2016Q1 Analysts Meeting

PT Bank Mandiri (Persero) Tbk

1Q 2016

Results Presentation

Share Information

∆ fro : IPO Dec 31, 2015

BMRI 1,451.20% 16.06%

JCI 823.48% 7.14%

-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 14,777 79.41% 226,408,717 0.97% 3. Employees 1,797 9.66% 11,969,418 0.05% 4. Cooperatives 6 0.03% 1,295,956 0.01% 5. Foundation 26 0.14% 19,597,245 0.08% 6. Pension Funds 177 0.95% 175,100,330 0.75% 7. Insurance 67 0.36% 413,889,702 1.77% 8. Banks - 0.00% - 0.00% 9. Corporations 111 0.60% 655,900,713 2.81% 10. Mutual Funds 227 1.22% 739,666,729 3.17% Total 17,189 92.37% 16,243,828,810 69.62% II INTERNATIONAL

1. Retail 87 0.47% 929,249 0.00% 2. Institutional 1,333 7.16% 7,088,575,274 30.38% Total 1,420 7.63% 7,089,504,523 30.38%

No.

By 31 March 2016

III

Description

2

Table of Contents

Results Overview Page #



I do esia s E o o i Co ditio 3



Corporate Plan 4 –5



Key Indicators + Financial Highlights 6 –7



SBU Performance Highlights 8



Ba k s Pe fo a e 9 –11



Loan Performance 12 –14



ROE & NIM 15 –16



Fee-Based & CIR 17 –18



Wholesale Business 19 –21



Retail Business 22 –28



Non-Performing Loan & Restructured Loan 29 –33



Subsidiaries 34 –35



Corporate Guidance 36

Additional Information

Operating Performance Highlights Supporting Materials

Core inflation is stable headline

inflation is expected to drop

Low Inflation and GDP Growth Recovery YoY

Strong Capital Inflows in 1Q16

GDP started to recover but at a slow pace

0 2 4 6 8 10 12 14 16 18 20 Ma r-06 Ma r-07 Ma r-08 Ma r-09 Ma r-10 Ma r-11 Mar -12 Ma r-13 Ma r-14 Ma r-15 Ma r-16

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

(10) (5) -5 10 15 (15) (10) (5) -5 10 15 20 1Q 10 2 Q 10 3 Q 10 4 Q 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 2 Q 13 3 Q 13 4Q 13 1Q 14 2 Q 14 3 Q 14 4 Q 14 1 Q 15 2 Q 15 3 Q 15 4 Q 15

Capital and Financial Account Current Account (CA)

BoP 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 9 1 Q 06 3 Q 06 1 Q 07 3 Q 07 1 Q 08 3 Q 08 1 Q 09 3 Q 09 1 Q 10 3Q10 1Q1 1 3 Q 11 1 Q 12 3 Q 12 1 Q 13 3 Q 13 1 Q 14 3 Q 14 1 Q 15 3 Q 15 1 Q 16 4.92 6.75 4.45 3.50 5.80

4

3 Key Areas of Focus for 2020

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

Deepen Client

Relationship

Accelerate Growth

_Segment

Wholesale Strategy

Group-wide Strategy

Retail Strategy

Integrate The Group

Integrated Wholesale Transaction Bank Holistic Product Suite

Sector-Led Solutions

Through Expertise-led Client Solutions

Cross-Border Coverage

Supporting Clients’ Regional Needs

Current Achievements (1Q 2016)

 Total Wholesales Fees Rp 632 Bn1)

 Total Wholesale Low Cost Deposits

Rp 211.7 Tn

 Growth of Cash Management Transaction

18.1%2)

Culture of Cross-Selling across Wholesale, Retail and Subsidiaries

Engaging in Integrated Retail Initiatives with Subsidiaries and Business Units to

Drive Cross-Selling

Current Achievements (1Q 2016)

Micro

Easy Access & Simple Products

SME

One-Stop Sales & Service

Individual

Growing with our Customers

Current Achievements (1Q 2016)

 Total Retail Fees of Rp 1.7 Tn 1)

 Total Retail Low-Cost Funds Rp 155.0 Tn

 YoY increase in E-Channel transaction : 19.9%

 Mandiri Business Savingreaches Rp 93.1Tn

V

V

V

V

V

 Volume of Business Alliances : Bank Guarantee : Rp 34.9 Tn.

Foreign Exchange : Rp 16.4 Tn.

FUM : Rp 3.6 Tn

 Income Alliance Wholesale = 35.0%  Auto & 2 W Loan : 325 Bn

Key Corporate Plan Initiatives In 2016-2017

Programs to achieve

the Corplan

Aspirations 2015-2020

is structurally

compiled to ensure a

clear focus on each

phase and to be

executed

directionally

STRENGTHENING

FOUNDATION & QUALITY

1. Improving Assets Quality and

Portfolio Management 2. Enhancing Distribution Network Transformation 3. Stabilizing IT Platform 4. Strengthening Business

Process Re-engineering 5. Effective Cost Management 6. Subsidiaries Capital

Management

7. Strengthening Human Resource and Corporate Culture

2015

2016

2017

2018

2019

6

NIM

Of

6

.4

% S

upport

s

15

.9

%

YoY

PPOP

Gr

owth

22.10% 24.40% 22.00% 22.55% 22.23% 20.95% 18.33% 12.64% 2009 2010 2011 2012 2013 2014 2015 1Q16

R

e

turn

on E

qu

ity

(%

)

Tot

al

CAS

A

(Rp

Bn

)

Non P

erf

ormi

ng

Loan

(%

)

186,492 201,958 256,395 316,127 359,957 380,512 443,874 406,525 2009 2010 2011 2012 2013 2014 2015 1Q16 2.79% 2.42% 2.21% 1.87% 1.90% 2.15% 2.60% 3.18% 2009 2010 2011 2012 2013 2014 2015 1Q16 7,155 9,218 12,246 15,504 18,204 19,872 20,335 5,138 3,817 2009 2010 2011 2012 2013 2014 2015 1Q15 1Q16

E

arni

ng

Aft

er T

a

x (

Rp

Bn

)

12,430 16,693 19,234 23,018 28,408 31,507 38,381 8,341 9,667 2009 2010 2011 2012 2013 2014 2015 1Q15 1Q16

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% 6.42% 2009 2010 2011 2012 2013 2014 2015 1Q16 Y o Y 15 .9 % Y o Y -25 .7 %

Key Financial Highlights

Ba k Ma di i s

1Q 2016 performance across several key indicators:

1Q 2015

1Q2016



%

Loans

Rp 532.8Tn

Rp 574.7Tn

7.9%

Gross NPL Ratio

Net NPL Ratio

2.27%

0.89%

3.18%

1.16%

40.1%

30.1%

Low Cost Funds Ratio

[Low Cost Funds (Rp)]

59.2%

Rp 372.1 Tn

62.1%

Rp 406.5 Tn

4.9%

9.3%

NIM

5.62%

6.42%

14.3%

Efficiency Ratio

44.4%

44.5%

0.1%

PPOP

Rp 8,341 Bn

Rp 9,667 Bn

15.9%

8

Balanced Earnings from All Business Units

481

1,754 203

236

844

519

1,834 194

305 815

Micro & Business Banking

Consumer Commercial Corporate Treasury & Markets

1Q '16 1Q '15

Net Interest Income Analysis 1Q 2016

(Rp Bn)

