2003 Q3 Analysts Meeting

(1)

PT Bank Mandiri (Persero)

Tbk

.

(2)

Bank Mandiri Overview

Operating Highlights & Financial Performance

Q3 2003

(3)

Loan Growth is Generating Stronger LDR

44.6

41.2 42.3 43.0 44.5

49.2

42.5

48.3 48.3 50.4

57.0

65.4 68.7 66.8

72.6

26.5% 26.3%

28.3%

25.3%

27.5%

35.4% 36.1%

40.4%

0 20 40 60 80 100

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03

0% 10% 20% 30% 40% 50%

Loans, Rp. Trillion

LDR Ratio

1.7 2.6

(7.7) 3.4 10.6 (13.6) 13.7 (0.1) 4.4 13.1 14.7 5.0 (2.7) 8.7 Growth (%)

Consolidated Quarterly Data

(4)

70,481

63,941

9,104

987 1,577

Beg. Balance Net New Loans F/X Impact Loans Written Off

End Balance

Q3 Loan Origination Remains Strong

IDR tn

Total Loan Growth (9 Mo. ‘03) – Bank Only

Additional loans totaling Rp. 17.2 trillion have been approved through 30 September 2003 but have not yet been drawn down, compared to Rp. 10.1 trillion as of 30 September 2002

43,401 39,931

5,219

0 377

24,954

27,080

Beg. Balance Net New Loans F/X Impact Loans Written Off

End Balance

Total Loan Growth (Q3 ‘03) – Bank Only

(Rp Loans)

(Rp Loans) (FX Loans)

(5)

40.2

22.2

1.5

42.7

22.9

1.4 40.6

22.6

1.6

41.8

25.6

3.1

0

5

10

15

20

25

30

35

40

45 Corporate

Commercial

Consumer

Q4 '02 Q1 '03 Q2 '03 Q3 '03 3.5%

Loan Portfolio Growth is Well Diversified

Loan by Customer Type – Bank Only IDR tn

4.4% 36.4%

59.2%

Share of Loan Book, Jan - Sept 2003 34.7% 2.3% 62.9%

Target loan mix by 2007 ¾Corporate: 50%

¾Non-Corporate: 50%

NPL Breakdown by Customer Segment (Bank Only)

Includes Rp. 800 billion Credit Card receivables purchased from GE Capital

15.3%

106.7% YTD Growth

1.61% 0.05

Consumer Total

Commercial Corporate

NPL Ratio (%) NPLs(Rp Tr)

7.44% 5.24

14.34% 3.67

3.64% 1.52

(6)

Loan Portfolio Analysis

Breakdown By Sector, September 2003(1)

(1) As of Sept 2003; Non-consolidated numbers

F&B 7%

Textile 8%

Pulp& Paper 9% Chemical

9% Non metal

mining 4% Trading,

Services 13% Agriculture

12%

Other Mfg 7%

Others, <5% each

25% Transport.,

Comms. 6%

No sector accounts for more than 13% of total loans

Minimizing exposure to problem sectors including

¾Textiles (8%) ¾Plywood

¾Tourism/Hotels

Focusing on growth sectors including:

¾Agriculture ¾Fisheries

(7)

0% 20% 40% 60% 80% 100%

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03

- Loss - Doubtful - Substandard - Special Mention - Pass

21.2% 35.7%

0% 20% 40% 60% 80% 100% NPL % Cat 2 %

NPLs

& Cat. 2 as

of Total Loans

Loan Collectibility – Bank Only

Loans by Collectibility (%

(8)

NPL Movement - Consolidated

7.3%

62.2%

2.0%

181.3%

82.3%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% Q1 ' 0 0 Q2 ' 0 0 Q3 ' 0 0 Q4 ' 0 0 Q1 ' 0 1 Q2 ' 0 1 Q3 ' 0 1 Q4 ' 0 1 Q1 ' 0 2 Q2 ' 0 2 Q3 ' 0 2 Q4 ' 0 2 Q1 ' 0 3 Q2 ' 0 3 Q3 ' 0 3 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% 260%

Gross NPL Ratio Net NPL Ratio Prov / NPL

NPL Ratio

rovisioning Coverage

Asset Quality

Conservative provisioning

¾ 181% coverage of NPLs as of Sep 30 2003

¾ Mandiri provisioning policy results in Rp. 5.6 tr. in excess of BI requirement

Rigorous restructuring and recovery ¾ Through Q3 2003, IDR 0.7 tn of

written-off loans and IDR 1.0 tn of NPLs have been recovered

Kiani Kertas loan update

¾ Fully provisioned by end of Q3 in the amount of Rp 1.7 tr

¾ Downgraded from Category 1 to Category 5 as of November 15 ¾ Will increase NPL’s by ~ 2.4% ¾ Restructuring on-going

50% 15% 3 15% 5% 2 100% 2% Mandiri Policy 100% 50% 1% BI Requirement 5 4 1 By Collectibility

(9)

Q3 2003 Loan Movement, Performing & Non-Performing Loans

349

5,162 1,050

718 60,061

65,239

Beg. Balance

U/ G f r om NPL

D/ G t o NPL Net Disbur se.

