Bank Mandiri Presentation Contents

PT Bank Mandiri (Persero) Tbk Q3 2010 Audited Results Presentation
Thank you all for joining us. We would like to begin the meeting now. I would like to mention a few points before we get started: First, for those of you joining us on either the webcast or the conference call, I would strongly encourage you to download a copy of our presentation materials currently available either from the investor relations homepage of Bank Mandiri, at ir.bankmandiri.co.id or from within the webcast itself. Second, in the interests of those analysts and investors joining our conference call or webcast, I’d like to ask all of you in the room to please speak clearly into a microphone when asking or answering questions I would now like to introduce Pak Abdul Rachman, our managing Director to begin the meeting.

Bank Mandiri Presentation Contents
Pak Abdul Rachman Results Overview Page # 2010 Financial Highlights 3 SBU Performance 4-5 Impact of significant events including PSAK 50/55 6 Balance Sheet Overview 7 Loan Growth & LDR 8-9 Net Interest Margins 10 Strategy Overview 11-12 Deposit Franchise Development 13-16 Wholesale Lending and Fees 17-18 High-Yield Lending Activities 19-22 NPL Movement, Asset Quality & Provisioning 23-26 Progress on Selected Debtors 27 Enhancing Risk Management 28 Overhead Expense Details 29 Leveraging SBU Alliances & Subsidiaries 30-31 Operating Profit & Summary P&L 32-33 CAR, ROE, PAT 34 2010 Guidance 35 Operating Performance Highlights 37-44 Supporting Materials 46-81 Thank you, Pak Pahala, I would like to thank all of you for joining us today for this discussion of our Q financial results, and to review the Bank’s recent operating performance. We will begin with the highlights of our performance for the quarter, and close with some more detailed discussion of our progress in executing our strategy. There will be an opportunity to ask questions at the end of the presentation.

Bank Mandiri continues on its Path to become Indonesia’s Most Admired Financial Institution
Pak Abdul Rachman # of Accounts Deposits 10.7 mn Loans 910,000 # of new Accounts Deposit 2.9 Mn Loans 361,000 # of Outlets 1,296 branches 935 Micro branches 5,495 ATMS e-Channel Trx 230 mn in Q3 25% Growth # of Cards Issued Credit 1.9 mn Debit 8.1 mn Prepaid 560,000 Cash Management 6,995 Customers 701,577Trx (Sep 2010) Retails Loans (1) Rp Tn 27% of Loans Subsidiaries Income Total Rp 701bn 11% of Tot EAT Alliances Total Card From Alliances 105,427 cards Payroll Loans Rp938 bn (1) Small Business, Micro and Consumers Bank Mandiri continues on its progress as Indonesia’s most dominant Bank on our transformation to achieve our vision as Indonesia’s most admired and progressive financial institutions. As of Sept 2010, we have: We have the largest assets of Rp 409 tn with about 10.1 millions accounts and almost a million loans accounts as of September 2010. We have about 2.9 million deposit new accounts and more than 361,000 loans accounts up to September 2010. One of the most extensive distribution network with 1,296 branches, 935 micro outlets and 5,495 ATMs. As an indication of our push into retail payment by 3Q million transactions were done electronically growing at 25% YoY We issued more than 10.5million cards, comprised of 8.1 million debit cards , 1.89 million credit cards and 560,000 prepaid cards and one of the most active & highest growing card issuance in the country today. Our cash management Customers reached 7,000 customers, with more than 700,000 transactions done through our cash management in Sep 2010 We have one of the largest retail loans portfolio with Rp 56 trillion or about 27% of our total loans, in small business, micro and consumer segment. Bank Mandiri have emerged as a true financial service group, our subsidiaries have contributed about 11% of our total earning after tax or about Rp 701 billion. Our alliance program, demonstrates its effectiveness to grow our retail or high yield business. As an example, we have more than 105 thousand new cards issued.

Key Financial Highlights
Pak Abdul Rachman Bank Mandiri’s 9-Month 2010 Performance continued to demonstrate marked improvements in several key indicators: 9M ‘09 9M ‘10 % Loans Rp188.3 tn Rp231.9 tn 23.2% Net NPL Ratio Gross NPL Ratio 0.68% 3.80% 0.75% 2.67% 10.3% (42.3%) Low Cost Funds Ratio [Low Cost Funds (Rp)] 57.2% Rp169.1 tn 57.0% Rp183.1 tn (0.4%) 8.3% NIM 5.11% 5.28% 3.3% Efficiency Ratio 39.74% 39.36% (0.9%) Earnings After Tax 4,685 bn 6,389 bn 36.4% *) Excluding Adjustment, NIM was 5.24% I would like to begin by reviewing several highlights from our 9 Month-2010 results. Our consolidated numbers continue to show strong performance: We booked solid Year-on-Year loan growth of 23.1%, accelerating from only 20% in the previous quarter with our total consolidated loans at the end of September 2010 reaching Rp 232 trillion. Our gross NPLs is now stable from the previous quarter of about 2.60%, while Net NPLs decreased to 0.74%. Both, however, showed improvement from September 2009 levels of 0.85% and 3.79% respectively. Meanwhile, cash coverage of our NPL’s continued to rise to 191.7%. Our proportion of low-cost funds remained of about 57%. Our absolute volume of low-cost deposits, however, expanded from Rp169.1 tn to Rp183.1 tn over the same period. Our net interest margin through the first 9 months of 2010 increased slightly to 5.50%, higher than our H NIM of 5.21%, excluding the one time non-recurring adjustments NIM was 5.24% Costs continue to be well-managed, with our efficiency ratio slightly improved to 38.5%, still well below our target of 45%. Finally, our earnings after tax through first semester 2010 rose by 38.2%, to Rp6.39 trillion, mainly driven by fee income that grew by 24% and our NIM expansion.

Maintaining momentum for growth
Pak Abdul Rachman Loans by SBU* (Rp Tn) Deposits by Product – Bank Only (Rp Tn) Y-o-Y  Y-o-Y  Total 159.5tn 198.7tn 24.5% Total 280.0tn 295.9tn 6.4% 28.4% 26.1% (36.4%) 32.3% 12.7% 31.9% 6.7% (68.4%) (13.6)% 33.7% 22.4% 14.6% *Loans from Treasury & International have been reallocated to Corporate following the reorganization in early 2010 Our loan portfolio continued to demonstrate strong growth momentum in the 3 rd quarter of the year, with accelerating growth from the previous quarter Excluding those loans managed by Special Asset Management, the Bank’s loan book grew by 24.5% year-on-year, and 6.7% compared to the previous quarter, our FX loans increased by 32.4% in dollar terms and 22.3% in rupiah terms, while Rupiah loans grew by 21.3%. Our customer segments have generally grown at or above the market growth rate: Corporate loans grew by about 22.4%, driven by plantations, oil & gas and food & beverage manufacturing, excluding the movement of accounts from Treasury Directorate of Rp3.6 trillion, Corporate loans grew by 17.1%. Commercial banking rose by 31.9% on the back of expansion in business service, distribution, as well as agriculture, and food & beverage manufacturing. Our Consumer finance SBU grew at 32.3% to Rp28.6tn, and we believe it remains one of the largest consumer loan portfolios in the country. Our micro loan portfolio grew by 28.4%, while Small business loans grew by 26.1% year-on-year to Rp20.5 tn. Our deposits also delivered growth across the board: For the bank only, our Rupiah and FX savings deposits together grew by 16.3% to Rp111.6 tn. Our FX current accounts increased by 6.7% to over Rp21tn. Rupiah time deposits grew by 12.7% year on year to over Rp114tn, while FX time deposits declined by about 36.4% to Rp10.5 tn.