Fee Based Income 1Q 2016

(Rp Bn)

891 873

76 133

1Q'16 1Q'15

1

,115 1,174

731

478

1Q'16 1Q'15

1

,136

1

,4

9

5

474

101

1Q'16 1Q'15

972 987

2

,292

1

,6

2

4

1Q'16 1Q'15

1

,708 1,7

0

1

1

,466 ₁

,175

1Q'16 1Q'15

967 1,006

1,846

1,652 1,610 1,596

3,264

2,611

3,174

2,876

Treasury & Markets

Corporate Banking

Commercial Banking

Consumer Banking

Micro & Business

Deposits by Product

–

Consolidated

(Rp Tn)

Loans by SBU + Subsidiaries

(Rp Tn)

119 .8 126 .5 135 .4 151 .8 150 .4 159 .9 166 .2 186 .9 179 .9 189 .8 198. 8 214 .7 201 .9 203 .0 208 .0 227. 7 207 .3 211 .0 218 .1 243 .7 224 .1 12.312.712.2 12.013.413.614.0 15.315.816.819.0 20.7 22.123.222.3 24.7 23.325.429.4 28.0 24.7 45.3 47 .9 49 .4 67 .3 75 .0 59.0 63 .0 77

.9 61_.2

74

.6

63

.9

73

.4 67_.2 74_.2 79_.6

78

.9 83.4 91

.7 90 .7 101 .2 95 .4 25.422.3 24.0 25.328.228.028.5 36.1 33.3 38.549.2 51.1 43.545.0 52.0 49.1 58.175.8 77.6 70.9 62.4 143 .5 140 .8 140 .0 148 .1 120 .8 137 .5 138. 9 150 .7 152 .8 153 .7 155 .2 176. 2 176 .9 190 .0 201 .6 222 .3 226 .2 220 .5 212 .1 206 .3 224 .4 10.312.415.3 17.8 15.620.3 20.4 16.1 24.0 29.028.2 20.1 20.0 20.5 27.5 33.730.5 30.526.6 26.2 24.2 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 620 640 660 680 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 1 Q' 14 2 Q' 14 3Q '14 4 Q' 14 1 Q' 15 2 Q' 15 3 Q' 15 4 Q' 15 1 Q' 16

FX Time Rp Time

FX Demand Rp Demand

FX Savings Rp Savings

91 .8 102 .3 109 .3 110 .9 117.8 124 .0 128 .0 130 .2 128 .6 150.8 159 .3 167 .9 164 .7 165 .2 175 .7 175 .8 174 .5 180 .6 185 .0 198 .8 18 5.2

1.61.5 1.7

1.4 1.31.5 1.6 1.8 1.6

1.5 1.72.0 2.3 1.3

1.3 1.3 0.8 1.00.9

1.4 1.3 64 .7 70 .1 74 .7 80 .7 82 .5 89 .8 93 .3 102 .7 102 .0 104 .2 11 1.0 116 .9 116 .3 123 .7 127 .7 142.8 145 .1 148 .9 149 .4 160 .6 153 .7 32.434.3 36.339.040.7 43.344.5 47.749.3 52.455.2 56.657.460.3 62.4 64.7_65.7 67.769.572.373.4 23.3 25.827.6 30.230.9 33.1

35.038.4 38.4 42.5

43.7

46.5 46.349.0 52.056.0 55.3 57.9 57.9 60.5 56.1 7.7 8.5 9.511.8 13.1 15.116.8 19.0 20.7 23.9 24.9 27.0 28.2 31.0 32.734.6 37.2 39.740.0 42.5 44.2 30.3 34.2 38.4 40.540.9 43.646.0 48.950.9 53.5 54.9 55.555.355.5 54.6 54.7 54.357.057.9 59.4 60.9 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 1 Q' 11 2 Q' 11 3Q '11 4 Q' 11 1 Q' 12 2 Q' 12 3 Q' 12 4Q '12 1 Q' 13 2 Q' 13 3 Q' 13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3Q '15 4 Q' 15 1 Q' 16 Subsidiaries Micro

Small Cons

Comm Int'l

Corp

Maintaining Momentum for Growth

Y-o-Y  (20.6%) (0.8%) 7.4% 14.4% 8.1% Y-o-Y  1.5% 5.9% 6.1% 57.9% 5.8% 7.9% 574.7 Tn Total Total

628.7 Tn 655.1 Tn 4.2%

12.1%

532.8 Tn

11.8% 18.8%

10

Strong and Liquid Balance Sheet

Assets

1Q 2016

1Q 2015

Liabilities

1Q 2016

1Q 2015

Cash

18,440

16,756

Current Account

157,769

141,491

Current Acc w/ BI & Other Banks

57,414

60,165

Savings

248,757

230,584

Placement w/ BI & Other banks

58,048

62,821

Time Deposits

248,538

256,638

Advances (Other)

27,105

34,273

Marketable Securities

45,787

44,664

Total Deposits

655,063

628,712

Government Bonds

98,607

100,115

Loans (Gross)

574,704

532,824

Securities Issued

2,396

1,808

Provisions of Loans

(24,099)

(18,240)

Deposits from other banks

26,332

29,148

Net Loans

550,605

514,584

Borrowings

33,944

22,011

Reverse Repo

16,339

5,236

Other Int. Bearing Liabilities

13,122

21,202

Other Provisions

(2,312)

(2,341)

Non Int. Bearing Liabilities

57,835

60,676

Deferred Tax Assets

4,318

3,710

Equity incl. Minority Interest

118,047

104,791

Other Assets

32,388

28,366

Strong Revenue Growth

Summary P&L

(Rp Bn, Consolidated)

1Q

4Q

1Q

Y-o-Y

Q-o-Q

2016

2015

2015

∆ ℅

∆ ℅

Interest Income

18,308

18,933

17,117

7.0%

(3.3%)

Interest Expense

5,976

6,022

6,853

(12.8%)

(0.8%)

Net Interest Income

12,331

12,911

10,264

20.1%

(4.5%)

Net Premium Income

706

696

681

3.7%

1.4%

Net Interest Income & Premium Income

13,037

13,607

10,945

19.1%

(4.2%)

Other Non Interest Income

* Other Fees and Commissions

2,531

2,443

2,349

7.7%

3.6%

* Foreign Exchange Gains - Net

417

844

388

7.5%

(50.6%)

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

203

178

230

(11.7%)

14.3%

* Others

1,052

2,015

911

15.5%

(47.8%)

Total Non Interest Income

4,203

5,479

3,877

8.4%

(23.3%)

Total Operating Income

17,240

19,086

14,822

16.3%

(9.7%)

Provisions, Net

(4,596)

(3,552)

(1,549)

196.6%

29.4%

Personnel Expenses

(3,406)

(3,444)

(2,920)

16.6%

(1.1%)

G&A Expenses

(3,305)

(3,730)

(2,574)

28.4%

(11.4%)

Loss from decr. in value of Sec & Gov Bonds

-

-

-

-

-Other Expenses

(862)

