2016Q4 Analysts Meeting Long Form

PT Bank Mandiri (Persero) Tbk

FY 2016

Results Presentation

Share Information

∆ fro : IPO Dec 31, 2015

BMRI 1,643.22% 30.42%

JCI 909.50% 17.12%

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

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BMRI JCI

No. of Investor % No. of shares %

I DOMESTIC

1. Government of RI 1 0.01% 14,000,000,000 60.00% 2. Retail 12,119 76.42% 210,866,078 0.90% 3. Employees 1,732 10.92% 10,943,318 0.05% 4. Cooperatives 4 0.03% 492,800 0.00% 5. Foundation 22 0.14% 15,236,845 0.07% 6. Pension Funds 141 0.89% 160,077,350 0.69% 7. Insurance 78 0.49% 519,193,297 2.23% 8. Banks - 0.00% - 0.00% 9. Corporations 81 0.51% 522,855,180 2.24% 10. Mutual Funds 242 1.53% 543,460,733 2.33%

Total 14,420 90.93% 15,983,125,601 68.50% II INTERNATIONAL

1. Retail 107 0.67% 1,055,398 0.00% 2. Institutional 1,332 8.40% 7,349,152,334 31.50%

Total 1,439 9.07% 7,350,207,732 31.50%

No. Description By 31 December 2016

2

Table of Contents

Results Overview Page #



Corporate Strategy 3 –4



I do esia s E o o i Co ditio 5



Key Indicators + Financial Highlights 6 –7



SBU Performance Highlights 8



Ba k s Pe fo a e 9 –11



Loan Performance 12 –13



ROE, Forex Loan & NIM 14 –16



Fee-Based & CIR 17 –18



Wholesale Business 19 –21



Retail Business 22 –28



Non-Performing Loan & Restructured Loan 29 –32



Subsidiaries 33 –34



Corporate Guidance 35

Additional Information

Operating Performance Highlights Supporting Materials

Corporate Plan

–

Realigning Our 2020 Initiatives

Accelerate in Growth

Segments

Integrate The Group

Deepen Client

Relationship

I do esia s

Top Financial Institution:

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

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

• Focus on micro fixed income earners

and asset-backed consumer lending

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

 Drive su sidiaries perfor a e by

increasing synergies within the Mandiri Group.

 Increase distribution network productivity

 Strengthen presence in ASEAN countries

• Strengthen Ba k Ma di i s positio as

the No. 1 Corporate Bank

• Grow in-line with the market in the

Commercial Bankingsegment

• Offeringsector specific solutionand integrated product packages.

Current Achievements (FY 2016)

 Consumer Loans Rp84.8Tn (+17.3% YoY)  Micro Loans Rp50.6Tn (+19.1% YoY)  SME Loans Rp60.8Tn (+0.5% YoY)

Current Achievements (FY 2016)

Current Achievements (FY 2016)

 Corporate Loans Rp228.7Tn (+16.3% YoY)

 Wholesale Fee Income Rp7.8Tn (27.7% of wholesale income)

 Total income from subsidiaries Rp2.3Tn

(16.6% of EAT)

 Average CASA per branch grew by 4.2%

 Obtained Singapore Capital Market License

2016-2020 Bank Mandiri Corporate Plan

–

How We Plan To Get There

Focus on Core Business

▪

Grow corporate lending above the market growth rate and

deepen relationships with existing clients

▪

Increase fee based income & wholesale current accounts

Expanding into

Underpenerated Low-Risk

Segments

▪

Accelerate consumer lending growth: mortgages, auto loan

and salary based loans

▪

Push retail CASA growth through Bank@Work

▪

Defend market share in SME

Strengthen The Foundation

▪

Lower cost to income ratio through digitalization and

productivity enhancements

▪

Reduce NPL ratio by improving the loan underwriting process

▪

Increase utilization and sophistication of data analytics to

enhance insights and cross-selling.

Strategic Initiatives

Description

5

Inflation continues to decrease, GDP growth improving

Decreasing inflation gave room to

monetary policy easing

Current account balance in 4Q16

was quite stable

Source : CEIC, Bloomberg

4Q16 GDP Growth

3.02 4.75 2 3 4 5 6 7 8 9 10 De c-10 De c-11 De c-12 De c-13 De c-14 De c-15 De c-16

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

7 Days RR

(10) (5) -5 10 15 (15) (10) (5) -5 10 15 20 1 Q 10 2 Q 10 3 Q 10 4 Q 10 1 Q 11 2 Q1 1 3 Q 11 4 Q 11 1 Q1 2 2 Q 12 3 Q 12 4 Q 12 1 Q 13 2 Q1 3 3 Q 13 4 Q1 3 1 Q 14 2 Q 14 3 Q 14 4 Q 14 1 Q 15 2 Q1 5 3 Q 15 4 Q 15 1 Q1 6 2 Q 16 3 Q 16 4 Q 16

Capital and Financial Account

Current Account (CA) BoP 4.5 5 5.5 6 6.5 7 4Q09 2 Q 10 4 Q 10 2Q11 4 Q 11 2 Q 12 4 Q 12 2 Q 13 4Q13 2 Q 14 4Q14 2 Q 15 4 Q 15 2 Q 16 4 Q 16 5.57 3.07 4.94 6.50

6

NIM

6.

4%

Supports

12.

7%

YoY

PPOP

Gr

owth

22.10% 24.40% 22.00% 22.55% 22.23% 20.95% 18.33% 9.66% 2009 2010 2011 2012 2013 2014 2015 2016

R

e

turn

on E

qu

ity

(%

)

Tot

al

CAS

A

(Rp

Bn

)

Non P

erf

ormi

ng

Loan

(%

)

186,492 201,958 256,395 316,127 359,957 380,512 443,874 489,380 2009 2010 2011 2012 2013 2014 2015 2016 2.79% 2.42% 2.21% 1.87% 1.90% 2.15% 2.60% 4.00% 2009 2010 2011 2012 2013 2014 2015 2016 7,155 9,218 12,246 15,504 18,204 19,872 20,335 13,807 2009 2010 2011 2012 2013 2014 2015 2016

E

arni

ng

Aft

er T

a

x (

Rp

Bn

)

12,430 16,693 19,234 23,018 28,408 31,507 38,381 43,258 2009 2010 2011 2012 2013 2014 2015 2016

P

P

OP

(

Rp

Bn

)

Ne

t

In

ter

es

t Mar

gi

n

(%

)

5.04% 5.28% 5.11% 5.46% 5.74% 5.97% 6.08% 6.44% 2009 2010 2011 2012 2013 2014 2015 2016 Y o Y 12.7% Y o Y -32 .1 % Y o Y -47 .3 % Y o Y 10.3% Y o Y 53 .7 % Y o Y 6 .0 %

FY 2015

FY 2016



%

Loans

Rp 595.5Tn

Rp 662.0Tn

11.2%

Gross NPL Ratio

Net NPL Ratio

2.60%

0.90%

4.00%

1.53%

53.7%

69.3%

Low Cost Funds Ratio

[Low Cost Funds (Rp)]

65.6%

Rp 443.9 Tn

64.2%

Rp 489.4 Tn

(2.2%)

10.3%

NIM

6.08%

6.44%

6.0%

Efficiency Ratio

43.0%

42.4%

(1.4%)

PPOP

Rp 38,381 Bn

Rp 43,258 Bn

12.7%

Earnings After Tax

Rp 20,335 Bn

Rp 13,807 Bn

(32.1%)

7

Key Financial Highlights

8

Balanced Earnings from All Business Units

2,129

5,671 1,426

1,404

3,546

2,776

5,797 1,775

2,166 3,874

Micro & Business Banking

Consumer Commercial Corporate Treasury & Markets

FY '16 FY '15*

Net Interest Income Analysis FY 2016 (YTD)

(Rp Bn)

Fee Based Income FY 2016 (YTD)

(Rp Bn)

5

,7

8

3 4,661

4

,342

2

,698

FY'16 FY'15

3

,9

6

5

5

,772

1

,916

1

,272

FY'16 FY'15

3

,8

0

9

3

,835

12

,039

7

,825

FY'16 FY'15

6

,4

6

4

7

,333

6

,899 4

,590

FY'16 FY'15

10,125

7,359

5,881 7,044

15,846

11,660 13,363 11,923

Treasury & Markets

Corporate Banking

Commercial Banking

Consumer Banking

Micro & Business

Banking

4

,354 3

,2

4

4

22

380

FY'16 FY'15

3,624 4,376

Deposits by Product

–

Consolidated

(Rp Tn)

Loans by SBU + Subsidiaries

(Rp Tn)

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

20.7_{22.1 23.2 22.3}24.7_{23.3 25.4}29.4 28.0 24.7 25.7 27.0 30.3 53 .9 46 .2 67 .3 77 .9 73.4 ₆₇ .2 74 .2 79.6 78.9 83 .4 91 .7 90 .7 101 .2 95 .4 100. 2 101 .2 124 .4 18.822.2 25.3 36.1 51.1 43.5 45.0