FX Impact End Balance

Performing Loan Movements - Bank Only

IDR bn

Non-Performing Loan Movements – Bank Only

718 4,824

1,050

472

414

5,243

Beg. Balance

U/G to PL D/G from PL

Disburse. Collections FX Impact End Balance

(10)

**Q3 2003 Loan Detail*: Loans downgraded to NPL**

Profile of Loans Downgraded to NPL in Q3

Comm Corp

Trading Transport

Mfg - Cement Mfg - Text Mfg - Others

Agri Other

IDR USD

Invest WC Others

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

GAS Sector Currency Purpose

* Corporate & Commercial Loans Only 90% of downgrades to NPL from

Commercial loans

Largest downgrades by sector:

¾ Trading, Hotels & Restaurants ¾ Transportation, Warehousing &

Communication

¾ Manufacturing of Cement, Bricks & Ceramics

70% of downgrades from Rupiah loans Downgraded loans evenly split between

(11)

Q3 2003 Movement in Category 1 and 2 Loans

44,623

258

4,388 173

307

3,801 2,875

50,060

Beg. Bal. D/ G t o 2 U/ G f rom 2

D/ G t o NPL

U/ G f rom NPL

Net Disburse.

FX Impact End Bal.

Category 1 Loan Movements – Bank Only

IDR bn

Category 2 Loan Movements – Bank Only

91 774

544 742

3,801

2,875 15,438

15,179

Beg. Bal. Cat. 1 D/G U/G to 1 D/G to NPL NPL U/G Net Disburse.

(12)

**Q3 2003 Loan Detail*: Category 2 Loans**

Category 2 Loan Profile

Current 1 Day 31-60 61+

Comm Corp

Mfg Agri

Trading Transport Bus. Serv.

Constr Others

IDR USD

Invest. WC Others

Restructured

Normal IBRA

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Days Aging GAS Sector Currency Purpose History

* Corporate & Commercial Loans Only 73% of Category 2 loans are

current or 1 day overdue 57% are to Commercial

customers

Primary sectors in Category 2 are:

¾ Manufacturing ¾ Agriculture ¾ Trading

65% are Rupiah loans 64% are Investment loans 60% are Restructured loans

(13)

**Q3 2003 Loan Detail*: Restructured Loans**

Restructured Loan Profile

USD

EUR

2 3 4 5

Corp Comm

Mfg -Oth Agri

Mfg - Chem Mfg - Text

Trading Mfg - P&P Mfg - F&B Transport

Constr

Other

IDR Invest. WC Others

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Category GAS Sector Currency Purpose

89% of Restructured loans are performing

67% are to Corporate customers Primary sectors in Restructured

loans are:

¾ Manufacturing •Other

•Chemicals •Textiles

•Pulp & Paper ¾ Agriculture

66% are Rupiah loans 64% are Investment loans

(14)

Recap Bond Portfolio

Breakdown as of Sep 2003

0.4 131.4 131.0 1.2 137.0 135.8 (2.7) 148.8 151.5 Total 0.0 101.8 101.8 0.0 103.4 103.4 0.0 108.0 108.0 Held to Maturity

0.4 27.2 26.8 1.1 29.5 28.4 (2.2) 31.6 33.8 Available for Sale

0.1 2.4 2.3 0.1 4.1 4.0 (0.5) 9.3 9.8 Trading Difference Fair Value Nominal Value Difference Fair Value Nominal Value Difference Fair Value Nominal Value IDR tn September 2003 June 2003 December 2002 Fixed 25.9% Variable 66.0% Hedge 8.1%

> 5 Years 86.1%

< 1 Year

4.1% 1 - 5 Years_9.8%

During Q3 2003, we sold Rp. 4.7 trillion in Re-cap bonds, with an aggregate realized gain on the P&L of Rp 0.24 trillion; Y-T-D sales total Rp. 18.0 trillion and gains total Rp. 1.4 trillion