(906)

(987)

(12.7%)

(4.8%)

Total Expense

(7,572)

(8,080)

(6,481)

16.8%

(6.3%)

Profit from Operations

5,071

7,455

6,791

(25.3%)

(32.0%)

Non Operating Income

(5)

23

2

N/A

N/A

Net Income Before Tax

5,066

7,478

6,794

(25.4%)

(32.3%)

LDR Increased to 87.4%, Bank-Only Loan Growth of 7.4%

92 .5 103 .1 1 1 0 .4 111 .7 118 .6 125 .2 129 .3 131 .7 129 .9 151 .9 153 .5 169 .7 166 .7 1 6 6 .3 176 .8 177 .0 175 .1 181 .4 1 8 5 .8 200 .1 186 .4 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 24.5 25.9 27.7 30.330.9 33.235.1 38.5 38.5 42.5 44.1

46.5 46.3 49.052.0

56.1 55.357.9 57.9 60.5 56.1 7.7 8.5 9.5 11.8 13.1 15.116.8 19.0 20.7 23.9 24.9

27.0 28.231.0 32.734.5

37.239.7 40.0 42.5

44.2

32

.4 34

.3 36.3 39

.0 40.7

43

.3 44.5

47 .7 49 .3 5 2 .4 55 .2 56 .6 57

.4 60.3

6 2 .4 64 .7 65 .7 67 .7 69 .5 72 .3 73 .4 1 Q' 11 2 Q' 11 3 Q' 11 4 Q' 11 1 Q'1 2 2 Q' 12 3 Q' 12 4 Q' 12 1 Q' 13 2 Q'1 3 3 Q' 13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3 Q' 15 4 Q' 15 1 Q'1 6

Corporate Commercial Small Micro Consumer

Quarterly Loan Segment Details

(Bank Only)

Y-o-Y  11.8% 18.8% 1.5% 5.9% 6.4% 7.4% Total 14.3% 8.6% 10.9% 29.9% 36.3% Break down

As of March 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 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% 85.3% 82.9% 84.4% 84.1% 85.3% 87.7% 87.4% 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 2 Q' 13 3 Q' 13 4Q '13 1 Q' 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

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% -3.5% 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% 12.4% 7.9% 1 Q' 11 2 Q' 11 3Q '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 4 Q' 13 1 Q' 14 2Q '14 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3Q '15 4 Q' 15 1 Q' 16

QoQ Growth (%) YoY Growth (%)

Quarterly Loan Data

(Consolidated)

3 5 .64 31 .15 29 .19 29 .75 30 .62 3 3 .96 35 .68 38 .86 38 .60 41 .87 44 .44 40 .35 41 .88 45 .47 45 .73 49 .62 4 8 .17 53 .29 59 .79 67 .75 62 .22 6 2 .95 72 .24 75 .38 73 .52 76 .90 78 .52 87 .79 83 .85 78.3% 68.5% 61.9% 68.2% 71.7% 76.3% 80.7% 86.6% 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% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% M ar 09 Jun e 09 S e p 09 D e c 09 M ar 10 Jun e 10 S e p 10 D e c 10 M ar 11 Jun e 11 S e p 11 D e c 11 M ar 12 Jun 12 S e p 12 D e c 12 M ar 13 Jun 13 S e p 13 D e c 13 M ar 14 Jun e 14 S e p 14 D e c 14 M ar 15 Jun 15 S e p 15 D e c 15 M ar 16 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)

1

Q

16 (Total USD 6.32 Bn)

0.03 0.07 0.07 0.22 0.32 0.63 0.66 0.77 0.79 0.94 1.83

Utilities

Constr

Soc Serv

Bus Serv

Trans

Agri

Trading

Mining

Oth

Oil & Gas

Mfg



% (YoY)

28.0% 2.6% 21.4% 5.6% 65.4% 65.0% -21.9% -56.8% 711.2% -23.7% -70.2%

14

Rp 59.68 Tn in Loans Disbursed in 1Q 2016

536.03

59.68 31.64

34.80 10.02 _3.21

2.23

513.81

4Q'15 Disburs. Install. Payment Pay-off FX Impact

Write-Offs

1Q '16

Loan Movement

–

1Q 2016 Bank-Only

Rp Tn

Loan Disbursement by Segment

–

1Q 2016 Bank-Only

Rp Tn

31.50

11.35

4.91

7.55

4.37

59.68

12.6% ROE, Supported By a Strong Capital Position

42

.6

58.1 72

.5

91

.9 108

.9

115

.9

112

.2

134

.0

172

.9

195

.8

242

.4

352

.5

400

.2

491

.3

514

.9

577

.3

576

.7

13.3 15

.4

17

.0

25

.5

27

.5

27

.4

28

.4

28

.3

27

.2

30

.5

35

.7

53

.3

62

.0

73

.9

85

.7

107

.4

106.

6

2000 2001 2002 2003 2004 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

31.3% 26.4%

23.4% 27.7%

25.3% 23.2%

24.6% 20.8%

15.7% 15.4%

13.4%

15.3% 15.5% 14.9%

16.6% 18.6%

18.5%

CAR

308 1,168 1,549

1,744

519 510 1,027 1,390 1,400

2,003 2,681

3,403 4,303

4,925 5,138 3,817 1,099

1,300

602 690

1,329

97 305

1,113 1,221 1,526

2,031

2,543 3,744 3,991

4,660 4,786

967 1,017

1,528 1,408

610 372 1,040

1,345 1,693 2,352

2,850 3,972

4,509

4,869 4,658

645 799 819

775

-623 1,234

1,166 1,390

2,536 2,833

3,073 4,385

5,401

5,418 5,753

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q4 PAT

Q3 PAT Q2 PAT Q1 PAT

21.5% 26.2%

23.6% 22.8%

2.5%

10.0% 15.8%

18.1% 22.1%

24.2% 22.0%

22.6% 22.2% 21.0%

18.3%

16

5 .1 % 5 .4 % 5 .2 % 5 .4 % 5.2% 5 .5 % 5 .8 % 5 .7 % 5 .5 % 5 .3 % 5 .7 % 6 .1 % 5 .9 % 5 .9 % 5 .8 % 5 .9 % 5 .4 % 5 .8 % 5 .7 % 6 .7 % 6.3% 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 2 Q' 13 3 Q' 13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4Q'14 * 1 Q' 15 2 Q' 15 3 Q' 15 4 Q' 15 1 Q' 16 NIM 8.7% 9.0% 8.7% 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% 3.8% 3.8% 3.7% 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%

Yield on Assets Cost of Funds

NIM improved to 6.3% as Cost of Funds Decrease

5.1% 4.9% 4.7% 5.3% 4.8% 5.4% 5.0% 4.9% 4.8% 4.5% 4.5% 5.1% 4.4% 4.5% 4.5% 6.6% 4.2% 4.3% 4.4% 6.4% 4.6% 0.5% 0.3% 0.5%0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.6% 0.6% 0.7% 0.8% 0.7% 0.7% 0.9% 1.1% 0.8% 0.7% 0.7%1.0% 0% 5% 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 2 Q' 13 3

Q'13 4Q'