52.049.158.1 75.877.6 70.9 62.4 65.6 61.8 62.7 108 .4 147 .8 148. 1 150 .7 176 .2 176. 9 190. 0 201 .6 222 .3 226 .2 220 .5 212 .1 206. 3 224 .4 227 .8 229 .6 242 .1 15.1 12.5 17.8 16.1 20.1 20.0 20.5 27.5

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

FX Time Rp Time

FX Demand Rp Demand

FX Savings Rp Savings

69 .8 93 .1 110 .9 130 .2 167 .9 164.7 165 .2 175 .7 175 .8 174 .5 180 .6 185 .0 198 .8

185.2 205.0 211.4 230

.3

4.5 1.4 1.4

1.8

2.0 2.3 1.3 1.3 1.3 0.8 1.0 0.9 1.4 1.3 1.2 1.1 1.1 49 .1 63 .8 80 .7 102.7 116 .9 116 .3 123 .7 127 .7 142 .8 145 .1 148 .9

149.4 160.6 153.7

158 .5 162 .6 165 .2 23.6 30.7 39.0 47.7

56.6 57.4 60.362.4

64.7 65.767.7 69.5 72.3 73.4 76.178.9 84.8 17.1 22.7 30.2 38.4

46.5 46.349.0 52.0

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

27.0 28.2 31.0 32.7 34.6 37.2 39.7 40.0 42.5 44.2 46.0 46.7 50.6 18.8 27.2 40.5 48.9

55.5 55.355.5 54.6 54.7 54.3 57.0 57.9 59.4 60.9 63.964.8 69.3 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 620 640 660 680 700 4 Q' 09 4 Q' 10 4Q '11 4Q '12 4Q '13 1 Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1 Q' 15 2Q '15 3 Q' 15 4 Q' 15 1 Q' 16 2 Q' 16 3 Q' 16 4 Q' 16 Subsidiaries Micro

Small Cons

Comm Int'l

Corp + SAM

Maintaining Momentum for Growth

Y-o-Y  18.7% 17.3% (11.7%) 22.9% 11.6% Y-o-Y  0.5% 2.8% 15.8% (25.3%) 8.1% 11.2% 662.0 Tn Total Total 676.4 Tn 762.5 Tn 12.7% 16.7%

9

595.5 Tn 17.3% 19.1%

10

Strong and Liquid Balance Sheet

Assets

4Q 2016

4Q 2015

Liabilities

4Q 2016

4Q 2015

Cash

22,907

25,109 Current Account

187,052

172,166

Current Acc w/ BI & Other Banks

62,848

66,470 Savings

302,328

271,708

Placement w/ BI & Other Banks

73,700

37,388 Time Deposits

273,121

232,514

Advances (Other)

30,713

26,244

Marketable Securities

56,791

43,951

Total Deposits

762,501

676,387

Government Bonds

98,933

103,869

Loans (Gross)

662,013

595,458 Securities Issued

9,026

2,398

Provisions of Loans

(32,945)

(22,558) Deposits from other banks

9,675

12,954

Net Loans

629,068

572,899 Subordinated Debt

215

3,738

Reverse Repo

5,054

677 Borrowings

35,883

33,765

Other Provisions

(2,333)

(2,224) Other Int. Bearing Liabilities

18,142

16,194

Deferred Tax Assets

5,990

4,835 Non Int. Bearing Liabilities

49,894

45,135

Other Assets

55,034

30,846 Equity incl. Minority Interest

153,370

119,492

11

Revenue Growth Driven by Strong Fee Income

Summary P&L (Rp Bn) 4Q 2016 3Q 2016 Q-o-Q

(%) 4Q 2015

4Q Y-o-Y

(%) FY 2016 FY 2015

FY Y-o-Y (%)

Interest Income 19,825 20,518 -3.4% 18,933 4.7% 76,710 71,570 7.2%

Interest Expense 6,656 6,104 9.0% 6,022 10.5% 24,885 26,207 -5.0%

Net Interest Income 13,168 14,413 -8.6% 12,911 2.0% 51,825 45,363 14.2%

Net Premium Income 357 751 -52.5% 696 -48.7% 2,652 3,137 -15.4%

Net Interest Income & Premium Income 13,525 15,164 -10.8% 13,607 -0.6% 54,478 48,500 12.3%

Other Non Interest Income

* Other Fees and Commissions 3,202 2,755 16.2% 2,443 31.1% 11,440 10,015 14.2% * Foreign Exchange Gains - Net 631 618 2.0% 844 -25.3% 2,265 2,238 1.2% * Gain fr. sale & Incr. in Val & Sale of Bonds 90 263 -65.9% 178 -49.5% 762 257 196.1%

* Others 1,899 1,399 35.8% 2,015 -5.7% 5,581 6,126 -8.9%

Total Non Interest Income 5,822 5,036 15.6% 5,479 6.2% 20,048 18,636 7.6%

Total Operating Income 19,347 20,200 -4.2% 19,086 1.4% 74,526 67,136 11.0%

Provisions, Net (8,734) (6,023) 45.0% (3,552) 145.9% (24,645) (12,043) 104.6% Personnel Expenses (3,435) (3,290) 4.4% (3,444) -0.3% (13,619) (12,377) 10.0%

G&A Expenses (3,517) (3,497) 0.6% (3,730) -5.7% (13,958) (12,800) 9.0%

Loss from decr. in value of Sec & Gov Bonds - - -

-Other Expenses (1,011) (889) 13.7% (906) 11.6% (3,691) (3,578) 3.2%

Total Expense (7,963) (7,676) 3.7% (8,080) -1.4% (31,268) (28,755) 8.7%

Profit from Operations 2,651 6,501 -59.2% 7,455 -64.4% 18,613 26,339 -29.3%

Non Operating Income (17) (15) 15.4% 23 -173.2% (40) 30 -230.5%

Net Income Before Tax 2,634 6,486 -59.4% 7,478 -64.8% 18,573 26,369 -29.6

LDR Decreased to 86.5%, Bank Only Loan Growth of 10.6%

12

9 2 .5 103 .1 110 .4 111 .7 118 .6 1 2 5 .2 129 .3 131 .7 129 .9 151 .9 153 .5 1 6 9 .7 166 .7 166 .3 1 7 6 .8 177 .0 1 7 5 .1 181 .4 185 .8 200 .1 186 .4 2 0 6 .2 212 .4 231 .3 64 .5 70

.7 ₇₅.3 81.1 82

.9 ₉₀.1 93

.6 103 .0 1 0 2 .3 104 .4 118 .2 ₁₁₇ .1 116 .5 1 2 3 .9 127 .9 142 .9 145 .2 149 .1 149

.5 160

.7 153 .7 158 .6 1 6 2 .6 165 .2 24.5 25.927.7 30.330.9 33.235.1 38.538.5 42.544.1 46.546.349.052.0 56.155.357.957.9 60.5 56.1 60.059.8 60.8 7.7 8.5 9.5 11.813.1 15.116.8 19.020.7 23.9 24.927.028.2 31.0 32.734.5 37.239.740.0 42.5 44.2 46.046.7 50.6 3 2 .4 34 .3 36 .3 39

.0 ₄₀.7 4

3

.3 ₄₄.5 47

.7

49

.3

52

.4 55

.2 56

.6

57

.4 60.3

6 2 .4 64 .7 6 5

.7 67.7 69

.5 72 .3 73 .4 7 6

.1 78.9

84 .8 1 Q' 11 2 Q' 11 3 Q' 11 4 Q'1 1 1 Q' 12 2 Q' 12 3 Q'1 2 4 Q' 12 1 Q'1 3 2 Q' 13 3 Q' 13 4 Q' 13 1 Q' 14 2 Q'1 4 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3 Q' 15 4 Q'1 5 1 Q' 16 2 Q' 16 3 Q'1 6 4 Q' 16

Corporate Commercial Small Micro Consumer

Quarterly Loan Segment Details

(Bank Only)

Y-o-Y  17.3% 19.1% 0.5% 2.8% 15.6% 10.6% Total 14.3% 8.5% 10.3% 27.9% 39.0% Break down

As of December 2016; Non-consolidated numbers

251.8 276 .7 297 .5 314.4 327 .2 350 .4 365 .2 388 .8 391 .6 428.7 450 .8 472 .4 470 .4 485 .8 506.5 530 .0 532.8 552 .8 560 .6 595.5 ₅₇₄ .7 610 .9 625 .1 662 .0 70.2% 75.9%78.7% 74.1% 80.7% 83.4% 84.4% 80.1%

83.5%85.0%87.3%84.5%88.0% 87.0% 82.9%

84.4% 84.1%

85.3%87.7%87.4%88.1%90.2%86.5%

1 Q' 11 2Q '11 3 Q' 11 4 Q' 11 1Q '12 2 Q' 12 3 Q' 12 4 Q' 12 1 Q' 13 2 Q' 13 3Q '13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4Q '14 1 Q' 15 2Q '15 3 Q' 15 4 Q' 15 1Q '16 2 Q' 16 3 Q' 16 4 Q' 16

Loans (Rp Tn) LDR (%)

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% 0.5% 3.7% 1.4% 6.2% 0.0% 6.3% 2.3% 5.9% 24.7% 26.9% 28.3% 27.7% 30.0% 26.6% 22.8% 23.7% 19.7%

