2014Q4 Analysts Meeting.

PT Bank Mandiri (Persero) Tbk

FY 2014

Results Presentation

Share Information

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∆ from: IPO Dec 31, 2013

BMRI 1522.74% 37.26%

JCI 896.20% 22.29%

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Table of Contents

Results Overview Page #

Indonesia’s Economic Condition 3

FY 2014 Highlights 4

Key Indicators + Financial Highlights 5 – 6

SBU Performance Highlights 7

Bank’s Performance 8 – 13

Loan Performance 14 – 17

ROE & NIM 18 – 19

Fee-Based & CIR 20 – 21

2

Fee-Based & CIR 20 – 21

Wholesale Business 22 – 24

Retail Business 25 – 31

NPL Movement 32 – 35

Subsidiaries 36 – 38

Targets & Initiatives 39

Additional Information

Operating Performance Highlights Supporting Materials

Core inflation Remains Stable

Inflation And Current Account Deficit Appear Manageable

As GDP Is Expected To Rise

Current Account Deficit

10

15

20

10

15

Capital and Financial Account Current Account (CA) BoP

(USD bn)

8 9 10

GDP expansion remains strong at

average (2006-2014) of 6.05

%

14

16

18

20

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

3

Source : CEIC, Bloomberg

-15

-10

-5

0

5

1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14

-10

-5

0

5

2 3 4 5 6 7

2

Q

0

6

1

Q

0

7

4

Q

0

7

3

Q

0

8

2

Q

0

9

1

Q

1

0

4

Q

1

0

3

Q

1

1

2

Q

1

2

1

Q

1

3

4

Q

1

3

3

Q

1

4

5.83

8.36

4.93

7.75

0

2

4

6

8

10

12

N

o

v-0

5

N

o

v-0

6

N

o

v-0

7

N

o

v-0

8

N

o

v-0

9

N

o

v-1

0

N

o

v-1

1

N

o

v-1

2

N

o

v-1

3

N

o

v-1

4

D

e

c-1

4

4

Q

1

4

Cash Management

13,873 Customers

Bank Mandiri Remains on Track to become Indonesia’s Most

Admired Financial Institution

e-Channel Tx

# of Cards Issued

# of Accounts

Deposit 15.71 Mn

Loan 1.51 Mn

including mortgage

accounts of 169,294

# of new Accounts (YTD)

Deposit 4.16 Mn

Loan 733,173

# of Outlets

2,312 Branches

2,745 Micro Outlets

15,344 ATMs

13,873 Customers

44.2 Mn Tx YTD

2014

(2)

4

Retail Loans

(1)

Rp 158.0 Tn

33.2% of Loans

High yield loan

amounting Rp 100.7 Tn

Subsidiary Income

Total Rp 1.81 Tn

Sum of income from

8 subsidiaries

(9.1 % of EAT)

Alliances

Foreign Exchange: $28.0bn

Bank Guarantee: Rp 23.4tn

Fund Under Management

(FUM) of Rp 5.25tn

e-Channel Tx

1,648Mn YTD

21% Growth

# of Cards Issued

Credit 3.67 Mn

Debit 12.12 Mn

Prepaid 5.01 Mn

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

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y

In

d

ic

a

to

rs

i

n

2

n

d

Tr

a

n

sf

o

rm

a

ti

o

n

R

e

m

a

in

S

tr

o

n

g

22.10% 24.40% 22.00% 22.55% 22.23% 20.95%

2009 2010 2011 2012 2013 2014

R

e

tu

rn

o

n

E

q

u

it

y

(%

)

7,155 9,218 12,246 15,504 18,204 19,872

2009 2010 2011 2012 2013 2014

E

a

rn

in

g

A

ft

e

r

Ta

x

(R

p

b

n

)

198,547 246,201 314,381 388,830 472,435 529,973

2009 2010 2011 2012 2013 2014

To

ta

l L

o

a

n

s

(R

p

b

n

)

2009 2010 2011 2012 2013 2014

To

ta

l C

A

SA

(

R

p

b

n

)

N

o

n

P

e

rf

o

rm

in

g

L

o

a

n

(

%

)

186,492 201,958 256,395 316,127 359,957 380,512

2009 2010 2011 2012 2013 2014

2.79% 2.42% 2.21% 1.87% 1.90% 2.15%

2009 2010 2011 2012 2013 2014

5

2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014

N

e

t

In

te

re

st

M

a

rg

in

(

%

)

5.04% 5.28% 5.11% 5.46% 5.74% 5.97%

2009 2010 2011 2012 2013 2014

Key Financial Highlights

Bank Mandiri’s FY 2014 Performance demonstrated marked improvements

across several key indicators:

FY’13

FY’14

%

Loans

Rp472.4tn

Rp530.0tn

12.2%

Net NPL Ratio

0.58%

0.81%

39.2%

6

Gross NPL Ratio

1.90%

2.15%

13.2%

Low Cost Funds Ratio

[Low Cost Funds (Rp)]

64.7%

Rp360.0 tn

59.8%

Rp380.5 tn

(7.6%)

5.7%

NIM*

5.74%

5.97%

3.9%

Efficiency Ratio

44.1%

44.9%

1.9%

Earnings After Tax

Rp18,204 bn

Rp19,872 bn

9.2%

Balanced Earnings from All Business Units

20.29% 18.25% 31.58% 19.08%

7.36% 7.63% 15.39% 11.30%

NII (Net Interest Income)

(Rp bn) % of Total

Fee Income

(Rp bn) % of Total

Asset Spread

(Rp bn) % of Total

Liabilities Spread

(Rp bn)

! !

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21.96% 22.46 % 39.97% 32.41% 19.08%

3.64% 7.59% 31.34% 47.18% 13.16% 7.90%

31.75% 30.54% 36.56% 39.23% 8.94% 11.30%

& ' ( # )* +

!, # !

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4Q '12 4Q '14 4Q '12 4Q '14 4Q '12 4Q '14

32.41% 3.79% 11.96% 15.92% 18.77% 18.36% 14.40%

4Q '12 4Q '14

7

*Rp 1,673Bn from SAM recoveries on W/O loans

1 7 6 2 0 1 2 2 2 .3

17.8 _20.320.4 16.1 24.0 29.028.2 20.1 20.0 20.5 27.5 33.7 420 440 460 480 500 520 540 560 580 600 620

640 FX Time Rp Time

FX Demand Rp Demand FX Savings Rp Savings

52.0 57.2 24.927.0 28.2

31.0 32.7

36.0

4.2 4.2 3.9 3.9 3.8 3.7 22.6 24.3 25.029.031.5 33.9 30.7 - -- - -360 380 400 420 440 460 480 500 520 540 Subsidiaries Inst SAM Micro

Small Cons

Comm Int'l

Corp

Maintaining Momentum for Growth

Y-o-Y 67.4% 26.1% Y-o-Y (10.7%) 33.2% 23.1%

Loans by SBU + Subsidiaries

(Rp Tn)

Deposits by Product – Consolidated

(Rp Tn)

12.2% 530.0tn Total Total 556.3tn 636.4tn 14.4% 23.0% (1.4%) 472.4tn 9 7 .1 1 0 2 .9 1 0 8 .8 1 2 1 .9 1 1 9 .8 1 2 6 .5 1 3 5 .4 1 5 1 .8 1 5 0 .4 1 5 9 .9 1 6 6 .2 1 8 6 .9 1 7 9 .9 1 8 9 .8 1 9 8 .8 2 1 4 .7 2 0 1 .9 2 0 3 .0 2 0 8 .0 2 2 7 .7

9.9 10.811.6

11.612.312.712.2 12.013.413.614.0 15.315.816.819.0 20.7 22.123.222.3 24.7 4 7 .8 5 0

.3 39.9

4 6 .2 4 5 .3 4 7 .9 4 9 .4 6 7 .3 7 5 .0 5 9 .0 6 3 .0 7 7

.9 61_.2

7 4 .6 6 3 .9 7 3

.4 67

.2 7 4 .2 7 9 .6 7 8 .9 22.023.122.9 22.225.422.3 24.0 25.328.228.028.5 36.1 33.3 38.549.2 51.1 43.545.0 52.0 49.1 1 2 4 .4 1 2 7 .8 1 2 7 .0 1 4 7 .8 1 4 3 .5 1 4 0 .8 1 4 0 .0 1 4 8 .1 1 2 0 .8 1 3 7 .5 1 3 8 .9 1 5 0

.7 15₂

.8 1 5 3 .7 1 5 5 .2 1 7 6

.2 17₆

.9 1 9 0 .0 2 0 1 .6 2 2 2 .3 11.811.711.1 12.510.312.415.3 17.8 15.620.3 20.4 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4 7 4 .5 8 0 .7 8 4 .2 8 5 .4 8 5 .1 9 6 .2 1 0 3 .2 1 0 6 .2 1 1 3 .0 1 1 9 .2 1 2 3 .2 1 2 6 .3 1 2 4 .7 1 2 4 .3 1 3 0 .9 1 3 8 .8 1 3 1 .8 1 2 9 .8 1 3 8 .1 1 4 2 .6