13 1 Q' 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 13.2% 12.2% 13.1% 12.7% 12.5% 11.6% 12.1% 11.9% 12.5% 11.1% 11.8% 11.8%

12.0% 12.4% 12.2% 12.1% 12.2% 12.1% 11.9% 6.5% 5.9% 4.9% 4.1%

3.3% 4.0% 4.0%3.4% 4.7% 5.3% 5.4% 5.9% 5.7% 6.0% 6.4% 6.4% 6.7% 6.9% 7.0% 4.1% 4.3% 3.9%

3.1% _{3.0% 3.1%} 3.3% 3.9%

4.6% _4.4% 4.3% 4.3% 3.7% 0% 5% 10% 15%

Avg Loan Yield Avg Bond Yield Avg COF

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

Greater Detail On Fee-Based Income

Non-Loan Related Fees & Commissions

1Q

2016

4Q

2015

1Q

2015

Y-o-Y

Q-o-Q

Δ%

Δ%

Administration Fees

763

840

644

18.5%

(9.3%)

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

264

308

253

4.4%

(14.4%)

Subsidiaries

321

(9)

376

(14.7%)

N/A

Transfer, Retail Transaction

538

599

443

21.4%

(10.3%)

Credit Cards

354

382

379

(6.6%)

(7.2%)

Mutual Fund, ORI & Bancassurance

84

109

93

(9.3%)

(23.0%)

Syndications

58

80

7

N/A

(27.2%)

Payroll Package

18

20

17

1.6%

(11.0%)

Others

132

113

137

(4.0%)

16.0%

Total

2,531

2,443

2,349

7.7%

3.6%

Foreign Exchange Gains

417

844

388

7.5%

(50.6%)

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

203

178

230

(11.7%)

14.3%

Cash Recoveries

571

1,161

535

6.7%

(50.8%)

Other Income

482

854

376

28.1%

(43.6%)

Total Fee Based Income (As Reported)

4,203

5,479

3,877

8.4%

(23.3%)

% of Non Loan Related fees to total opr. income

24.4%

28.7%

26.2%

18

1

,524 1,510 1,883 2,107 1,614 ,004 2 2,071 2,565 2,034 2,322 2,375 3,167 2,309 2,693 2,958 3,488 2,574 3,173 3,322 3,730 3,305

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

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

2

Q'

13

3

Q'

13

4

Q'

13

1

Q'

14

2Q'

14

3

Q'

14

4

Q'

14

1

Q'

15

2

Q'

15

3

Q'

15

4

Q'

15

1

Q'

16

G&A Expenses Personnel Expenses

1Q Cost to Income Ratio of 44.5%

Breakdown of 1Q 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%

CIR (%)

Q1 2016 Q4 2015 Q1 2015 Growth

QoQ YoY

Personnel Expenses

Base Salary 879 786 759 11.8% 15.7%

Other Allowances 1,635 1,485 1,403 10.1% 16.5%

Post Empl. Benefits 96 191 92 (49.6%) 5.3%

Training 81 287 34 (71.7%) 138.8%

Subsidiaries 714 694 632 2.8% 13.0%

Total Personnel Expenses 3,406 3,444 2,920 (1.1%) 16.6%

G&A Expenses

IT & telecoms 540 484 392 11.4% 37.7%

Occupancy Related 621 889 567 (30.1%) 9.5%

Promo & Sponsor 293 426 165 (31.3%) 77.6%

Transport & Travel 150 184 122 (18.7%) 22.5%

Goods, Prof. Svcs. & Oth. 437 550 280 (20.5%) 56.2%

Employee Related 553 494 448 11.9% 23.3%

Subsidiaries 711 702 599 1.3% 18.6%

Total G&A Expenses 3,305 3,730 2,574 (11.4%) 28.4%

Other Expenses 862 906 987 (4.8%) (12.7%)

Top 10 Industries in Corporate Lending Expansion

1Q

6

–

1Q

5 (Total Rp11.22 Tn)

Rp Bn

651 832 877 924 1,458 1,738 1,871 1,932 2,762 3,506

Mfg-F&B Mining-Oil & Gas Electricity Household Equip. Mining-Metal Ore Plantations Mfg-P&P Real Estate Mfg-RawM Mfg-Chem

% 31.24% 24.61% 17.21% 16.67% 15.48% 12.99% 8.24% 7.82% 7.41% 5.80%

Rp Bn

Top 10 Industries in Commercial Lending Expansion

1Q 16

–

1Q 15 (Total Rp8.50 Tn)

548 668 682 718 774 877 1,019 1,270 1,447 6,328

Mfg-F&B Trad-Distr Real Estate Health Comm Mfg-Text Trad-Imp Trad-Exp Mfg-Chem Plantations

% 74.4% 17.0% 14.9% 12.0% 10.3% 9.1% 8.4% 8.0%

7.9%

6.4%

Whol

esal

e

Transacti

ons

Dri

vi

n

g

CASA

20

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 92,594 126,430 -20,000 40,000 60,000 80,000 100 ,000 120 ,000 140 ,000 160 ,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q15 1Q16 36 .5 % Y o Y Gr o w th 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 2006 2007 2008 2009 2010 2011 2012 2013 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

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 4Q10 4Q11 4Q12 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

A

ver

age

#

of

Ca

sh

Ma

na

g

em

en

t

Tx

(000

),

t

ot

al

17

.1

Mn

tr

an

sact

ion

s

in

1

Q

2016

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

Wholesale Transaction Business

Forex

34 42 63 61 56 41 _{10 11}

281,153

310,512

322,795399,500 379,730_348,436

117,379 106,291

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

-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0

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

Value (USD Bn) # of Trx

Wholesale Remittance

70 94 121 135 146 126 _{32 22}

435,866 448,219

599,909 651,241

739,046 730,011

201,050

125,510

-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 Mar 15 Mar 16

Value (USD Mn) # of Trx

Mandiri Cash Management*

549 818 1,519 2,231 3,120 3,778 894 897

2,503 7,668

13,676

24,543 44,184

61,599

14,495 17,112

(25,000) (15,000) (5,000) 5,000 15,000 25,000 35,000 45,000 55,000 65,000

-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 Mar 15 Mar 16

Value (Rp Bn) # of Trx (000)

Trade Transactions : Export, Import, Domestic

85 110 125 133 137 127 30 23

495,813 510,916

517,251

520,948

509,207 468,870

113,571

101,017

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

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0

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

Retail Deposits Slight Contraction by 2.7% YoY

22

107. 3 112 .7 120 .4 134 .0 132 .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 11.7 11.9 11.5

11.3 12.712.8 13.0

13.7

14.715.6 18.4

20.7

21.0 22.021.8 24.0

22.2 23.224.3 23.1

21.1

10.511.9 12.2

15.7 14.615.4 16.1

18.6

17.016.7 28.6

33.0

29.7 33.634.4 40.2

33.536.4 25.0 31.9 29.0 3.5 3.5 4.1 4.2 4.3 4.3 10.7 11.4

12.111.9 13.1 13.0

12.814.4 _7.8 7.6

6.9

69.068.6 70.8

73.1 71.670.3 71.5 71.4 72.170.7 80.2 84.5 88.4 100.1108.3 120.0 119.2116.0 110.0 110.3 112.2 5.3 5.2 5.2