22.3%23.4% _21.5% 20.1% 13.3% 12.4% 12.2% 13.3%13.8% 10.7% 12.4% 7.9% 10.5% 11.5% 11.2% 1Q '11 2 Q' 11 3 Q' 11 4 Q' 11 1 Q' 12 2Q '12 3 Q' 12 4Q '12 1 Q' 13 2 Q' 13 3Q '13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1Q '15 2 Q' 15 3 Q' 15 4 Q' 15 1 Q' 16 2Q '16 3 Q' 16 4Q '16

QoQ Growth (%) YoY Growth (%)

Quarterly Loan Data

13

Rp 117.99 Tn in Loans Disbursed in 4Q 2016

560.32

117.99

37.58

34.56 10.40

2.26

5.36

592.67

3Q'16 Disburs. Install. Payment Pay-off FX Impact

Write-Offs

4Q '16

Loan Movement

–

4Q 2016 Bank-Only

Rp Tn

Loan Disbursement by Segment

–

4Q 2016 Bank-Only

Rp Tn

70.04

18.84

9.38

10.44

9.29

117.99

14

Post Asset Revaluation CAR 21.4%; ROE 9.7%

115

.9

112

.2

13

4.0

172

.9

195

.8

242.4

352

.5

400

.2

491

.3

514

.9

577

.3

643

.4

27.4 28.4 28.3 27.2 30.5 35.7 53.3 62.0 73.9 85.7 107.4 137.4

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

RWA (Rp Tn) Total Capital (Rp Tn)

Rp Bn

Bank Only - Capital & RWA Movement

Profit After Tax & ROE

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

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

1.1Tn from GIAA Recovery 23.2% 24.6%

20.8%

15.7% 15.4% 13.4%

15.3% 15.5%

14.9%

16.6%18.6% 21.4%

CAR

519 1,168 1,549 1,744 519

2,003 1,027

1,390 4,303

4,925 2,681 3,817

1,099

97 305

1,113 1,221 1,526

2,031

2,543 3,744 3,991

4,660 4,786 3,263

967 1,017

1,528

1,408 610 2,352

1,040 1,345

4,509

4,869 4,658 4,933

-623 1,234

1,166 1,390

2,536 2,833

3,073 4,385

5,401 5,418

5,753

1,794

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

Q4 PAT Q3 PAT Q2 PAT Q1 PAT 2.5%

10.0%

15.8% 18.1%

22.1%

24.2% 22.0%

22.6%

22.2% 21.0%

18.3%

38 .60 41 .87 44 .44 40 .35 41 .88 4 5 .47 45 .73 49 .62 48 .17 53 .29 59 .79 67 .75 6 2 .22 62 .95 7 2 .24 75 .38 73 .52 76 .90 78 .52 87 .79 83 .85 8 6 .55 77 .72 87 .85 82.9% 91.5% 89.0% 75.8% 76.0% 76.2% 75.4% 76.4% 68.0% 65.1% 64.3% 69.0% 72.0% 71.3% 74.2% 73.2% 66.8% 61.1% 61.0% 73.1% 80.3% 79.2% 72.6% 74.3% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% M ar 11 Jun e 11 S e p 11 D e c 11 M ar 12 Jun 12 S e p 12 D e c 12 M ar 13 Jun 13 S e p 13 D e c 13 M ar 14 Ju n e 14 S e p 14 D e c 14 M ar 15 Jun 15 Se p 15 D e c 15 M ar 16 Jun 16 S e p 16 D e c 16 20 30 40 50 60 70 80 90

Loan FX

LDR FX

Prudent Management of FX Balance Sheet

USD Bn

Rp Tn

Breakdown of FX lending (Bank-Only)

4

Q

16 (Total USD 6.52 Bn)

0.04 0.13 0.19 0.20 0.32 0.62 0.64 0.72 0.77 1.08 1.80

Constr

Utilities

Bus Serv

Soc Serv

Trans

Oth

Agri

Trading

Mining

Oil & Gas

Mfg

% (YoY)

0.9% -9.6% 32.3% -1.2% 2.8% -13% -15.7% 332.3% -8.3% 263.4% -35.5%

FX Loans & LDR (Bank-Only)

16

Q4 NIM of 6.03%

5 .33 % 5 .84 % 5 .44 % 5.19% 5 .54 % 5.84% 5 .67 % 5 .50 % 5 .34 % 5 .71 % 6 .08 % 5 .94 % 5.90% 5 .84 % 5 .92 % 5 .41 % 5 .79 % 5 .74 % 6 .74 % 6.28% 6 .00 % 7.06% 6 .03 % 4 Q '09 4 Q '10 4 Q '11 1 Q' 12 2 Q' 12 3Q' 12 4 Q' 12 1 Q' 13 2 Q' 13 3 Q' 13 4 Q' 13 1 Q' 14 2Q' 14 3 Q' 14 4Q' 14* 1 Q' 15 2 Q' 15 3 Q' 15 4 Q' 15 ** 1 Q' 16 2 Q' 16 3Q' 16* * 4 Q' 16 NIM 9.4% 9.6% 8.7% 8.2% 8.1% 8.4% 8.2% 8.1% 7.8% 8.3%9.0% 9.1% 9.2% 9.6% 9.6% 9.1% 9.2% 9.2% 9.8% 9.3% 9.1% 10.0% 9.0% 4.3% 3.8% 3.4% 3.2% 2.8%

2.7% 2.7%2.8% 2.6%

2.8%

3.1% 3.3% 3.5%

3.9%

3.8% 3.9%_{3.6% 3.7% 3.3%}

3.2%3.3%3.1% 3.0%

Yield on Assets Cost of Funds

6.4% 7.2%

5.3%

4.9% 5.1%

4.4% 4.5% 4.5% 6.6% 4.2% 4.3% 4.4% 6.4% 4.6% 4.6% 13.3% 3.8% 1.5% 0.7% 0.6% 0.7% 0.7% 0.8% 0.7% 0.7% 0.9% 1.1%

0.8%0.7% 0.7% 1.0% 1.0%

1.2% 1.3% 0% 5% 10% 15% 4 Q '09 4 Q' 10 4 Q' 11 4 Q' 12 4 Q' 13 1Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3 Q' 15 4Q' 15 1 Q' 16 2Q' 16 3 Q' 16 4 Q' 16 12.6% 12.5% 12.5%

11.3%11.8% 11.8%

12.0%12.4% 12.2%12.1%12.2%12.2%12.1% 11.9%

11.3% 11.3% 11.3%

6.7% 6.5%

4.1% _4.0% 5.3% 5.4% 5.9%

5.7%6.0%

6.4% 6.4% 6.7% 6.9% 7.0%

6.6% 6.7% 6.8%

4.7% 4.2%

3.9%

3.0% 3.7%

3.9% 4.1%4.6% 4.4% 4.5% 4.3% 4.3% _3.8% 3.7% 3.6%_{3.5% 3.4%} 0% 5% 10% 15% Q4 '09 Q 4 '10 Q 4 '11 Q 4 '12 Q 4 '13 Q 1 '14 Q 2 '14 Q3' 14 Q 4 '14 Q 1 '15 Q 2 '15 Q 3 '15 Q 4 '15 Q 1 '16 Q2' 16 Q 3 '16 Q4' 16

Avg Loan Yield Avg Bond Yield Avg COF

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

17

Greater Detail On Fee-Based Income

*Some numbers have been reclassified to some fee categories

Non-Loan Related Fees & Commissions

4Q

2016

3Q

2016

QoQ

_4Q

2015

4Q YoY

_FY

2016

FY

2015

FY YoY

Δ

%

Δ

%

Δ

%

Administration Fees

875

878

(0.3%)

844

3.7%

3,487

3,115

12.0%

Opening L/C, BG & Cap. Market (Custodian & Trustee)

336

297

13.1%

293

14.9%

1,259

1,280

(1.6%)

Subsidiaries

416

388

7.4%

(9)

N/A

1,475

1,031

43.0%

Transfer, Retail Transaction

722

565

27.8%

599

20.6%

2,409

1,992

20.9%

Credit Cards

496

497

0.0%

517

(4.1%)

1,994

2,103

(5.2%)

Mutual Fund, ORI & Bancassurance

125

100

24.0%

128

(2.9%)

426

417

2.2%

Syndications

240

77 211.4%

80

199.9%

560

214

161.8%

Payroll Package

19

18

7.4%

20

(2.9%)

75

77

(1.8%)

Others *

(28)

(65) (55.9%)

(30)

(4.7%)

(245)

(214)

14.6%

Total

3,202

2,755

16.2% 2,443

31.1% 11,440

10,015

14.2%

Foreign Exchange Gains

631

618

2.0%

844 (25.3%)

2,265

2,238

1.2%

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

90

263 (65.9%)

178 (49.5%)

762

257

196.1%

Cash Recoveries

1,192

810

47.2% 1,161

2.7%

3,193

3,041

5.0%

Other Income

707

589

20.0%

854 (17.2%)

2,388

3,085

(22.6%)

Total Fee Based Income (As Reported)