0.2 0.4 1.3 1.4 1.6

1.5 1.7 1.4 1.3

1.5 1.6 1.8 1.6 1.5 1.7 2.0 2.3 1.3 1.3 1.3 4 9 .1 5 3 .1 5 7 .5 6 3 .8 6 4 .7 7 0 .1 7 4 .7 8 0 .7 8 2 .5 8 9 .8 9 3 .3 1 0 2 .7 1 0 2 .0 1 0 4 .2 1 1 1 .0 1 1 6 .9 1 1 6 .3 1 2 3 .7 1 2 7 .7 1 3 8 .9 24.726.7 28.630.732.4 34.336.3 39.040.7 43.344.5 47.749.352.455.2 56.657.460.362.4 64.7 17.719.3 20.522.723.3 25.8 27.630.2 30.9 33.135.0 38.438.442.5 43.7 46.5 46.3 49.0 52.0 5.6 6.0

6.5 7.3 7.7 8.5

9.511.8 13.1

15.116.8

19.020.723.9

24.927.0 28.2

9.7 9.1

8.6 7.8 6.7 6.1

6.1 4.6 4.8

4.8 4.9

4.0 3.9 3.9 4.2 22.6 - -- -- -- -- -0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4 (4.0%) 7.4% 6.1% 23.1% 18.9% 2.7%

*Previously booked in Corporate Banking

**Loans from Treasury & International have been reallocated to Corporate following the reorganization in early 2010

(33.5%)**

19.3%

8

Pillar 1

Pillar 2

Pillar 3

Good Progress On Our 3 Strategic Priorities:

Wholesale Transactions, Retail Payments & High Yield Loans

Strengthen leadership in wholesale

transaction banking

Comprehensive financing & transaction solutions

Holistic relationship approach for leading Indonesian institutions

Build #1 or #2 positions in key retail

financing segments

Win in mortgage, personal loan & cards

Become a major player in micro-banking

Champion Syariah in Indonesia

Be the retail deposit bank of choice

Win through differentiated customer experience and targeted propositions Deploy innovative payment solutions

Total Wholesales Fees Rp4.4Tn1)

Total Wholesale Low Cost Deposits Rp73Tn

Growth of Trx cash management 103.7% YoY2)

Total Retail Fees of Rp7.8 Tn1)

Total Retail Low Cost Funds Rp280Tn YoY increase in # of E-channel transaction: 21.0%

Total Retail Loans of Rp158.0 Tn Assets Spread Rp9.0 Tn

33.2% of total loans

1) Fee-Based Provision, Commission & Fee 2) Excluding Mandiri Transaction System

O

n

T

ra

ck

I

n

E

xe

cu

ti

n

g

T

h

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P

la

n

6,763 7,788

R

e

ve

n

u

e

f

ro

m

R

e

ta

il

(R

p

b

n

)

Lo

a

n

P

o

rt

fo

lio

36.6% 36.7% 36.2% 36.2% 30.4% 29.0%

Fu

n

d

in

g

M

ix

C

A

G

R

2

2

.7

0

%

3,712 4,672 6,283 9,011 8,923 9,299

4,453 4,478 5,199 5,297 8,773 13,884

2,971 4,065 4,874 5,771 6,763

2009 2010 2011 2012 2013 2014

R

e

ve

n

u

e

f

ro

m

L

o

a

n

s

R

e

ve

n

u

e

f

ro

m

D

e

p

o

si

ts

Fe

e

I

n

co

m

e

1

0

25.8% 27.7% 29.6% 31.0% 31.2% 33.2%

74.2% 72.3% 70.4% 69.0% 68.8% 66.8%

2009 2010 2011 2012 2013 2014

R

e

ta

il

W

h

o

le

sa

le

63.4% 63.3% 63.8% 63.8% 69.6% 71.0%

36.6% 7% 36.2% 36.2%

2009 2010 2011 2012 2013 2014

R

e

ta

il

W

h

o

le

sa

le

A

ll

N

u

m

b

e

rs

a

re

B

a

n

k

O

n

Strong and Liquid Balance Sheet

(Rp Bn, Consolidated)

Assets

FY 2014

FY 2013

Liabilities

FY 2014

FY 2013

Cash

20,705

19,052

Current Account

128,067

123,446

Current Acc w/ BI & Other Banks

59,586

57,952

Savings

252,445

236,511

Placement w/ BI & Other banks

61,213

45,219

Time Deposits

255,870

196,385

Advances (Other)

26,423

19,298

Marketable Securities

40,767

27,120

Total Deposits

636,382

556,342

Government Bonds

86,154

82,227

11

Government Bonds

86,154

82,227

Loans (Gross)

529,974

472,435

Securities Issued

2,010

1,780

Provisions of Loans

(17,919)

(16,677)

Deposits from other banks

17,774

12,672

Net Loans

512,055

455,758

Borrowings

24,227

15,997

Reverse Repo

19,787

3,738

Other Int. Bearing Liabilities

14,427

11,167

Other Provisions

(2,139)

(1,925)

Non Int. Bearing Liabilities

55,375

46,352

Deferred Tax Assets

4,189

4,322

Equity incl. Minority Interest

104,845

88,791

Other Assets

26,301

20,338

29.5

25.1

Absolute CASA Growth

As of Nov ’13 – ‘14

Despite Recent Volatility Our Balance Sheet Remains

Strong

15.56%

25.49%

15.76% 10.72% 32.48%

Cat.2 Loans (Special Mention)

Corporate Commercial Business Banking Micro Consumer

Only 3.9% of consumer loans are expected to migrate to

NPL Absolute CASA Growth

Nov ‘13-’14 (Rp tn)

55.5% 62.3%

75.8%

64.7% CASA Ratio Nov’14 (%)

25.1

14.4

7.6

Bank A

BMRI

Bank B

Bank C

Corporate Commercial Business Banking Micro Consumer

475,267

463,579

10,141 1,547

Total Portfolio

Non-Restructured

Current Non performing Restructured

Bank Only Restructured loans

(Rp bn)

Restructured loans are small and mostly

performing

BMRI

Bank A

Bank B

Bank C

2013

85.86%

90.23%

76.63%

88.29%

2014

83.15%

83.98%

76.81%

86.55%

Loan to Deposit Ratio – Bank Only

As of November 2013 – 2014

Strong Revenue Growth

Summary P&L

(Rp Bn)

Q4

Q3

Q4

FY

FY

4Q Y-o-Y

FY

Q-o-Q

2014

2014

2013

2014

2013

∆(℅)

∆(℅)

∆(℅)

Interest Income

17,363 15,984

14,411

62,638

50,209

20.5%

24.8%

8.6%

Interest Expense

5,709

6,608

4,020

23,506

16,399

42.0%

43.3% (13.6%)

Net Interest Income

11,654

9,376

10,391

39,132

33,809

12.1%

15.7%

24.3%

Net Premium Income

697

724

605

2,681

2,626

15.2%

2.1%

(3.8%)

Net Interest Income & Premium Income

12,350 10,100

10,996

41,813

36,435

12.3%

14.8%

22.3%

Other Non Interest Income

* Other Fees and Commissions

2,534

2,255

2,606

9,132

8,704

(2.8%)

4.9%

12.4%

* Foreign Exchange Gains - Net

399

404

347

1,588

1,853

15.0% (14.3%)

(1.1%)

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

111

71

(3)

381

(180)

n/a

n/a

55.1%

13

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

111

71

(3)

381

(180)

n/a

n/a

55.1%

* Others

1,132

889

1,226

3,968

4,129

(7.6%)

(3.9%)

27.3%

Total Non Interest Income

4,176

3,620

4,176

15,069

14,506

0.0%

3.9%

15.4%

Total Operating Income

16,527 13,720

15,172

56,882

50,942

8.9%

11.7%

20.5%

Provisions, Net

(1,779)

(909)

(851)

(5,529)

(4,856)

109.0%

13.9%

95.7%

Personnel Expenses

(2,807)

(2,752)

(2,374) (10,848)

(9,431)

18.2%

15.0%

2.0%

G&A Expenses

(3,488)

(2,958)

(3,167) (11,448)

(9,898)

10.1%

15.7%

17.9%

Loss from decr. in value of Sec & Gov Bonds

-

-

-

-

-

-

-

-Other Expenses

(1,447)

(680)

(1,800)

(3,078)

(3,204)

(19.6%)

(3.9%)

112.6%

Total Expense

(7,741)

(6,391)

(7,342) (25,374)

(22,534)

5.4%

12.6%

21.1%

Profit from Operations

7,007

6,419

6,979

25,978

23,552

0.4%

10.3%

9.2%

Non Operating Income

10

15

334

30

510 (97.1%)

(94.1%)

(37.0%)

Net Income Before Tax

7,016

6,434

7,313

26,008

24,062

(4.1%)