5.3 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 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 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 2 Q' 13 3 Q' 13 4 Q' 13 1 Q' 14 2 Q' 14 3 Q' 14 4Q '14 1 Q' 15 2 Q' 15 3 Q' 15 4 Q' 15 1 Q' 16

Rp Savings Deposits FX Savings Deposits Rp Demand Deposits

FX Demand Deposits Rp Time Deposits FX Time Deposits

Retail Deposit Analysis

–

Bank Only

2.3%2.3% 2.2%2.8%

2.0% 1.7%2.2%1.8%1.9% 2.0% 2.0% 2.0% 2.1%

1.9%

2.1% 2.1% 2.0%

2.2% 2.1% 2.4%

1.5% 1.5% _1.5% 1.5% 1.5%

1.3% 1.2% 1.2% 1.3% 6.3% 6.5% 6.3% 5.7% 5.0% 5.1% 5.0% 5.5% 7.0% 7.3% 8.3% 7.8% 7.4% 7.5% 7.2% 6.9% 0% 5% 10% Rp DD Rp Savings Rp TD

Average Quarterly Deposit Costs (%)

0.1% 0.1% 0.1% 0.3%

0.2%

0.3% 0.3% _{0.3% 0.3%} 0.3% 0.4%

0.2%

0.3%

0.5% 0.4%

0.7%0.8% 0.8% _{0.7% 0.6% 0.6%}

1.2% _{1.2% 1.3%} 1.8% 1.2% 0.8% 0.6% 0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 1 Q' 11 2 Q' 11 3 Q' 11 4Q '11 1 Q' 12 2 Q' 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 3 Q' 14 4 Q' 14 1 Q' 15 2 Q' 15 3 Q' 15 4Q '15 1 Q' 16

FX DD FX TD

64.9% 66.1%

63.8% 66.5%

70.1%

72.5% 71.6% 73.0% 73.7% 71.9% 69.9% 68.8% 66.2% 67.7% 67.6% 69.8% 67.7% CASA as % of total deposits

60 ,676 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 27.7% 28.6% 27.6% 28.3% 29.6% 29.6% 29.8% 30.2% 30.9% 31.8% 31.7% 31.3% 31.2% 31.8% 32.6%32.5% 32.7% 33.1% 33.3%33.3% 32.7% 33.8% 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 4 Q 2010 1 Q 2011 2 Q 2011 3 Q 2011 4 Q 2011 1 Q 2012 2 Q 2012 3 Q 2012 4 Q 2012 1 Q 2013 2 Q 2013 3 Q 2013 4 Q 2013 1 Q 2 0 1 4 2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015 2 Q 2015 3 Q 2015 4 Q 2015 1 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) 65,650 73,413 7,762 YoY 11.8% Consumer Finance (Rp Bn) Business Banking 55,296 56,108 812

1Q2015 Growth 1Q2016

YoY 1.5% (Rp Bn) Micro Credit 37,227 44,218 6,991

1Q2015 Growth 1Q2016

YoY 18.8%

Strong

Mi

crofi

n

ance

Grow

th

24

200 300 502 687 898 994 994

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

10 152 480 710 760 751 706 653

653

6

6

2008 2009 2010 2011 2012 2013 2014 2015 1Q '16

Bra

n

ch

Unit

Ki

o

sk

C

a

sh

O

u

tl

e

t

Cus

tome

rs (0

0

0

)

Ne

tw

or

k

# Of Ne

w

Cus

tome

rs

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

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

271

430

562

694

815

889

1

,009

1

,112

1

,135

2008 2009 2010 2011 2012 2013 2014 2015 1Q '16

…as ell as Co su e Le di g, hi h ‘ose

11.82%

Y-o-Y as Auto Lending Remains Strong

13 ,500 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 3

,957 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

6

,374 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 3

,589 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

2 ,826 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 ,344 447

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 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 85,000 4 Q '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 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 '15 1 Q '16 Other Auto Credit Cards Payroll Loans Home Equity Loans Mortgages

Loan Type

Growth (%)

Y-o-Y

Q-o-Q

Other

52.72%

4.48%

Auto Loans*

23.20%

4.18%

Credit Cards

5.09%

-2.26%

Payroll Loans

18.82%

2.79%

Home Equity Loans

17.02%

4.09%

Mortgages

2.53%

0.14%

Total Consumer

11.82%

1.61%

Quarterly Consumer Lending Balances by Type

Consumer Lending Growth by Type

Rp 73.4 Tn

*Auto & Motorcycle Loans channeled or executed through finance companies = Rp 9.1 Tn in our Commercial Portfolio

Enhanced Transaction Capabilities

26

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

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

7.1

14.0 18.1 23.5 26.8

29.4 33.3 33.3 34.5 46.7 32.6 36.1 0 20 40 60 80 100 120 140 160 180 200 220 240 4 Q '09 4 Q '10 1 Q '11 2 Q '11 3Q '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 4 Q '13 1 Q '14 2 Q '14 3 Q '14 4 Q '14 1 Q '15 2 Q '15 3Q '15 4 Q '15 1 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

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

1.2

1.0 1.1 1.2 1.3

1.4 1.5 1.6 1.7 1.8 1.9 2.0

0 2 4 6 8 10 12 14 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 2 Q '13 3 Q '13 4 Q '13 1 Q '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 Debit Cards Mobile Banking Internet Banking

Quarterly Transaction Volume (Mn)

142 157

184 189

212 218

233 235 246 249

268 293 295

287

39

36 44

41 43 41 39 44

51 53

47 48 50

46

12 18

23 26 32 31 34 57 70 113 172 196 190 17 42 55 78 85 67

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

Retail Payment System Gaining Traction

Volume Mandiri Business

Saving Account (Rp Tn)

Numbers of EDC

23,690

27,611 33,732 47,127

92,903 180,532

230,352 270,352

286,861 287,605

2007 2008 2009 2010 2011 2012 2013 2014 2015 1

Q

16

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

81.9110.5 194.5

249.3 313.9

361.8 437.5

489.2 683.3

89.0 117.8

223.7 268.5

312.8 464.4

512.9 664.8

771.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Q4 Q3 Q2 Q1

17.8% YoY Growth

3.5 4.88.0

17.7 34.7

59.4 85.8

102.3 108.5

87.5 93.1

2007 2008 2009 2010 2011 2012 2013 2014 2015 1

Q'

15

1

Q'

16

6.4% YoY Growth

Making Inroads into SME and Retail Payments

28

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 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 -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 1 Q '13 2 Q '13 3 Q '13 4Q '1 3 1 Q '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

# of Volume # of Transactions (000)

# MIB Transaction Value & Users

# SME Business w/ Mandiri Acc

543,972

643,334

789,300 845,073 822,506

2012 2013 2014 2015 1Q 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 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

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

29

14,058 13,451 13,502 15,918 17,255 17,124 19,559 18,838 18,886 18,824 19,054 16,924 14,846 14,292 13,336 12,986 13,944 13,606 15,676 14,856 15,626 16,989 17,672 17,755 19,272 21,586 23,825 22,958 27,116 29,549 28,547 27,078 31,458 11 .5