5,822

5,036

15.6% 5,479

6.2% 20,048

18,636

7.6%

18

4Q Cost to Income Ratio of 41.3%

1,524 1

,510 1,883 2,107 1,614 2,004 2,071 2,565 2,034 2,322 2,375 3,167 ,309 2 2,693 2,958 3,488 2,574 3,173 3,322 3,730 3,305 3,640 3,497 3,517

1

,547 1,631

1

,671

1

,903

1

,865

1

,939 1,869

2

,372

2,042

2

,336 2,679

2

,374

2

,626

2

,662

2

,752

2,807

2

,920

3,109 2_,903

3

,444

3

,406

3

,488 3 ,290 3,435

1Q'

11

2

Q'

11

3

Q'

11

4

Q'

11

1

Q'

12

2

Q'

12

3

Q'

12

4Q'

12

1

Q'

13

2Q'

13

3

Q'

13

4

Q'

13

1

Q'

14

2

Q'

14

3

Q'

14

4

Q'

14

1Q'

15

2

Q'

15

3

Q'

15

4

Q'

15

1

Q'

16

2

Q'

16

3

Q'

16

4Q'

16

G&A Expenses Personnel Expenses

Breakdown of 4Q 2016 Operating Expenses

Quarterly Consolidated Operating Expenses & CIR

(Rp Bn) (Rp Bn)

32.4% 37.3% 39.0%

41.6%

44.0%_43.2% 42.7%

51.3%

41.1% 43.1%

42.5% 48.4%

41.8% 43.2%

46.6% 44.4%

44.4% 45.2%

40.1% 42.7%44.5%

46.0%

38.5% 41.3%

CIR (%)

*) Reclassification from Occupancy Related to Employee Related Q4

2016

Q4 2015

FY 2016

FY 2015

Growth QoQ 4QYoY YoY Personnel Expenses

Base Salary 882 786 3,533 3,137 (1.0%) 12.2% 12.6%

Other Allowances 1,542 1,485 6,302 5,806 6.2% 3.9% 8.5%

Post Empl. Benefits 54 191 351 475 (44.6%) (72.0%) (26.1%)

Training 177 287 531 485 28.7% (38.2%) 9.4%

Subsidiaries 780 694 2,902 2,473 9.5% 12.3% 17.3%

Total Personnel Expenses 3,435 3,444 13,619 12,377 4.4% (0.3%) 10.0% G&A Expenses

IT & telecoms 573 484 2,140 1,817 13.4% 18.2% 17.8%

Occupancy Related* 839 849 2,916 2,685 19.8% (1.2%) 8.6%

Promo & Sponsor 386 426 1,243 1,149 32.4% (9.4%) 8.2%

Transport & Travel 189 184 699 634 20.0% 2.4% 10.2%

Goods, Prof. Svcs. & Oth. 668 550 2,048 1,633 38.5% 21.5% 25.4%

Employee Related 622 534 2,375 2,116 9.0% 16.6% 12.3%

Subsidiaries 240 702 2,537 2,766 (69.6%) (65.8%) (8.3%)

Total G&A Expenses 3,517 3,730 13,958 12,800 0.6% (5.7%) 9.0% Other Expenses 1,011 906 3,691 3,578 13.7% 11.6% 3.2% Total Operating Expenses 7,963 8,080 31,268 28,755 3.7% (1.4%) 8.7%

19

Top 10 Industries in Corporate Lending Expansion

4Q 15

–

4Q 16 (Total Rp31.18 Tn)

Rp Bn

1,661 1,688 1,740 2,244 2,374 3,017 4,344 5,982 11,702 14,032

Trad-Exp Mfg-NonM Mfg-RawM Soc Serv Mfg-Chem Roads & Bridge Mining-Metal Ore Bus Serv Electricity Trad-Ret

%

388.6%

106.1%

53.9%

117.4%

56.6%

17.5%

132.0%

42.7%

69.3%

28.8% Rp Bn

Top 10 Industries in Commercial Lending Expansion

4Q

5

–

4Q

6 (Total Rp4.48 Tn)

324 383 553 582 749 904 1,073 1,311 2,047 3,180

Trad-Imp Mfg-NonM Real Estate Warehousing Trad-Exp Leasing Comm Constr Bus Serv Plantations

%

19.3%

23.6%

31.7%

64.7%

183.9%

31.3%

382.2%

17.6%

23.0%

7.9%

20

Whol

es

al

e

Trans

acti

ons

Dri

vi

ng

CA

SA

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

Ca

sh

Ma

na

g

em

en

t

Use

rs

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

A

ver

age

#

of

Ca

sh

Ma

na

g

em

en

t

Tx

(000

),

t

ot

al

22

.7

Mn

tr

an

sact

ion

s

in

4

Q

2016

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

Whol

esal

e CAS

A

Deposi

ts

(Rp

Bn

)

58,055 62,257 61,691 53,604 74,116 89,959 74,334 73,192 140,278 149,351 -20, 000 40,000 60,000 80,000 100 ,000 120 ,000 140 ,000 160 ,000 180 ,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6 .5 % Yo Y Gro wt h

21

Strong Pickup in Forex, As Trade Transactions Remain Slow

Forex

34 42 63 61 56 41 46

281,153

310,512

322,795

399,500 _379,730

348,436

433,929

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

-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0

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

Value (USD Bn) # of Trx

Wholesale Remittance

70 94 121 135 146 126 90

435,866

448,219

599,909

651,241

739,046 730,011

399,585

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

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0

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

Value (USD Mn) # of Trx

*) _{Excluding Mandiri Transaction System}

Mandiri Cash Management*

549 818 1,519 2,231 3,120 3,778 4,549

2,503 7,668

13,676

24,543

44,184

61,599 82,075

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

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

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

Value (Rp Tn) # of Trx (000)

Trade Transactions : Export, Import, Domestic

85 110 125 133 137 127 107

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

468,870

406,669

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

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

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

22

Retail Deposits Increased by 11.7% Year on Year

132.7 140 .6 146.1 165 .0 157 .5 166 .8 176 .3 190 .9 179 .0 180.8 184 .7 202 .6 182 .5 186 .0 188 .0 209 .8 193.0 214 .8 21 2.1 233 .5

12.712.8 13.0 13.7

14.715.6 18.4

20.7

21.0 22.0 21.8 24.0

22.2 23.224.3 23.1

21.1

21.7 23.1 26.0

14.615.4 16.1 18.6

17.016.7 28.6

33.0

29.7 33.634.4 40.2

33.5 36.4 25.0 31.9 29.0 29.9 30.5 36.5 4.3 4.3 10.7 11.4

12.111.9 13.1 13.0

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

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

Rp Savings Deposits FX Savings Deposits Rp Demand Deposits

FX Demand Deposits Rp Time Deposits FX Time Deposits

Retail Deposit Analysis

–

Bank Only

2.2%

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

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

7.4% 7.5% 7.2%

6.9% 6.7% 6.6% _6.4%

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

Average Quarterly Deposit Costs (%)

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

0.2% 0.3%

0.6% 0.7% 0.8% 0.8%

0.6% 0.8%

1.2% 1.2% _1.1% 1.3% 1.8% 1.2% 0.8% 0.6% 0.5% 0.5% 0.6% 0.6% 0.0% 0.5% 1.0% 1.5% 2.0% 4Q '11 4 Q' 12 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1 Q' 15 2Q '15 3 Q' 15 4 Q' 15 1 Q' 16 2 Q' 16 3 Q' 16 4Q '16

FX DD FX TD

66.5% 69.6%

70.1% 72.5%

71.6%

73.0% 73.7% 71.9%

69.9% 68.8%

68.4%

66.2%67.7% 67.6% 69.8%

67.7% 69.1%

68.8% 70.0% CASA as % of total deposits

23

63 ,323 66, 851 73 ,324 81, 046 84 ,675 91 ,504 96 ,268 105 ,192 108 ,434 118 ,788 123 ,833 130, 158 131 ,857 140 ,189 146 ,744 155 ,338 158 ,173 165, 304 167 ,429 175, 211 173 ,739 182 ,190 185 ,335 196 ,194 28.6% 27.6% 28.3% 29.6%29.8% 30.2% 30.9% 31.8% 31.7% 31.3% 31.2% 31.8%

32.6% 32.7%33.1% 33.3%32.7% 33.8% 33.1%33.1% 20% 22% 24% 26% 28% 30% 32% 34% 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 140,000 150,000 160,000 170,000 180,000 190,000 200,000 210,000 220,000 230,000 1 Q 2011 2 Q 2011 3Q 2011 4 Q 2011 1 Q 2012 2 Q 2012 3 Q 2012 4 Q 2012 1Q 2013 2 Q 2013 3Q 2013 4 Q 2013 1 Q 2014 2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015 2 Q 2015 3Q 2015 4 Q 2015 1 Q 2016 2 Q 2016 3 Q 2016 4 Q 2016

Retail to Total Loans

Building our High Yield Business in Retail Lending

Retail to Total Loans

Micro Credit Business Banking Consumer

Finance

(Rp Bn) Business Banking

60,454 60,784

330

4Q2015 Growth 4Q2016

YoY 0.5% (Rp Bn) Micro Credit 42,507 50,647 8,140

4Q2015 Growth 4Q2016

YoY 19.1%

(Rp Bn)