8.1%

9.0%

LDR Decreased to 82.9%, Bank-Only Loan Growth of 14.0%

1 7 5 .2 1 8 1 .6 1 8 8 .3 1 9 8 .5 2 0 1 .9 2 1 8 .0 2 3 1 .9 2 4 6 .2 2 5 1 .8 2 7 6 .7 2 9 7 .5 3 1 4 .4 3 2 7 .2 3 5 0 .4 3 6 5 .2 3 8 8 .8 3 9 1 .6 4 2 8 .7 4 5 0 .8 4 7 2 .4 4 7 0 .4 4 8 5 .8 5 0 6 .5 5 3 0 .0 63.2% 62.2% 62.8% 61.4% 64.1% 66.3% 71.7% 67.6% 70.2% 75.9% 78.7% 74.1% 80.7% 83.4% 84.4% 83.5% 85.0% 87.3%84.5% 88.0% 87.0% 85.3% 82.9% Loans (Rp tn) LDR (%)

Quarterly Loan Data

(Consolidated)

38.542.5 44.1 46.5 46.349.0 52.0 57.3 16.819.0 20.7 23.9 24.9 27.0 28.2 31.0 32.7 36.0 40.7 43.344.5 47.749.3 52.4 55.2 56.6 57.4 60.3 62.4 64.7

Quarterly Loan Segment Details

(Bank Only)

Y-o-Y

Total Break down 1 7 5 . 1 8 1 . 1 8 8 . 1 9 8 . 2 0 1 . 2 1 8 . 2 3 1 . 2 4 6 . 2 5 1 . 2 7 6 . 2 9 7 . 3 1 4 . 3 2 7 . 3 5 0 . 3 6 5 . 3 8 8 . 3 9 1 . 4 2 8 . 4 5 0 . 4 7 2 . 4 7 0 . 4 8 5 . 5 0 6 . 5 3 0 . 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4

1.4%3.7%3.7%_5.5%1.7%

7.9%6.4% 6.2% _2.3% 9.9% 7.5% 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% 30.5% 21.4% 15.7% 13.8% 15.3% 20.0% 23.2% 24.0% 24.7% 26.9% 28.3% 27.7% 30.0% 26.6% 22.8% 23.7% 19.7% 22.3% 23.4% 21.5% 13.3% 12.4% 12.2% 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4

QoQ Growth (%) YoY Growth (%)

7 8 .8 7 9 .7 8 2 .0 8 2 .7 8 2 .9 8 8 .7 9 2 .8 9 3 .6 9 2 .5 1 0 3 .1 1 1 0 .4 1 1 1 .7 1 1 8 .6 1 2 5 .2 1 2 9 .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 8 .2 4 2 .6 4 3 .6 4 5 .3 5 0 .6 5 0

.4 ₅4.2 58

.6 6 4 .7 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

1

1

8

.2 ₁17

.1 1 1 6 .5 1 2 3 .9 1 2 7 .9 1 3 9 .1

14.415.816.617.418.0 19.720.7 22.824.5 25.927.7 30.330.9 33.235.138.5 38.542.5

4.6 4.85.1

5.4 5.66.0

6.57.3 7.7 8.5 9.511.8 13.1 15.116.8 19.0 19.720.621.7 23.624.8 26.728.6 30.732.4 34.3 36.339.0 40.7 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 5 3 Q '1 4 4 Q '1 4

Corporate Commercial Small Micro Consumer As of Dec 2014; Non-consolidated numbers

104.5% 95.9% 111.0% 86.6% 91.5% 89.0% 90% 100% 110% 120% 60 70 80

Prudent Management of FX Balance Sheet

USD Billion

Rp Trillion (Bank Only)

Breakdown of FX lending (Bank Only)

4Q ’14 (Total USD 6.087 Bn)

0.66 0.67 1.34 1.51

Mining

Oth

Oil&Gas

Mfg

% (YoY)

10% 11% 297% -13%

FX Loans & LDR

3 4 .5 6 3 5 .2 4 3 7 .8 3 3 6 .4 9 3 5 .6 4 3 1 .1 5 2 9 .1 9 2 9 .7 5 3 0 .6 2 3 3 .9 6 3 5 .6 8 3 8 .8 6 3 8 .6 0 4 1 .8 7 4 4 .4 4 4 0 .3 5 4 1 .8 8 4 5 .4 7 4 5 .7 3 4 9 .6 2 4 8 .1 7 5 3 .2 9 5 9 .7 9 6 7 .7 5 6 2 .2 2 6 2 .9 5 7 2 .2 4 7 5 .3 8 80.5% 78.3% 68.5% 61.9% 68.2% 71.7% 76.3% 80.7% 86.6% 82.9% 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% 50% 60% 70% 80% M a r 0 8 Ju n e 0 8 Se p 0 8 D e c 0 8 M a r 0 9 Ju n e 0 9 Se p 0 9 D e c 0 9 M a r 1 0 Ju n e 1 0 Se p 1 0 D e c 1 0 M a r 1 1 Ju n e 1 1 Se p 1 1 D e c 1 1 M a r 1 2 Ju n 1 2 Se p 1 2 D e c 1 2 M a r 1 3 Ju n 1 3 Se p 1 3 D e c 1 3 M a r 1 4 Ju n e 1 4 Se p 1 4 D e c 1 4 20 30 40 50

Loan Fx

LDR FX

0.00 0.10 0.16 0.33 0.38 0.39 0.55

Soc Serv

Constr

Utilities

Bus Serv

Agri

Trans

Trading

_-32% 44% 7% 36% -24% -41% -52%

15

130.71

64.68

35.32 _7.55 1.11

0.86

33.90

13.66

15.92

7.45

Rp 130.71 tn in Loans Disbursed in 4Q 2014

Loan Movement (Rp tn) – Bank Only 4Q (2014)

Loan Disbursement by Segment in 4Q (Rp tn) – Bank Only

16

451.84

475.27

3Q'14 Disburs. Install. Payment Pay-off FX

Impact

Write-Offs

4Q '14

59.79

33.90

130.71

232.41

102.22

46.63

23.44 1.15

2.99

24.48

29.72

18.53

Rp 232.41tn in Loans Disbursed in 2014

Loan Movement (Rp tn) – Bank Only 2014

Loan Disbursement by Segment in 2014 (Rp tn) – Bank Only

416.98

2.99

475.27

2013 Disburs. Install. Payment Pay-off FX

Impact

Write-Offs

2014

97.02

62.66

232.41

Corporate Commercial Small Micro Cons Fin Total

3 5 2 .5 4 0 0 .2 4 9 1 .3 5 1 4 .9 31.3% 26.4% 23.4% 27.7% 25.3% 23.2% 24.6% 20.8% 15.7% 15.4% 13.4% 15.3% 15.5% 14.9% 16.6% CAR* 4,869 4,385 5,401 5,418 Q4 PAT Q3 PAT Q2 PAT Q1 PAT IDR bn

21.0% ROE, Supported by a Strong Capital Position

Bank Only - Capital & RWA Movement

Profit After Tax & ROE

21.5% 26.2% 23.6% 22.8% 2.5% 10.0% 15.8%18.1% 22.1% 24.2% 22.0% 22.6% 22.2% 21.0%

RoE - AT

4 2 .6 5 8 .1 7 2 .5 9 1 .9 1 0 8 .9 1 1 5 .9 1 1 2 .2 1 3 4 .0 1 7 2 .9 1 9 5 .8 2 4 2 .4 1 3 .3 1 5 .4 1 7 .0 2 5 .5 2 7 .5 2 7 .4 2 8 .4 2 8 .3 2 7 .2 3 0 .5 3 5 .7 5 3 .3 6 2 .0 7 3 .9 8 5 .7 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4

RWA (Rp tn) Total Capital (Rp tn)

15.3% 14.9%

308 1,168 1,549 1,744

519 510 1,027 1,390 1,400 2,003

2,681 3,403 4,303 4,925 1,300 602 690 1,329 97 305 1,113 1,221 1,526 2,031 2,543 3,744 3,991 4,660 967 1,017 1,528 1,408

610 372

1,040 1,345 1,693 2,352 2,850 3,972 4,509 645 799 819 775 -623 1,234 1,166 1,390 2,536 2,833 3,073 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4

CAR inclusive of Credit and Market Risk started in December 2004

CAR inclusive of Credit, Market and Operational Risk started in January 2010 CAR under BASEL III in December 2013 was 16.7%

18

*1.1Tn from GIAA Recovery

. 8.9% 11.0% 9.2% 10.5% 9.9% 9.4% 8.7% 9.0% 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% 7.3% 6.4%

/! 0 *

1 ( 0

Q4 NIM of 5.9% as Yield on Assets Rises 4bps

Quarterly Net Interest Margins

_{Quarterly Yields & Costs by Currency}

11.2% 11.1% 12.1% 12.9% 12.8% 12.2% 13.1% 12.7% 11.8% 12.1% 11.9% 12.5% 11.4% 11.8% 11.3% 11.2% 10.8% 11.1% 11.8% 11.8% 12.0% 12.4% 12.2% 7.9%

