6% 4.0% 4.0% 4.1% 4.4% 4.5% 4.5% 4.4% 4.4% 4.3% 4.2% 4.2% 3.8% 3.7% 3.7% 3.6%

46

Consumer Banking:

Significant growth in spread and fee income

1.

Mortgage package

2.

Mortgage priority

3.

Mortgage for depositors

4.

Instant approval for mortgage

5.

Selco Xtra payroll loan

6.

SOE synergy for payroll loan

7.

Regular top up for payroll loan

8.

Cross-sell payroll loan

9.

Regular auto loan through branch referral

10. Improving the quality of new card holders

acquisition

11. Raise the limit of credit card

12. Usage program with strategic partner

13. Mandiri Bonus Untung program

14. Regional marketing program for savings

15. Special program for drop fund depositors

16. Bundling program

17. Internal branch contest for saving

Performance to Date: 1Q2017 (Rp Bn)

_{Strategies for 2017}

4,253

1,296

325

5,224

₆₆₇

Mandiri Tunas Finance: Total Financing YTD of Rp4.6Tn

47

Total Disbursement and the Breakdown

for Joint Financing and Non JF

_{Breakdown of Financing}

_{1Q 2017 Performance}

1,05

4

1,110 1

,016 523 1,506 1,199 1,409 1,600 1,454 1,90

9

1,020 2,217 1,858 1

,908 1,261 1,694 1,849

1,47 8 1 ,728 2,224 2,456

2,056 2,408 2_,206

2 ,391 2,236 1,93 6 3,094 2,975 3 ,012 2,909 2,414 2,057 2,723 Q 1 '13 Q 2 '1 3 Q 3 '1 3 Q 4 '1 3 Q 1 '1 4 Q 2 '14 Q 3 '14 Q 4 '1 4 Q 1 '1 5 Q 2 '1 5 Q 3 '1 5 Q 4 '15 Q 1 '1 6 Q 2 '1 6 Q 3 '1 6 Q 4 '1 6 Q 1 '17 JF Non JF 2,

105 2,416 2,871 2,678 3,290 3,374 3,398 3,824 3,549 3,732 3,975 5,062 4,761 4,727 3,636 5,216 4,467

372 345 289 232 208 162 149 108 96 71 82 73 67 70 36 43 99 56 76 80 70

64 70 68 60

45 41 57

56 41 ₁₉

5 8 6 Q 1' 13 Q 2' 13 Q 3' 13 Q 4' 13 Q 1 '14 Q 2 '14 Q 3' 14 Q 4' 14 Q 1' 15 Q 2' 15 Q 3 '15 Q 4 '15 Q 1' 16 Q 2' 16 Q 3' 16 Q 4' 16 Q 1' 17 Motorcycle Used Car New Car

1Q

2017

1Q

2016

Change

Loans (Rp Bn) 31,874 28,466 12.0%

Net Income (Rp Bn) 52.5 90.5 -42.0%

Approval Rate (%) 84.4 86.8 -2.7%

Disbursement (Rp Bn) 4,572 4,870 -6.1%

NIM (%) 2.9 3.5 -18.1%

ROA (%) 2.6 5.0 -48.3%

ROE (%) 14.0 29.9 -53.2%

CER (%) 47.1 39.8 18.5%

48

Supporting

Materials

49

2016-2020 Bank Mandiri Corporate Plan

–

Accelerate In

The Growth Segments

Loan Growth

Engine

Mortgage

Auto Loan

1

2

Funding

Engine

Dominate payroll segment

using Bank@Work for corporate and commercial customers

Improve transaction banking offering to

tap ash a age e t for a hor lie ts value hai

1

2

Product Focus

1.

Improve processing speed

2.

Tapping higher ticket size

3.

Target developer relationships

Key initiatives

1.

Streamline segment split between MTF and MUF

2.

Utilize existing Mandiri branch network for growth

Personal Loan & Micro KSM

3

1.

Combine consumer personal loans and micro

salary-based loans

2.

