2004 Q3 Analysts Meeting

0

Bank Mandiri Presentation

prepared for the

Q3 2004 Analysts’

Meeting

69 100.00% 20,094,129,009 26,046 TOTAL 25.78% 5,179,372,054 424 Total 25.68% 5,160,986,054 379 2. Institutional 0.09% 18,386,000 45 1. Retail INTERNATIONAL 74.22% 14,914,756,955 25,622 Total 0.23% 45,949,500 40 7. Mutual Funds

0.99% 199,886,446 155 6. Institutional 0.33% 65,104,500 27 5. Assurance/Banks 0.30% 59,974,500 82 4. Pension Funds

1.12% 225,601,509 17,411 3. Employees 1.58% 318,240,500 7,906 2. Retail 69.67% 14,000,000,000 1 1. Government DOMESTIC % Shares Investors

Shareholders as of 30 September 2004 Description

Share Price Movement since IPO, Rp/Share

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 11-J ul 8-A ug 8-S ep 7-O c t 4-Nov 9-Dec 13-J an 12-F eb 12-M ar 14-A pr 13-M ay 14-J un 13-J ul 10-A ug 8-S ep 8-O c t 5-Nov 0 120 240 360 480 600 720 840 960 1,080 1,200 BMRI JCI YTD IPO Ufrom: 38.6% 87.5% JCI 82.8% 177.8% BMRI

1

Bank Mandiri Presentation Contents

Overview Page #

„ Q3 2004 Summary P&L 3

„ Key Balance Sheet Items & Financial Ratios 4

„ Quarterly Loan Growth & LDR 5

„ Q3 Loan Movement 6

„ Q3 Downgrades to NPL 7

„ Loan Portfolio Growth by Business 8

„ Q3 Consumer Loan Portfolio Details 9

„ Quarterly Asset Quality & Provisioning 10

„ Recap Bond Portfolio Summary & Movement 11

„ Quarterly Asset Mix & Interest Source 12

„ Quarterly Funding Mix 13

„ Quarterly Savings Deposits & Funding Rates 14

„ Quarterly Capital Structure 15

„ Quarterly Net Interest Margins and Spread 16

„ Quarterly Non-Interest Operating Income 17

„ Quarterly Overhead Spending 18

„ Industry Efficiency Comparison 19

„ Annual Core Earnings Analysis 20

„ Quarterly Profitability 21

„ Potential Upsides 22

„ Corporate Actions 23

„ Conclusion 24

Overview Page #

„ Q3 2004 Summary P&L 3

„ Key Balance Sheet Items & Financial Ratios 4

„ Quarterly Loan Growth & LDR 5

„ Q3 Loan Movement 6

„ Q3 Downgrades to NPL 7

„ Loan Portfolio Growth by Business 8

„ Q3 Consumer Loan Portfolio Details 9

„ Quarterly Asset Quality & Provisioning 10

„ Recap Bond Portfolio Summary & Movement 11

„ Quarterly Asset Mix & Interest Source 12

„ Quarterly Funding Mix 13

„ Quarterly Savings Deposits & Funding Rates 14

„ Quarterly Capital Structure 15

„ Quarterly Net Interest Margins and Spread 16

„ Quarterly Non-Interest Operating Income 17

„ Quarterly Overhead Spending 18

„ Industry Efficiency Comparison 19

„ Annual Core Earnings Analysis 20

„ Quarterly Profitability 21

„ Potential Upsides 22

„ Corporate Actions 23

„ Conclusion 24

Financial Summary Page #

„ Summary Nine-Month Balance Sheet 26

„ Summary Quarterly Balance Sheet 27

„ Summary Quarterly P&L 28

„ Recap Bond Portfolio Detail 29

„ Bank Mandiri Credit Ratings 30

„ Reconciliation to IFRS (H1 2004) 31

Loan Movement & Portfolio Detail

„ Q3 NPL Analysis 33 - 34

„ Category 2 Loan Analysis 35 - 38

„ Restructured Loan Analysis 39 - 40

„ Q3 Loan Portfolio Detail Analysis 41 - 45

Additional Information

„ Consumer Banking Details 46 - 48

„ Bank Syariah Mandiri Details 49 - 50

„ Mandiri Sekuritas Details 51

„ Operational Loss Details 52

Bank Mandiri at a Glance

„ Senior Management and Organization Structure 54 - 55

„ Staff and Network Growth 56

„ International Recognition 57

Q3 2004 Audited Financials

Financial Summary Page #

„ Summary Nine-Month Balance Sheet 26

„ Summary Quarterly Balance Sheet 27

„ Summary Quarterly P&L 28

„ Recap Bond Portfolio Detail 29

„ Bank Mandiri Credit Ratings 30

„ Reconciliation to IFRS (H1 2004) 31

Loan Movement & Portfolio Detail

„ Q3 NPL Analysis 33 - 34

„ Category 2 Loan Analysis 35 - 38

„ Restructured Loan Analysis 39 - 40

„ Q3 Loan Portfolio Detail Analysis 41 - 45

Additional Information

„ Consumer Banking Details 46 - 48

„ Bank Syariah Mandiri Details 49 - 50

„ Mandiri Sekuritas Details 51

„ Operational Loss Details 52

Bank Mandiri at a Glance

„ Senior Management and Organization Structure 54 - 55

„ Staff and Network Growth 56

„ International Recognition 57

2

Bank Mandiri Overview

3

Summary P&L Information – 9 Months 2004

(16.8)

0.9

1,597

1.0 1,921

Gain from Increase in Value & Sale of Bonds (88.7) 0.0 33 0.2 293

Non Operating Income

1.1

(0.3)

(462)

(0.2) (457)

Other Operating Expenses**

24.1

3.5

6,310

2.7 5,086

Net Income Before Tax

33.4

(1.1)

(1,954)

(0.8) (1,465)

G & A Expenses

26.9 (0.9) (1,679) (0.7) (1,323) Personnel Expenses (80.3) (0.1) (171) (0.5) (865) Provisions, Net 19.0 2.5 4,481 2.0 3,767

Net Income After Tax

31.0

3.5

6,277

2.5 4,793

Profit from Operations

58.4

1.0

1,820

0.6 1,148

Other Operating Income

22.1

4.0

7,126

3.1 5,834

Net Interest Income

(49.2) (4.0) (7,235) (7.5) (14,244) Interest Expense (28.5) 8.0 14,361 10.5 20,078 Interest Income (%) % of Av.Assets Rp (Billions) % of Av.Assets* Rp (Billions) YoY Change 9 Months 2004

9 Months 2003

* % of Average Assets on an annualized basis

4 9.0 19.1 9.0 (6.3) (6.2) (28.5) 19.9 YoY Change (%)

1,193 224 26.6% 19.3% 132.0% 7.2% 51.8% 4.4% 40.6% 26.5% 3.5% 23,855 168,145 235,542 93,954 87,034 9 Mo. 2004

17.0 20,395 21,889 Total Equity 42.5% 40.4% LDR 27.7% 27.9%

Total CAR(2)

19.4% 19.0%

Tier 1 CAR(2)

139.1% 181.4%

Provisions / NPLs

40.4% 39.9%

Cost to Income(1)

23.6% 26.2%

RoE – after tax (p.a.)