10.6% 8.5% 7.2% 6.8%

6.2% 6.5% 4.9%

3.9% 3.3% 4.0% 3.9%4.7% 5.3%5.4% 5.9% 5.7%6.0% 4.5% 4.0% 5.8% 5.9% 5.3% 4.7% 4.4% 4.3% 4.2% 4.2% 3.1%

3.0%3.1%3.3%3.7%

3.9% 4.1% 4.6% 4.4% 0% 5% 10% 15% 20%

IDR

19

4

.3

%

3

.6

%

4

.9

%

4

.7

%

5

.1

%

5

.5

%

6

.0

%

5

.4

%

5

.5

%

5

.3

%

4

.9

%

5

.3

%

5

.1

%

5

.2

%

6

.0

%

5

.8

%

5

.1

%

5

.4

%

5

.2

%

5

.4

%

5

.2

%

5

.5

%

5

.8

%

5

.7

%

5

.5

%

5

.3

%

5

.7

%

6

.1

%

5

.9

%

5

.9

%

5

.8

%

5

.9

%

4 Q '0 4 4 Q '0 5 4 Q '0 6 4 Q '0 7 1 Q '0 8 2 Q '0 8 3 Q '0 8 4 Q '0 8 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4 * 4.8% 4.5% 4.3% 4.2% 5.5% 4.8%

4.0% 3.8% 3.7% 3.2% 2.8% 2.7% 2.7% 2.8% 2.6% 2.8% 3.1% 3.3% 3.5% 3.9% 3.8% 6.6% 5.8% 6.8% 6.5% 6.6% 5.8% 6.4% 5.2% 5.2% 5.0% 7.2% 5.1% 4.9% 4.7% 5.3% 4.8% 5.4% 5.0% 4.9% 4.8% 4.5% 4.5% 5.1% 4.4% 4.5% 4.5% 6.6% 3.4% 2.7% 2.6%3.0% 2.7% 2.3% 2.1% 1.5% 0.8% 0.7% 0.8% 0.3% 0.5% 0.6% 0.6% 0.7% 0.7% 0.7% 0.6% 0.6% 0.7% 0.8% 0.7% 0.7% 0.9% 0% 5% 1 Q '0 8 2 Q '0 8 3 Q '0 8 4 Q '0 8 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4 0%

Avg Loan Yield Avg Bond Yield Avg COF

FX

…into Fee-based Income

Non-Loan Related Fees & Commissions

4Q

2014

3Q

2014

4Q

2013

FY

2014

FY

2013

4Q YoY

%

FY

%

QoQ

%

Administration Fees

707 696 863 2,704 2,603 (18.1%) 3.9% 1.6%

Opening L/C, BG & Cap Market (custodian & trustee) 258 218 236 931 784 9.3% 18.8% 18.3%

Subsidiaries

339 387 419 1,553 1,648 (9.1%) (5.8%) (12.4%)

Transfer, Retail Transaction

543 368 426 1,626 1,373 27.5% 18.4% 47.6%

Credit Cards

410 374 297 1,427 1,138 38.0% 25.4% 9.6%

Mutual Fund, ORI & Bancassurance

94 86 99 353 359 (5.1%) (1.7%) 9.3%

Breakdown of FY 2014 Non-Loan Related Fees & Commissions (Rp bn)

20

Mutual Fund, ORI & Bancassurance

94 86 99 353 359 (5.1%) (1.7%) 9.3%

Syndications

52 33 31 137 130 67.7% 5.4% 57.6%

Payroll Package

18 21 19 74 72 (5.3%) 2.8% (14.3%)

Others

113 66 216 327 597 (47.7%) (45.2%) 71.2%

Total

2,534 2,255 2,606 9,132 8,704 (2.8%) 4.9% 12.4%

Foreign Exchange Gains

399 404 347 1,588 1,853 15.0% (14.3%) (1.2%)

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

111 71 (3) 381 (180) n.a. n.a 56.3%

Cash Recoveries

771 549 842 2,607 3,003 (8.4%) (13.2%) 40.4%

Others

433 341 384 1,361 1,127 12.8% 20.8% 27.0%

Total Fee Based Income (As Reported)

4,248 3,620 4,176 15,140 14,506 1.7% 4.4% 17.3%

Total Operating Income

16,527 13,720 15,172 56,882 50,942 8.9% 11.7% 20.5%

35.1% 42.8% 39.3% 43.2% 39.0% 38.4% 38.1% 45.1% 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% 46.8% CIR (%)

Q4 Cost to Income Ratio of 46.84 %

Breakdown of 4Q 2014 Operating Expenses

Quarterly Consolidated Operating Expenses & CIR

4Q '14 4Q '13 FY '14 FY '13

Growth (%) 4Q YoY FY

YoY QoQ

Personnel Expenses

Base Salary 675 623 2,725 2,383 8.4% 14.3% (0.7%)

Other Allowances 1,261 1,149 5,151 4,453 9.7% 15.7% (6.7%)

Post Empl. Benefits 82 18 308 327 354.0% (5.6%) 27.2%

Training 187 122 429 374 53.5% 14.8% 88.6%

Subsidiaries 602 463 2,235 1,894 30.1% 18.0% 8.0%

21

8 2 7 1 ,0 0 4 1 ,1 1 0 1 ,3 8 4 1 ,0 5 1 1 ,2 6 5 1 ,4 5 9 1 ,6 8 2 1 ,5 2 4 1 ,5 1 0 1 ,8 8 3 2 ,1 0 7 1 ,6 1 4 2 ,0 0 4 2 ,0 7 1 2 ,5 6 5 2 ,0 3 4 2 ,3 2 2 2 ,3 7 5 3 ,1 6 7 2 ,3 0 9 2 ,6 9 3 2 ,9 5 8 3 ,4 8 8 1 ,1 1 6 1 ,3 9 0 1 ,0 1 9 1 ,3 2

8 1,3

0 6 1 ,3 7 5 1 ,4 8 5 1 ,6 1 2 1 ,5 4 7 1 ,6 3 1 1 ,6 7 1 1 ,9 0

3 1_,8

6 5 1 ,9 3 9 1 ,8 6 9 2 ,3 7 2 2 ,0 4 2 2 ,3 3 6 2 ,6 7 9 2 ,3 7 4 2 ,6 2 6 2 ,6 6 2 2 ,7 5 2 2 ,8 0 7 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4

G&A Expenses Personnel Expenses

35.1%

32.4%

Total Personnel Expenses 2,807 2,374 10,848 9,431 18.2% 15.0% 2.0% G&A Expenses

IT & telecoms 441 329 1,504 1,208 33.8% 24.6% 19.4%

Occupancy Related 787 716 2,412 2,108 10.0% 14.4% 30.5%

Promo & Sponsor 357 417 1,100 1,100 (14.3%) 0.0% 10.9%

Transport & Travel 209 199 656 579 5.1% 13.2% 34.9%

Goods, Prof. Svcs. & Oth. 517 481 1,599 1,318 7.5% 21.4% 22.5%

Employee Related 491 410 1,811 1,440 19.6% 25.8% 2.3%

Subsidiaries 686 616 2,366 2,146 11.5% 10.3% 13.0%

Total G&A Expenses 3,488 3,167 11,448 9,898 10.1% 15.7% 17.9% Other Expenses * 1,447 1,800 3,078 3,204 (19.6%) (3.9%) 112.6% Total Operating Expenses 7,741 7,342 25,374 22,534 5.4% 12.6% 21.1%

*Reclassification of LPS fee from interest expense to other expense of Rp 1.2 tn in 2014 and Rp 1.0tn in 2013

Breakdown of Net Expansion in Corporate Lending

Q4 ’14 – Q4 ’13 (Total Rp8.51 tn)

808 1,001 1,267 3,250 4,917

Mfg-NonM Mfg-Metal Constr Bus Serv Mfg-F&B

%

32.59% 19.75% 14.49% 20.43%

Breakdown of Net Expansion in Commercial Lending

Q4 ’14 – Q4 ’13 (Total Rp22.00 tn)

1,817 1,943 2,196 2,882 3,253

Bus Serv Mfg-RawM Trad-Oth Plantations Trad-Distr

%

24.74% 43.37% 26.32% 24.73% 11.22%

Diversifying our Strength in Wholesale Lending…

Rp Billion

-5,666

341 384 427 585

591 600 808

Oth Mfg-RawM Mining-Metal Ore Livestock Mining-Oil & Gas Trad-Dom Mfg-Feed

Mfg-NonM _55.23%

32.87% 33.90% 4.18% 108.70% 9.46% 29.21% -5.68%

Rp Billion 340

1,139 1,151

1,207 1,321 1,434 1,529 1,784 1,817

Oth Mfg-Chem Mass Trans Constr Mining-Oil & Gas Mfg-Oth Mfg-Text Mfg-P&P

11.22% 50.95% 36.15% 8.69% 43.93% 24.11% 13.65% 9.55% 3.05%

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* ) 1 0 3 .7 % Y o Y G ro w th (1 .5 % ) Yo Y G ro w th 745 2,414 4,066 6,153 7,784 10,943 11,899 12,112 12,366 12,652 12,932 13,162 13,437 13,629 13,873 2006 2007 2008 2009 2010 2011 2012 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 58,055 62,257 61,691 53,604 74,116 89,959 74,334 73,192 -10,000 20,000 30,000 40,000 50,000 60,000 2007 2008 2009 2010 2011 2012 2013 2014 248 479 716 685 677 771 1,130 1,175 1,178 1,676 2,148 2,161 2,201 2,657 3,598 3,989 4,484 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 *