72,250 84,763

12,513

4Q2015 Growth 4Q2016

YoY 17.3%

Strong M

icrof

inan

ce Growth

24

200 300 502 687 898 994 1,084

600 800 800 878 928 1,027 1,127 1,427 1,718

10 152 480 710 760 751 706 653 612

6

10

2008 2009 2010 2011 2012 2013 2014 2015 2016

Bra

n

ch

Unit

Ki

o

sk

C

a

sh

O

u

tl

e

t

Cus

tome

rs (

000

)

Ne

tw

or

k

# Of Ne

w

Cus

tome

rs

73,566 79,500 76,325 94,855 74,037 110,000 121,007 146,359 126,509 140,064 131,715 147,825 138,747 160,620 136,196 162,181 140,886 167,145 158,909 162,738 134,501 138,500 97,164 127,828 130,227 146,323 117,565 117,971

1Q '10 2Q '10 3Q '10 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q1'6

271

430

562

694

815

889

1

,0

0

9

1

,112

1

,208

2008 2009 2010 2011 2012 2013 2014 2015 2016

25

…as

el

l as Cosue

Ledi

g,

hi

h ‘ose

17

.3

%

Y

-o

-Y

as

Mort

gages

Gr

ew

11

.78

%

14,268 15,523 16,466 17,779 18,764 20,113 20,919 22,818 24,092 26,135 27,357 26,995 26,690 26,505 26,347 26,495 26,207 26,340 26,369 26,832 26,869 27,651 28,001 29,994 3,964 3,979 3,949 3,887 3,777 3,679 3,571 3,471 3,365 3,312 3,240 3,181 3,172 3,198 3,240 3,310 3,326 3,432 3,534 3,739 3,892 4,313 4,914 5,881 6,398 6,708 6,861 6,995 7,143 7,412 7,753 8,206 8,386 8,958 9,374 9,781 10,030 10,642 11,253 11,880 12,201 12,838 13,408 14,103 14,497 15,279 16,160 17,441 3,575 3,761 3,910 4,296 4,245 4,492 4,590 5,035 5,025 5,195 5,303 5,620 5,557 6,855 7,568 8,288 8,343 8,751 8,683 8,970 8,768 8,761 8,674 9,128 3,454 3,492 4,200 5,115 5,829 6,593 6,609 7,209 7,486 7,905 9,013 10,218 11,083 12,260 13,271 13,983 14,890 15,630 16,641 17,608 18,344 18,981 20,001 21,124 698 791 873 928 964 1 ,016 1 ,037 1,010 966 927 904 809 840 805 765 750 683 733 892 998 1,043 1 ,091 1 ,133 1,194 0 5 ,000 1 0 ,0 0 0 15 ,000 20 ,000 25 ,000 30 ,000 35 ,000 40 ,000 45 ,000 50 ,000 55 ,000 6 0 ,0 0 0 65 ,000 70 ,000 7 5 ,0 0 0 80 ,000 85 ,000 9 0 ,0 0 0 95 ,000 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q'16 3Q'16 4Q'16 Ot h e r Au to Cre d it Card s Pa yro ll Lo an s H o m e E q u ity Lo an s Mo rtga ge s

Loan

T

ype

Gr

o

wth

(%)

Y

-o

-Y

Q

-o

-Q

Other

1

9

.5

5

%

5

.3

6

%

Auto

Loan

s

1

9

.9

7

%

5

.6

2

%

Cr

edi

t Car

ds

1

.7

7

%

5

.2

4

%

P

a

yr

ol

l Loan

s

2

3

.6

7

%

7

.9

3

%

Home

E

qui

ty Loans

5

7

.2

9

%

1

9

.6

8

%

Mortg

age

s

1

1

.7

8

%

7

.1

2

%

Tot

al

Consumer

1

7

.3

2

%

7

.4

5

%

Quart

er

ly

Consumer

Lendi

ng

Bal

a

nces b

y

Type

Consumer

L

endi

ng

Gr

o

wth

b

y

Type

Rp 84 .8 Tn *A u to & M o to rc yc le Loa n s ch an n el e d o r e xecu ted t h ro u gh fi n an ce comp an ies = Rp 8 .5 Tn in ou r C ommer ci al P ort fol io

26

Transaction Capabilities Growth Driven By Mobile Banking

Transaction Volume

Quarterly Transaction Value (Rp Tn)

Quarterly Users (Mn)

95.5 122.2 147.7 153.8 170.0 179.3

191.2 192.6 208.1 210.0

241.5 245.0 236.8 252.7 238.0 248.3

2.1 3.5 4.1 5.0 6.6

8.3 10.5 17.6 28.3

35.7 38.9 53.0 55.3

68.9 67.8 84.0

7.1 14.0 18.1

23.5 26.8

29.4 33.3 33.3 34.5

46.7

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

12.4 12.6 12.6

13.6 13.8 14.1

3.2 4.7 4.9

5.3 5.6 5.8 6.1 6.3

6.5 6.7 6.8 6.9 7.0

7.1 7.2 7.3

1.2

1.0 1.1 1.2 1.3

1.4 1.5 1.6 1.7 1.8

1.9 2.0 2.1 2.1 2.2 0 2 4 6 8 10 12 14 4 Q '09 4Q '10 1 Q '11 2 Q '11 3 Q '11 4 Q '11 1 Q '12 2 Q '12 3 Q '12 4 Q '12 1 Q '13 2Q '13 3 Q '13 4 Q '13 1Q '14 2 Q '14 3 Q '14 4Q '14 1 Q '15 2 Q '15 3 Q '15 4 Q '15 1 Q '16 2 Q '16 3 Q '16 4 Q '16 Debit Cards Mobile Banking Internet Banking

Quarterly Transaction Volume (Mn)

142 157 184 189 212 218 233 235 246 249 268

293 295 287

309 291 306

39 36 44

41 43 41 39 44

51 53

47 48 50

46 49

45 48

12 18

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

295 17 42 55 78 85 67

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

27

Retail Payment System Gaining Traction

Fee Income from e-channel Tx (Rp Bn)

52.1 89.4 126.2 200.3 258.2

315.2 347.6 414.7

604.3 711.7 65.5 98.5

166.6 196.5

285.7 318.6 382.0

490.3 663.4

765.2

81.9110.5 194.5

249.3 313.9

361.8 437.5

489.2 683.3

742.7

89.0117.8 223.7

268.5 312.8

464.4 512.9

664.8 771.0

862.6

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Q4 Q3 Q2 Q1

13,2% YoY Growth

Numbers of EDC

23,690

27,611 33,732 47,127

92,903 180,532

230,352 270,352

286,861

236,711

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Volume Mandiri Business

Saving Account (Rp Tn)

3.5 4.8 8.0 17.7

34.7 59.4

85.8 102.3

108.5 120.6

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

11.1% YoY Growth

28

Making Inroads into SME and Retail Payments

Fiesta Point Program

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

Mandiri Belanja Untung Program

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

Belanja Hoki/ Dagang Hoki Program

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

# MTB Transaction & Volume

201 ,106 212 ,844 261 ,935 265 ,423 272 ,212 290 ,019

306,831 349,868 299,417 322

,587 308 ,832 348 ,059 267 ,195 334 ,912 322 ,377 382 ,104 9,235 10,601 11,385 12,616 12,773 14,068 14,508 16,052 15,996 17,444 17,101 18,373

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

# of Volume # of Transactions (000)

# MIB Transaction Value & Users

# SME Business w/ Mandiri Acc

543,972

643,334

789,300 845,073

851,069

2012 2013 2014 2015 2016

18 ,528 25, 857 32, 273 42, 582 47 ,304 53 ,124 57 ,447 73 ,666 79 ,970 88 ,013 79 ,173 89 ,389 89 ,906 118 ,389 105 ,781 126 ,857 11,535 13,542 15,312

15,971 17,802 18,216

22,570 24,676 26,441 28,122 27,591 29,040 29,967 40,285

34,251 37,059

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16

29

Gr

oss

NPL

s

4.

00

%,

Coverage

at 12

4.

5%,

Cat

egory 2 at

3.