Le e age o i o s dist i utio footp i t

50

Our Portfolio Mix Would Be More Retail-Focused

40%

_36%

26%

24%

10%

10%

9%

10%

15%

_20%

1Q2017

2020

Consumer

Micro

Business Banking

Assets Composition Mix

1)

Commercial

Corporate

66%

70%

35%

30%

1Q 2017

2020

Time Deposits

Liabilities Composition Mix

CASA

1) Excluding TSM and Wholesale Credit Recovery Bank only figures

Cash Management

•

18,531 Customers

•

25.3Mn Trx in

2016

(2)

51

Bank Mandiri Remains on Track to B

e o e I do esia s Most

Admired Financial Institution

Retail Loans

(1)

•

Rp 196.9 Tn

•

33.7% of Loans

•

High yield loan

amounting Rp 139.4 Tn

Subsidiary Income

•

Total Rp 544 Bn

•

Sum of income from

11 subsidiaries

(13.3% of EAT)

Alliances

•

Bank Guarantee: Rp7.94 Tn

•

ForEx: USD3.98 Bn

•

Trade: USD1.80 Bn

e-Channel Tx

•

777.6Mn Trx YTD

•

28.1% YoY Growth

# of Cards Issued

•

Credit

4.49 Mn

•

Debit 14.43 Mn

•

Prepaid 9.23 Mn

(1) Small Business, Micro and Consumers (2) Excluding Mandiri Transaction System

(3) Incl. KSM Centre, MMU Cash outlet and MobilMU

# of Accounts

•

Deposit 18.78 Mn

•

Loan 1.71 Mn

including mortgage

accounts of 153,518

# of new Accounts (YTD)

•

Deposit 1.15 Mn

•

Loan 170,977

# of Outlets

2,601 Branches

3,423 Micro Outlets

(3)

We are Preparing For Our Next Transformation

2009

2005

Market Cap: IDR 60 Tn Revenue Market Share: 8% Net Profit: IDR 2.41 Tn ROE: 10%

Gross NPL: 16.3%

Market Cap: IDR 136.9 Tn Revenue Market Share: 13.4% Net Profit: IDR 9.22 Tn

ROE: 24.24% Gross NPL: 2.42%

2020

Top Bank In ASEAN

Market Cap: IDR 251.4 Tn

Revenue Market Share: 12.8% ROE: 21.0%

Gross NPL: 2.15%

52

2014

• Building a winning organization • Delivering tailored proposition

for priority segments • Building alliances

• Strengthening risk management

•Wholesale transaction banking •Retail payment & deposits •Retail financing

•Business transformation •Developing integrated Human

Capital & IT

•Focusing on non-organic growth

1

st

_{Transformation}

2

nd

_{Transformation}

…But We Need to Co side G o i g Be o d the Ba k

•

Revenue YTD (Whole Group):

Rp17.0Tn (16% YoY)

•

Profit from Subsidiaries:

Rp0.54Tn (13.3% of EAT)

•

1Q Revenue Wholesale vs

Retail : Rp 7.1Tn vs Rp 9.8Tn

Our Deal size has continued

to move higher

•

BSHB



Rp 40bn (2008)

•

MTF



Rp250 bn (2009)

•

Inhealth



Rp 1.3 tn (2013)

Bank

& Group

Finding Business

Partners

M & A

•

JV with AXA (AMFS). Gross Written

Premiums Rp1.5tn. +27% YoY

•

JV with Tunas Ridean (MTF). Total

Financing Rp4.1tn. 15% YoY

•

InHealth



partner BPJS

54

13,430

5,256

7,864

10,823

Net Interest Income Fee-Based Income Overhead Expenses &

Others

Pre-provision Operating Profit

1Q17 PPOP increased by 11.9% YoY on strong fee income

and cost control

1Q 2017

Notes :

1. Fee based income excluding gain on sale & increasing value GB & securities 2. Overhead expenses + others excluding provisions