% ₁₀.0

% 9 .2 % 9 .1 % 9 .8 % 9 .4 % 10 .4

% 9.5 % 9 .4 % 8 .6 % 8 .2

% ₆.9%

5 .9 % 5 .2 % 4 .5 % 4 .1 % 4 .3

% 3.9

%

4

.3

% 3.8

%

4

.0

% 4.0

%

3

.9

% 3.8

%

4

.1

% 4.4

%

4

.7

% 4.3

% 5 .1 % 5 .3 % 5 .1 % 4 .5 % 5 .5 % 0 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 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 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% .0 % .5 % 138 .9 % 127 .1 % 116 .6 % 136.1% 155 .2 % 206 .0 % 191 .7 % 192 .4 % ₁₅₅ .5 % 185 .1 % 185 .1 % 189 .6 % 193 .4 % 185 .5 % 187 .6 % 185 .3 % 170 .3 % 157 .4 % 157 .1 % 150.5% 137 .7 % 136 .2 % 145 .5 % 131 .9 % 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 Gr os s NPL R a ti o Pr ov/NPL

Gross

N

PLs

3

.18

%,

Coverage

at

131

.9

%

-Category

2

at

5

.5

%

Ca

tegory

2

Loans

30

Non-Performing Loans by Segment

Movement by Customer Segment (Rp Bn)

Non-Performing Loan Movements (Rp Tn)

–

Bank-Only

* Excluding loans to other banks

Q1 2016 Total NPLs of Rp 14.88 Tn

12.28

0.11

4.85

0.22

2.23

0.32

_14.88

4Q' 2015 UG to PL DG to NPL Payment Write-Offs Other 1Q' 2016

- 225

455

-2,943

778 744

298

33

640

304

59

294

394

-500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

UG to PL DG to NPL W/O

Corp Comm Small Micro Cons

NPLs

1Q



NPLs

(Rp tn)

(Rp tn)

(%)

Corporate

2.32

(0.28)

1.25%

Commercial

6.76

2.16

4.40%

Small

2.65

0.37

4.72%

Micro

1.76

0.22

3.97%

Consumer

1.40

0.13

1.91%

Total Loans originated since 2005

Net

Upgrades(%)

/

Downgrades(%)

#

_{1Q 2016 Details}

Loan

Background

Q

Balance

(Rp Bn)

1Q

2014

2Q

2014

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

DG to

NPL

%

UG to

PL

%

Corporate

178,684

0.10

-

-

0.06

-

0.11

0.38

0.24

0.13

0.13

-Commercial

148,175

0.08

0.04

0.12

0.37

0.13

0.95

0.83

0.77

1.97

1.97

-Small

53,369

0.97

0.70

0.45

0.31

1.29

1.17

1.24

0.54

1.31

1.34

0.03

Micro

44,198

1.16

1.26

1.19

0.83

1.25

1.37

1.50

1.08

1.37

1.45

0.07

Consumer

73,206

0.35

0.20

0.20

0.09

0.28

0.23

0.25

0.17

0.32

0.40

0.08

Total

497,632

0.30

0.21

0.20

0.25

0.33

0.60

0.68

0.31

0.94

0.96

0.02

1Q 2016 Net Downgrades of 0.94% 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 5.0 10.0 15.0 20.0 25.0 30.0 4 Q '09 4 Q '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 1Q '13 2 Q '13 3 Q '13 4 Q '13 1 Q '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

Net Restructured Loans Have Stabilized

Downgrade to Non-Performing After being Restructured

14.9% 17.2% 16.2% 13.0% 12.8% 17.6% 13.5% 17.8% 0.8% 0.2% 3.9% 0.2% 5.5% 5.7% 1.6% 3.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 2 Q 14 3 Q 14 4 Q 14

1Q15 2_Q

15 3 Q 15 4 Q 15 1 Q 16

Improving Asset Quality and Portfolio Management

Reorganize SAM

Group

Transfering

Problem Loans

Resetting Risk

Assessment

Criteria

Increase

Monitoring

Frequency

Intensify Cash

Recovery

Key Areas

_Remarks

•

Restructuring Unit

•

Recovery Unit

Focus on preventing increasing NPLs. To solve

te po a p o le s i usi ess s a d take the

necessary steps for loan restructuring.

•

Transfering

Problem Loans

Transfering problem loan from business units to SAM

group to be handled more effectively. We will

continue to review for more loans to transfer.

•

Update Risk

Assessment Criteria

Help to reset risk assessment criteria to support

business units in improving the loan origination

process.

•

Loan Monitoring

•

Early Warning

System

•

Incentives for Loan

Repayment

•

Auction Frequency

•

Asset Marketing Unit

•

Achieve Higher cash recovery than last year

•

Accelerate loan repayment, such as by writing off

interest and penalty

•

Identify targeted buyers for specific assets

Preventive actions to improve asset quality by

increasing standard process and upgrading risk tools

Enhancing Synergies & Value from Subsidiaries

34

Total Assets

Rp71.5 Tn

Bond Trading Volume Rp19.9 tn

Total Assets Rp24.0 Tn

Total Loans Rp2.1 Tn

Total Financing Rp4.9Tn Total Financing

Rp50.7 Tn

Equity & FI Underwriting Rp1.5 tn

Annual FYP Rp760.0 Bn

Net Interest Margin 8.0 %

Net Interest Margin 3.52% Total Deposits

Rp63.2 Tn

Equity Trading Volume Rp25.9 tn

ROA 5.7%

ROA 1.98%

ROA 4.96% ROE

5.67%

ROE 10.2%

ROE 65.0%

ROE 6.6%

ROE 29.9%

•Remains the leader in

syariah financing

•Capital injection program

over 3 years

•Cross-selling syariah

products to Mandiri customers

•Enhance Retail Brokerage

Program.

•Upgrade Singapore office

business license to tap on new business from Indonesian client.

•Improve efficiency in all

business line.

•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

Man

di

ri

Fi

nan

ci

al

Servi

ces

Performance

35

90 245 235 171 183 237 255 258 234 262 259 298 270 269 256 348 297 316 308 360 274 247 387 331 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 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 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 '16 810,604 892,582 1,518,536 1,602,778 1,638,543 1,695,242 1,744,124 1,790,508 1,858,702 1,878,121 1,918,703 1,966,698 2,032,635 2,122,563 2,216,648 2,354,395 2,479,161 2,656,672 2,961,906 3,162,354 3,360,000 3,465,385 3,710,147 3,832,136 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 17 .3 % Y o Y Gr o w th -8 .2 % Y o Y Gr o w th 2 1 .2 % Y o Y Gr o w th

Ba k Ma di i s

2016 Corporate Guidance

2016 Target

1Q2016 Realization

Gross Loan Growth (YoY)

12% - 14%

7.9%

Low Cost Deposits

Rp 480 Tn

Rp 407 Tn

Net Interest Margins

5.80% - 6.00%

6.42%

Efficiency Ratio

<45.00%

44.46%

Gross NPLs

2.5% - 3.0%

3.18%

Cost of Credit

1.9%-2.1%

3.19%

# of New ATMs

1,500

64

# of New EDCs

50,000

744

# of New Micro Outlets

150

-# of New Conventional Branches

3

Operating Performance

Highlights

38

Corporate Banking:

Generating Strong Asset Spread

Performance to Date: 1Q 2016 (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

1,115

731

305 152

1,998

63

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 7,128 healthcare providers and recorded

over Rp 253 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 323 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 904,919 InHealth members.