2.8% 2.7%

RoA - before tax (p.a.)

17.0

1,020 1,094

Book Value/Share (Rp)

229 188

EPS (Rp)

8.6% 7.3%

Gross NPL / Total Loans

3.4% 3.3% NIM (p.a.) (6.0) 178,811 179,504 Customer Deposits (5.6) 249,436 251,049 Total Assets (23.6) 122,907 131,390 Government Bonds 14.6 75,943 72,569 Gross Loans YTD Change (%)

FY 2003 9 Mo. 2003

IDR billion / %

Key Balance Sheet Items and Financial Ratios

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

5

44.6

41.2 42.3 43.0 44.5

49.2

42.5

48.3 48.3 50.4

58.7

65.4 68.7 66.8

72.6 75.9 76.7

82.3 87.0

26.5% 26.3% 28.3% _25.3% 27.5%

35.4% 36.1% 51.8% 42.5%44.6% 47.9% 40.4% 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 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Loans (Rp tn)

LDR (%)

Loan growth 5.8% in Q3; LDR reached 51.8%

Consolidated Quarterly Data

* Note: Includes IBRA loan purchases of Rp 5 tr

-7.7% 2.6% 1.7% 10.6% -13.6% 13.7% -0.1% 13.1%14.7% 5.0% -2.7% 8.7% 4.6% 1.1% 5.8% 19.4% 0.5% 12.4% 8.5%

38.1%_35.3%42.3%

32.5% 23.6% 16.1% 11.8% 23.2% 19.9% 7.2% 4.4% 3.4% 2.5% -0.3%

QoQ Growth (%) YoY Growth (%)

6

694

5,109

494

418

70,906

75,245

Beg. Balance

U/G from NPL

D/G to NPL

Net Disburse.

FX Impact End Balance

Q3 2004 Loan Movement, Performing & Non-Performing Loans

Performing Loan Movements - Bank Only

IDR bn

Non-Performing Loan Movements – Bank Only

6,094 418

6,639

494

184

175

549

81

Beg. Balance

U/G to PL D/G from PL

Disburse. CollectionsWrite-Offs FX Impact End Balance

7

Q3 2004#

Q2 2004#

74,794 1,639 45,311 1,138 5,075 21,631 33,267 -24,813 644 1,175 6,634 41,527 1,639 20,497 494 3,900 14,997

Value (Rp bn)

2.6% 4.4% 2.1% 0.3% 0.7% 4.8% 2.7% -3.6% 0.4% 2.7% 2.7% 2.5% 4.4% 0.4% -5.9% Net 1.1% -1.2% 1.8% 2.1% 0.6% 2.3% -2.1% 2.6% 8.1% 1.7% -UG to PL

3.7% 4.4% 3.3% 1.5% 1.4% 5.4% 5.0% -5.7% 2.2% 5.4% 4.4% 2.5% 4.4% 0.4% -5.9% DG to NPL

2.2% -0.8% 0.1% 14.2% 2.3% 2.8% -1.5% 0.3% 3.8% 7.8% 1.7% -17.3% 0.2% UG to PL

2.5% 1.3% 2.9% 0.6% 11.1% 0.0% 3.9% -5.0% 1.1% 3.6% 0.1% 1.4% 1.3% 0.3% -13.3% -DG to NPL

Total Overseas Post-Merger Pre-Merger IBRA Restructured Total Loans Total Overseas Post-Merger Pre-Merger IBRA Restructured Commercial Loans Total Overseas Post-Merger Pre-Merger IBRA Restructured Corporate Loans Loan Background 72,493 2,083 38,592 4,719 5,393 21,526 33,029 -20,989 3,351 1,377 7,184 39,465 2,083 17,986 1,368 3,633 14,342

Value (Rp bn)

0.3% 1.3% 2.1% 0.5% 3.1% 2.3% 1.1% -3.5% 0.8% 0.2% 7.7% 0.3% 1.3% 0.3% -4.0% 0.2% Net

Q3 2004 Loan Detail*: Analysis of NPL and PL changes

* Corporate & Commercial Loans Only # % downgrades and upgrades are annualized figures

8

22.90 22.63

25.60

31.39 33.03 33.27

1.40 1.63 3.10

3.74 5.05 6.54 38.92 40.62 42.70 _41.80 38.18 39.46 41.53 40.23 30.06 22.20 4.23 1.51 Q4 '0 2 Q1 '0 3 Q2 '0 3 Q3 '0 3 Q4 '0 3 Q1 '0 4 Q2 '0 4 Q3 '0 4

Consumer loan growth balancing the segment mix

As of September. 2004; Non-consolidated numbers

Loans by Customer Segment (Rp tn) – Bank Only

„On target for loan mix by end-2004 ¾Corporate: 50%

¾Non-Corporate: 50% Non-Performing Loans by Segment

6.09 0.17 2.70 3.23 NPLs (Rp tn) 100% 8.0% 40.9% 51.1%

% of Portfolio

15.4% 110.0% 30.2% -0.7% Y-O-Y Growth (%) 81.34 6.54 33.27 41.53 Loans (Rp tn) 2.58% Cons. 7.77% Corp. NPLs (%) By Segment

(Bank only) Comm. Total

7.49%

8.11%

Loan Segment Details – Bank Only

Corporate

Commercial

9

Consumer Loan Portfolio Detail in Q3

Q-o-Q Y-T-D

Y-o-Y

110.5%

242.2% 37.9% 19.2% 875.5%

28.1% 566.3%

74.8%

68.3% 39.4% 3.3% 491.2%

6.1% 257.5%

3,106.3

9.0 823.2 427.6 198.8 1,492.8

151.7 Sep 2003

6,539.5 30.8 1,135.6

509.7 1,939.2 1,912.0 1,010.8 Sep 2004

31.1%

23.5 18.3

Unsecured Loans

21.6%

933.6 814.9

Credit Cards

6.3%

479.4 493.5

Cash Collateral Loans

83.2%

1,058.3 328.0

Collateralized Personal Loans

5,052.0

1,902.3 654.5 Jun 2004

Total Consumer# Payroll Loans Mortgages

(Rp bn) Dec 2003 Growth (%)

29.4% 3,742.0

0.5%

1,802.0

54.4%

282.7

*Car Loans channeled through finance companies = Rp 1.83 tn

Quarterly Consumer Loan Balances by Type

10

NPL Movement - Consolidated

7.2% 19.8% 9.7% 7.3% 8.6% 62.2% 1.8% 132.0% 190.4% 139.1% 82.3% 129.5% 146.7% Q1 '0 0 Q3 '0 0 Q1 '0 1 Q3 '0 1 Q1 '0 2 Q3 '0 2 Q1 '0 3 Q3 '0 3 Q1 '0 4 Q3 '0 4

Gross NPL Ratio Net NPL Ratio Prov / NPL

Maintaining conservative provisioning

„ As of 30 September ‘04:

¾Total Provisions/NPL coverage = 132.0%

¾Collateral values not deducted for Categories 3,4 and 5

¾Net NPL Ratio = (Gross NPLs –

Provisions against Categories 3,4 & 5) / Total Loans

¾Provisions excess to BI requirements = Rp 2.9 tn

„ Restructuring during Q3 ‘04:

¾Loans Restructured = Rp 94 bn ¾NPL Collections = Rp 175 bn

5 4 3 2 1 Collectibility Non-Performing Loans Performing Loans 50% 15% 15% 5% 100% 2% BMRI Policy 100% 50% 1% BI Req. Provisioning Policy Provisioning Details

11

Recap Bond Portfolio

Portfolio Sales as of September 2004 (Rp bn)

94.0 65.5 26.9 1.6 Total 4.4 83.4 6.2 Total 69.8% 28.5% 1.7% % of Total

4.7% 4.4 -Hedge Bonds 88.7% 59.7 22.3 1.3 Variable Rate 6.6% 1.4 4.5 0.3 Fixed Rate

% of Total HTM

(Nominal Value)

AFS

(Mark to Market#₎

Trading

(Mark to Market*) At Fair Value,

Sept 2004 (Rp tn)

177. 4 176. 9 153. 5 148.8 123. 0 107.3 94.0 102. 3 4.0 17.4 8.0 5.8 1.0 15.8 24.5 0 40 80 120 160 200

1999 2000 2001 2002 2003 Q1 '04 Q2 '04 Q3 '04

0 5 10 15 20 25 Recap Bonds Bond Sales

Bond Portfolio Movement (Fair Value), 1999 – Q3 ‘04

Ru pia h (Trillio ns) 10 63 5,781 Q2 ‘04 (2) 572 8,013 Q3 ‘04 60 653 17,380 Q1 ‘04 1,288 1,868 Realized Profit Unrealized Profit Bonds Sold IDR bn 68 (52) 31,174 24,505 9Mo ‘04 2003

* Mark to Market impacts Profit # Mark to Market impacts Equity

12

0 40 80 120 160 200 240 280

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 Q4 '03 Q1 '04 Q2 '04 Q3 '04

Government Bonds Loans Other Assets

45.5% 47.4%

60.6%

48.5% 74.1%

68.2% 67.8%

63.6% 75.4% _74.7%

74.9%

44.2% 42.3%

34.1%

41.6%

29.9% 22.1%

19.3% 19.0%

18.1% 19.0%

19.8%

Int. from Bonds Int. from Loans

As a

%

of Total Interest Income

Growing Contribution from Loans vs. Bonds – Bank Only

13

0 20 40 60 80 100 120 140 160 180 200

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 Q4 '03 Q1 '04 Q2 '04 Q3 '04

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

Funding Mix Improves

Deposit Analysis – Bank Only

Deposits by Type (Rp tn)

65.7% 62.6%

48.7%

44.6% 46.4%

53.7%

51.7%

57.3% _56.2% 61.5%

62.0%

47.8%

53.4% 50.9%

26.8%

48.6% 44.5%

37.0% 33.8%

32.1% 31.4%

32.1% 32.9%

22.6%

Retail Deposits (%) Low-Cost Deposits (%)

As a

%

14

Savings Deposit Growth Generating a Better Funding Mix

42.3 44.6 16.6 15.3 31.9 29.6 24.4 22.1 19.7 18.0 40.5 27.4% 24.0% 10.3% 15.5% 11.9% 10.0% 16.2% 13.5% 11.5% 11.2% _15.2% 16.8%

Q1 '

00

Q2 '0

0

Q3 '

00

Q4 '0

0

Q1 '

01

Q2 '0

1

Q3 '

01

Q4 '0

1

Q1 '

02

Q2 '0

2

Q3 '

02

Q4 '0

2

Q1 '

03

Q2 '0

3

Q3 '

03

Q4 '0

3

Q1 '

04

Q2 '0

4

Q3 '

04

Savings Deposits (Rp tn) As % of Total Deposits

National Share of Savings Deposits (%)

3.6% 3.6% 3.7% 3.7% 6.1% 6.9% 2.7%

5.1% 4.4%_4.8%5.0%

10.6% 9.5% 8.1% 5.4% 10.8% 6.1% 6.0% 7.1% 15.9% 13.8% 11.6% 6.6% 17.3% 7.4% 7.3% 7.4% 15.1% 13.0% 9.9% _8.4% 17.2% J an ' 02 Apr '0 2 Jul '0 2 Oc t ' 0 2 J an ' 03 Apr '0 3 Jul '0 3 Oc t ' 0 3 J an ' 04 Apr '0 4 Jul '0 4 Demand Deposits Savings Time Deposits 1 Mo. SBIs

Savings Deposit Growth _{Average Monthly Rupiah Deposit Costs (%)}

SBI TD SD DD

15

44.0 42.3 42.6

59.2

51.3 51.6 58.1 61.0 56.1

64.3 72.5

77.8 79.5

89.5 91.9 94.2 96.2

102.3

15.5 14.6 15.1 15.4 17.8 16.8 18.4 17.0

20.7 24.4 25.0 25.5

28.1 26.5 27.2 13.3

13.3 9.7

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

Q4 '03

Q1 '04

Q2 '04

Q3 '04 RWA (Rp tn) Total Capital (Rp tn)

26.1%

31.3%

26.1%

29.3%

26.4% 26.6%

27.9%

29.8%

27.5%

26.6% 31.4%

28.5% 29.3% 29.8%

23.4%

28.6% 27.7%

30.7%

CAR

BI Min Req

High CAR maintained through strong internal capital

generation

16

Margins normalizing as bond yields decline

All figures - Bank Only

2.

6% 2.5%

3.

0% 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.

7%

4.

7% 4._5% 4.

0% 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. 2% 3. 2% _4. 2% 4.

2% 3._8%

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 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Spread NIM 11.3% 10.9% 11.9% 13.0% 12.3%12.6%12.8%

13.0%13.9%13.6%13.5%13.0%

11.8% 11.5% 10.4% 9.5% 9.3% 8.8% 10.5% 10.1%10.1%

10.8%11.2%11.1%11.1%10.8%

11.8%11.6% 11.0%10.8% 9.6% 9.1% 7.2% 6.3% 8.4% 4.6% 4.6% 5.1%

Yield on Assets Cost of Funds

17 46 57 89

135

89

162

112

173 180

339

150 190

302 ₂₈₂ 309

395

280

102 101

Q1 '00

Q3 '00

Q1 '01

Q3 '01

Q1 '02

Q3 '02

Q1 '03

Q3 '03

Q1 '04

Q3 '04

11.5% 9.6%

2.3%

10.5%

4.9% 4.8%

4.1%

4.8%

6.3%

5.1% 7.2%

% of Operating Income*

Rising non-loan related fees & commissions

Non-loan related fees & commissions _{Details of Q3 2003 & 2004}

Credit Cards 1.4% Transfers etal

4.5% Fees from

Subs. 9.9%

LCs & Guarantees

18% Admin Fees

31.6%

Others 34.5%

Credit Cards 5.7% Others*

22.4% Admin Fees

32.3%

LCs & Guarantees

23.3%

Fees from Subs.