1Q 2016

Higher 11.9%

13,037

4,203

7,572

9,666

Net Interest Income Fee-Based Income Overhead Expenses

& Others

Pre-provision Operating Profit

Committed to Improving Shareholder Value

Reduce Cost of Funds

Improve Assets Yield

Diversify into Fee Income

Reduce Provision/Loan

Improve Cost Efficiency



Leverage on cash generator

(wholesale) to accelerate growth



Diversity into fee income

Competitive.

sustainable

returns. with

above-average

rates of growth

Business Strategy

Strategic

Alliances

Support Strategy

…a d Offe I o ati e Pa

e t “olutio s

56

 E-Moneyis the re-branding of prepaid Mandiri cards launched in October 2012.

 Can be used for Toll-road Transactions (Jabodatabek). Parking (ISS Parking). Bus (Trans Solo & Trans Jogja). Fuel

(Pertamina Gas Stations). Retail Shops (Indomaret. Alfamart. Alfamidi. Lawson. Superindo). Restaurants (Solaria.

Excelso. Es Teller 77).

 Can be owned by all customers & non customers with a maximum balance of Rp 1 million. Recharge available at Mandiri ATM. ATM Bersama. E-money machines. and E-money merchants.

Pre-Paid Card Volume (000s)

775 1,748 4,015 5,282 5,275 7,891 9,578 13,662 16,802 18,012 24,163 27,455 36,018 35,923 11,680 20,211 21,752 22,741 21,156 20,679 19,460 20,502 22,079 23,864 24,644 27,260 30,058 30,698 33,826 39,691 36,457

214 209161 136 131 415321 484 456_{19 272} 1,502 455 447426381

2,231 6,421 8,332 14,874 20,981 22,777 24,508 27,205 30,466 36,704 44,169 41,450 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2 Q '13 3Q '13 4Q '13 1Q '14 2 Q '14 3Q '14 4 Q '14 1Q '15 2Q '15 3Q '15 4 Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 Indomaret e-Toll Gaz e-Money

Pre-Paid Transaction Volume (000s)*

*volume for quarter

846 981 1,093 1,412 1,564 1,663 1,752 1,829 1,976 2,112 2,249 2,478 2,693 2,892 3,080 3,255 3,428 3,650 3,879 693 1,098 1,226 1,312 1,4091,533 1,5641,633 1,960 2,012 2,1102,202 2,338 2,489 2,6342,776 2,850 49

50 58 59

59 64

64 84

84

8484 84 85₈₅

85 85 85 ₈₅ 4 89 152 392 644 890 1,124 1,240 1,382 1,559 1,785 1,992 2,163 2,270 Ma r-12 Ju n -12 Se p -12 De c-12 Ma r-13 Ju n -13 Se p -13 De c-13 Ma r-14 Ju n -14 Se p -14 De c-14 Ma r-15 Ju n -15 Se p -15 De c-15 Mar -16 Ju n -16 Se p -16 De c-16 Ma r-17 Indomaret e-Toll Gaz e-Money

98

Measur

es

of Scal

e and

Return

s Rel

ati

ve to Peers

Bank Onl

y,

As

of December

2016

23.1% 20.5% 18.4% 15.5% 11.8% 11.1% 8.6% 7.9% 6.9% -38.3% BRI BCA BTN BNI Maybank Mandiri Panin Danamon CIMB Niaga Permata 2,599 2,060 1,814 1,235 1,211 890 575 565 428 331 Mandiri BRI BNI Danamon BCA BTN CIMB Niaga Panin Maybank Permata 8.3% 7.2% 6.8% 6.3% 6.2% 5.5% 5.0% 4.9% 4.6% 3.9% BRI Danamon BCA Mandiri BNI CIMB Niaga BTN Panin Maybank Permata 58,885 38,940 31,950 26,364 24,272 13,185 10,799 8,561 7,462 6,908 BRI Mandiri Danamon BCA BNI CIMB Niaga Panin BTN Permata Maybank