692

,831

1

,023

,228

1

,175

,240

1

,118

,206

1

,141

,896

1

,087

,313

940

,696

90

4,9

19

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

7,072 7,128

-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 1Q

2016

Total Member # of Providers

36 78 47 107 120 203 155 41 42

203 811

1,073 1,203

1,410 1,400 1,432

351 ₃₂₃

0 50 100 150 200 250

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

2009 2010 2011 2012 2013 2014 2015 1Q

2015 1Q 2016

40

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

967

815 131

1,650 15 _1,627

Mandiri Sekuritas

fi a ial pe fo

a e

Q1 2016

Q1 2015

Y-o-Y



(%)

Revenues

154

138

12%

•

Investment Banking

28

23

22%

•

Capital Market

64

76

(15%)

•

Proprietary

17

4

299%

•

Investment Mgt

44

34

29%

)

Operating Expenses

117

104

12%

Earnings After Tax

26

19

35%

Equity Transactions

–

bn

25,864

36,625

(29%)

SUN Transactions - bn

19,934

21,192

(6%)

Equity & Bonds

Underwritten

–

bn

1,537

1,150

34%

ROA

6.9%

5.3%

1.6%

ROE

10.2%

7.5%

2.7%

Commercial Banking:

Strong revenues from Assets

42

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: 1Q 2016 (Rp Bn)

_{Strategies for 2016}

1,136

474

194 126

1,678

893

Commercial Banking :

Stronger Platform & Improved Distribution Capability

* Resegmentation

Expanding Scope of Distribution, 1Q 2016

Solid & Stable Source of

_{Low Cost Funds}

Product 1Q

2016

1Q *

2015 Growth

Demand

Deposit 35.07 13.10 18.61%

Rupiah 19.25 7.05 2.20%

FX 15.82 6.05 47.18%

Saving

Deposit** 7.82 1.81 85.28%

Total CASA 41.38 14.91 26.99%

Total Funding 57.67 26.83 14.65%

CASA Ratio = 71.75%

Funding from Java & Bali = 75.43% of total funding

Sumatera Loans = Rp 22,6 tn

Funds = Rp 8.4 tn

Kalimantan Loans = Rp 7.3 tn Funds = Rp 3.8 tn

Eastern Loans = Rp 4.5 tn Funds = Rp 2.0 tn

Java and Bali Loans = Rp 119,2 tn

Funds = Rp 43.5 tn

CBC = 24 Unit Floor = 24 Unit

44

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: 1Q 2016 (Rp Bn)

_{Strategies for 2016}

1,708

1,466

519

885

2,808

1,119

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 : 75

M-2 Branch : 89 M-3 Branch : 164

Expanding Scope of Distribution, 1Q 2016

Solid & Stable Source of

_{Low Cost Funds*}

Product 1Q 2015

1Q 2016

Growth YTD

Demand

Deposit 42.8 33.1 -22.7%

Saving

Deposit 65.8 65.5 -0.5%

Total CASA 108.6 98.6 -9.2%

Total

Funding 147.1 121.7 9.5%

Rp Tn

CASA Ratio = 81,02%

Funding from Java & Bali = 75.8% of total funding

Sumatera Loans = Rp 13.6 tn Funds = Rp 15.6 tn

Kalimantan Loans = Rp 8.4 tn Funds = Rp 5.9 tn

Eastern Loans = Rp 7.4 tn Funds = Rp 7.98 tn

Java and Bali Loans = Rp 26.7 tn Funds = Rp 92.2 tn

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 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 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% FDR

46

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’ Q ’ Fi n an ci n g 16,063 23,968 36,664 44,755 50,460 49,133 51,090 50,739 De p o si ts 19,338 28,999 42,618 47,409 56,461 59,821 62,113 63,160 A ss e ts 22,037 32,482 48,672 54,229 63,965 66,942 70,369 71,538 E A T 290.94 418.52 551.07 805.69 651.24 71.78 289.58 76.57 R ati o s: RO A (% ) 2.23 2.21 1.95 2.25 1.53 0.17 0.56 0.57 R O E ( % ) 21.40 25.05 24.24 25.05 15.34 1.49 5.92 5.67 G ro ss N PF 4.84% 3.52% 2.42% 2.82% 4.32% 6.83% 6.06% 6.41%

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% 6.4% 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 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% 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% 4.1%

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: 1Q 2016 (Rp Bn)

_{Strategies for 2016}

3,264

1,834

₅₁₆

4,582

468

Mand

iri

Tunas

Fi

nance:

Total

Fi

nan

ci

ng

YTD of Rp

4

.78

Tn

48

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

1

Q

2016

P

erf

or

man

ce

375 566 852 966 1,146587 30278 257 576 884 761 1,054 1,110 1,016523 1,506 1,199 1,409 1,600 1,454 1,909 1,020 2,217 1,858 398 341 425 606 694 1,3061,369 1,656 1,530 1,592981 1,771 1,478 1,728 2,2242,456 2,056 2,408 2,206 2,3912,236 1,936 3,094 2,9753,012 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 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

JF No

n JF 405 539 806 1,101 1,370 1,364 1,245 1,355 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 4,761 309 306 351 372 350 422 342 312373 486396 401 372 345 289232 208 162 149 10896 71 82 73 67 61 79 118 99 118 109 84 67 60

72 49

56 56 76 80 70 64 70 68 60 45 41 57

56 41

Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 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 M o to rc yc le Us ed Car N ew Car

(Rp

Bn

)

1Q

₂₀₁₆

1Q

₂₀₁₅

Cha

ng

e

Loa n s 28 ,46 6 21 ,65 0 31 .48 % N e t In co me 90 77 18 .15 % Ap p ro val Ra te (% ) 88 .68 % 86 .78 % 2.1 9% D isb u rseme n t 4,8 70 3,6 90 31 .98% N IM ( % ) 3.5 6% 3.5 2% 1.0 3% R O A (% ) 4.9 6% 5.5 1% -10 .08 % R OE (% ) 29 .93 % 32 .66 % -8.3 4% C ER ( % ) 29 .51 % 35 .73 % -17 .42 % N PL (% ) 1.0 9% 1.0 1% 7.0 8%

Supporting

Materials

Cash Management

•

15,565 Customers

•

17.1 Mn Trx in

2016

(2)

50

Bank Mandiri Remains on Track to B

e o e I do esia s Most

Admired Financial Institution

Retail Loans

(1)

•

Rp 173.7 Tn

•

33.8% of Loans

•

High yield loan

amounting Rp 117.6 Tn

Subsidiary Income

•

Total Rp 557 Bn

•

Sum of income from

11 subsidiaries

(14.6% of EAT)