Pendapatan Yang Berimbang Dari Seluruh Unit Bisnis
NII (Net Interest Margin) (Rp bn) % of Total Asset Spread (Rp bn) Liabilities Spread (Rp bn) Fee Income (Rp bn) % of Total 17.6% 20.9% 27.2% 29.5% 5.2% 5.5% 41.7% 30.9% 8.3% 12.4% 11.2% 6.0% 16.9% 11.9% 13.3% 33.2% 50.2% 39.6% 6.7% 9.3% *MRB : Excluding Business Banking ^^ Treasury: ’08 inc Int Branches, exc SAM ’10 inc SAM & Cayman 5 Transformasi ini juga mengindikasikan pertumbuhan bisnis yang berimbang di setiap segmen. Segmen korporasi/treasury saat ini menghasilkan marjin kontribusi yang sama seperti micro & retail, consumer finance dan commercial banking, suatu bisnis yang masih berkembang. Pada akhir September 2010, total NII dan pendapatan fee yang berasal dari segmen high yield yaitu micro/ retail and consumers, memberikan kontribusi masing-masing sebesar 43,9% dan 50,8% terhadap total NII dan total fee. Pada waktu yang sama, SBU Treasury juga telah tumbuh menjadi SBU yang penting dan memberikan kontribusi sebesar 33,3% terhadap total fee, termasuk pendapatan lain-lain yang bersumber dari cash collection kredit hapus buku. Sangat menarik untuk melihat pertumbuhan yang signifikan dari aset Bank Mandiri tersebar dari bisnis micro & consumer finance yang merupakan segmen dengan pertumbuhan tertinggi. Dalam 2 tahun terakhir, NII dari segmen micro finance telah tumbuh sebesar lebih dari 3x, sementara consumer finance telah tumbuh lebih dari 2x . Sementara itu, business retail deposit tetap menjadi sumber utama pendanaan dan deposit revenue. Perubahan pada komposisi bisnis ini menunjukkan proses Transformasi yang sedang berlangsung dan Bank Mandiri akan terus melanjutkan perubahan/transformasi tersebut di masa depan. 5

Impact of Significant Events including PSAK 50/55 Implementation *
Pak Pahala No. Description Amount (in billion) 9M-2010 Q3-2010 1 Reclassify and Amortize Directly Attributable Fees** 295.44 72.41 2 Cash Collection of written off loans classified as other income (fees)*** 1, ** 406.18 3 Un-winding interest from provision & recognized as income **** 413.35 132.93 4 Promotional expenses not attributed to product no longer part of interest expense** 50.50 23.47 5 Consolidation of AMFS into Bank Mandiri (total assets)***** 7,885 *In this presentation, we did not restate our past financial statements for reporting periods prior to implementation of PSAK 50/55 (SFAS 50 and SFAS 55) on January 1, 2010. **Just reclassified, no P&L Impact ***Raising fee income & income recognized doing the period ****No P&L impact, increase in NII is balanced with raising provision expense *****raising assets (balance sheet impact) Before we begin, I would like to mention several points that had significant impact on our results 1. Re-classify “Yield Enhancement Fees” & Amortize it as part of our interest income of about Rp 295 bn 2. Cash collection of written of loans are now classified as other income (fees) Rp 1,006 bn or about Rp 406 bn for the 3 month period in 3Q 2010 3. We booked un-winding interest revenues of about Rp 413 bn, at the same time there was an additional provision of Rp 413bn, the net effect on our P & L was ø (zero) 4. Promotional expenses that are not attributed to the product is no longer part of interest expense Rp 51 bn or 3rd quarter of 2010 Rp 23 bn 5. By end of the 3rd Quarter, we consolidated AMFS into the bank, because we’re the majority & controlling shareholder provision of the company, as a result, a total additional Rp 7.89 tn was added to our balance sheet.

Strong and Liquid Balance Sheet, Q3 2010
Pak Pahala (Rp Bn, Consolidated) Assets Amount % of Assets Liabilities % of Liab. Cash 8,605 2.11 Current Account 62,767 15.37% SBI & Placement with BI 19,230 4.71% Savings 120,332 29.47% Placement with other banks 23,851 5.84% Time Deposits 138,100 33.82% Government Bonds 82,181 20.13% Marketable Securities 13,492 3.30% Total Deposits 321,199 78.67% Loans (Gross) 231,924 56.80% Provisions of Loans (11,714) (2.87%) Securities Issued 1,024 0.25% Reverse Repo 8,383 2.05% Deposits from other banks 8,761 2.15% Other Provisions (3,559) (0.87%) Borrowings 5,199 1.27% Other Advances 3,971 0.97% Other Interest Bearing Liabilities 6,244 1.53% Investments 6,820 1.67% Non Interest Bearing Liabilities 26,832 6.57% Deferred Tax Assets 6,007 1.47% Equity 39,027 9.56% Other Assets 19,095 4.68% Total 408,286 100.00% At the third quarter of 2010, our most liquid assets comprised of cash, placement with BI, placement with other banks and marketable securities is about Rp65 tn, or about 16% of our assets, indicating our liquidity and strength of our deposit franchise. Placement with BI totaled roughly Rp19.2 tn, while placements with other banks at Rp23.8 tn, indicating our strong liquidity. In the third quarter, we have reduced our placement with BI by 21.7tn , as part of our plan to enhance our Net Interest Margin At the third quarter of 2010, we have Rp82.2 tn in government bonds, accounting for 20% of our total assets, which can be used for liquidity support through repos . 98% government bonds are variable rate bonds which makes our margin to be positively affected if interest rates move up slightly. We’re also seeing positive demand for these bonds recently, with limitation of trading of SBI. At the same time, only 33.7% of our liabilities are in time deposits, the vast majority of which are 1 and 3-month tenors. Our low cost deposits, about Rp183.1 tn in the third quarter, are historically less responsive to interest rate movements, even though they can typically be repriced even more rapidly. Our loan book is sufficiently provided. NPL coverage continues to increase significantly. Overall, this composition of our balance sheet provides us enough flexibility and resilience, and we believe that we will be able to weather the additional reserve requirement.