AFS 20.7% HTM 77.5% Trading 1.8%

(15)

0% 20% 40% 60% 80% 100%

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03

Government Bond Loans Other Assets

19.6% 18.9%

16.1% 17.1% 19.1%

21.0%

29.5% 31.1%

62.1% 64.8%

67.5% 67.8%

75.0% 76.7%

74.7% 75.7%

0% 20% 40% 60% 80% 100%

Int. from Bonds Int. from Loans

As a

of Total Interest Income

Growing Contribution from Loans vs. Bonds – Bank Only

Total Assets (

(16)

0% 20% 40% 60% 80% 100%

Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03

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

Funding Mix Improves

Deposit Analysis – Bank Only

Deposits by Type

47.8%

56.7%

0.0% 12.0% 24.0% 36.0% 48.0% 60.0%

Deposits by Customer

173.1 176.9

163.0

154.6 170.0

152.9

148.1 189.8 186.4 182.6 183.6 183.3 186.3 183.0 177.7

Deposit Total (Rp Tr)

(17)

Savings Deposit Growth Generating a Better Funding Mix

33.4 19.8 25.1 16.6 11.2% 14.4% 10.8% 11.6% 13.7% 18.8% 12.1% 15.9% 0 5 10 15 20 25 30 35 Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 0% 5% 10% 15% 20% 25% 30% 35%

Savings Deposits, Rp. Trillion 5.1% _4.1%

10.8% 5.7% 17.3% 9.6% 17.2% 8.7% 0% 3% 5% 8% 10% 13% 15% 18% 20% Jan ' 0 2 Ma r ' 0 2 Ma y '0 2 Jul '0 2 Sep '0 2 No v '0 2 Jan ' 0 3 Ma r ' 0 3 Ma y '0 3 Jul '0 3 Sep '0 3

Rp Time Deposits

Rp Savings Deposits

Rp Demand Deposits

Savings Deposit Growth Average Monthly Rupiah Deposit Costs

(18)

49.7 72.4 112.3 7.1 17.7 61.8 42.9 95.6 319.0 250.4 0.0 50.0 100.0 150.0 200.0 250.0 Aug '02 Sep '02 Oct '02 Nov '02 Dec '02 Jan '03 Feb '03 Mar '03 Apr '03 May '03 Jun '03 Jul '03 Aug '03 Sep '03 0 75 150 225 300 375 SMS Subscribers SMS Transactions Call Center Trans.

ATM, Credit Card and Phone Banking Growth

290,452

8,051 19,164 35,892

74,246 115,801 203,943 232,852 29,374 65,593 97,440 1,718 4,143 8,284 19,468 56,359 0 100,000 200,000 300,000 400,000 500,000

Q1 '00 Q3 '00 Q1 '01 Q3 '01 Q1 '02 Q3 '02 Q1 '03 Q3 '03

0 20,000 40,000 60,000 80,000 100,000

Avg Daily Volume Avg Daily Value

Avg. Daily Transaction

Volume

Avg. Daily Transaction

Value (Rp. Millions)

ATM Average Daily Transaction Volume and Value

Mandiri Visa Card Holders and Receivables Phone Banking Subscribers & Transactions

275.4 275.3 245.3 225.7 567.5 747.9 645.9 823.2 0 100 200 300 400 500 Dec '02 Jan '03 Feb '03 Mar '03 Apr '03 May '03 Jun '03 Jul '03 Aug '03 Sep '03 0 200 400 600 800 1,000 Cards (000s) Receivables (Rp Bn)

Cards I s s ued ( 0 00s)

Receivables (Rp Bn)

bscribe

rs (00

(19)

44.0 _42.3 _42.6 47.0

51.3 51.6

58.1 61.0

56.1

64.3

72.5

77.8 79.5

89.5

15.1 _14.6 15.1 15.4 17.8 16.8 18.4 17.0

20.7 21.0

25.0

13.3 13.3

9.7

0 10 20 30 40 50 60 70 80 90

Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03

26.1%

31.4% 31.3% 32.2%

28.5% 29.3%

26.4%

29.3% 29.8%

23.4%

26.6% 26.4%

27.9% 28.6%

5 .0% 1 0.0% 1 5 .0% 2 0.0% 2 5 .0% 3 0.0% 3 5 .0% CAR BI Min Req

A Strong Capital Base to Support Growth

RWA/Total Capital, Rp. Trillion

(20)