9%

13,442 17,501 15,909 15,918 18,838 16,924 14,846 14,292 13,336 12,986 13,944 13,606 15,676 14,856 15,626 16,989 17,672 17,755 19,272 21,586 23,825 22,958 27,116 29,549 28,547 27,078 31,458 30,255 31,122 25,823 12 .6 % 14 .9 % 11 .5 % 9 .1 % 9 .5 % 6 .9 % 5 .9 % 5.2% 4.5% 4.1% 4 .3 % 3 .9 % 3 .8 % 3 .9 % 4 .1 % 4 .3 % 5 .1 % 4 .5 % 5 .5 % 5 .0

% ₃.9%

-2 ,000 4,000 6,000 8,000 10 ,000 12 ,000 14 ,000 16 ,000 18 ,000 20 ,000 22 ,000 24 ,000 26 ,000 28 ,000 30 ,000 32 ,000 34 ,000 4Q'05 4Q'06 4Q'07 4Q'08 4Q'09 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 S p ec ial M ent ion S p ec ial M ent ion Rat io

NPL Mo

vem

en

t

-Cons

ol

ida

ted

5.14% 4.74% 4.44% 4.73% 5.85% 4.78% 3.79% 2.79% 2.56% 2.54% 2.60% 2.42% 2.60% 2.42% 2.56% 2.21% 2.22% 2.07% 2.04% 1.87% 2.08% 1.89% 1.90% 1.90% 2.07% 2.23% 2.16% 2.15% 2.27% 2.43% 2.81% 2.60% 3.18% 3.86% 3.81% 4.00% 116 .0 % 122 .5 % 138 .9 % 127 .1 % 116 .6 % 136.1% 155.2% 206.0% 191 .7 % 192 .4 % 155 .5 % 185 .1 % 185 .1 % 189 .6 % 193 .4 % 185 .5 % 187 .6 % 185 .3 % 170 .3 % ₁₅₇ .4 % 157 .1 % 150.5% 137.7% 13 6.2% 145 .5 % ₁₃₁ .9 % 112 .7 % 126 .6 % 124 .5 % 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 3Q '10 4Q '10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Gr os s NPL R a ti o Pr ov/NPL

Ca

tegory

2

Loans

30

Non-Performing Loans by Segment

Movement by Customer Segment (Rp Bn)

Non-Performing Loan Movements (Rp Tn)

–

Bank-Only

* Excluding loans to other banks

Q4 2016 Total NPLs of Rp 23.44 Tn

20.66

0.54

8.49

0.39

5.36

0.58

_23.44

3Q' 2016 UG to PL DG to NPL Payment Write-Offs Other 4Q' 2016

-723

2,304 221

6,503

1,205

161

540

960

63

489

458

91

236

436

-1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

UG to PL DG to NPL W/O

Corp Comm Small Micro Cons

NPLs

4Q



NPLs

(Rp tn)

(Rp tn)

(%)

Corporate

2.33

(1.36)

1.01%

Commercial

15.40

5.08

9.32%

Small

2.47

(0.69)

4.07%

Micro

1.77

(0.19)

3.50%

Consumer

1.47

(0.07)

1.73%

31

Total Loans originated since 2005

Net

Upgrades(%)

/

Downgrades(%)

#

_{4Q 2016 Details}

Loan

Background

Q

Balance

(Rp Bn)

4Q

2014

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

2Q

2016

3Q

2016

4Q

2016

DG to

NPL

%

UG to

PL

%

Corporate

_226,088

0.06

-

0.11

0.38

0.24

0.13

0.24

-

0.32

0.32

-Commercial

_160,436

0.37

0.13

0.95

0.83

0.77

1.97

3.02

0.16

3.87

4.01

0.14

Small

_58,330

0.31

1.29

1.17

1.24

0.54

1.31

1.50

1.36

0.63

0.90

0.26

Micro

_50,627

0.83

1.25

1.37

1.50

1.08

1.37

1.45

1.35

0.84

0.97

0.12

Consumer

_84,610

0.09

0.28

0.23

0.25

0.17

0.32

0.21

0.30

0.17

0.28

0.11

Total

580,091

0.25

0.33

0.60

0.68

0.31

0.94

1.28

0.35

1.36

1.45

0.09

4Q16 Net Downgrades of 1.36% On Loans Originated since

2005

32

Restructured Loans

17 .1 14 .3 13 .1 13 .6 13 .5

13.5 14

.2 13 .9 14 .0 11 .7 11 .7

12.0 12.5 12

.7 11 .2 11 .5 10 .2 11 .8 14 .4 20 .9 26 .4

28.9 28

.3 34 .1 39 .3 47 .2 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 4Q '09 4 Q '10 1 Q '11 2 Q '11 3 Q '11 4 Q '11 1Q '12 2Q '12 3 Q '12 4 Q '12 1 Q '13 2 Q '13 3 Q '13 4 Q '13 1 Q '14 2 Q '14 3Q '14 4 Q '14 1 Q '15 2 Q '15 3 Q '15 4 Q '15 1Q '16 2Q '16 3 Q '16 4 Q '16

Restructured Loans at Rp 47.2 Trillion

Downgrade to Non-Performing After being Restructured

14.9% 17.2% 16.2% 13.0%12.8% 17.6% 13.5% 17.8% 26.2% 23.6% 33.0% 0.8% _0.2% 3.9% 0.2% 5.5% 5.7% 1.6% 3.4% 11.7% 2.3% 13.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2 Q 14 3 Q 14 4 Q 14

1Q15 2_Q

15 3 Q 15 4 Q 15 1 Q 16 2 Q 16

3Q16 4_Q

16

33

Enhancing Synergies & Value from Subsidiaries

Total Assets Rp78.8Tn

Bond Trading Volume Rp82.8 tn

Total Assets Rp25.2Tn

Total Loans Rp4.9Tn

Total Financing Rp18.6Tn Total Financing

Rp55.6Tn

Equity & FI Underwriting Rp25.2 tn

Annual FYP Rp3.1Tn

Net Interest Margin 7.8%

Net Interest Margin 3.2%

Total Deposits Rp70.0Tn

Equity Trading Volume Rp145.5 tn

ROA 5.3%

ROA 1.6%

ROA 4.3% ROE

5.8%

ROE 9.5%

ROE 66.8%

ROE 7.4%

ROE 25.5%

•Remains the leader in syariah financing

•Capital injection program over 3 years

•Cross-selling syariah products to Mandiri customers

•Expansion of business to fully utilize current capital base

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

•Refocus business toward higher fee income

•Providing end-to-end bank assurance business

•Continue to build cross-sell opportunities in various segments

•Bancassurance products to complete our suite of consumer offerings

•Enhancing operating model

•Improving risk

management systems and IT

•Improving productivity

• Pe et ate Ba k Ma di i s

network and customer base to develop the

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

Investment Banking

AXA

Mand

iri

Fi

nanci

al

Servi

ces

Perf

orman

ce

34

90 245 235 171 183 237 255 258 234 262 259 298 270 269 256 348 297 316 308 360 274 247 387 331 280 262 434 2Q '10 3Q '10 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 Ne t Pr of it A ft e r Ta x (R p Bn ) A n n u a l Fi rs t Ye a r Pr e m iu m (AF YP) ( Rp Bn ) # of P ol icy H ol d e rs 599 549 673 820 742 769 946 796 892 712 667 695 850 726 774 611 832 874 648 648 816 719 893 760 668 591 1,046 2Q '10 3Q '10 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 811 893 1,519 1,603 1,639 1,695 1,744 1,791 1,859 1,878 1,919 1,967 2,033 2,123 2,217 2,354 2,479 2,657 2,962 3,162 3,360 3,465 3,710 3,832 3,961 3,939 4,101 2Q '10 3Q '10 4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 17 .1 % Y o Y G ro w th 12 .2 % Y o Y G ro w th 10.5% Y o Y G row th

35

Ba k Ma di i s

2017 Corporate Guidance

2016 Target

2016 Realization

2017 Target

Gross Loan Growth (YoY)

10.0% - 12.0%

11.2%

11.0% - 13.0%

Low Cost Deposits

Rp 480.0 Tn

Rp 489.4 Tn

Rp 537.0 Tn

Net Interest Margins

5.8% - 6.0%

6.4%

5.7% - 5.8%

Efficiency Ratio

<45.0%

42.4%

43.0%

Gross NPLs

3.5% - 4.0%

4.0%

3.5% - 4.0%

Cost of Credit

2.8% - 3.2%

4.0%

2.5% - 2.7%

# of New ATMs

567

73

197

# of New EDCs

5,000

-50,150

10,000

# of New Micro Network

398

344

34

36

Operating Performance

37

Corporate Banking:

Generating Strong Asset Spread

Performance to Date: FY2016 (Rp Bn)

_{Strategies for 2016}

1. Focusing on Anchor Clients and

penetrating through using of

Transaction Banking

2. Account Plan implementation for top

76 Corporate Banking Customers.

3.

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

usto e s t a sa tio s a d eate

new business process to accelerate

the execution of Account Plan

including effective and responsive

Complaint Handling.

4. Strengthen business alliance with

Mandiri InHealth & Mandiri DPLK to

ease corporate customers to manage

their needs in health insurance &

pension fund / severance

5,783

4,342

2,166 623

11,669

1,700

38

InHealth

–

Opportunity to Increase Fee Income and

Contribute to the Insurance Portfolio

Leveraging our institutional, corporate, &

commercial customers

Providing solutions through our banking

products to InHealth healthcare provider

Cross-selling Mandiri products to InHealth

members

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

• InHealth has over 7,018 healthcare providers and recorded over Rp 1,064 Bn in claims year to date 2016

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

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

InHealth earned premium payments of Rp 1,441 Bn in 2016 year to date from clients. Going forward, Bank Mandiri will encourage the use of cash management products through Bank Mandiris distribution channels and cross sell other products to over 1.2 Mn InHealth members.