LDR rising to 71.7% on loan growth of 6.4%…
Pak Pahala Quarterly Loan Data – Consolidated Quarterly Loan Segment Details – Bank Only By Segment (Bank only) Loans (Rp tn) Y-O-Y Growth (%) % of Portfolio Corporate 92.83 13.15% 44.78% Commercial 58.62 29.28% 28.28% Small 19.34 24.70% 9.33% Micro 6.51 28.41% 3.14% Consumer 30.01 32.26% 14.48% Total 207.31 21.43% 100.00% As of Sep 2010; Non-consolidated numbers Our Consolidated loan balances in Q rose by 23.1% from Q Excluding write-offs, we grew more than 24% (YoY). Our Q-on-Q growth rate increased to 6.4%. The marked improvement in growth momentum is indicated by the bottom left chart which shows that both YoY and QoQ are accelerating. The improvement in the YoY growth momentum is particularly evident in the Consumer and Micro segments. Our fastest growing customer segments in Q were Micro, along with Micro & Small lending now contribute about 27% of the total loan book of the bank, with loans amounting to Rp55.8 trillion. With loans growing more rapidly than our deposits, our LDR has increased significantly to 71.7% from 62.8% in previous year, again this is in-line with our plan to continue to improve our margin by moving our assets to higher yielding assets and utilized the existing liquidity.

Rp22.1tn in loans disbursed in Q3 2010
Pak Pahala Loan Movement (Rp tn) – Bank Only Loan Disbursement by Segment (Rp tn) – Bank Only In Q3-2010, we disbursed loans of Rp22.05 trillion (bank only) and about 62.6tn for the 9 months period in The total loan balance in Q3 reached Rp trillion (bank only) or 231.9tn for our group. Excluding the write-offs in this quarter of Rp0.16 tn, loans would have expanded to about Rp tn. The total of new disbursement was dominated by the Corporate and Commercial segment with Rp8.35 trillion and Rp6.65 trillion respectively. Consumer finance continued to show good progress, with new loans disbursed of about Rp3.35 tn or roughly Rp1.12 tn in loan disbursements each month, indicating the strength of our originating as well as operational capability. Both small business & micro now disbursed roughly 1.2 per month.

Q3 NIM of 6.0% on higher Yield on Assets
Pak Pahala Quarterly Net Interest Margins* Quarterly Yields & Costs by Currency* IDR 5.1% 4.3% FX Continuing with our financial highlights, as a result of the repricing of our time deposits and growth in low cost deposits, our Q cost of funds declined to 3.9%, a 90 bp decline from the Q or decline 10 bp from the previous quarter. Rupiah Cost of Funds declined by 80 basis points, year-on-year, from about 5.1% in Q to 4.3% on Q3-2010, mainly through repricing of our time deposits. Our asset yields in the quarter increased by 70 basis points from previous quarter to 9.8%, excluding non recurring adj yield on assets was 9.6% Our yields on rupiah loans decreased by 40 bp from Q to 12.7% and our yields on fx loans remained resilient at 5.0%. As a result, our Net Interest Margin rose to 6.0% for the 3rd quarter 2010. Bond yield increased by 110bp.

Committed to Improving Shareholder Value
Pak Pahala Business Strategy Reduce Cost of Funds Improve Assets Yield Diversify into Fee Income Competitive, sustainable returns, with above-average rates of growth Support Strategy Reduce Provision/Loan Improve Cost Efficiency Strategic Alliances Leverage on cash generator (wholesale) to accelerate growth Diversity into fee income Our commitment to improving shareholder value drives us to deliver sustainable returns comparable to our key competitors, with above market rates of growth. As you can see over the past four years, we have consistently improved our rates of return. We expect to pursue these results through 3 broad strategies: Our Business strategies, Support strategies and Strategic alliances. Simply put, our business strategy aims at reducing our cost of funds and improving our asset yields and diversifying our income with fee-income through improving our transaction-based capabilities. Our support strategy is intended to lead to a reduction in our Provision/Loan ratio as well as a improving our cost efficiency ratio. Finally, our strategic alliances will seek to leverage our cash generator to accelerate growth in higher yield businesses These three strategies, in concert, are expected to generate sustainable competitive performance.

Strategy focus on 3 areas of highest potential: Wholesale Transactions, Retail Payments & High Yield Loans Pak Pahala To be Indonesia's most admired & progressive financial institution #1 in Indonesia in market capitalization by 2014 Strengthen leadership in wholesale transaction banking Comprehensive financing & transaction solutions Holistic relationship approach for leading Indonesian institutions Be the retail deposit bank of choice Win through differentiated customer experience and targeted propositions Deploy innovative payment solutions Build #1 or #2 positions in key retail financing segments Win in mortgage, personal loan & cards Become a major player in micro-banking Champion Syariah in Indonesia Breaking down organization 'silos' to provide integrated solutions to customers and alliances programs Upgrading key infrastructure (branches, IT, operations, risk, PMS) to enable differentiated customer experience Strengthen human capital in performance, team work and innovation During our recent Analysts’ Day, we mentioned that our strategies will be focused on 3 potential business areas: Strengthening leadership in Wholesale Transaction Banking (WTB) business. This can be achieve by offering comprehensive financial transaction solutions and building a holistic relationship to serve leading corporate, institutional & commercial clients in Indonesia. Becoming #1 choice in Retail Deposits. To achieve that, Bank Mandiri should provide services that can give unique & excellent banking experience for their customer (differentiated customer experience) and also give innovative transaction solution. Building the #1 or #2 position in the retail financing segment. The Three focus areas are supported by our alliance program which will allow us to provide integrated solutions to our customers and deepen relationships through cross selling our products in the various business units and subsidiaries. In addition supporting the initiatives in each of the growth areas, we will enhance our infrastructure, our performance management system and our human capital. Pak Budi G Sadikin will now start the discussion on the progress of implementing these strategies with the progress of our deposits franchises.

Q3 Deposits rise 6.4% Y-o-Y Pak Budi Deposit Analysis – Bank Only
Average Quarterly Deposit Costs (%) Thank you Pak Pahala. I would first like to explain the progress of our retail payments and deposits, as one of our key priorities. With total deposits of 296tn (Bank Only) and 321tn (Consolidated), Bank Mandiri remains to be the largest in Indonesia in terms of deposits. Total deposits (Bank Only) increased 6.4% from previous year, this growth of deposits is in line with our strategy to moderately grow our deposits base due to the significant Rp & US excess liquidity that we have. Savings now account for Rp111.6 tn (bank only) or Rp120.3 tn on a consolidated basis, and account for roughly 37.5% of our deposits. Total Current Accounts by the end of the 3rd quarter 2010 reached Rp59.4 tn, the reduction of Rp Demand Deposits Low cost deposits now account for 57.8% of bank-only deposits, increasing from 57.8%. On the right hand graphs, we can see that Rupiah demand deposit costs decreased by 60 bp from the previous quarter stood at 2.5%. Our cost of savings relatively stable from previous quarter and stood at 2.2%. Total retail deposits (MRB) by end of 3Q 2010 was 193tn, possibly the largest retail deposits franchise in Indonesia.