9.9%

Transfers etal 6.4% Q3 2003 (Rp302 bn)

Q3 2004 (Rp395 bn)

18

379 276 359 336 314 428 270

753

365 500 472

775

388 460 618

749

521 670 763

370

325 211 299

298

406 322

389 475

408 495

419 377 ₅₂₇

555 597

327 649

957

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

Q4 '03

Q1 '04

Q2 '04

Q3 '04

G&A Expenses (Rp bn) Personnel Expenses (Rp bn)

Efficiency ratios maintained despite salary adjustments and

higher G&A expenses

33.7%

40.3%

48.8%

38.9% 42.5%

36.9% 34.4%

27.0%

33.8% 40.0%

37.1%

31.1%

39.9%

42.8%

40.4% Cost to Income Ratio* (%)

Annual Avg (%)

19

Scale maintains efficiency advantage over competitors

Bank Only, As of September 2004

36.1% 38.6%41.6% 41.9% 42.9%

55.5%61.1% 63.7% 78.1% D ana m on M andi ri BN I BC A BR I BT N BI I Pe rm a ta Li pp o 697 516 455 395 ₃₇₇ 314 198 342 ₃₂₉ M andi ri BN I BT N BR I BC A D ana m

on BII

Pe rm a ta Li pp o 8,445

5,900 5,870 5,763 4,386 3,717 3,635 2,707 2,528 Man d ir i BC A BN I BT N Pe rm a ta Li ppo BI I Da n a m o n BR I 4,215 823 1,530 1,682 1,870 1,947 2,282 2,962 3,754 M andi ri BT N BN I Pe rm a ta D ana m

on _BRI

BC

A _BII

Li

pp

o

Revenue/ Employee* (Rp Mn)

Cost/ Income (p.a.) (%) Loans/ Employee (Rp Mn) Deposits/ Employee (Rp Mn) 433 232 ₂₀₈

183 177 170

118 ₁₀₃ 49 M andi ri D ana m on BC A BR I BN I BT N Pe rm a

ta _BII

Li

pp

o

Pre Tax Income/Employee* (Rp Mn)

2.2% 2.5% 2.8%

3.4% 3.6% 4.3% 4.6% 5.1% 6.7% M andi ri BC A D ana m on BT N Li pp o Pe rm a ta BN I BI I BR I Cost/Assets* (%) Industry Average * Annualized

20

3,357

4,145

3,514

1,792

4,521

1,454

260

114

329

2,021

2,072

1,597

3,540

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

2000 2001 2002 2003 9 Mo. '04

Gain on Sale/Value of Securities FX Gain

Core Earnings

Pre-Provision Operating Profit

IDR bn

9-Month 2004 core earnings 27.7% above 9-Month 2003

9 mo.

21

472

₃₀₈

1,168

1,549

1,744

290 1,300

602

690

1,329

967

1,017

1,528

1,408

(410)

645 799

819

829

2000 2001 2002 2003 2004

Q1 PAT Q2 PAT Q3 PAT Q4 PAT

8.1%

21.5%

26.2%

24.0%

26.5%

RoE - After Tax (Annualized)

22

Potential Upsides

Written-off Loans

Written-off Loans

„ Aggregate of IDR 22.09 tn (US$ 2.42 bn) in written-off loans as of end-September 2004, with significant recoveries on-going:

¾ 2001: IDR 2.0 tn (US$ 224 mn)

¾ 2002: IDR 1.1 tn (US$ 123 mn)

¾ 2003: IDR 1.2 tn (US$ 147 mn)

¾ Y-T-D: IDR 0.64 tn (US$ 70.5 mn)

„Q1 ’04: IDR 0.19 tn (US$ 22 mn) „Q2 ’04: IDR 0.19 tn (US$ 20 mn) „Q3 ’04: IDR 0.26 tn (US$ 29 mn)

Property Revaluation

Property Revaluation

„ Property revalued by Rp. 3.0 trillion in our June 2003 accounts

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

Conservative Provisioning

Conservative Provisioning

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

¾ As of 30 September 2004, excess provisions totaled IDR 2.895 tn (US$ 317 mn)

Loan Collateral Undervalued

Loan Collateral Undervalued

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

23

Corporate Actions

Interim Dividend Payment

Interim Dividend Payment

„ Payment of Interim dividend as follows:

¾ Rp 60 per share

¾ Payable on 30 December 2004 ¾ Cum dividend

‰ Regular Market – 16 December 2004 ‰ Cash Market – 21 December 2004 ¾ Ex dividend

‰ Regular Market – 17 December 2004 ‰ Cash Market – 22 December 2004 ¾ Recording Date – 21 December 2004

24

In Conclusion

„

Asset mix continues to improve

„

Liability mix continues to improve

„

Retail banking continues to grow (now on the asset side)

„

Transformation in corporate governance, risk

management and corporate culture continues

„

Asset mix continues to improve

„

Liability mix continues to improve

„

Retail banking continues to grow (now on the asset side)

„

Transformation in corporate governance, risk

25

Bank Mandiri Financial Summary

26 23.9 78.8 46.1 43.3 168.1 78.8 (8.3) 6.3 80.8 87.0 65.5 26.9 1.6 94.0 6.0 5.8 29.6 235.5 Rp (trillions) Q3 ‘04 9.0 2.61 20.4 21.9 Shareholders’ Equity (24.9) 8.62 99.3 104.9

Certificate & Time Deposits

35.4 5.04 41.3 34.0 Savings Deposits 6.7 4.74 38.2 40.6 Demand Deposits (6.3) 18.40 178.8 179.5

Total Deposits – Non-Bank

17.8 0.68 6.5 5.3 Non-Performing Loans 19.9 9.52 75.9 72.6 Loans (14.3) (0.90) (9.1) (9.6) Allowances (35.6) 7.17 70.1 101.8 HTM (1.1) 2.94 51.4 27.2 AFS (28.5) 10.28 122.9 131.4 Government Bonds 25.2 8.62 66.8 62.9

Loans – Net

20.1 8.84 69.4 67.3 Performing Loans (34.9) 0.17 1.4 2.4 Trading 45.3 0.66 5.2 4.1

Securities - Net

(34.0)

0.64

7.0 8.8

Current Accounts & Placements w/Other Banks

32.9

3.24

27.1 22.3

Cash & Placements w/BI

(6.2)

25.77

249.4 251.0

Total Assets

Rp % Change

USD (billions)# Rp (trillions)

Rp (trillions)

Y-o-Y

Q4‘03 Q3 ‘03

# USD1 = Rp9,140

27

Summary Quarterly Balance Sheet: 31 Mar, 30 Jun. & 30 Sept ‘04

23.9 78.8 46.1 43.3 168.1 78.8 (8.3) 6.3 80.8 87.0 65.5 26.9 1.6 94.0 6.0 5.8 29.6 235.5 Rp (trillions) Q3 ‘04 4.8 2.61 22.8 23.3 Shareholders’ Equity (6.8) 8.62 84.5 88.5

Certificate & Time Deposits

5.8 5.04 43.5 41.7 Savings Deposits (0.6) 4.74 43.6 41.8 Demand Deposits (2.0) 18.40 171.6 172.0

Total Deposits – Non-Bank

(7.7) 0.68 6.8 6.4 Non-Performing Loans 5.8 9.52 82.3 76.7 Loans (6.3) (0.90) (8.8) (8.9) Allowances (2.8) 7.17 67.4 68.5 HTM (19.7) 2.94 33.5 37.3 AFS (8.1) 10.28 102.3 107.3 Government Bonds 7.3 8.62 73.4 67.8