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xc lu d e M a n d ir i T ra n sa ct io n S ys te m

2

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Growing Volume in Wholesale Transaction Business

Forex

3

4

4

2

6

3

6

1

5

6

281,153 310,512

322,795 399,500 _379,730

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

-10.0 20.0 30.0 40.0 50.0 60.0 70.0

Value (USD Billion) # of Trx

Mandiri Cash Management*

5

4

9

8

1

8

1

,5

1

9

2

,2

3

1

3

,1

2

0

2,503

7,668

13,676

24,543

44,184

-15,000 -5,000 5,000 15,000 25,000 35,000 45,000

200.0 700.0 1,200.0 1,700.0 2,200.0 2,700.0 3,200.0

Value (IDR Trillion) # of Trx (000)

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14

Wholesale Remittance

7

0

9

4

1

2

1

1

3

5

1

4

6

435,866 448,219

599,909 651,241

739,046

-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

Dec 10 Dec 11 Dec 12 Dec 13 Dec-14

Value (USD Million) # of Trx

24

-25,000 (300.0)

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14

Trade Transaction : Export, Import, Domestic

*) _{Exclude Mandiri Transaction System}

8

5 ₁10 ₁25 ₁33 ₁37

495,813 510,916 517,251 520,948 509,207

200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000

-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

84.5 100.1108.3 120.0 6.4 7.0 6.3 7.0 7.2 9.5 300 320 340 360 380 400 420

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

Retail Deposits Increased by 17.8% Y-o-Y

Retail Deposit Analysis – Bank Only

4.2% 6.8% 6.3% 9.3% 9.5% 8.7% 7.2% 6.5% 6.9% 6.3% 6.5% 6.5% 5.7% 4.9% 4.90% 5.0% 5.5% 6.6%7.0% 7.26% 8.31% 7.95% 5% 10% 15% Rp DD Rp Savings Rp TD

Average Quarterly Deposit Costs (%)

63.5% 62.3% 61.4% 60.4% 62.5% 64.7% 63.4% 63.8%66.1% 63.3% 63.8% 64.9% 66.1% 66.5% 69.6% 70.1% 72.5% 71.6% 72.9% 71.9% 69.9% 68.8% 71.0% CASA as % of total deposits

7 4 .6 7 8 .8 7 4 .4 8 0 .4 7 5 .9 8 1 .3 8 6 .3 9 5 .5 8 8 .2 9 3 .4 9 8 .5 1 0 9 .6 1 0 7 .3 1 1 2 .7 1 2 0 .4 1 3 4 .0 1 3 2 .7 1 4 0 .6 1 4 6 .1 1 6 5 .0 1 5 7 .5 1 6 6 .8 1 7 6 .3 1 9 0 .9 1 7 9 .0 1 8 0 .8 1 8 4 .7 2 0 2 .6 5.16.25.16.16.86.97.4

8.1_9.310.211.0

11.011.711.911.5

11.312.712.813.0

13.7_14.715.6 18.4

20.7

21.022.021.8 24.0

4.45.15.36.85.66.1

8.09.48.28.8

9.111.110.5 11.912.2

15.714.615.4 16.1

18.6 17.016.7

28.6 33.0

29.733.634.4 40.2

1.41.41.8

1.7_2.32.52.4

2.72.72.73.3 3.23.53.5 4.1 4.2 4.34.3 10.7 11.4

12.111.913.1 13.0

44.442.050.6

63.4_62.965.168.7

68.5_71.870.668.7

70.5_69.068.670.8

73.171.670.3 71.5

71.4_72.170.7 80.2 84.5 88.4100.1 108.3 5.05.1 5.4 7.77.47.4 7.56.86.05.7 5.85.85.35.2 5.2 5.35.05.05.1

5.0_4.74.6

0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 1 Q '0 8 2 Q '0 8 3 Q '0 8 4 Q '0 8 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4 2.5% 2.8% 4.2% 3.4% 3.3%

3.1% 2.5%_2.3%2.4%2.8%

2.0% 2.2% 2.0%

2.0%2.0% 2.1%

3.2%

3.0% 3.3%

2.5% 2.6%

2.1% 2.2% 2.4%1.8%

1.5% 1.6% 1.5%

1.6% 1.5%

1.5%1.6% 1.5%1.4%

5.0% 5.10% 5.0%

5.5% 0% 5% 2.4% 1.6%1.8% 0.9%

0.9% _{0.1% 0.1%}

0.1% 0.3%0.3%0.2%_0.2%0.3%_0.3%0.3%0.3%0.3%0.3%

2.6% 2.9% 2.8% 3.7% 3.9%

3.0%

1.9%

0.3% 0.5% 0.4% 0.8% 0.7% 0.7% 0.5% 0.6% 0.8% 1.2% 1.2% 1.1% 1.3% 0% 2% 4% 1 Q '0 8 2 Q '0 8 3 Q '0 8 4 Q '0 8 1 Q '0 9 2 Q '0 9 3 Q '0 9 4 Q '0 9 1 Q '1 0 2 Q '1 0 3 Q '1 0 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4

FX DD FX TD

27.7% 28.6% 27.6% 28.3% 29.6% 29.6% 29.8% 30.2% 30.9% 31.8% 31.7%

31.3%31.2%31.8%32.6% 32.5% 33.2% 26% 28% 30% 32% 34% 80,000 90,000 100,000 110,000 120,000 130,000 140,000 150,000 160,000

Building our High Yield Business in Retail Lending

Retail to Total Loans

Retail to Total Loans

(Rp Bn) Business Banking (Rp Bn) Micro Credit 27,050 36,031 8,981

2013 Growth 2014

YoY 33.2%

6

0

,6

7

6

6

3

,3

2

3

6

6

,8

5

1

7

3

,3

2

4

8

1

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4

6

8

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7

5

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0

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0

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20% 22% 24% 30,000 40,000 50,000 60,000 70,000 80,000 4 Q 2 0 1 0 1 Q 2 0 1 1 2 Q 2 0 1 1 3 Q 2 0 1 1 4 Q 2 0 1 1 1 Q 2 0 1 2 2 Q 2 0 1 2 3 Q 2 0 1 2 4 Q 2 0 1 2 1 Q 2 0 1 3 2 Q 2 0 1 3 3 Q 2 0 1 3 4 Q 2 0 1 3 1 Q 2 0 1 4 2 Q 2 0 1 4 3 Q 2 0 1 4 4 Q 2 0 1 4

Retail to Total Loans

Micro Credit Business Banking Consumer

Finance

26

(Rp Bn)

56,603 64,706

8,103

2013 Growth 2014

YoY 14.3%

Consumer Finance

46,505 57,237

10,732

2013 Growth 2014

YoY 23.1%

St

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G

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760 751

738 739 739 706

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6

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200 300 502 687 697 713 754 898

600 800 800 878 928 1,027 1,028 1,072 1,110 1,127

10 152 480

710 760

2008 2009 2010 2011 2012 2013 1Q '14 2Q '14 3Q '14 4Q '14

2

7

1

4

3

0

5

6

2

6

9

4

2008 2009 2010 2011 2012 2013 1Q '14 2Q '14 3Q '14 4Q '14

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

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

2

…as well as Consumer Lending, which Rose 14.31%

Y-o-Y as Auto Lending Remains Strong

5 ,1 9 5 5 ,3 0 3 5 ,6 2 0 5 ,5 5 7 6 ,8 5 5 7 ,5 6 8 8 ,2 8 8 6 ,5 6 ,6 0 7 ,2 0 9 7 ,4 8 6 7 ,9 0 5 9 ,0 1 3 1 0 ,2 1 8 1 1 ,0 8 3 1 2 ,2 6 0 1 3 ,2 7 1 1 3 ,9 8 3 964

1,016 1,037 1,010

966 927

904

809 840 805 765 750 40,000 42,500 45,000 47,500 50,000 52,500 55,000 57,500 60,000 62,500 65,000 67,500 70,000 Other Auto

Credit Cards Payroll Loans Home Equity Loans Mortgages

Loan Type

Growth (%)

Y-o-Y

Q-o-Q

Other

(9.44%)

(4.92%)