0.8% 0.8%

1.8%

2.2%

1.1% 1.5% 1.7% 2.2%

2.1% 2.0% 2.5% 2.2% 2.2% 2.5% 3.3% 0% 4% 8% 12% 16% Q1 '00 Q2 '00 Q3 '00 Q4 '00 Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 2.4% 2.5% 3.0% 3.0% 3.9% 2.9% 2.9% 3.4% 2.8% 3.0% 3.3% 3.3% 3.0% 2.5% 2.6% 0% 2% 4% 6% 8%

= Average Yield of Earning Assets = Average Cost of Funds

= Interest Spread

Maintaining Margins Despite a Fluctuating Interest Rate

Net Intere st Ma rgin – B ank Onl y

= Net Interest Margin

Cost of F

s & Yi

eld o n Earnin g Assets – B ank On ly

(21)

46 57 89

135

89 162 112

173 180

339

150 190

302 91

101

294

172 ₂₃₆

258

250

395

115

178 16

102 101

0 150 300 450 600 750

Q1 '00

Q2 '00

Q3 '00

Q4 '00

Q1 '01

Q2 '01

Q3 '01

Q4 '01

Q1 '02

Q2 '02

Q3 '02

Q4 '02

Q1 '03

Q2 '03

Q3 '03 Other Non-Interest Income

Non-Loan Related Fees & Commissions

IDR bn

(22)

379 _{276 359 336 319}

433

259

736

360 487 490

723 387 470

561

370 325 211

294

293

417

327 402 457

409

485

476

380

666

957

-500 1,000 1,500 2,000

Q1 '00

Q2 '00

Q3 '00

Q4 '00

Q1 '01

Q2 '01

Q3 '01

Q4 '01

Q1 '02

Q2 '02

Q3 '02

Q4 '02

Q1 '03

Q2 '03

Q3 '03 G&A Expenses Personnel Expenses

Overhead Spending Remains Under Control Despite Heavy

Investment in Brand & IT Platform

27.0%28.2% _25.9%

34.4% 36.9%

42.5%

38.9% 33.8%

70.5%

44.9% 45.8%

40.8% 40.0% 37.1%

37.1%

0%

25%

50%

75%

Overhead Expenses (Rp.Billion)

Cost to In

come Ratio

(23)

3,357

3,833

4,009

3,540

1,454 ₂₆₀

198

2,021

1,920

0 1,500 3,000 4,500 6,000 7,500

2000 2001 2002 9 Mo. '03

Gain on Sale/Value of Securities FX Gain

Core Earnings

Pre-Provision Operating Profit

IDR bn

(24)

Consistent Improvement in Profitability

472 ₃₀₈

1,168

1,549

290 1,300

602

690

967 1,017

1,528

(410)

645

799

829 -500

500 1,500

2,500

3,500

4,500

2000

2001

2002

9 Mo. '03

Q1 PAT Q2 PAT Q3 PAT Q4 PAT

Profit after Tax

Return on Equity

IDR bn

8.1%

21.5%

26.2% 26.2%

0% 5% 10% 15% 20% 25% 30%

ROE – After Tax

(25)

Corporate Actions

Dividends

In light of the Bank’s performance through the first nine months, the Board is declaring an interim dividend payment, as follows:

¾ Rp50 per share

• Cum Date : 16 December 2003 • Ex Date : 17 December 2003 • Record Date : 19 December 2003 • Payment Date : 30 December 2003 ¾ The dividend disbursement will total Rp1.0 trillion

Quasi-Reorganization

Quasi-Reorganization was approved at an EGM held on October 30, 2003: ¾ Profits generate subsequent to the quasi-reorganization (from 1 May

through 30 September, 2003) total Rp 2.4 trillion

September EGM

EGM held on September 29, 2003 approved several items: ¾ Appointment of 1 new Director, for BoD membership to 9

¾ Appointment of 5 new Commissioners and retirement of 2, for a BoC of 7 ¾ Allowance for limited forgiveness of written off loans

(26)

Potential Enhancements to Value

Written-off Loans

Aggregate of IDR 19.8 tn (US$ 2.36 bn) in written-off loans as of end-September 2003, with significant recoveries on-going:

¾ 2001: IDR 2.0 tn (US$ 224 mn)

¾ 2002: IDR 1.1 tn (US$ 123 mn)

¾ 9 mo. 2003: IDR 0.7 tn (US$ 83 mn)

Property Revaluation

Property revalued by Rp. 3.0 trillion in our June accounts

Based upon a valuation by Vigers as of June 2003, an additional Rp. 2.8 trillion remains un-booked