Loans – Net

7.0 8.84 75.5 70.2 Performing Loans 9.7 0.17 1.4 1.5 Trading 9.4 0.66 5.5 4.3

Securities - Net

(30.9)

0.64

8.4 10.4

Current Accounts & Placements w/Other Banks

16.0

3.24

25.5 28.1

Cash & Placements w/BI

0.4

25.77

234.7 239.4

Total Assets

Rp % Change

USD (billions)# Rp (trillions)

Rp (trillions)

Q-o-Q

Q2 ‘04 Q1 ‘04

28

Summary P&L Information – Q3 2004

274.0

1.1

647

0.3 173

Gain from Increase in Value & Sale of Bonds (150.0) 0.0 3 (0.0) (6)

Non Operating Income

(2.0)

(0.2)

(145)

(0.2) (148)

Other Operating Expenses**

(6.6)

3.2

1,857

3.4 1,988

Net Income Before Tax

13.9

(1.3)

(763)

(1.1) (670)

G & A Expenses

7.6 (1.0) (597) (0.9) (555) Personnel Expenses (151.7) (0.1) (78) 0.3 151 Provisions, Net 5.9 2.4 1,408 2.2 1,329

Net Income After Tax

(7.0)

3.2

1,854

3.4 1,994

Profit from Operations

3.7

1.1

643

1.0 620

Other Operating Income

(11.4)

3.7

2,147

4.1 2,423

Net Interest Income

(0.2) (3.9) (2,304) (3.9) (2,309) Interest Expense (5.9) 7.6 4,451 8.0 4,732 Interest Income (%) % of Av.Assets Rp (Billions) % of Av.Assets* Rp (Billions) Q-o-Q Change Q3 2004 Q2 2004

* % of Average Assets on an annualized basis

29

Recap Bond Portfolio Details – 30 September 2004 – Bank Only

30

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

Positive Outlook

Sovereign Ratings

Positive 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

31

Audited Reconciliation to IFRS

4,398

(188) 81 -199 55 (17) 52 104 (662)

4,586

Rp (Billions)

FY ’03 H1 ’03 H1 ’04

FY ’02 FY ’01

2,580

341 (146) -4 44 1,108 (669)

2,239

Rp (Billions)

3,251

3,580

3,176

Net profit in accordance with IFRS

-293

Securities & Gov. Bond (trading portfolio)

28

-De-recognition of revaluation of premises & equipment

(77)

2 (184)

Deferred income taxes

(2)

-Accretion on deferred inc. arising from loan purchase from IBRA

-(94) 10 Employee benefits 117 (77) 351

Allow. for possible losses on commitments & contingencies

178 (6) 430 Net Adjustment -(995)

De-recognition of allowances

-(52)

-Change in fair value of derivatives

112

215 955

Allow. for possible losses on earning assets IFRS Adjustments

3,073

3,586

2,746

Net profit under Indonesian GAAP

Rp (Billions) Rp (Billions) Rp (Billions)

32

Bank Mandiri Additional Loan Movement &

Bank Mandiri Additional Loan Movement &

Portfolio Detail

Portfolio Detail

33

Co

rp

o

ra

te

Co

m

m

e

rc

ia

l

Organic IBRA Restr

Agri Mfg-Oth Mfg-Chem

Retail Bus Serv

Trans Mfg-Text Trade-Oth

Hotels Oth<5%

IDR USD

Other

Invest. WC

Other

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

GAS Backgrnd Sector Currency Purpose

Q3 2004 Loan Detail*: Downgrades to NPL

* Corporate & Commercial Loans Only

„38.6% were less than 90 days

overdue, including 14.2% which were still current on interest payments „68.6% were Commercial borrowers „29.7% were loans purchased from

IBRA

„0.3% were previously restructured „Largest downgrades by sector:

¾ Agriculture

¾ Other Manufacturing

¾ Chemical Manufacturing „67.1% were Rupiah loans

„23.9% were Investment loans „1st _{time downgrades from}

Agriculture, Chemical Mfg & Retail Downgrades to NPL in Corporate and Commercial loans totaled Rp 474 billion (0.6% of total loans) in Q3. Of these downgraded loans:

34

Q3 2004 Loan Detail*: Non-Performing Loans

Loan Profile: Q3 Corp & Comm NPLs (Rp 5.9 tn) Bank Only

* Corporate & Commercial Loans Only

„54.5% are to Corporate customers „53.5% are Investment loans

„Primary sectors are:

¾ Manufacturing •Pulp & Paper •Textiles

¾ Agriculture

¾ Transportation

¾ Retail

„55.3% are Rupiah loans „32.7% were previously

restructured

„36.7% were loans purchased from IBRA

Rp 5.9 trillion in Corporate &

Commercial NPLs remained in Q3, or 7.3% of total loans. Of these NPLs in Q3:

Co

rp

o

ra

te

C

o

mme

rc

ia

l

Organic IBRA Restr

Mfg-P&P Agri Mfg-Oth

Trans Mfg-Text

Retail Mfg-Nmetal

Trade-Oth

Oth<5%

IDR USD

Invest. WC Export

Other

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

35

Movement in Special Mention Loans, Q1 ‘00 – Q3 ‘04

0% 20% 40% 60% 80% 100% 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 Q4 ' 0 3 Q1 ' 0 4 Q2 ' 0 4 Q3 ' 0 4

5 - Loss 4 - Doubtful 3 - Substandard 2 - Special Mention 1 - Pass

12.1% 12.8% 14.5% 15.0% 24.8% 26.2% 35.7% 0% 20% 40% 60% 80% 100%

Cat 2 %

Cat. 2 as

%

of Total Loans

Loans by Collectibili

ty –

B

ank Only (

%

36

Q3 2004 Movement in Category 1 and 2 Loans

60,994

580

4,971 79

1 1,716 1,787

65,392

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 (Rp bn) – Bank Only Category 2 Loan Movements (Rp bn) – Bank Only

113 136

339 492

1,716 1,787

9,912 _9,853

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

37

Q3 2004 Loan Detail*: New Downgrades to Category 2

Loan Profile: Q3 Corp & Comm Downgrades to Cat. 2 loans (Rp 1.64 tn) Bank Only

* Corporate & Commercial Loans Only

„66.0% are to Commercial customers

„26.7% are current or 1 day overdue „Primary sectors in Category 2 are:

¾ Wood Manufacturing

¾ Construction

¾ Transportation

¾ Trading

„58.3% are Rupiah loans „59.2% are Investment loans „3.2% are Restructured loans

„28.2% were purchased from IBRA Rp 1.64 trillion in Corporate &

Commercial loans were downgraded to Category 2 in Q3, or 2.0% of total loans. Of these downgrades to

Special Mention Loans in Q3:

C

o

rpor

at

e

Co

m

m

e

rc

ia

l

Current 1 Day

< 30 31-60

61+

Mfg-Wood Constr Mfg-Oth

Trans Trading Bus Serv

Oth<5%

IDR USD

Invest. WC Export

Other

Or

gani

c

IBRA Restr

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

38

Q3 2004 Loan Detail*: Category 2 Loans

Loan Profile: Q3 Corp & Comm Category 2 Loans (Rp 9.3 tn) Bank Only

* Corporate & Commercial Loans Only

„ 40.1% are Corporate customers „ 54.9% are current or 1 day overdue „ Primary sectors in Category 2 are:

¾ Textile Manufacturing

¾ Agriculture

¾ Trading, Hotels & Restaurants

¾ Non-Metal Mining „ 55.0% are Rupiah loans „ 47.4% are Investment loans „ 61.5% are Restructured loans „ 29.6% were purchased from IBRA „ 77.8% saw no change in

collectibility

Rp 9.3 trillion in Corporate &

Commercial loans were in Category 2 in Q2, or 11.5% of total loans. Of these Special Mention loans in Q2:

C

or

por

at

e

C

o

mme

rc

ia

Current 1 Day

< 30 31-60

61+

Mfg-Text Agri Mfg-Oth Mfg-Nmetal

Trading Mfg-Wood

Bus Serv Trans Constr Oth<5%

IDR USD

Invest. WC

Export

Synd Other

O

rgani

c

IBRA

Restr

1 to 2

New Bal. NC-PL UG to PL

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

GAS Days Aging

39

Movement in Restructured Loans, 1999 – Q3 ‘04

IDR bn

25,

123

29,

542

23,

9

87

22,

₆

40

22,

2

58

21,

6

32

27,

4

23

10,

5

83

1999 Ad

d

Deduc

t

2000 Ad

d

Deduc

t

2001 Ad

d

Deduc

t

2002 Ad

d

Deduc

t

2003 Ad

d

Deduc

t

Q1

'0

4

Ad

d

Deduc

t

Q2

'0

4

Ad

d

Deduc

t

Q3

'0

4

Other Write-Offs Repayments Restructuring Balance

40

Q3 2004 Loan Detail*: Restructured Loans

Loan Profile: Q3 Corp & Comm Restructured Loans (Rp 21.6 tn) Bank Only

* Corporate & Commercial Loans Only

„91.0% are performing

„69.3% are to Corporate customers „Primary sectors are:

¾ Agriculture

¾ Manufacturing •Chemicals •Textiles

•Non-Metal Processing •Pulp & Paper

¾ Trading & Hotels

¾ Business Services „53.0% are Rupiah loans „31.1% are Investment loans „3.0% improved in collectibility „0.5% deteriorated in collectibility Rp 21.6 trillion in restructured

Corporate & Commercial loans remained in Q3, or 26.6% of total loans. Of Restructured Loans in Q3:

1

2

3

4 5

Cu

rr

e

n

t

< 30

31-60 61+

Mfg-Oth Agri

Mfg-Chem

Mfg-Text

Mfg-Nmetal

Mfg-P&P Trading Bus Serv

Mfg-F&B Oth<5%

IDR USD

Invest. WC Synd

Export

Program

C

o

rp

or

at

e

C

o

mme

rc

ia

PL-NC

NPL-NC

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

Collect. Cat. 2

Aging

41 Mfg-F&B

10.4%

Agri 9.9%

Mfg-Chem 9.0% Bus Serv

7.2% Mfg-P&P

5.5% Mining

4.5% Mfg-Wood

4.1% Retail

4.1% Distribution

3.8%

Mfg-Text 6.5%

Mfg-Oth* 12.5%

Constr 6.8% Trans

4.7%

Hotels 3.8%

Others 7.3%

Loan Portfolio Sector Analysis

Breakdown By Sector, September 2004(1)

(1) Non-consolidated numbers

* Each sector < 4%

„No sector accounts for more than 11% of total loans

„Minimizing exposure to problem sectors including

¾Textiles (6.5%)

¾Plywood (4.1%)

¾Hotels & Restaurants (3.8%) „Focusing on growth sectors

including:

¾Agriculture

42

Q3 2004 Loan Detail: Corporate Loans

Loan Profile: Q3 Corporate Loans Only (Rp 41.5 tn)

1

2 3

5

Cu

rr

e

n

t

< 30

31-6061+

Mfg-F&B Mfg-Oth Mfg-Chem

Mfg-P&P

Trading Mfg-Text

Agri Mining

Bus Serv Oth<5%

IDR USD

Invest. WC Synd

Export

Other

O

rgani

c

IB

R

A

IBRA Restr.

Re

s

tr

u

c

tu

re

New Bal.1 to 2

2 to 1

PL-NC

NPL-NC

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

Collect. Cat. 2

Aging

Sector Currency Purpose Backgrnd Movement

„92.2% are performing loans „9.0% are in Category 2

„51.6% of Category 2 loans are current in interest payments

„Primary sectors in Corporate are:

¾ Food & Beverage Mfg

¾ Chemical Mfg

¾ Pulp & Paper Mfg

¾ Trading, Hotels & Restaurants

„45.5% are Rupiah loans „40.7% are Investment loans „35.9% are Restructured loans „9.4% were purchased from IBRA Rp 41.5 trillion in loans were in the Corporate portfolio in Q3, or 51.1% of total loans. Of the Corporate Loans in Q3:

43

1

2 3 4 5

Current 1 Day

< 30

31-60 61+

Trading Mfg-Oth

Agri

Bus Serv

Constr Trans Mfg-Text Mfg-Wood

Mfg-Chem Oth<5%

IDR USD

Invest. WC

Program ExportOther

O

rgani

c

IBRA

IBRA Restr.Re

s

tr

u

c

tu

re

d

New Bal.

1 to 2

2 to 1

PL-NC DG to NPLNPL-NC

NPL

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

Collect. Cat. 2

Aging

Sector Currency Purpose Backgrnd Movement

Q3 2004 Loan Detail: Commercial Loans

Loan Profile: Q3 Commercial Loans Only (Rp 33.3 tn)

„91.9% are performing „16.8% are in Category 2

„55.9% of Category 2 loans are current in interest payments

„Primary sectors in Commercial are:

¾ Agriculture

¾ Trading

¾ Business Services

¾ Construction „76.8% are Rupiah loans „36.3% are Investment loans „19.7% are Restructured loans „3.7% were purchased from IBRA Rp 33.3 trillion in loans were in

Commercial portfolio in Q3, or 40.9% of total loans. Of the Commercial Loans in Q3:

44

Q3 2004 Loan Detail*: Rupiah Loans

Loan Profile: Q3 Corp & Comm Rupiah Loans (Rp 44.4 tn) Bank Only

1

2 34

5

Current 1 Day

< 30

31-60 61+

Mfg-Oth Mfg-F&B

Agri

Bus Serv

Constr Retail Trans Trade-Oth

Mfg-Nmetal

Oth<5%

C

or

por

at

e

C

o

mmer

c

ia

Invest. WC Program

Export

Other

O

rgani

c

IBRA

Restr

New Bal.