Auto Loans*

36.85%

5.37%

Quarterly Consumer Loan Balances by Type

Consumer Loan Growth by Type

Rp64.7 tn

28

1 3 ,5 0 0 1 4 ,2 6 8 1 5 ,5 2 3 1 6 ,4 6 6 1 7 ,7 7 9 1 8 ,7 6 4 2 0 ,1 1 3 2 0 ,9 1 9 2 2 ,8 1 8 2 4 ,0 9 2 2 6 ,1 3 5 2 7 ,3 5 7 2 6 ,9 9 5 2 6 ,6 9 0 2 6 ,5 0 5 2 6 ,3 4 7 2 6 ,4 9 5 3 ,9 5 7 3 ,9 6 4 3 ,9 7 9 3 ,9 4 9 3 ,8 8 7 3 ,7 7 7 3 ,6 7 9 3 ,5 7 1 3 ,4 7 1 3 ,3 6 5 3 ,3 1 2 3 ,2 4 0 3 ,1 8 1 3 ,1 7 2 3 ,1 9 8 3 ,2 4 0 3 ,3 1 0 6 ,3 7 4 6 ,3 9 8 6 ,7 0 8 6 ,8 6 1 6 ,9 9 5 7 ,1 4 3 7 ,4 1 2 7 ,7 5 3 8 ,2 0 6 8 ,3 8 6 8 ,9 5 8 9 ,3 7 4 9 ,7 8 1 1 0 ,0 3 0 1 0 ,6 4 2 1 1 ,2 5 3 1 1 ,8 8 0 3 ,5 8 9 3 ,5 7 5 3 ,7 6 1 3 ,9 1 0 4 ,2 9 6 4 ,2 4 5 4 ,4 9 2 4 ,5 9 0 5 ,0 3 5 5 ,0 2 5 5 ,1 9 5 5 ,3 0 3 5 ,6 2 0 5 ,5 5 7 2 ,8 2 6 3 ,4 5 4 3 ,4 9 2 4 ,2 0 0 5 ,1 1 5 5 ,8 2 9 6 ,5 9 3 6 ,6 0 9 7 ,2 0 9 447

698 791

873 928 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 22,500 25,000 27,500 30,000 32,500 35,000 37,500 40,000 4 Q '1 0 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 '1 2 4 Q '1 2 1 Q '1 3 2 Q '1 3 3 Q '1 3 4 Q '1 3 1 Q '1 4 2 Q '1 4 3 Q '1 4 4 Q '1 4

Credit Cards

47.49%

9.52%

Payroll Loans

21.64%

5.78%

Home Equity Loans

4.04%

2.17%

Mortgages

(1.85%)

0.56%

Total Consumer

14.31%

3.62%

*Auto & Motorcycle Loans channeled or executed through finance companies = Rp 10.74 Tnin our Commercial Portfolio

Enhanced Transaction Capabilities

Quarterly Transaction Volume (Mn)

Quarterly Transaction Value (Rp tn)

Quarterly Users (Mn)

142.0 148.1 168.1 186.2 189.4 204.0 226.6 218.1 222.3 232.9236.3 234.7 243.5 246.1 250.8 155 180 205 230 255 280 ATM Branch Mobile Banking Internet Banking 130.8 147.7 153.8

159.9177.3 170.0 179.3 184.1 191.2 197.0 192.6 206.4 208.1 213.1 140 160 180 200 220 240 ATM Mobile Banking Internet Banking 9.95 7.67 8.068.35 8.72 8.17 8.96 9.24 9.65 9.99 _10.16 10.57 _10.89 11.10 11.39 11.59 11.65 11.82 12.12 8 10 12

14 _{Debit Cards}

Mobile Banking Internet Banking

* Inactive cards have been purged

122.9 142.0 141.9 148.1 42.338.641.740.8 43.040.7 44.7 45.3 39.1 45.4 43.8 51.0 53.2

7.911.615.015.421.3 25.4 26.2 27.3 34.5 30.833.0 57.461.6 70.0 100.1

8.316.5 26.6 31.8 49.7 68.5 77.8 84.7 85.3 66.7 66.8 76.7 75.5 85.3 81.0 87.8 88.7 126.9 -20 5 30 55 80 105 130 155 Q 1 '0 9 Q 2 '0 9 Q 3 '0 9 Q 4 '0 9 Q 1 '1 0 Q 2 '1 0 Q 3 '1 0 Q 4 '1 0 Q 1 ' 1 1 Q 2 '1 1 Q 3 '1 1 Q 4 '1 1 Q 1 '1 2 Q 2 '1 2 Q 3 '1 2 Q 4 '1 2 Q 1 '1 3 Q 2 '1 3 Q 3 '1 3 Q 4 '1 3 Q 1 '1 4 Q 2 '1 4 Q 3 '1 4 Q 4 '1 4

29

77.1 95.5 97.1 107.5 130.8

1.4 2.12.62.9 5.0 8.8

5.5 5.5 8.3 9.2 10.514.925.3 28.3 40.0

4.8 7.1 8.7 11.7

16.321.523.5_25.6 26.8 28.7 29.432.2 33.3 36.0 33.334.5 46.1 0 20 40 60 80 100 120 Q 1 '0 9 Q 2 '0 9 Q 3 '0 9 Q 4 '0 9 Q 1 '1 0 Q 2 '1 0 Q 3 '1 0 Q 4 '1 0 Q 1 ' 1 1 Q 2 '1 1 Q 3 '1 1 Q 4 '1 1 Q 1 '1 2 Q 2 '1 2 Q 3 '1 2 Q 4 '1 2 Q 1 '1 3 Q 2 '1 3 Q 3 '1 3 Q 4 '1 3 Q 1 '1 4 Q 2 '1 4 Q 3 '1 4 Q 4 '1 4 7.20 8.17 2.16 3.17 4.21 4.614.61 5.08 5.29 5.47 5.63 5.74 5.80 5.97 6.09 6.21 6.33 6.55 6.62

1.111.21_0.921.011.03 1.16 1.21 1.26 1.31 1.36 1.39 1.46 1.51 1.56 1.72 1.79 0 2 4 6 8 Q 1 '0 9 Q 2 '0 9 * Q 3 '0 9 Q 4 '0 9 Q 1 '1 0 Q 2 '1 0 Q 3 '1 0 Q 4 '1 0 Q 1 ' 1 1 Q 2 '1 1 Q 3 '1 1 Q 4 '1 1 Q 1 '1 2 Q 2 '1 2 Q 3 '1 2 Q 4 '1 2 Q 1 '1 3 Q 2 '1 3 Q 3 '1 3 Q 4 '1 3 Q 1 '1 4 Q 2 '1 4 Q 3 '1 4 Q 4 '1 4

Retail Payment system gaining Traction

Numbers of EDC

Fee Income from e-channel Tx (Bn)

512.9 664.8

Q4 Q3 Q2 Q1 22.6%

YoY Growth

Volume Mandiri Business

Saving Account (Tn)

85.8 102.3

19.2% YoY Growth

30

52.1 89.4 126.2

200.3 258.2 315.2 347.6

414.7

65.5 98.5

166.6 196.5

285.7

318.6 382.0

490.3

81.9 110.5

194.5 249.3

313.9 361.8

437.5 489.2

89.0 117.8

223.7 268.5

312.8 464.4

2007 2008 2009 2010 2011 2012 2013 2014 20₀

7

2

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Making Inroads into SME and Retail Payments

# SME Business w/ Mandiri Acc

# MTB Transaction & Volume

543,972

643,334

789,300

2

0

1

,1

0

6

2

1

2

,8

4

4

2

6

1

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3

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9,235

10,601 11,385

12,616 12,773

14,068 14,508 16,052

-3,000 6,000 9,000 12,000 15,000 18,000

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

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

31

Fiesta Point Program

A program to get points based on savings average balance and #of transactions through e-channel or branch, so that the 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 to the national lucky draw.

Belanja Hoki/ Dagang Hoki Program

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

# MIB Transaction Value & Users

2012 2013 2014

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 # of Volume # of Transactions (000)

1

8

,5

2

8

2

5

,8

5

7

3

2

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7

3

4

2

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8

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4

5

3

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4

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7

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4

7

7

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6

6

11,535 13,542

15,312 15,971 17,802 18,216

22,570 24,676

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Transaction Value (Rp Bn) # of Active Users

-- -- -1 4 ,0 0 0 1 6 ,0 0 0 1 8 ,0 0 0 2 0 ,0 0 0 2 2 ,0 0 0 2 4 ,0 0 0

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% 13

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14,058 13,451 13,502 15,918 17,255 17,124 19,559 18,838 18,886 18,824 19,054 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 -0 2 ,0 0 0 4 ,0 0 0 6 ,0 0 0 8 ,0 0 0 1 0 ,0 0 0 1 2 ,0 0 0 1 4 ,0 0 0 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 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% 1 1 6 .0 % 1 2 2 .5 % 1 1 6 .6 % 1 3 6 .1 % 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 G ro ss N P L R a ti o P ro v/ N P L

3

2

Q4 Total NPLs of Rp7.92 tn with Rp856 bn in Write-Offs

Movement by Customer Segment (Rp Bn)

7.62

0.75

_2.03

0.16

0.86

0.03

_7.92

Non-Performing Loan Movements (Rp tn) – Bank Only

220 161 2,000

2,500

Corp Comm Micro Small Cons

33

NPLs (Rp tn)