Building a strong savings deposit franchise…
Pak Budi Savings Deposit Growth Transaction channel growth Bank Mandiri has emerged as one of the bank with a strong retail deposits franchise and as we have shared before, we would like to dominate in the segment. In Q3 2010, our savings deposits grew by 16.30% Y-o-Y, and 5.77% Q-o-Q. Savings deposits now account for 37.7% of total deposits. Bank Mandiri’s national market share of deposits, as of Q2 2010, stood at 17.3%. Our success in building our savings volume is due, in part, to our improving transactional banking capabilities, particularly through enhancing our electronic channels. For example, transaction in our ATMs in the last quarter was 1.63 million transactions or increased 13.4% from the same quarter last year . We continue to expand our e-channel and by the end of Q3 2010, we already had 5,495 ATMs installed throughout Indonesia, with 42,728 EDCs, installed in 35,130 merchants. We estimate that by year end, we can have about 6,496 ATMs and 58,732 EDCs. As part of our retail deposit strategy to go after the SME savings accounts, we installed 91 cash deposit machines particularly located within clusters of small businesses. As we mentioned, by last year we’re already a leader in the payroll/fixed income earner segment, and will now put more effort into pursuing the SME segment for savings products. Transactions done through our SMS banking in Q were about 51.7 million transactions, growing by 30.8% Y-o-Y or 8.5% Q-o-Q.

…through enhanced transaction capabilities
Pak Budi Quarterly Transaction Value (Rp tn) Quarterly Users (000s) Quarterly Transaction Volume (Mn) * Inactive cards have been purged Our transactions through Branches, ATMs, SMS and Internet Banking have shown growing trend, as shown on the left and middle side of the graph. By the end of Q3 2010, 85% of our transactions are now made through our e-channels, and only 15% are done through regular branches. Total transactions done through our electronic channels are now about 230mn transctions By end of 3rd Qtr 2010, Bank Mandiri had about 5,500 ATM all across the country, with additional 14,822 links-ATM, which are jointly owned by SOE banks. Not only we have one of the most widely distributed ATM, we also provide 121 features through our ATMs - perhaps the widest range of payment and purchase capabilities compared to our domestic peers The users of our SMS and Internet Banking also continue to grow, as we can see on the right side of the graph. SMS Banking subscribers have exceeded 6.55 million. Active Debit Cards increased slightly to 8.12 million cards at the end of Q from only about 7.6 million cards about a year ago. Similarly, Internet banking users increased to around 1.30 million users, with about 65,000 additional users in the last Quarter only.

…and innovative payment solutions
Pak Budi Pre-Paid Card Volume (000s) Pre-Paid Transaction Volume (000s) Cash Management Users Decline through March 2010 due to Data Cleaning to identify only active customers To push for leadership in retail payment, Bank Mandiri also continued to provide innovative payment solutions to our customers One example is our pre-paid cards, which now are about 560 thousand in circulation The monthly total number of transactions using our e-Toll card has reached 1 million and is continuing to grow. As we add more toll roads to the system, we are optimistic that we will continue to grow the volume of pre-paid transaction in the transportation sector. We recently signed up with operations to add 18 toll roads to the system. We now have 54% market share in the pre-paid market in terms of transaction volume. We are also rolling out the usage of pre-paid cards for paying parking fees, we signed up with Jakarta’s 2nd biggest parking management company. We believe that our focused strategy in transportation for pre-paid will prevail to be successful in the near future. The number of customers using our cash management services also continued to grow rapidly. We rolled out a new cash management system last year, and by the end of June 2010 we had 6,300 active users. Bu Fransisca will now discuss our wholesale lending and fee activities; Bu Sisca

Diversifying our strength in Wholesale lending…
Bu Sisca Breakdown of Net Expansion in Corporate Lending Q3 ’09 – Q3 ’10 (Total Rp10.79 tn) Breakdown of Net Expansion in Commercial Lending Q3 ’09 – Q3 ’10 (Total Rp13.28 tn) % 51.2% 45.3% 17.6% 2488.3% 61.9% 30.5% 19.1% 92.1% 76.8% 90.1% 40.6% -6.2% -46.1% -62.4% -31.4% -40.4% -14.9% -42.6% % 43.6% 52.9% 46.3% 28.0% 44.1% 44.0% 96.9% 363.1% 10.6% 86.7% 51.1% 8.8% 82.5% 19.1% -10.0% -23.7% -49.1% -20.2% Rp Billion Rp Billion Building our dominance in wholesale lending, the Corporate and commercial Banking SBU have been actively seeking opportunities to develop and leverage the value chain concept, by creating business derivative to other SBU’s, increasing cross-selling opportunities and focusing on servicing the requirements of our prime customers. The goal of our alliance strategy for Corporate Banking is to enhance our revenue-generating capabilities across a broader customer base. While our Corporate Banking Loan Book continues to show strong growth in attractive sectors, with plantations, oil & gas mining and food & beverage manufacturing among the strongest, recording year-on-year growth of 51%, 45% and 18% respectively. In total, the Corporate loan book showed net expansion of Rp10.8 tn. Our Commercial portfolio booked a net expansion of Rp13.28tn, with business service, trading distribution and chemical manufacturing contributing the largest share, with growth of 44 %, 53% and 46% respectively. The strategy to grow in consumer related industry such as F&B, retail trading and trading distribution is in-line with our strategy to grow through the value chain concept.

…into Fee-based Income
Bu Sisca Breakdown of 9M 2009 & 2010 Non-Loan Related Fees & Commissions (Rp bn) Non-Loan Related Fees & Commissions 9M-2009 Q2-2010 Q3-2010 9M-2010 9M % (Y-o-Y) Q3 % (Q-o-Q) Administration Fees 997 394 453 1,214 21.7% 14.8% Opening L/C, BG & Cap Market (custodian & trustee) 379 127 124 396 4.5% (2.2%) Subsidiaries 343 117 342 572 66.6% 192.8% Transfer, Collection, Clearing & Bank Reference 172 62 63 183 6.4% 2.4% Credit Cards 417 160 203 532 27.8% 26.9% Mutual Fund & ORI 34 17 16 44 30.2% (4.7%) Others 596 233 241 727 21.9% 3.3% Total 2,938 1,109 1,441 3,668 24.8% 30.0% Total Operating Income 16,466 6,900 7,356 20,388 23.8% 6.6% % of Non Loan Related fees to total operating income 17.8% 16.1% 19.6% 17.9% (0.8%) * Others includes Syndication, Payment Points, ATMs, Debit Cards, etc. ** Non-Loan related fees & commissions/(Total Operating Income - Non-recurring interest income) # Excluding non-recurring interest income Through 9 month of 2010, our total fees & commissions, excluding fees from FX and gains from bonds, rose to Rp3,669 bn, for a year-on-year growth rate of 23.9%. Administration fees for deposits remained the largest fee income driver, recording year- on-year growth of 21.7%, and generating over Rp1,214 bn for 9 month of 2010. Credit Card fees also continue to deliver strong growth, at 27.8% year-on-year. Credit Card fees are now the 2nd largest contributor to fee income, indicating the importance of our retail banking franchise in generating fee income. Our fees from LCs, Bank Guarantees and Capital Market transactions continued to grow at over 4.5%. We will continue to seek building on our wholesale lending franchise to grow not only our wholesale deposits but also wholesale fee income. In total, for the 9 month of 2010, fee income (excluding bond gains and FX fees) accounted for 17.6% of our Operating income or 18.9% of our Operating Income of Q Pak Masyur will now discuss about our activities in growing our high yield loans; Pak Mansyur…