Conservative Provisioning

Conservative provisioning policy resulted in allowances on loans generally exceeding BI’s minimum requirements

¾ As of 30 September 2003, excess provisions totaled IDR 5.6 tn (US$ 667 mn)

Loan Collateral Undervalued

Collateral values on NPLs are generally not included for provisioning purposes due to outdated valuations

(27)

Bank Mandiri Financial Summary

(28)

Summary P&L Information – Year-to-Date September 2003

7.3 0.2 293 0.1 273 Non Operating Income

(27.6) (0.3)

(457) (0.4)

(631) Other Operating Expenses

27.5 2.9

5,086 2.3

4,016 Net Income Before Tax

6.1 (0.8)

(1,418) (0.8)

(1,337) G & A Expenses

15.5 (0.8) (1,370) (0.7) (1,186) Personnel Expenses (86.7) 0.1 233 1.0 1,745 Unrealized Gain/Loss in Value of Bonds

(31.1) (0.5) (865) (0.7) (1,256) Provisions, Net 35.2 2.1 3,767 1.6 2,788 Net Income After Tax

28.1 2.7

4,793 2.1

3,743 Profit from Operations

396.5 1.0

1,688 0.2

340 Realized Gain from Sale of Bonds

30.6 0.7

1,148 0.5

879 Other Operating Income

12.4 3.3

5,834 2.9

5,189 Net Interest Income

(26.8) (8.1) (14,244) (11.0) (19,449) Interest Expense (18.5) 11.4 20,078 13.9 24,638 Interest Income % Change % of Av.Assets Rp (Billions) % of Av.Assets* Rp (Billions)

9 Month 2003 9 Month 2002

(29)

Summary P&L Information – Third Quarter 2003

NA 0.4 203 -(15) Non Operating Income

(29.1) (0.2)

(149) (0.4)

(210) Other Operating Expenses

87.1 3.3

1,938 1.8

1,036 Net Income Before Tax

14.5 (1.0)

(561) (0.8)

(490) G & A Expenses

4.2 (0.8) (476) (0.8) (457) Personnel Expenses (110) 0.1 (50) 0.8 502 Unrealized Gain/Loss in Value of Bonds

(107.8) 0.1 52 (1.1) (665) Provisions, Net 50.3 2.6 1,529 1.7 1,017 Net Income After Tax

65.1 3.0

1,735 1.8

1,051 Profit from Operations

123.5 0.6

324 0.2

145 Realized Gain from Sale of Bonds

51.1 0.7

402 0.4

266 Other Operating Income

11.9 3.7

2,193 3.3

1,960 Net Interest Income

(36.7) (6.5) (3,838) (10.3) (6,059) Interest Expense (24.8) 10.2 6,031 13.6 8,019 Interest Income % Change % of Av.Assets Rp (Billions) % of Av.Assets* Rp (Billions) Q3 2003 Q3 2002

(30)

27.9%(2)

23.4%

28.6% Total CAR

19.0%(2)

15.2%

17.9% Tier 1 CAR

181.3%

190.4%

132.7% NPL Provisions / NPLs

39.9%

42.8%

41.6% Cost to Income(1)

26.2%

27.5% RoE – after tax (p.a.)

2.7%

2.3%

2.1% RoA - before tax (p.a.)

1,094

722

776 Book Value/Share (Rp) (3)

188

179

139 EPS (Rp) (3)

7.3%

11.4% Gross NPL / Total Loans

3.3%

2.9%

2.9% NIM (p.a.)

179.5

184.1

184.6 Customer Deposits

251.0

250.4

253.7 Total Assets

131.4

148.8

155.5 Government Bonds

72.6

65.4

58.7 Gross Loans

Sep 2003

Dec 2002

Sep 2002

IDR tn / %

Key Balance Sheet Items and Financial Ratios

(1) (G&A and employee expenses) / (Net Interest Income + Other Operating Income) (2) Bank only

(31)

Bank Mandiri’s Credit Ratings

B3 Long Term Bank Deposits

B B+

Long Term Local Currency Debt

Bank Mandiri Ratings

B B2

B Long Term Foreign Currency Debt

Stable Stable

Stable Outlook

Sovereign Ratings

Stable Long Term Local Currency Outlook

B3 Long Term Bank Deposits

B B2

B Long Term Foreign Currency Debt

Stable Positive

Long Term Foreign Currency Outlook

B+ B+

Long Term Local Currency Debt

B B

Short Term Foreign Currency Debt

Fitch Moody’s

(1)