Alliances

•

Bank Guarantee: Rp 34.9 Tn

•

Foreign Exchange: Rp 16.4 Tn

•

Fund Under Management

(FUM): Rp 3.6 Tn

e-Channel Tx

•

607Mn Trx YTD

•

19.9% YoY Growth

# of Cards Issued

•

Credit

4.04 Mn

•

Debit 13.50 Mn

•

Prepaid 7.17 Mn

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

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

# of Accounts

•

Deposit 17.34 Mn

•

Loan 1.64 Mn

including mortgage

accounts of 160,595

# of new Accounts (YTD)

•

Deposit 440,115 Mn

•

Loan 168,519

# of Outlets

2,460 Branches

3,080 Micro Outlets

(3)

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

•

Revenue Growth FY (Whole

Group): Rp17.1Tn (17% YoY)

•

Profit from Subsidiaries:

Rp557Bn (14.6% of EAT)

•

FY Revenue Wholesale vs

Retail : Rp 5.7Tn vs Rp 8.8Tn

Our Deal size has continued

to move higher

•

BSHB



Rp 40bn (2008)

•

MTF



Rp250 bn (2009)

•

Inhealth



Rp 1.3 tn (2013)

Bank

& Group

Finding Business

Partners

M & A

•

JV with AXA (AMFS). Gross Written

Premiums Rp1.5tn. +27% YoY

•

JV with Tunas Ridean (MTF). Total

Financing Rp4.1tn. 15% YoY

52

13,037

4,204

7,574

9,667

Net Interest Income Fee-Based Income Overhead Expenses & Others

Pre-provision Operating Profit

1Q 2016 Operating Profit Increased By 15.9% from 1Q 2015

on Higher NII

1Q 2016

Notes :

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

1Q 2015

Higher 15.9%

10,944

3,878

6,481

8,341

Net Interest Income Fee-Based Income Overhead Expenses & Others

Pre-provision Operating Profit

Committed to Improving Shareholder Value

Reduce Cost of Funds

Improve Assets Yield

Diversify into Fee Income

Reduce Provision/Loan

Improve Cost Efficiency



Leverage on cash generator

(wholesale) to accelerate growth



Diversity into fee income

Competitive.

sustainable

returns. with

above-average

rates of growth

Business Strategy

Strategic

Alliances

Support Strategy

…a d Offe I o ati e Pa

e t “olutio s

54

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

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

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

Excelso. Es Teller 77).

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

Pre-Paid Card Volume (000s)

359 506775 2,118 4,015 3,988 4,833 4,926 _5,275 6,159 7,891 13,662 16,802 18,012 22,065 3,966 5,908 8,146 11,680 18,356 20,211 22,112 21,752 22,741 21,156 20,679 19,460 20,542 20,502 23,864 24,644 27,260 29,110 30,058

12 149 175 161 139136 131 321467

484 455 447 1,502 2,231 4,346 6,421 8,332 14,874 18,261 20,981 22,777 24,508 27,205 1 Q '11 2 Q '11 3 Q '11 4 Q '11 1 Q '12 2 Q '12 3 Q '12 4 Q '12 1Q '13 2 Q '13 3 Q '13 4 Q '13 1 Q '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 Indomaret e-Toll Gaz e-Money

Pre-Paid Transaction Volume (000s)*

*volume for quarter

517 627688 773 846 981 1,093 1,412 1,4871,564 1,6631,752 1,829 1,8991,976 2,112 2,249 2,478 2,693 2,892 3,080 204 368 ₅₀₆ 693 920 1,098 1,226 1,3121,409 1,564 1,633 1,722 1,8671,960 2,0122,110 2,202 2,338 48

48 49 50 50

58 58

59 59

6464 84 84 84 84 85 85 85 4 89 120 152 392 644 890 1,061 _1,124 1,240 1,382 1,559 Ma r-11 Ju n -11 Se p -11 De c-11 Ma r-12 Ju n -12 Se p -12 De c-12 Ma r-13 Ju n -13 Se p -13 De c-13 Ma r-14 Ju n -14 Se p -14 De c-14 Mar -15 Ju n -15 Se p -15 De c-15 Ma r-16 Indomaret e-Toll Gaz e-Money

Strong Microfinance Growth

Outstanding

–

Rp Tn

4.4 5.4 7.3

11.8

19.0

27.1

36.0

42.5 44.2

2.02% 2.29% 2.76% 3.91% 6.25% 9.77% 11.00% 11.95% 12.06% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

2008 2009 2010 2011 2012 2013 2014 2015 1

Q

16

Mandiri Microfinance Outstanding Mandiri Market Share

1 ,347 1 ,646 1 ,645 2 ,195 1 ,826 2 ,522 2 ,791 4 ,208 3 ,397 4 ,525 4 ,435 5,7 64 5 ,136 7 ,057 5 ,187 6 ,877 5 ,689 8 ,527 7 ,039 7 ,732 5 ,974 5 ,945 4 ,005 6 ,337 6 ,153 1 Q '10 2 Q '10 3 Q '1 0 4 Q '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 2 Q '13 3 Q '13 4 Q '13 1 Q '14 2 Q '14 3 Q '1 4 4 Q '14 1 Q '15 2 Q '15 3 Q '15 4 Q '15 1 Q '16 Booking

Booking Volume

–

Rp Bn

16.5% 16.5% 17.3% 16.9% 17.9% 17.7% 17.1%

21.0% 20.8%20.6% 20.2% 18.7% 14.4% 14.3% 14.0% 14.2% 13.2% 13.2% _13.2% 13.2% 11.0% 11.3% 10.8% 10.6% 9.9% Asset Spreads(%)

94

Measur

es

of Scal

e and

Return

s Rel

ati

ve to Peers

Bank Onl

y,

As

of December

2015

29.9% 23.0% 21.9% 17.2% 16.8% 7.5% 6.7% 6.3% 4.0% 1.2% BRI Mandiri BCA BNI BTN BII Danamon Panin Permata CIMB Niaga 2,457 2,053 1,809 1,290 1,182 856 776 635 562 487 Mandiri BRI BNI Danamon BCA BTN CIMB Niaga Permata Panin BII 8.1% 7.1% 6.7% 6.4% 5.9% 5.2% 4.9% 4.5% 4.4% 4.0% BRI Danamon BCA BNI Mandiri CIMB Niaga BTN BII Panin Permata 54,859 36,737 35,606 24,343 23,820 13,577 11,083 8,186 7,854 7,421 BRI Mandiri Danamon BCA BNI CIMB Niaga Panin BTN Permata BII

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

(%)

4.2% 3.8% 3.1% 2.6% 1.6% 1.5% 1.3% 0.8% 0.2% 0.2% BRI BCA Mandiri BNI BTN Danamon Panin BII CIMB Niaga Permata

R

e

tu

rn

on

As

se

ts

(B

e

for

e

Ta

x)

(%)

22,792 17,388 17,081 16,071 3,365 1,830 1,605 1,473 1,027 1,014 BRI Mandiri BCA BNI CIMB Niaga BTN BII Danamon Permata Panin

A

TMs

A ver ag e

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

Equity Research Contact Details

BROKERAGE ANALYST TELEPHONE E-MAIL

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

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

BARCLAYS CAPITAL Sharnie Wong 852 2903 3457 Sharnie.Wong@barclays.com

BNP PARIBAS Igor Nyoman 62 21 2358 4947 Igor.Nyoman@asia.bnpparibas.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

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