Building our high yield business in Micro & Small…
Pak Mansyur Micro Credits (Rp Bn) Small Business Credits (Rp Bn) Consumer Loans (Rp Bn) Loan Yields 23.9% 12.9% 13.66% 28.4% 26.1% 33.60% *Excluding Credit Cards Disbursement Breakdown (9M 2010) Disbursement Breakdown (9M 2010) Disbursement Breakdown (9M2010) Thank you Bu Fransisca, The third strategic theme is building our retail, high yield financing businesses. For the past several years Bank Mandiri has been rapidly growing our high margin businesses, including micro, small and consumer loans through our Micro & Retail Banking and Consumer Finance business unit. Micro loans have increased by Rp1.4trillion or 28.4% from Rp5.1trillion at end- September to Rp6.5 trillion by end- September Our Micro loan yield has improved to 23.9% in September 2010, affirming the strategic importance of the segment as one of the Bank’s future growth engines. Small business loans increased by Rp4.2 trillion or 26.1% from Rp16.3 trillion in September 2009 to Rp20.5 trillion in September 2010, while our Small business loan yields were 12.9% in September 2010. Our consumer loan balance, excluding credit cards, grew 33.6% to Rp25.3 trillion, up from 18.9 tn in September 2009, with our average consumer loan yields reaching 13.7%. We will continue to push for a higher proportion of high yield loans in our consumer finance portfolio, with our current target of over 30% of our consumer loans should come from high yield products by the end of this year. The total retail portfolio comprised of Small, Micro and Consumer now accounts for over 26.9% of the Bank’s portfolio, and has been growing faster than our average growth rate. We will continue to strive to increase the proportion of earnings assets in high yield businesses.

…as well as Consumer lending, which rose 32
…as well as Consumer lending, which rose 32.3% Y-o-Y on Mortgages, Credit Cards and Vehicles Pak Mansyur Quarterly Consumer Loan Balances by Type Consumer Loan Growth by Type Rp28.64 tn Loan Type Growth (%) Y-o-Y Q-o-Q Other* 101.43% 21.38% Credit Cards 22.47% 4.13% Payroll Loans 22.14% 4.20% Home Equity Loans 6.54% 1.30% Mortgages 36.99% 8.32% Total Consumer 32.26% 7.44% * Auto & Motorcycle Loans channeled or executed through finance companies = Rp6.4 tn in our Commercial Loan Portfolio Our consumer loans is the highest growing segment compared to the other segments, growing at about 32% YoY This high growth is driven by: Mortgage grew by 37%, and we maintain our presence as one of the market leaders in the mortgage industry. Payroll Loans or Personal loans also continued to expand by 22.1% to about Rp5.2Tn, possibly now one of the largest personal loans portfolio in the country. In Credit Cards, in addition to the high fee income growth we discussed earlier due to high transaction growth, we are also seeing expansion in receivables by 22.5%, indicating the early success of our strategy to penetrate into the higher revolving segments. Through the acquisition of Tunas, we are able to grow our vehicle loans significantly. Most of the “Other” category, which grew by 101.4%, is comprised of auto loans that are jointly-financed through Mandiri Tunas Finance. Total auto finance booked in Mandiri is now Rp1.8tn, excluding the Rp6.4tn of auto loans through finance companies booked in our commercial loans portfolio. Despite the high growth rates, NPLs continued to be well managed at only 2.6% within the consumer segment.

Mandiri Tunas Finance: Total Financing Rp 2.9 Tn
Pak Mansyur Total Booking and the Break Down for Joint Financinng and Non JF Breakdown of Financing Program for 2010 Rp bn Total 10 new additional Dealers with MoU Cooperated Floor financing done by business banking in 4 used car clusters Rollout Branches referral program MTF branches expansion with total of 74 Branches Loan disbursements grew by % YoY 469 412 396 249 This slide will give you some additional color regarding our expansion into auto financing. In the left hand chart, we see the value of financing disbursed in 2010, with expansion in financing disbursed in January 2010 of Rp249 billion which peaked in August with about 469 bn of disbursement and Rp 412 bn disbursement in September Total loans disbursed for the 9 months period is Rp 2.9tn, we believe we can still get to Rp 4.5 tn disbursement for the full year, because some of our development program such as: - Signing up 10 new large national dealer network - Launched floor financing that’s done now in 4 clusters of used car dealers - Branches expansion, now MTF has a total of 74 branches - As a result, loans disbursement grew by 133% YoY for the 9 months period. By September, about 62.6% of MTF’s disbursement is done through JF which indicates our ability to improve alliance between Bank Mandiri and MTF.

1,868k Visa & Mastercards transacted Rp3.37 tn in Q3 2010
Pak Mansyur Mandiri Visa & Mastercards and EOQ Receivables Total Card Quarterly Sales by Type of Transaction (Rp Bn) Looking more closely at our credit card portfolio; We issued more than 1.9 million cards by the end of the 3rd Quarter 2010, with 98 thousand new cards during the Quarter. Our End of Quarter receivables again increased, to Rp3.37 trillion for all card products, on a strong quarterly retail sales volume of Rp3 trillion. We believe through more focused and segmented target marketing of card holders, our portfolio will come to contribute higher profitability. Total Co-brand Cards of Hypermart now is about 171 thousands with total receivable of Rp 273bn or growing by 148% from the same period. This card is one of strategy to continue to increase the percentage of revolving customers by pursuing penetration into high mass segment. That was all on the development of our high yield assets strategy, Pak Sentot will now present the development in our assets quality.

Gross NPLs 2.6% , coverage at 192% - Category 2 loan declined to 8.4%
Pak Sentot NPL Movement - Consolidated Category 2 Loans – Bank Only Thank you Pak Mansyur, overall our assets quality continue to be well managed Our consolidated Gross NPL ratio remain at about to 2.60% by the end of Q3-2010, with Net NPLs in 3rd quarter 2010 at 0.74%. Our cash provisioning coverage in Q3 is now 191.7%, slightly declining from 206% but continues to be relatively high compared to other Indonesian banks. Our Category 2 loans declined to 8.4% of total loans, down from about 8.95% of the total loans in the previous quarter, even though at absolute term it remained at about 17.5 tn

Q3 Total NPLs Rp5.15 tn with Rp0.8tn Down grades
Pak Sentot Non-Performing Loan Movements (Rp tn) – Bank Only Movement by Customer Segment (Rp Bn) Total NPLs for the 3rd quarter stood at Rp5.15 tn Upgrades to performing loans and payments totaled Rp0.29 tn, while write-offs accounted for an additional Rp160 bn reduction during the quarter Most of the write-offs were from the Consumer segment with Rp87.4 bn, or about 60% of the total. Most of the upgrades were in the Commercial segment, with about Rp85.5 bn or about 50% of all upgrades. Meanwhile, most the downgrades were from Small & Micro segment with Rp356.8 billion.