1 to 22 to 1

PL-NC

DG to NPLNPL-NC

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

Collect Cat 2 Aging Sector Business Purpose Backgrnd Move

„92.6% are performing loans „11.5% are in Category 2

„48.1% of Category 2 loans are current in interest payments

„Primary sectors in Corporate are:

¾ Construction

¾ Agriculture

¾ Food & Beverage Mfg

¾ Business Services „42.5% are Corporate loans „28.4% are Investment loans „25.5% are Restructured loans „2.5% were purchased from IBRA Rp 44.4 trillion in loans were Rupiah denominated in Q3, or 54.6% of total loans. Of the Rupiah Loans in Q3:

45

Q3 2004 Loan Detail*: Foreign Currency Loans

Loan Profile: Q3 Corp & Comm FX Loans (Rp 30.4 tn) Bank Only

„ 91.3% are performing loans „ 13.8% are in Category 2

„ 61.6% of Category 2 loans are current in interest payments

„ Primary sectors in Corporate are:

¾ Manufacturing of

‰Chemicals

‰Textiles & Leather

‰Pulp & Paper

¾ Mining

¾ Trading, Hotels & Restaurants

„ 74.5% are Corporate loans „ 53.8% are Investment loans „ 33.5% are Restructured loans „ 13.5% were purchased from IBRA Rp30.4 trillion in loans were foreign currency denominated in Q3, or 37.3% of total loans. Of the FX Loans in Q3:

* Corporate & Commercial Loans Only

1

2 3 45

Current

< 30

31-60 61+

Mfg-Chem Mfg-Oth Mfg-P&P

Mining

Mfg-Text Trading

Agri Constr

Mfg-Wood Oth<5%

C

or

por

at

e

Co

m

m

e

rc

ia

Invest. WC

Export

Synd

O

rgani

c

IBRA

Restr

New Bal.

1 to 2 2 to 1

PL-NC

NPL-NC

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

46

Other Transaction Services

341 1,014 321 1,800 50 18 164 185 7 234 112 72 106 386 795 1,356 695 282 62 1,069 1,114 1,774 725

679 698 706

27

52

159

Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Debit Cards Issued* (000)

SMS Subs. (000) SMS Trans. (000)

Internet Bank. Subs. (000) Call Center Trans. (000)

Electronic banking channels rapidly expanding

389. 7 475. 3 336. 5 290. 5 268. 7 8. 1 19. 2 35. 9 74. 2 115. 8 203. 9 232. 9 12. 9 26. 2 52. 2 94. 2 159. 0 226. 2 271. 8 138,259 184,326 98,004 2,7096,270 12,201 25,429 41,744 62,551 88,310

Q1 '00 Q3 '00 Q1 '01 Q3 '01 Q1 '02 Q3 '02 Q1 '03 Q3 '03 Q1 '04 Q3 '04

Avg Daily Volume (000) Avg Daily Value (Rp Mn)

ATM Average Daily Transaction Volume and Value

47

Credit Card business expanding

Mandiri Visa Card Holders and EOQ Receivables

509.2 418.0

275.4 225.7 245.3

275.3

338.2 357.5 567.5

747.9

814.9

933.6

645.9

823.2 785.7

1,135.6

Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04

Cards (000s) Receivables (Rp Bn)

82 ₇₈ 90 95

110

127

170

162 172 8

20

18

22

21

16 11 27

21

9

8 ₇ 7

12

12

25

Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04

Transfer Balance Cash Advance Retail

Visa Card Monthly Sales by Type of Transaction (Rp Billion)

Transferred from GE

48

Credit Card portfolio quality improving

Mandiri Visa Card Delinquency Rates

(%)

106.1

94.6

82.9

57.7

46.4

38.6

36.5 36.4 35.9 21.2

32.8

25.4

31.6

16.2 15.9

11.5 _{9.8 9.9} 0.4 0.7 0.9 1.1 1.3 1.5 1.4 1.7 1.6

Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 NPLs (90+DPD)

Write-Offs Recoveries

Monthly Charge-offs, NPLs & Recoveries (Rp Billion)

21.3%

19.3%

16.8%

13.0%

10.8%

9.1%

8.2% _7.7%

7.1%

12.

7% 11.

5%

9.

5%

7.

0% 6.

3% _5.

4% 5._1% 4.

8% 4._5%

13.

3% 12.

1

% 10.

7%

7.

4%

5.

8%

4.

6% 4._0% 3.

7% 3._4%

2.

1%

7.

8% _5.

8%

3.

1% 2._4%

7.

3%

3.

9% 2.

5% 2._2%

Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04

30 DPD - Rp 90 DPD - Rp 30 DPD - Cards 90 DPD - Cards

49

56 147 298

777

187 336

753

1,431

232

634

1,578

2,846

2001 2002 2003 9 Mo. '04

Time Deposit Savings

Demand Deposit

Branch Network & Customer Growth

Bank Syariah Mandiri

32

48

88

125

70

115

206

319

2001 2002 2003 9 Mo. '04

Branches

Customers (000s)

Third Party Deposits by Type (Rp Billions)

50

Bank Syariah Mandiri

856

1,496

3,131

5,537

2,629 2,163

5,054

475

1,117

5,007

653 _1,141

75

91

137

200

30

16

60 17

2001 2002 2003 9 Mo. '04

Total Earning Assets 3rd Party Funds

Total Financing Extended Net Profit Sharing

PAT

Financial Highlights (Rp Billions)

20.9%

10.9%

76.2%

74.6%

66.1%

99.1%

63.2%

39.3%

3.3% 3.6% 2.4%

1.0%

7.4%

17.6%

3.6% 4.4%

2001 2002 2003 9 Mo. '04

LDR CAR

ROA ROE

Selected Financial Ratios (%)

51

Mandiri Sekuritas

440,914 161,913

2,360

182,544 123,957

67,248

64,478

190,328

18,410 27,272

47,920

28,862

5,602

351

2001 2002 2003 9 Mo. '04

Other

Mutual Funds Corporate Bonds Shares

Govt. Recap Bonds Trading Gains

Marketable Securities Portfolio Breakdown (Rp Billion)

62

1,542

348 712 725

1,083

380

47

66

99

170

53 51

6 ₂

18 11

102

13

16

2001 2002 2003 9 Mo. '04

Assets Equity Profit

Operating Income Operating Expense

Financial Performance (Rp Billion)

52

26

73 ₆₇

53

33 65

91 ₉₂

105 73

191 ₁₉₁

146

69 226

2000 2001 2002 2003 Q3 2004

Notification Warning Termination

Disciplinary Actions Taken (# of Employees) & Total Potential Operational Losses – All Sources

Recent Significant Fraud Proceedings

Branch/Year: Jakarta Tanjung Priok, 2002 Employee: ex Officer (CSO)

Potential Losses: Rp 53.83 b

Recovered: Rp 2.0b + assets Court Judgment: 17 year jail term

Rp 10b penalty

Repayment of Rp 40b Currently on appeal to the Supreme Court

Branch/Year: Jakarta Tanjung Priok, 2002 Employee: ex Officer (CSO)

Potential Losses: Rp 53.83 b

Recovered: Rp 2.0b + assets Court Judgment: 17 year jail term

Rp 10b penalty

Repayment of Rp 40b Currently on appeal to the Supreme Court

Branch/Year: Jakarta Prapatan, 2002 Employee: ex Spoke Manager Potential Losses: Rp 120b

Recovered: Rp 40.3b + assets Court Judgment: 15 year jail term

Rp 5.1b penalty

Repayment of Rp 77b Currently on appeal to the Supreme Court

Branch/Year: Jakarta Prapatan, 2002 Employee: ex Spoke Manager Potential Losses: Rp 120b