692

,831

1

,023

,228

1

,175

,240

1

,118

,206

1,1

41

,89

6

1

,087

,313

940

,696

1

,247

,334

5,501 6,242 6,314 6,262 6,094 6,189

7,072 7,018

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

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

2009 2010 2011 2012 2013 2014 2015 2016 Total Member # of Providers

36 78 47 107 120 203 155 163

203

811

1,073 1,203

1,410 _1,400 1,432

1,620

0 50 100 150 200 250

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

2009 2010 2011 2012 2013 2014 2015 2016 Profit (Rp Bn) GWP (Rp Bn)

39

1. Implement client segmentation

strategy for Treasury anchor and

non-anchor clients.

2.

Increase retail coverage of fixed

income and structured products.

3. Develop new FI client coverage model

and implement segmentation strategy.

4.

‘e italize o e seas offi es fu tio as

a distribution channel, and introduce

new business models.

5. Enhance retail brokerage program in

Mandiri Sekuritas.

6. Upgrade business license status of

Mandiri Sekuritas Singapore Office.

Treasury & Market

Performance to Date: FY 2016 (Rp Bn)

_{Strategies for 2016}

4,376

3,874 495

Mandiri Sekuritas

fi a ial pe fo

a e

(Rp Bn)

40

Q4 2016

Q4 2015

Y-o-Y



(%)

Revenues

724

589

23%

•

Investment Banking

130

143

-9%

•

Capital Market

323

269

20%

•

Proprietary

56

3

1,650%

•

Investment Mgt

216

175

23%

)

Operating Expenses

518

508

2%

Earnings After Tax

123

13

835%

Equity Transactions

–

bn

134,365

116,543

15%

SUN Transactions

–

bn

82,838

55,570

49%

Equity & Bonds Underwriting

–

bn

25,231

13,711

84%

ROA

8.0%

1.0%

7.0%

Commercial Banking:

Strong revenues from Assets

41

1.Support Bank

Ma di i s

Wholesale

Banking vision as an Integrated

Wholesale Bank through

sophisticated, customized and complete

services leading to increased revenue

through Wholesale Deposit generation

and Fee Income.

2.Increasing profit and market share

th ough i

easi g e isti g usto e s

share of wallet, increasing revenue from

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

3.Provide the best total business solutions

for commercial customers by developing

products and services including quality

bundling of products, quick service and

competitive pricing.

4.Effective Alliance in units based on

customer base in Commercial

segment, especially in developing value

chain business.

Performance to Date: FY2016 (Rp Bn)

_{Strategies for 2016}

3,965

1,916

1,775 229

7,426

8,396

42

Commercial Banking :

Stronger Platform & Improved Distribution Capability

* Business Savings Product

Expanding Scope of Distribution, 4Q 2016

Solid & Stable Source of

_{Low Cost Funds}

Product 4Q

2016 4Q

2015 Growth

Demand

Deposit 40.44 38.12 6,08% Rupiah 26.39 20.87 26.45%

FX 14.05 17.25 - 18.55%

Saving

Deposit* 8.14 8.56 -4.91% Total CASA 48.58 46.68 4.07% Total Funding 66.35 63.63 4,27%

CASA Ratio = 73.21%

Funding from Java & Bali = 74% of total funding

Sumatera Loans = Rp 27.1 tn Funds = Rp 10.6 tn

Kalimantan Loans = Rp 7.9 tn Funds = Rp 4.2 tn

Eastern Loans = Rp 5.1 tn Funds = Rp 2.5 tn

Java and Bali Loans = Rp 125.0 tn

Funds = Rp 49.1 tn

CBC = 25 Unit Floor = 23 Unit

43

1.

Continue to develop retail payment

solutions for top retail industry value

chains and business clusters in order

to increase low cost deposit and

fee-based income

2.

Develop customer education to

further increase usage of new retail

products (e.g., prpaid) as well as

e-channel transactions in order to

i

ease usto e s lo alt a d

balances.

Micro & Business Banking:

Rapidly growing our high margin business

Performance to Date: FY2016 (Rp Bn)

_{Strategies for 2016}

6,464

6,899

2,776

3,291

12,849

4,736

44

Business Banking :

* Numbers are restated after Resegmentation in Jul 2015 Medan

Makassar Banjarmas

in Surabaya Semarang

Denpasar Bandung

Pekanbaru

Palembang

B.Lampung

Pontianak

Samarinda

Manado

Palu _Jayapura

Balikpapan Batam

Jambi Pematang siantar

Padang

Bekasi Jakarta

Solo Tangerang

Bogor

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

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

Expanding Scope of Distribution, 4Q 2016

Solid & Stable Source of

_{Low Cost Funds*}

Product 4Q

2015

4Q 2016

Growth YTD

Demand

Deposit 36.4 42.5 16.5%

Saving

Deposit 74.3 77.9 4.8%

Total CASA 110.7 120.3 8.7%

Total

Funding 133.2 139.8 5.0%

Rp Tn

CASA Ratio = 86.10%

Funding from Java & Bali = 76.2% of total funding

Sumatera Loans = Rp 14.1tn Funds = Rp 17.7 tn

Kalimantan Loans = Rp 9.2 tn Funds = Rp 6.2 tn

Eastern Loans = Rp 7.9 tn Funds = Rp 9.4 tn

Java and Bali Loans = Rp 29.5 tn Funds = Rp 106.5 tn

45

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

BSM

Add

ress

ing As

se

t Qu

al

ity

Issues

Sy

ari

a

h

Fi

n

an

ci

ng

(

Rp

tn

)

Fi

n

an

ci

a

l P

er

for

mance

(Rp

bn

)

FY 9 FY FY FY FY FY FY FY Fi n an ci n g 16,063 23,968 36,664 44,755 50,460 49,133 51,090 55,580 De p o si ts 19,338 28,999 42,618 47,409 56,461 59,821 62,113 69,950 A ss e ts 22,037 32,482 48,672 54,229 63,965 66,942 70,369 78,832 E A T 290.9 418.5 551.1 805.7 651.2 71.8 289.6 325.4 R ati o s: RO A (% ) 2.2 2.2 1.9 2.3 1.5 0.2 0.6 0.6 R O E ( % ) 21.4 25.1 24.2 25.1 15.3 1.5 5.9 5.8 G ro ss N PF 4.8% 3.5% 2.4% 2.8% 4.3% 6.8% 6.1% 4.9%

Ne

t

In

ter

es

t M

ar

gi

n

&

Cos

t of

Fund

s

Yo A

CoF _NIM

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

46

Consumer Banking:

Significant growth in spread and fee income

1.

#1 in Auto with new product and 2W

subsidiary build up

2.

#1 position

in Credit

Card

with

innovation and portfolio optimization

3.

#1 in mortgage via new segments and

mandiri synergies

4.

Drive growth in personal loans via new

products and distritbution.

5.

#1 bank for

I do esia s

Gen-Y

6.

Recognized

innovator

in

banking-unbanked.

7.

Extend #1 position in wealthy and

affluent.

Performance to Date: FY2016 (Rp Bn)

_{Strategies for 2016}

15,847

5,796

_2,237

19,406

1,863

Mand

iri

Tunas

Fi

nance:

Total

F

inan

ci

ng

YTD of Rp

18

.6

Tn

47

Tot

al

Di

sb

u

rsem

en

t

an

d

th

e B

reak

d

ow

n

for

Joi

n

t

Fi

n

an

ci

ng

an

d

N

on

JF

B

reak

d

ow

n

of

Fi

n

an

ci

ng

FY

2016

P

erf

or

man

ce

257 576 884 761 1,054 1,110 1,016 523 1,506 1,199 1,409 1,600 1,454 1,909 1,020 2,217 1,858 1,908 1,261 2,650 1,530 1,592 981 1,771 1,478 1,728 2,224 2,456 2,056 2,408 2,206 2,391 2,236 1,936 3,094 2,975 3,012 2,909 2,414 2,618 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

JF No

n JF 1,353 1,609 1,420 2,075 2,105 2,416 2,871 2,678 3,290 3,374 3,398 3,824 3,549 3,732 3,975 5,062 4,761 4,727 3,636 5,216 373 486 396 401 372 345 289 232 208 162 149 108 96 71 82 73 67 70 36 43 60 72 49 56 56 76 80 70 64 70 68 60 45 41 57

56 41

19 5 8 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 M o to rc yc le Us ed Car N ew Car

(Rp

Bn

)

FY

2016

FY

2015

Cha

ng

e

Loa n s 31 ,27 2 26 ,75 8 16 .9% N e t In co me 335 307 9.2 % Ap p ro val Ra te (% ) 84 .7% 87 .4% -3.1 % D isb u rseme n t 18 ,63 0 17 ,14 2 8.7% N IM ( % ) 3.2 % 3.7 % -13 .3% R O A (% ) 4.3 % 5.1 % -15 .2% R OE (% ) 25 .5% 29 .8% -14 .3% C ER ( % ) 42 .5% 45 .3% -6.3 % N PL (% ) 1.5 % 1.2 % 23 .8%

48

Supporting

49

2016-2020 Bank Mandiri Corporate Plan

–

Accelerate In

The Growth Segments

Loan Growth

Engine

Mortgage

Auto Loan

1

2

Funding

Engine

Dominate payroll segment

using Bank@Work for corporate and commercial customers

Improve transaction banking offering to tap ash a age e t for a hor lie ts value hai

1

2

Product Focus

1.