Stable NPLs across the segments
Pak Sentot Non-Performing Loans by Segment Amount of Cash Provisioning NPLs (Rp tn) Q3 (%) Corporate 1.47 0.05 1.59% Commercial 1.76 3.00% Small 0.75 0.21 3.63% Micro 0.43 0.04 6.73% Consumer 0.73 2.55% Total 5.15 0.41 2.39%* (Rp bn) Loans Outstanding # of Customers Provisioning (Rp bn) Individual 15,654 508 7,274 Collective 191,652 910,120 3,155 Total 207,305 910,628 10,429 Bank Mandiri’s current cash provisioning to total loans (Bank only) stands at 5.03% * Excluding Restructuring Losses and loans to other banks. Methodology for Impairment: Bank Mandiri has established criteria for decrease in value based on Loan Segmentation: Individual Impairment Corporate and Commercial customer segments with objective evidence of decrease in value. Outstanding loan balances of more than Rp5 billion for other segments which have objective evidence of decrease in value Restructured loans for Corporate and Commercial customer segments Restructured loans with outstanding balances of more than Rp5 billion for other segments which have objective evidence of decrease in value. Collective Impairment All segments excluded from individual impairment All restructured loans excluded from individual impairment In total, NPL stood at Rp5.15tn in Q3 2010, Corporate has the lowest NPL ratio with 1.59%, followed by Consumer with 2.55%. Micro NPL is about 6.73% but we are continuing to strengthen our collection and originating capabiity. With implementation of the new accounting standards, we are now using impairment losses for provisioning (CKPN). We calculate individual impairment for 508 accounts with outstanding balance of Rp15.65 trillion and calculate collective impairment for 910,120 accounts with outstanding balance of Rp trillion. In total, we had to provide Rp10,4 Tn, of that Rp3.15 Tn is due to collective and the remaining is due to individual impairment.

Q3 2010 annualized net downgrades of 1
Q annualized net downgrades of 1.30% on loans originating since 2005. Pak Sentot Total Loans originated since 2005 Net Upgrades (%)/Downgrades (%) # Q Details Loan Background Q3 ‘10 Balance (Rp bn) Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 DG to NPL % UG to PL Corporate 76,552.17 0.11 0.48 1.05 1.15 - 0.03 0.28 0.17 0.18 Commercial 50,766.23 0.21 0.78 0.04 0.51 0.27 0.13 0.15 0.02 Small/Micro 23,251.61 0.59 1.20 1.06 1.00 1.19 0.84 1.36 0.86 1.38 Consumer 27,409.35 0.22 0.49 0.30 0.40 0.33 0.35 0.14 Total 177,979.37 0.65 0.91 0.38 0.25 0.12 0.50 0.32 0.05 # % downgrades and upgrades are quarterly % figures In the 3rd Quarter 0.27% of the Rp177.9 tn in loans originated since 2005 were downgraded, for an annualized downgrade rate of about 1.08%. This is a good development compared to the previous quarter of 1.28% annualized downgrade. We see a marked improvement across the segments Corporate segment had the lowest net downgrades at 0.06% during the Quarter. Commercial downgrades halved to only 0.5% annualized downgrades. Meanwhile consumers new annualized downgrades remained at about 1.4%. Of the 0.27% net downgrades in the 3rd Quarter, there were 0.32% downgrades and 0.05% upgrades.

Progress on selected debtors as of 30 Sept 2010
Pak Sentot Garuda Indonesia Total outstanding as of 30 Sept 2010 was Rp 1.3 trillion. Industry : Airline. IPO is scheduled in Q Kick-off process of IPO. The delay of IPO due to Q4/2010 result and the preparation Garuda Audit (as of Sept 2010) Total outstanding to this debtor as of 30 Sept 2010 was Rp 1.6 trillion. Industry : oleo chemical, lens optic and hotels. The obligor has signed a credit settlement, with new investors . This is comprehensive resolutions of Debtors. Cash Collection USD 10million, the remaining USD 180 to be restructured up to 7 years, paying commercial rate. Domba Mas Group We have 2 NPL accounts with significant progress this quarter Garuda Indonesia Total outstanding as of 30 September 2010 was Rp 1.3 trillion compromised of equities excluding MCB and Loans IPO is scheduled in Q1/2011,Kick-off process of IPO. The debtor target proceed of USD 300 million. The delay of IPO due to Q4/2010 result and the preparation Garuda Audit (as of September 2010). We expect that we will be able to sell our equity portion of 10.6% during the IPO. Meanwhile the remaining Rp 300 bn is expected to be restructured. Domba Mas Group Total outstanding to this debtor as of 30 September 2010 was Rp 1.6 trillion. The obligor has signed a credit settlement with Bakrie Sumatra Plantation on 22 October 2010 The restructuring is a comprehensive resolution of the debtor. Bank Mandiri received USD 10 million, while the remaining USD 180 Mn will be restructured and expected to be repaid in in 5 and 7 years, paying commercial interest.

Strengthening Risk Management & Monitoring System
Pak Sentot Corporate Customer by Rating Summary of Risk Management Initiatives High Risk (Rating C- G) Medium Risk (Rating BBB – B) Low Risk (Rating AAA – A) Credit Wholesale Transaction: Optimize credit decision process by focusing on quantitative factors of analysis, redefining clear role of risk team , and aligning RM Organization into business expansion High Yield Business: Assign dedicated team, set up loan factory, enhanced business process (incl. tools, monitoring & collection system, policy ) Optimize capital by implementing ERM & VBA Consolidate risk management of subsidiaries Market Development of risk measurement system for derivative & structured product (Summit) Implement Market Risk Internal Model Intraday Limit Monitoring Enhance Policy & Procedure for Treasury & ALM Enhance FTP (Fund Transfer Pricing) method Develop liquidity stress test & safety level Develop measurement of capital for IRBB Operational ORM implementation in all unit, incl. overseas offices & subsidiary Bring Op. Risk top issues into Management Review Op. Risk on new procedures & new products One of our key platforms for growth is our risk management function. In the last 5 years, we have continuously improved our credit, market and operational risk systems, methodology and infrastructure. We have been utilizing our internal rating for several years, and continuously improving our rating and scoring system. We are also moving towards defining an acceptable risk appetite approach before we pursue a customer or group of customers. As a result, we have been able to improve the risk profile of our customers. As you can see on the left-hand chart, the risk profile of our customers by September 2010, 70% are considered low-risk (with rating of A or above) from only 51% in 2006. Similarly, in market and operational risk, we continue to develop our risk management capability. In 2010, some initiatives in market and operational risk will be to further developing our stress test analysis and the synchronization of risk based audit in internal audit with operational risk. Now, Pak Haryanto will continue to present to you on our progress with our subsidiaries and alliance program as well as on our cost.