Recovered: Rp 40.3b + assets Court Judgment: 15 year jail term

Rp 5.1b penalty

Repayment of Rp 77b Currently on appeal to the Supreme Court

Branch/Year: Pontianak, 2002

Employee: ex Hub Outlet Manager Potential Losses: Rp 95.8b

Recovered: Rp 95.7b Court Judgment: 4 year jail term

Rp 200m penalty No appeal

Branch/Year: Pontianak, 2002

Employee: ex Hub Outlet Manager Potential Losses: Rp 95.8b

Recovered: Rp 95.7b Court Judgment: 4 year jail term

Rp 200m penalty No appeal

Compliance & Discipline

67.6

13.1 210.5

156.5

53

Bank Mandiri at a Glance

54

Bank Mandiri’s Managing Directors and SEVPs

(Sitting, right to left)

I Wayan Pugeg

Deputy President Director & COO

Zulkifli Zaini

Managing Director & SEVP Distribution Network

Omar Sjawaldy Anwar

Managing Director & SEVP Consumer Banking

Johanes Bambang Kendarto

Managing Director & SEVP Treasury & International

Ventje Rahardjo

Managing Director & SEVP Commercial Banking

Andreas E. Susetyo

CTO & SEVP

Information Technology

M. Sholeh Tasripan

Managing Director & SEVP Corporate Banking

(Standing, left to right)

E. C. W. Neloe

President & CEO

Lee, Kuan Keat

CFO & SEVP, Finance & Strategy

Nimrod Sitorus

Managing Director & SEVP Corporate Secretary, HR & Compliance

55

56

19,606

18,016

17,204

17,735

18,397

18,807

19,299

199

9

200

0

200

1

200

2

200

3

H1 '

0

4

Q3

'0

4

Staffing and Distribution Network Growth

658 ₆₃₅

730 788

546

687 747

199

9

200

0

200

1

200

2

200

3

H1 '

0

4

Q3

'0

4

5,111 3,160

4,000

4,716 5,033

19

99

20

00

20

01

20

02

20

03

H1

'0

4

Q3

'0

4

513 533

1,184

2,022 2,071 2,138 1,559

1999 2000 2001 2002 2003 _{H1 '}

0

4

Q3

'0

4

Employees

Domestic Branch Network

ATM Network

57

Bank of the Year,

Indonesia

2001, 2002, 2003,

2004

Best Local Bank

2001, 2002, 2003, 2004

Best Indonesian Bank

2001, 2002, 2003

Best Trade

Finance Bank

2001, 2002, 2003,

2004

Best Domestic

Commercial Bank

2002, 2003, 2004

Best Domestic Bank

2003, 2004

Best Domestic

Commercial Bank

2004

Best Trade Finance Bank

Southeast Asia

2004

58

Bank Mandiri Reviewed Financial Statements

68

70 raymond.kosasih@db.com

6221-318-9525 Raymond Kosasih

DEUTSCHE VERDHANA SECURITIES

Joshua.tanja@ubs.com 6221-570-2378

Joshua Tanja UBS

manoj.nanwani@id.abnamro.com 6221-515-6014

Manoj Nanwani ABN AMRO Asia Securities Indonesia

liny.halim@macquarie.com 6221-515-7343

Liny Halim MACQUARIE SECURITIES INDONESIA

jenny.ma@morganstanley.com 852-2848-8206

Jenny Ma MORGAN STANLEY DEAN WITTER

mardesiana@kimeng.co.id 6221-3983-1457

Mardesiana KIM ENG SECURITIES

6221-515-8826 6221-526-3445 6221-5291-8570 6221-515-1330 852-3191-8611 6221-3983-5428 6221-350-9888 852-2101-7096 6221-574-6912 6221-250-5080

TELEPHONE

Arief Koeswanto Darmawan Halim Rizal Prasetijo Tjandra Lienandjaja Hugh Lee

Ferry Hartoyo Kim Kwie Sjamsudin Bill Stacey

Ervin Hardiman Mirza Adityaswara

ANALYST

hugh.lee@fpk.com FOX-PITT, KELTON

kimkwie@danareksa.com DANAREKSA SECURITIES

bill.stacey@csfb.com CS FIRST BOSTON

arief_koeswanto@ml.com darmawan@mandirisek.co.id rizal.b.prasetijo@jpmorgan.com lienandjaja.tjandra@gkgoh.com ferry.hartoyo@id.dbsvickers.com ervin.hardiman@clsa.com mirza@bahana.co.id

E-MAIL

DBS VICKERS SECURITIES

MANDIRI SEKURITAS J.P. MORGAN ASIA G.K. GOH INDONESIA

MERRILL LYNCH CLSA LIMITED

BAHANA SECURITIES

BROKERAGE

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

71

For Additional Information:

Please refer to our website at www.bankmandiri.co.id Or Contact:

Nimrod Sitorus

Corporate Secretary Tel: (6221) 524 5649 Fax: (6221) 526 8229 Jonathan Zax

Head of Investor Relations Tel: (6221) 526 3817 Fax: (6221) 5290 4249 E-mail: ir@bankmandiri.co.id

68

70

raymond.kosasih@db.com 6221-318-9525

Raymond Kosasih DEUTSCHE VERDHANA SECURITIES

Joshua.tanja@ubs.com 6221-570-2378 Joshua Tanja UBS manoj.nanwani@id.abnamro.com 6221-515-6014 Manoj Nanwani ABN AMRO Asia Securities Indonesia

liny.halim@macquarie.com 6221-515-7343

Liny Halim MACQUARIE SECURITIES INDONESIA

jenny.ma@morganstanley.com 852-2848-8206

Jenny Ma MORGAN STANLEY DEAN WITTER

mardesiana@kimeng.co.id 6221-3983-1457

Mardesiana KIM ENG SECURITIES

6221-515-8826 6221-526-3445 6221-5291-8570 6221-515-1330 852-3191-8611 6221-3983-5428 6221-350-9888 852-2101-7096 6221-574-6912 6221-250-5080 TELEPHONE Arief Koeswanto Darmawan Halim Rizal Prasetijo Tjandra Lienandjaja Hugh Lee Ferry Hartoyo Kim Kwie Sjamsudin Bill Stacey Ervin Hardiman Mirza Adityaswara ANALYST hugh.lee@fpk.com FOX-PITT, KELTON kimkwie@danareksa.com DANAREKSA SECURITIES bill.stacey@csfb.com CS FIRST BOSTON

arief_koeswanto@ml.com darmawan@mandirisek.co.id rizal.b.prasetijo@jpmorgan.com lienandjaja.tjandra@gkgoh.com ferry.hartoyo@id.dbsvickers.com ervin.hardiman@clsa.com mirza@bahana.co.id E-MAIL

DBS VICKERS SECURITIES

MANDIRI SEKURITAS J.P. MORGAN ASIA G.K. GOH INDONESIA

MERRILL LYNCH CLSA LIMITED

BAHANA SECURITIES

BROKERAGE

The equity analysts listed above actively follow Bank Mandiri, but not all have issued research reports

or formally instituted coverage.

71

For Additional Information:

Please refer to our website at www.bankmandiri.co.id

Or Contact:

Nimrod Sitorus

Corporate Secretary

Tel: (6221) 524 5649

Fax: (6221) 526 8229

Jonathan Zax

Head of Investor Relations

Tel: (6221) 526 3817

Fax: (6221) 5290 4249

E-mail: ir@bankmandiri.co.id