Improve processing speed

2.

Tapping higher ticket size

3.

Target developer relationships

Key initiatives

1.

Streamline segment split between MTF and MUF

2.

Utilize existing Mandiri branch network for growth

Personal Loan & Micro KSM

3

1.

Combine consumer personal loans and micro

salary-based loans

2.

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

3.

Tap into our payroll customer base

50

Our Portfolio Mix Would Be More Retail-Focused

39%

_36%

28%

24%

10%

10%

9%

10%

14%

20%

FY 2016

2020

Consumer

Micro

Business Banking

Assets Composition Mix

1)

Commercial

Corporate

65%

70%

35%

30%

9M 2016

2020

Time Deposits

Liabilities Composition Mix

CASA

1) Excluding TSM and Wholesale Credit Recovery

Loan growth, Qual

ity & Prov

is

ioni

n

g

Rel

ati

ve to Peers

Bank Onl

y,

As

of September

2016

201% 169% 143% 136% 102% 98% 89% 88% 57% 39%

BCA BRI BNI Mandiri CIMB Niaga Permata Panin Danamon Maybank BTN

R

a

ti

o

of

P

rovi

si

ons

to NP

L

(%)

603,476 560,320 386,246 352,312 168,196 153,814 119,293 111,753 105,523 95,321

BRI Mandiri BCA BNI CIMB Niaga BTN Panin Permata Maybank Danamon

Tot

al

Loans

(Rp

bn

)

14.3% 10.7% 8.1% 4.5% 3.4% 1.9%

-0.5% -2.2%

-7.3% -12.3%

BNI BTN BRI Mandiri Panin Maybank BCA CIMB Niaga Danamon Permata

Loan

Gr

ow

th

(%)

0.4% 0.6% 0.6% 0.7% 1.0% 2.4% 2.4% 2.4% 2.5% 2.6%

BCA BRI Panin BNI Mandiri Danamon BTN CIMB Niaga Permata Maybank

NPL

R

a

ti

o

(Ne

t)

(%)

104.3% 93.7% 92.9% 92.8% 91.7% 90.7% 89.9% 88.0% 85.9% 77.3%

BTN Panin BNI CIMB Niaga Danamon BRI Mandiri Maybank Permata BCA

Loan

to Dep

os

it

R

a

ti

o

(%)

1.5% 2.2% 2.6% 3.1% 3.6% 3.7% 4.0% 4.2% 4.3% 4.9%

BCA BRI Panin BNI BTN Mandiri Danamon Maybank CIMB Niaga Permata

N

P

L

R

a

ti

o (

Gr

os

s)

(%)

A

ver

ag

97

As

set

and

Li

abi

lity

Mi

x Rel

ati

ve t

o

Peers

Bank Onl

y,

As

of September

2016

1.9% 3.0% 3.1% 3.6% 4.4% 4.9% 5.6% 5.7% 6.3% 6.3%

BCA BNI Mandiri BRI Danamon CIMB Niaga Maybank Panin Permata BTN

80.8% 77.2% 73.4% 72.1% 71.5% 71.5% 71.1% 70.5% 70.5% 63.6%

BTN CIMB Niaga Maybank BNI Panin BRI Mandiri Danamon Permata BCA

78.2% 65.1% 60.4% 57.6% 52.6% 48.1% 44.7% 41.1% 40.2% 39.5%

BCA Mandiri BNI BRI CIMB Niaga BTN Danamon Permata Panin Maybank

894,360 860,208 646,705 534,199 231,868 197,294 179,864 170,750 152,456 145,086

BRI Mandiri BCA BNI CIMB Niaga BTN Panin Permata Maybank Danamon

Loans

to T

ot

al

E

arni

n

g

As

se

ts

(%)

C

os

t

of

Fun

d

s (

p

.a.

)

(%)

Tot

al

As

se

ts

(Rp

bn

)

Low

C

os

t

Dep

os

it

R

a

ti

o

(%)

11.0% 10.3% 9.7% 9.5% 9.2% 9.1% 9.0% 8.7% 8.7% 8.1%

BRI Danamon Panin BTN CIMB Niaga Permata Maybank Mandiri BNI BCA

Y

iel

d

on

As

se

ts

(p

.a.

)

(%)

665,529 621,262 493,115 379,448 169,407 136,511 127,247 117,553 105,798 100,529

BRI Mandiri BCA BNI CIMB Niaga BTN Panin Permata Maybank Danamon

Tot

al

Dep

os

its

(Rp

tn

)

A

ver

ag

Eff

ici

en

cy Measu

res

Rel

ati

ve to Peers

Bank Onl

y,

As

of September

2016

38.0% 39.8% 42.0% 44.1% 46.6% 47.8% 48.2% 52.5% 56.3% 60.8%

Mandiri BCA BNI BRI Panin CIMB Niaga Danamon Permata Maybank BTN

752 426 407 404 262 204 193 129 77 -224

BCA BRI BNI Mandiri BTN Maybank Panin CIMB Niaga Danamon Permata

18,997 16,529 16,189 15,918 15,670 14,992 12,962 11,741 11,420

BCA BTN Mandiri Permata BNI Maybank CIMB Niaga Panin BRI

18,624 15,132 14,953 14,880 14,601 14,549 12,870 11,007 10,355 2,918

BTN Permata Maybank BCA Mandiri BNI CIMB Niaga Panin BRI Danamon

P

rof

it/

Em

p

lo

yee

(Rp

Mn

)

C

os

t/

In

com

e

(%)

Loans/

Em

p

lo

yee

(Rp

Mn

)

De

p

os

its/

Em

p

lo

ye

e

(Rp

Mn

)

701 393 382 377 265 205 190 131 73 -224

BCA BRI BNI Mandiri BTN Maybank Panin CIMB Niaga Danamon Permata

P

re

T

a

x I

n

com

e

/E

m

p

lo

ye

e

(Rp

Mn

)

2.9% 3.3% 4.1% 4.4% 4.6% 5.1% 5.5% 5.6% 6.4% 6.7%

BTN Panin Maybank BCA BNI Mandiri CIMB Niaga BRI Danamon Permata

C

os

t/

As

se

ts

(%)*

_*An

n

u

a

li

ze

d

A

ver

ag

99

Measur

es

of Scal

e and

Return

s Rel

ati

ve to Peers

Bank Onl

y,

As

of September

2016

24.0% 20.9% 15.8% 14.6% 13.8% 10.6% 8.6% 8.2% 5.8% -9.8%

BRI BCA BTN BNI Mandiri Maybank Danamon Panin CIMB Niaga Permata

2,505 2,058 1,814 1,257 1,204 865 582 563 406 330

Mandiri BRI BNI Danamon BCA BTN CIMB Niaga Panin Maybank Permata

8.4% 7.1% 6.9% 6.4% 6.2% 5.4% 4.9% 4.6% 4.6% 4.0%

BRI Danamon BCA Mandiri BNI CIMB Niaga Panin BTN Maybank Permata

58,278 38,376 32,662 25,957 24,215 13,069 10,838 8,259 7,385 7,057

BRI Mandiri Danamon BCA BNI CIMB Niaga Panin BTN Permata Maybank

B

ran

ch

es

R

e

tu

rn

on

E

q

u

ity

(Af

ter

Ta

x)

(%)

Em

p

lo

yee

s

N

e

t

In

ter

es

t

Mar

gi

n

s

(%)

4.0% 3.6% 2.5% 2.4% 2.1% 1.6% 1.6% 1.3% 1.0% -1.2%

BCA BRI BNI Mandiri Danamon Panin BTN Maybank CIMB Niaga Permata

R

e

tu

rn

on

As

se

ts

(B

e

for

e

Ta

x)

(%)

23,695 17,461 17,057 16,525 3,704 1,830 1,618 1,524 1,012 1,000

BRI Mandiri BCA BNI CIMB Niaga BTN Maybank Danamon Permata Panin

A

TMs

A

ver

ag

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

Equity Research Contact Details

BROKERAGE ANALYST TELEPHONE E-MAIL

BAHANA SECURITIES Teguh Hartanto 62 21 250 5081 Teguh.Hartanto@bahana.co.id

BANK OF AMERICA-MERRILL LYNCH Anand Swaminathan 65 6678 0419 anand.swaminathan@baml.com

CIMB SECURITIES Jovent Giovanny 62 21 515 1330 ext. 262 jovent.muliadi@cimb.com

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

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

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

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

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

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

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

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

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

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

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

MACQUARIE CAPITAL SECURITIES INDONESIA Lyall Taylor 62 21 2598 8489 Lyall.taylor@macquarie.com

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

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

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

PT Bank Mandiri (Persero) Tbk

PLAZA MANDIRI

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

Tel: 62-21 526 5045

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

www.bankmandiri.co.id

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

Corporate Secretary Tel: +62 21 524 5740 Fax:: +62 21 526 8246