Q3 Cost to Income Ratio at 38.1%
Pak Haryanto Quarterly Consolidated Operating Expenses & CIR* Breakdown of Q & 2010 Operating Expenses 9M ‘09 Q3 ‘09 Q3 ‘10 9M ‘10 Y-o-Y Growth 3Q-oY 9M Personnel Expenses Base Salary 1,158 379 452 1,271 19.3% 9.7% Other Allowances 1,547 479 656 1,870 36.9% 20.9% Post Empl. Benefits* 281 (46) 130 311 (384.9%) 10.8% Training 97 34 58 165 70.2% 71.0% Subsidiaries 442 171 213 573 23.9% 29.6% Total Personnel Expenses 3,525 1,019 1,510 4,190 48.2% 18.9% G & A Expenses IT & Telecoms 514 177 170 538 (4.2%) 4.6% Occupancy Related 782 293 335 939 14.2% 20.0% Promo. & Sponsor. 443 182 222 581 22.0% 31.0% Transport & Travel 209 74 84 240 13.9% 14.8% Prof. Services 314 106 124 364 17.0% 15.9% Employee Related 295 116 174 441 50.9% 49.7% 384 163 362 684 122.2% 78.0% Total G & A Expenses 2,941 1,110 1,470 3,786 32.4% 28.7% *Excluding the impact of non-recurring interest income & bond gains *VSS costs moved to Employee-Related in G&A in 2009 Thank you Pak Sentot. Despite the various initiatives we have implemented so far this year, our overhead costs continue to be well-managed. So far this year we have established 201 new branches, 269 new micro outlets (including sales outlets) and 499 additional ATMs. In total, Quarterly Overhead Expenses increased by 38.3% (Y-o-Y) in Q3, driven by G & A Expense growth of 31.5%. For the 9 Month until September 2010, our G&A expenses increased by 28.4%, led by employee related expenses including outsourcing and VSS program. By end of September 2010, 266 employees participated in our VSS program , with total expenses of Rp 85bn. Other G & A expenses that grew significantly was Promo & Sponsorship that grew by 31.0%

Leveraging cash generator to accelerate high yield growth and deposit franchise
Pak Haryanto Co-Branding Prepaid Card Program Consumer Loans from Alliance Program (10 top corporate clients) Rp Billion Total Payroll (*) Corporate Card Holder from Alliance Program (10 top corporate clients) Rp Billion (*) Including all payments to the employees Alliance is one of our strategy to build or leverage on our existing strengths led by Corporate Banking, we have been pursuing opportunities to develop and leverage the value chain concept into other segments by creating business derivative to other SBU’s, increasing cross-selling opportunities and focusing on servicing the requirements of our prime customers. The goal of our alliance strategy for Corporate Banking is to enhance our revenue-generating capabilities across a broader customer base. The alliance program has contributed significantly to the growth of Payroll / Personal Loan (Mitra Karya) which are marketed to our top largest clients that increased by 76% compared to Q3’09 Total payroll volume paid through Bank Mandiri has grown from Rp 3.4tn in Jan to Rp 6.7tn September 2010. In our credit card portfolio, the total cards distributed to the top 10 corporate clients by the end of Q had exceeded 36,987 cards through our alliance programs, for growth of 205% compared to Q3’09.

Enhancing synergies & values from subsidiaries
Pak Haryanto Syariah Banking Investment Banking Insurance Niche Banking Multi-Finance Bank Sinar Harapan Bali Total Assets Rp28.05 tn Bond Trading Volume Rp30.5 tn Rp7.88 tn Total Loans Rp575.3 bn Total Financing Rp2,976 bn Rp21.44 tn Equity & FI Underwriting Rp5.8 tn Annual FYP Rp 1,551 bn Net Interest Margin 10.41% 5.57% Total Deposits Rp24.84 tn Equity Trading Volume Rp53. tn Fee Contribution Rp bn ROA 2.88% ROA (Before Tax) 4.06% ROE 25.91% 12% 101.10% 13.24% ROE (After Tax) 19.02% Remain the leader in syariah financing Capital injection program over 3 years Cross-sell syariah products to Mandiri customers Expansion of business to fully utilize current capital base Cross-sell capital market services to broad range of Mandiri customers Refocus business toward higher fee income Provide end-to-end bank assurance business Continue to build cross-sell opportunities in various segments Bank assurance products complete our suite of consumer offerings Enhance operating model Improve risk management systems and IT Improve productivity Use Bank Mandiri’s network infrastructure throughout Indonesia to develop multi-finance segment, especially in vehicle-ownership financing. Our 5 main subsidiaries also continued to grow rapidly, now our subsidiaries contribute to about 11% of our income. Bank Syariah Mandiri focusing on syariah compliant funding and deposit products continues to be the dominant bank in the syariah segment. In September 2010, the total assets is Rp28.05 tn, total financing of Rp21.44tn or growing by over 44% YoY with total deposits of Rp24.84 tn and ROE of 25.91% Mandiri Sekuritas supports our corporate clients with investment banking and capital market services, as well as providing investment products for retail customers, trading of government bonds and equity broking. Mandiri Sekuritas underwriting business continues to improve with total Equity and FI underwriting of Rp 5.8 tn by Q AXA Mandiri Financial Services has developed a wide range of banc-assurance products to cross-sell across the segments such as consumer finance and commercial/ small businesses. Through September 2010, the total fee contribution is Rp billion, with total ROE of 101.1% AMFS is AXA’s most successful joint venture globally. Bank Sinar Harapan Bali is an integral part of Bank Mandiri’s plan to develop the micro segment aggressively, which we intend to achieve by dominating local market and finally preparing for national expansion. The Bank Sinar’s Net interest margin in September is 10.41% with ROA of 2.88% and ROE of 13.24%. Mandiri Tunas Finance as one of our channeling to consumer loans customers who need vehicle ownership financing has total financing Rp2.98 tn in Q and Net Interest Margin of 5.57% For closing, I will now hand you over to Pak Abdul Rachman

9M 2010 operating profit increased by 26
9M 2010 operating profit increased by 26.8% from 9M 2009 on higher NII & fee-based Pak Abdul Rachman 9M 2009 9M 2010 Rp billion Rp billion Up 26.8% Notes : Fee based income excluding gain on sale & increasing value GB & securities Overhead expenses + others excluding provisions Thank you Pak Haryanto. Our 9 Months 2010 pre-provision operating profit of Rp 11,590 bn booked solid growth of 28.3% over 9-Month This is due, in large measure, to the increase in our fee-based income, which grew by 49%, while net interest income also continues to show strong growth at 17.4% YoY. Since the implementation of the accounting standards, cash recovery from written off loans are now part of other or fee income and no longer part of building up of provisioning or CKPN. This has quite a significant impact to the growth in our other or non interest income. In the third quarter, about Rp 406 billion is booked as cash recovery from write-off loans.