4Q (Rp tn)

NPLs (%)

Corporate 2.72 0.09 1.53%

Commercial 1.40 0.33 1.00%

Small 1.48 (0.09) 2.59%

Micro 1.07 (0.04) 2.96%

Consumer 1.26 0.00 1.94%

Total 7.92 0.30 1.66%*

Non-Performing Loans by Segment

3Q '14 UG to PL DG to NPL Payment Write-Offs Other 4Q '14

482 629

690

197 32

330

257 40

220

174

104 229

-500 1,000 1,500

UG to PL DG to NPL W/O

Total Loans originated since 2005

Net

Upgrades(%)

/

Downgrades(%)

#

_{4Q 2014 Details}

Loan Background

4Q’14

Balance

(Rp bn)

4Q

2012

1Q

2013

2Q

2013

3Q

2013

4Q

2013

1Q

2014

2Q

2014

3Q

2014

4Q

2014

DG to

NPL

%

UG to

PL

%

Corporate

_170,445

_0.25

_0.00

_0.01

_0.00

_0.00

_0.10

_-

_-

_0.06

0.28

0.22

Commercial

133,596

0.27

0.24

0.05

0.10

0.01

0.08

0.04

0.12

0.37

0.44

0.07

4Q 2014 Annualized Net Downgrades of 1.0% on Loans

Originated Since 2005

Commercial

133,596

0.27

0.24

0.05

0.10

0.01

0.08

0.04

0.12

0.37

0.44

0.07

Small

54,026

0.49

1.28

0.59

1.05

0.64

0.97

0.70

0.45

0.31

0.38

0.07

Micro

35,942

1.00

1.25

1.10

1.18

0.89

1.16

1.26

1.19

0.83

0.92

0.09

Consumer

64,388

0.07

0.28

0.18

0.17

0.07

0.35

0.20

0.20

0.09

0.25

0.16

Total

458,397

0.11

0.34

0.18

0.25

0.13

0.30

0.21

0.20

0.25

0.38

0.14

# %

downgrades

and

upgrades

are quarterly % figures

R

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19 .4 20 .3 21 .7 18 .4 16 .9 16 .2 16 .6 16 .4 16 .2 17 .2 17 .1 17 .1 15 .3 15 .2 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 .6 11 .2 11 .4 9.9

11 .7

5

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9

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1

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1

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4Q '05 4Q '06 4Q '07 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

3

5

1.2

%

2.7

%

0.0

%

0.3

%

0.0

%

0.0

%

0.0

%

0

.0

%

0

.5

%

1

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%

1

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%

2008 2009 2010 2011 2012 2013 2014

Total Assets Rp66.9 tn

Bond Trading Volume Rp75.7 tn

Total Assets Rp22.6 tn

Total Loans Rp919.8bn

Total Financing Rp14.8tn Total Financing

Rp49.1 tn

Equity & FI Underwriting Rp7.8 tn

Annual FYP Rp3,404.4 bn

Net Interest Margin 11.13 %

Net Interest Margin 3.27%

Total Deposits Equity Trading Volume Fee Contribution ROA ROA

Enhancing Synergies & Value from Subsidiaries

Investment Banking Investment Banking Syariah Banking

Syariah Banking InsuranceInsurance Niche BankingNiche Banking

Bank Sinar Harapan Bali

Multi-Finance Multi-Finance

Total Deposits Rp59.8 tn

Equity Trading Volume Rp129 tn

Fee Contribution Rp528.0 bn

ROA 2.39%

ROA 4.76% ROE

1.49%

ROE 9%

ROE 62.7%

ROE 11.36%

ROE 29.66%

• Remain the leader in syariah financing

• Capital injection program over 3 years

• Cross-sell 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

• Provide end-to-end bank assurance business

• Continue to build cross-sell opportunities in various segments

• Bank assurance products complete our suite of consumer offerings

• Enhance operating model • Improve risk management

systems and IT • Improve productivity

• Use Bank Mandiri’s network and customer throughout Indonesia to develop multi-finance segment, especially in vehicle-ownership financing.

A

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d

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N e t P ro fi t A ft e r Ta x (i n B n ) A n n u a l F ir st Y e a r P re m iu m ( A F Y P ) (i n B n ) # O f P o li cy h o ld e rs -1 6 .3 % Y o Y G ro w th 3 3 .6 % Y o Y G ro w th 2 0 .3 % Y o Y G ro w th

3

7

89 90 245 235 171 183 237 255 258 234 262 259 298 270 269 256 348 297 316 308 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 '14 403 599 549 673 820 742 769 946 796 892 712 667 695 850 726 774 611 832 1,314 648

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 '14 710,481 810,604 892,582 1,518,536 1,602,778 1,638,543 1,695,242 1,744,124 1,790,508 1,858,702 1,878,121 1,918,703 1,966,698 2,032,635 2,122,563 2,216,648 2,354,395 2,479,161 2,656,672 2,961,906 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

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

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

36 78 47 107 120 203

203

811

1,073 1,203

1,410 1,400

0 50 100 150 200 250

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

2009 2010 2011 2012 2013 2014

38

products to InHealth healthcare provider

Cross-selling Mandiri products to InHealth

members

InHealth has nearly 6,100 healthcare providers and recorded over Rp. 1.018 trillion in claims year to date 2014

Bank Mandiri will leverage the hospital network as InHealth’s partner to increase transactions through enhanced cash management products

Bank Mandiri also will provide retail packaged products for all the doctors as InHealth’s partner

InHealth earned premium payments of Rp. 1,400 trillion in 2014 year to date from clients. Going forward, Bank Mandiri will encourage the use of cash management products through Bank Mandiri’s distribution channel and cross-sell other product to over 1.1 million InHealth member

6

9

2

,8

3

1

1

,0

2

3

,2

2

8

1

,1

7

5

,2

4

0

1

,1

1

8

,2

0

6

1

,1

4

1

,8

9

6

1

,0

8

7

,3

1

3

5,501

6,242 6,314 6,262

6,094 6,189

5,000 5,200 5,400 5,600 5,800 6,000 6,200 6,400

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

2009 2010 2011 2012 2013 2014

Total Member # of Providers

2009 2010 2011 2012 2013 2014

Bank Mandiri’s 2015 Corporate Guidance

2014 Target

2014 Achievement

2015 Target

Gross Loan Growth (YoY)

16%-18%

12.2%

15%-17%

Low Cost Deposits

Rp 400 Tn

Rp 381 Tn

Rp 435 tn

Net Interest Margins

>5.70%

5.97%

>6.05%

Efficiency Ratio

<45%

44.91%

<45%

Gross NPLs

<2.10%

2.15%

2.0%

Gross NPLs

<2.10%

2.15%

2.0%

Cost of Credit

~1.2%-1.3%

1.1%

~1.2%-1.3%

# of New ATMs

2,500 – 4,000

3,830

2,500

# of New EDCs

40,000

40,000

40,000

# of New Micro Outlets

300

266

300

# of New Conventional Branches

50

52

50

Operating Performance

Highlights

40

Corporate + Institutional Banking:

Contribution Margin increased on provision

Rp bn

Rp bn

Performance to Date: FY 2014

Contribution Margin (Profit Before Tax)

Strategies for 2014

1. Focusing on Anchor Clients

and penetrating through

using of Transaction

Banking

2. Account Plan

implementation for top 100

Corporate Banking

Customers.

3. Provide ‘one stop service’

solutions for customer’s

2,252

1,067 814

6,999

403 7,402

1,829

2,511

Q1 Q2

Q3 Q4

18.8%

7,402

3,569

5,314

41

solutions for customer’s

transactions and create new

business process to

accelerate the execution of

Account Plan including

effective and responsive

Complaint Handling.

4. Strengthen business

alliance with Mandiri

Sekuritas to ease customers

in capital market

4,494

1,075

393

1,088 1,375 1,557 824

954

1,403

1,717 1,663 416

1,187

1,385

1,311

1,671

1,011 1,035

1,438

1,829

2010 2011 2012 2013 2014

3,326

3,910

Mandiri Sekuritas’ financial performance

(Rp Bn)

FY 2014

FY 2013

Y-o-Y

(%)

Revenues

513

399

28.3

• Investment Banking

139

108

29.5

• Capital Market

308

262

17.4

• Proprietary

65

29

120.9

• Investment Mgt

136

118

14.5

)

42

)

Operating Expenses

455

375

21.2

Earnings After Tax

88

93

(5.5)

Equity Transactions – bn

129.037

115.175

12

SUN Transactions - bn

75.685

60.586

24.9

Equity & Bonds

Underwritten – bn

7.763

11.432

(32,1)

ROA

4,2%

6,8%

(38,2)

1.

Optimize Off-Shore Branches

as a regional treasury

transaction distribution

channel.

2.

Refocusing on retail FX

Transaction.

3.

Developing Sharia Custody.

4.

Increasing our presence as

main correspondent bank in

Indonesia.