Potential Enhancements to Value

Written-off Loans

Aggregate of IDR 19.8 tn (US$ 2.36 bn) in written-off loans as of end-September 2003, with significant recoveries on-going:

¾ 2001: IDR 2.0 tn (US$ 224 mn)

¾ 2002: IDR 1.1 tn (US$ 123 mn)

¾ 9 mo. 2003: IDR 0.7 tn (US$ 83 mn)

Property Revaluation

Property revalued by Rp. 3.0 trillion in our June accounts

Based upon a valuation by Vigers as of June 2003, an additional Rp. 2.8 trillion remains un-booked

Conservative Provisioning

Conservative provisioning policy resulted in allowances on loans generally exceeding BI’s minimum requirements

¾ As of 30 September 2003, excess provisions totaled IDR 5.6 tn (US$ 667 mn)

Loan Collateral Undervalued

Collateral values on NPLs are generally not included for provisioning purposes due to outdated valuations

(2)

Bank Mandiri Financial Summary

(3)

Summary P&L Information – Year-to-Date September 2003

7.3 0.2 293 0.1 273 Non Operating Income

(27.6) (0.3)

(457) (0.4)

(631) Other Operating Expenses

27.5 2.9

5,086 2.3

4,016 Net Income Before Tax

6.1 (0.8)

(1,418) (0.8)

(1,337) G & A Expenses

15.5 (0.8) (1,370) (0.7) (1,186) Personnel Expenses (86.7) 0.1 233 1.0 1,745 Unrealized Gain/Loss in Value of Bonds

(31.1) (0.5) (865) (0.7) (1,256) Provisions, Net 35.2 2.1 3,767 1.6 2,788 Net Income After Tax

28.1 2.7

4,793 2.1

3,743 Profit from Operations

396.5 1.0

1,688 0.2

340 Realized Gain from Sale of Bonds

30.6 0.7

1,148 0.5

879 Other Operating Income

12.4 3.3

5,834 2.9

5,189 Net Interest Income

9 Month 2003 9 Month 2002

(4)

Summary P&L Information – Third Quarter 2003

NA 0.4 203 -(15) Non Operating Income

(29.1) (0.2)

(149) (0.4)

(210) Other Operating Expenses

87.1 3.3

1,938 1.8

1,036 Net Income Before Tax

14.5 (1.0)

(561) (0.8)

(490) G & A Expenses

4.2 (0.8) (476) (0.8) (457) Personnel Expenses (110) 0.1 (50) 0.8 502 Unrealized Gain/Loss in Value of Bonds

(107.8) 0.1 52 (1.1) (665) Provisions, Net 50.3 2.6 1,529 1.7 1,017 Net Income After Tax

65.1 3.0

1,735 1.8

1,051 Profit from Operations

123.5 0.6

324 0.2

145 Realized Gain from Sale of Bonds

51.1 0.7

402 0.4

266 Other Operating Income

11.9 3.7

2,193 3.3

1,960 Net Interest Income

(5)

27.9%(2)

23.4%

28.6% Total CAR

19.0%(2)

15.2%

17.9% Tier 1 CAR

181.3%

190.4%

132.7% NPL Provisions / NPLs

39.9%

42.8%

41.6% Cost to Income(1)

26.2%

27.5% RoE – after tax (p.a.)

2.7%

2.3%

2.1% RoA - before tax (p.a.)

1,094

722

776 Book Value/Share (Rp) (3)

188

179

139 EPS (Rp) (3)

7.3%

11.4% Gross NPL / Total Loans

3.3%

2.9%

2.9% NIM (p.a.)

179.5

184.1

184.6 Customer Deposits

251.0

250.4

253.7 Total Assets

131.4

148.8

155.5 Government Bonds

72.6

65.4

58.7 Gross Loans

Sep 2003

Dec 2002

Sep 2002

IDR tn / %

(6)

Bank Mandiri’s Credit Ratings

B3 Long Term Bank Deposits

B B+

Long Term Local Currency Debt

Bank Mandiri Ratings

B B2

B Long Term Foreign Currency Debt

Stable Stable

Stable Outlook

Sovereign Ratings

Stable Long Term Local Currency Outlook

B3 Long Term Bank Deposits

B B2

B Long Term Foreign Currency Debt

Stable Positive

Long Term Foreign Currency Outlook

B+ B+

Long Term Local Currency Debt

B B

Short Term Foreign Currency Debt

Fitch Moody’s