B

ran

ch

es

R

e

tu

rn

on

E

q

u

ity

(Af

ter

Ta

x)

(%)

Em

p

lo

yee

s

N

e

t

In

ter

es

t

Mar

gi

n

s

(%)

4.0% 3.8% 2.7% 2.3% 2.0% 1.8% 1.7% 1.5% 1.2% -4.9% BCA BRI BNI Danamon Mandiri BTN Panin Maybank CIMB Niaga Permata

R

e

tu

rn

on

As

se

ts

(B

e

for

e

Ta

x)

(%)

24,492 17,461 17,207 17,056 3,704 1,900 1,633 1,524 1,012 999 BRI Mandiri BCA BNI CIMB Niaga BTN Maybank Danamon Permata Panin

A

TMs

A ver ag e

Notes

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Notes

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………..

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Notes

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………..

The analysts listed above actively follow Bank Mandiri, but not all have issued research reports or formally initiated coverage.

Equity Research Contact Details

BROKERAGE ANALYST TELEPHONE E-MAIL

BAHANA SECURITIES Henry Wibowo 62 21 250 5081 ext. 3622 Henry.wibowo@bahana.co.id BANK OF AMERICA-MERRILL LYNCH Anand Swaminathan 65 6678 0419 anand.swaminathan@baml.com BCA SEKURITAS Igor Nyoman Putra 62 21 2358 7222 Igor.putra@bcasekuritas.co.id CIMB SECURITIES Jovent Giovanny 62 21 515 1330 ext. 262 jovent.muliadi@cimb.com

CITI INVESTMENT RESEARCH Salman Ali 62 21 2924 9219 Salman1.Ali@citi.com

CLSA LIMITED Sarina Lesmina 62 21 2554 8820 Sarina.Lesmina@clsa.com

CREDIT SUISSE Sanjay Jain 852 2101 6088 Sanjay.Jain@credit-suisse.com

DANAREKSA SEKURITAS Adriana Indrajatri 62 21 2955 5777 adriana.suwono@danareksa.com

DBS VICKERS SECURITIES Lim Sue Lin 603 2711 0971 Suelin@hwangdbsvickers.com.my

DEUTSCHE VERDHANA SECURITIES Raymond Kosasih 62 21 2964 4525 raymond.kosasih@db.com

GOLDMAN SACHS (ASIA) Ben Koo 65 6889 2483 ben.koo@gs.com

HSBC LTD Loo KarWeng 65 6239 0654 Karwengloo@hsbc.com.sg

INDO PREMIER SECURITIES Stephan Hasjim 62 21 5793 1168 Stephan.Hasjim@ipc.co.id

J.P. MORGAN ASIA Harsh Modi 65 6882 2450 Harsh.w.modi@jpmorgan.com

KIM ENG SECURITIES Rahmi Marina 62 21 2557 1188 Rahmi.Marina@maybank-ke.co.id

MACQUARIE CAPITAL SECURITIES INDONESIA Jayden Vantarakis 62 21 2598 8310 Jayden.vantarakis@macquarie.com

MIRAE ASSET SEKURITAS Taye Shim 62 21 515 3281 taye.shim@miraeasset.com

MORGAN STANLEY Mulya Chandra 62 21 3048 8125 Mulya.Chandra@morganstanley.com

SANFORD C. BERNSTEIN Kevin Kwek 65 6230 4650 Kevin.Kwek@bernstein.com

UBS Joshua Tanja 62 21 574 0111 Joshua.Tanja@ubs.com

PT Bank Mandiri (Persero) Tbk PLAZA MANDIRI

Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190, Indonesia

Tel: 62-21 526 5045

Fax: 62-21 527 4477, 527 5577 Call Center: 14000

www.bankmandiri.co.id

Contact Information: Investor Relations Tel: +62 21 524 5085 Fax: +62 21 5290 4249 E-mail: ir@bankmandiri.co.id http://ir.bankmandiri.co.id Corporate Secretary Tel: +62 21 524 5740 Fax:: +62 21 526 8246