Treasury, FI & SAM

4,272

₅₇₆

6,452

579

7,030

49

1,660

2,371

1,765

2,103

Q1 Q2

Q3 Q4

52.7%

4,848

6,094

Performance to Date: FY 2014

Contribution Margin (Profit Before Tax)

Strategies for 2014

Rp bn

Rp bn

5,605

6,369

7,029

43

Indonesia.

5.

Maintain NPL ratio with

effective restructuring and

joint effort with Business

Unit.

6.

Optimize off balance sheet

accounts through auction

and legal action.

7.

Joint planning session and

joint monitoring

implementation.

8.

Creates nation-wide vendor

accreditation.

2010 – 2012 : Including collection from SAM and excluding International branches (except Cayman)

2011 Including collection from Garuda Indonesia (non recurring)

2,805

455 724

3,091

1,159 1,548 1,389 348

1,338

389

1,163

1,396 1,832

316

1,247

954

911

1,660

1,705

263

1,540

2,371

2009 2010 2011 2012 2013 2014

Commercial Banking:

Strong revenues from Assets

1. Support Bank Mandiri’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

through increasing existing customer’s share of wallet, increasing revenue from new customer’s and managing NPL’s.

Performance to Date: FY 2014

Contribution Margin (Profit Before Tax)

Strategies for 2014

Rp bn

_{Rp bn}

6,485 565

1,579

1,261

7,368

1,662

2,159

1,519

Q1 Q2 Q3 Q4

(14.4%)

6,663

4,449

4,709

5,058

7,866

5,706

44

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. Provide “quick and easy” services for small business customers by

increasing distribution channels in ‘blank spot’ area and improving small business model and process

5. Effective Alliance in units based on customer base in Commercial and Small segment, especially in developing value chain business. 5,706

923 939 1,010

1,776 1,833

976 946 1,176 1,314

2,024 _1,800

1,264 1,166 _1,174 1,057

1,907

1,511

1,246

1,094 1,420

1,677

2,220

2009 2010 2011 2012 2013 2014

-incl CM of Small Business - In Dec 2012 incl. CM BSM

-- In Dec 2014 Resegmetation Top 150 obligor and Non Debtor’s Funding

Commercial Banking :

Stronger Platform & Improved Distribution Capability

Expanding Scope of Distribution, 2014

Solid & Stable Source of

_{Low Cost Funds}

Product Q4

2014

Q4

2013 Growth

Demand

Deposit 10.77 14.44 (25.42%) Rupiah 5.77 7.15 (19.30%)

FX 5.00 7.29 (45.8%)

Rp Tn **

Sumatera Loans = Rp 20,6 tn

Funds = Rp 3.6 tn

Kalimantan Loans = Rp 7.7 tn Funds = Rp 1.3 tn

Eastern Loans = Rp 3.5 tn Funds = Rp 0.3 tn

45

Saving

Deposit* 1.12 1.13 (0.88%) Total CASA 11.89 15.57 (23.64%)

Total Funding 17.98 21.35 (15.78%)

CASA Ratio = 66.13%

Funding from Java & Bali = 70.6% of total funding

Java and Bali Loans = Rp 107.4 tn

Funds = Rp 12.7 tn

* Business Savings Product ** excl. BB

CBC = 24 Unit Floor = 25 Unit

Q3 2014 : exclude funding from Non Debtors Q3 2013 : include funding from Non Debtors

E

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690 542 371 271 226 216 213 119 81 23 BCA Mandiri BNI BRI Panin Permata CIMB Niaga BTN Danamon BII 16.870 14.531 13.106 13.080 12.970 10.796 10.316 9.529 5.204 1.625 Permata BCA Mandiri BTN BII CIMB Niaga Panin BNI BRI Danamon

P

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lo

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(R

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)

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(R

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6.4% 4.9% 4.6% 4.3% 4.3% 4.3% 3.4% 3.3% 2.9% 2.5% Danamon BNI BRI BCA CIMB Niaga BII Mandiri BTN Permata Panin

C

o

st

/A

ss

e

ts

(%

)*

1

0

2

66.8% 64.7% 59.7% 50.0% 47.2% 42.5% 41.6% 40.4% 39.2% 38.3% BTN BII Permata Panin CIMB Niaga BRI Danamon Mandiri BNI BCA B Niaga amon 18.983 17.767 15.463 13.407 11.395 11.269 11.114 10.912 6.102 BCA Permata Mandiri BII Panin BTN BNI CIMB Niaga BRI B Niaga amon

C

o

st

/

In

co

m

e

(%

)

D

e

p

o

si

ts

/

E

m

p

lo

ye

e

(R

p

M

n

)

646 507 349 252 224 216 213 124 67 23 BCA Mandiri BNI BRI Panin CIMB Niaga Permata BTN Danamon BII

P

re

T

a

x

In

co

m

e

/E

m

p

lo

ye

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(R

p

M

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)

amon B Niaga * A n n u a li ze d A ve ra g e

M

e

a

su

re

s

o

f

sc

a

le

a

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d

r

e

tu

rn

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2,154 2,007 1,560 1,509 1,074 918 796 608 525 438 Mandiri BRI BNI Danamon BCA CIMB Niaga BTN Permata Panin BII 89,192 65,427 34,475 26,639 22,759 14,853 10,584 8,451 7,695 7,482 BRI Danamon Mandiri BNI BCA CIMB Niaga Panin BTN Permata BII

B

ra

n

ch

e

s

E

m

p

lo

ye

e

s

19,512 15,254 13,370 13,309 3,259 1,830 1,524 1,483 969 964 BRI BCA BNI Mandiri CIMB Niaga BTN BII Danamon Panin Permata

A

T

M

s

1

0

3

31.7% 25.4% 25.2% 22.7% 21.1% 15.6% 12.7% 12.6% 9.7% 1.7% BRI BCA Mandiri BNI Danamon Panin Permata CIMB Niaga BTN BII 8.8% 7.1% 6.5% 6.1% 5.9% 5.4% 4.4% 4.2% 3.8% 3.5% BRI Danamon BCA BNI Mandiri CIMB Niaga BTN BII Panin Permata

R

e

tu

rn

o

n

E

q

u

it

y

(A

ft

e

r

Ta

x)

(%

)

N

e

t

In

te

re

st

M

a

rg

in

s

(%

)

4.8% 3.9% 3.8% 3.5% 3.3% 2.1% 2.0% 1.3% 1.0% 0.2% BRI BCA Danamon Mandiri BNI Panin CIMB Niaga Permata BTN BII

R

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tu

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n

A

ss

e

ts

(

B

e

fo

re

T

a

x)

(%

)

A ve ra g e

Notes

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Notes

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Equity Research Contact Details

BROKERAGE ANALYST TELEPHONE E-MAIL ANDALAN ARTHA ADVISINDO SEKURITAS Adriana Indrajatri Suwono 6221-299-16600 A.Indrajatri@aaasecurities.com

BAHANA SECURITIES Teguh Hartanto 6221-250-5081 Teguh.Hartanto@bahana.co.id

BANK OF AMERICA MERRILL LYNCH Tay Chin Seng 65-6591-0419 Chinseng.Tay@baml.com

BARCLAYS CAPITAL Anish Tawakley 91-2267196016 Anish.Tawakley@barclays.com

BNP PARIBAS Igor Nyoman 6221-2358-4947 Igor.Nyoman@asia.bnpparibas.com

CLSA LIMITED Jayden Vantarakis 6221-2554-8834 Jayden.Vantarakis@clsa.com

CIMB SECURITIES Hadi Soegiarto 6221-515-1330 Hadi.Soegiarto@cimb.com

CITI INVESTMENT RESEARCH Salman Ali 6221-5290-8548 Salman1.Ali@citi.com

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

DANAREKSA SEKURITAS Eka Savitri 6221-29-555-777 Ekas@danareksa.com

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

DANAREKSA SEKURITAS Eka Savitri 6221-29-555-777 Ekas@danareksa.com

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

DEUTSCHE VERDHANA SECURITIES Raymond Kosasih 6221-318-9523 Raymond.Kosasih@db.com

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

HSBC LTD Kar Weng Loo 65-6239-0654 Karwengloo@hsbc.com.sg

INDO PREMIER SECURITIES Stephan Hasjim 6221-57931168 Stephan.Hasjim@ipc.co.id

J.P. MORGAN ASIA Harsh Modi 65-68822450 Harsh.w.modi@jpmorgan.com

KIM ENG SECURITIES Rahmi Marina 6221-2557-1188 Marina@kimeng.co.id

MACQUARIE CAPITAL SECURITIES INDONESIA Nicolaos Oentung 6221-515-7308 Nicolaos.Oentung@macquarie.com

MORGAN STANLEY Mulya Chandra 6221-3048-8125 Mulya.Chandra@morganstanley.com

NOMURA Jaj Singh 65-6433-6973 Jaj.Singh@nomura.com

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

UOB KAY HIAN Sonny John 6221-2993 3917 Sonnyjohn@uobkayhian.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