Strong Revenue Growth Pak Abdul Rachman Summary P&L 9 Month 2009
Y-o-Y Rp (Billions) % of Av.Assets* % of Av.Assets  (%) Interest Income 24,571 13.7% 25,089 12,5% 2.1% Interest Expense (12,083) (6.8%) (10,725) (5.3%) (11.2%) Net Interest Income 12,488 7.0% 14,364 7.2% 15.0% Other Operating Income : 3,795 5,707 2.8% 50.4% Other Fees and Commissions 2,938 1.6% 3,668 1.8% 24.8% Foreign Exchange Gains – net 495 0.3% 423 0.2% (14.5%) Others *** 362 1,616 0.8% 346.4% Gain from Increase in Value & Sale of Bonds 181 0.1% 122 (32.6%) Provisions, Net (2,327) (1.3%) (3,200) (1.6%) 37.5% Personnel Expenses (3,524) (2.0%) (4,190) (2.1%) 18.9% G & A Expenses (2,947) (3,786) (1.9%) 28.5% Other Operating Expenses** (647) (0.4%) (670) (0.3%) 3.6% Profit from Operations 7,019 3.9% 8,540 4.3% 21.7% Non Operating Income 327 142 (56.6%) Net Income Before Tax 7,346 4.1% 8,682 4,3% 18.2% Net Income After Tax 4,685 2.6% 6,389 3.2% 36.4% * % of Average Assets on an annualized basis ** primarily premiums paid under the blanket guarantee scheme *** including collection from written off loans IDR 1,007 bn 33 For 9 Month ending September 2010, our interest income was Rp25.6 trillion. Net interest income grew by 17.4%. Until the end of the third quarter, other operating income totaled Rp5.7 trillion, for an increase of 49% compared with the previous year, mainly due to collection of written-off loan which is now accounted as other income. For 9 Month 2010, total provisions were Rp3.2 billion compared to Rp2.4 trillion in the previous year. Our 9 Month 2010 net income after tax was Rp6.4 trillion, recording 38.2% growth from the Rp4.6 trillion reported in 9 Month 2009.

…supported by strong capital, ROE continues to expand
Pak Abdul Rachman Capital & RWA Movement Profit After Tax & ROE IDR bn * Credit Risk Only; CAR inclusive of Market & Operational Risk is 13.26% Our CAR in the 3rd quarter 2010 can be maintained at 14.6% although our risk assets grew by 25.4% YoY to Rp234.7 tn, remaining far above BI’s minimum requirement of 8%. Including market & operational risk our CAR by the end of 3rd quarter was 13.3%. As you recall the increase is due to in December 2009 we concluded the issuance of our lower tier 2 capital in the form of Subordinated bonds. Althought our total capital is well above the requirement, to anticipate future growth opportunities and avoiding the market to get even more crowded, we’re preparing for right issue. The Privatization Committee has approved the plan and the Minister of Finance has requested for approval to the parliament. The amount new shares to be issued is amounted to be about 13% of existing shares outstanding. By doing so, we should be able to have 40% of our shares floated. Our Profit after tax in Q was Rp2,351 bn or 39% above our earnings in Q3 2009, again increasing mainly due to a significant increase in other operating income. As a result, our return on equity 3rd quarter of 2010 reached 23.10%.

On Track to Achieve Our 2010 Targets
Pak Abdul Rachman Target 3Q 2010 Gross Loan Growth (YoY) 15-18% 23.2% Savings Deposits > Rp110 tn Rp tn Net Interest Margins ~ 5.35% 5.28% (1) Efficiency Ratio 45% 39.36% Gross NPLs < 4.0% 2.67% Provisioning Coverage 150% 186.13% New Distribution Infrastructure Targets: # of New ATMs 2,500 499 # of New EDCs 25,000 8,996 # of New Micro Outlets 500 369 (1) Excluding adjustment and non recurring items were 5.24% To conclude our presentation, I would like to restate some of our goals for As this is the 1st year of the 2nd stage of transformation, we have set several stretch but also realistic goals, and they are: To achieve out gross loan growth in the range of 15%-18%, our YoY growth was 23% Saving deposits exceeding Rp 110 trillion, we managed to grow our savings to Rp120Tn Net Interest margins targeted at about 5.35%, which we excedded because NIM was 5.5% Gross NPLs of less than 4.0% Provisioning Coverage more than 150%, we continued to have above 190% of NPL as coverage. As well as infrastructure development targets, including: 2500 new ATMs 25,000 EDCs And 500 new Micro banking units, so far we have established 499 ATMs, 8996 EDCs and 369 Micro Outlets. Our 9 Month 2010 results indicate that Bank Mandiri is ready to reach a higher aspiration in growth & profitability, and is on the track to achieve these goals. That concludes our presentation. I will now turn the meeting back to Pahala for our Q&A session.

Operating Performance Highlights
Our continuing improvement in financial performance will allow us to renew and maintain our focus on developing the business lines within each of our SBUs according to the strategies we have discussed in our last Analysts’ meeting.

Corporate Banking: Contribution Margin declines on rate increase
Performance to Date: 9M 2010 Contribution Margin (after PPAP) Strategies for 2010 Rp bn Rp bn Build up the industry-based focus, including investment in human resources development, to support the organization in achieving higher than market growth Develop an awareness of the importance of optimizing the potential growth in wholesale business transactions, fund preservation and collection of fee- based income with a strengthened product team function (from product sales specialist to product development) while increasing service standards and product competitiveness Foster alliances (collaboration) among business units in the effort to maximize the borrower’s business potential, from downstream to upstream, with a variety of product and service offerings according to the current needs Increase the role of Syndicated & Structured Finance Group and Mandiri Securities in speeding up the development of wholesale transaction banking by providing sophisticated and comprehensive products that meet customers’ needs 3,910 2,906 2,483 -16% 2,316 Corporate Banking continues to generate a strong contribution margin (profit after PPAP). For the 9M’ 2010, this has totaled Rp 2,316 tn, or a decrease of 16% compared to 9M’ 2009 Rp 2,766 tn. This number including contribution margin of overseas branches (Hong Kong, Singapore, Cayman Island, China, and Bank Mandiri Europe Limited) which is under supervision by Corporate Banking. Reasons for decrease in CM Compared to Q3 2009, Contribution Margin in Directorate of Corporate Banking decreased by 16%, driven by: The reduction in fee-based income of Rp 64 bn from the adoption of PSAK 50/55 in 2010 due to its re-class. The losses of BMEL subsidiaries Rp 103 billion, is recognized as a reduction of fee-based income in Directorate of Corporate Banking Increased of provision/ CKPN costs approximately for Rp. 200 billion, impairment of individual calculation based on cash flow, debtors: Arpeni Pratama Ocean Line (an increase of Rp. 32 billion) Ancol Terang (an increase of Rp. 70 billion) and downgrading of coll. 1 to coll. 2 of Politama Propindo Rp 34 billion.

Mandiri Sekuritas’ financial performance
Y-o-Y  (%) Revenues 170 279 64% Investment Banking 96 44 (54%) Capital Market 145 136 6.2% Treasury 3 (100%) Investment Mgt 31 46 48% Operating Expenses 128 169 32% Earnings After Tax 30 65 117% Equity Transactions 33,326 53,009 59% SUN Transactions 10,706 30,508 185% Bonds Underwritten 1.775 5,756 224% ROA 2.1% 8.4% 300% ROE 5.9% 12% 103% (Rp Bn) One area of focus for Corporate Banking is to enhance the fees generated by Mandiri Sekuritas, our Investment Banking subsidiary. Mandiri Sekuritas recent financial performance, however, has been negatively affected by the global financial crisis and its local repercussions. Total revenues generated by Mandiri Sekuritas through 9M’ 2010 were Rp279 bn, an increase of 64% compared to last year. Although, earnings after tax were increase 117% or to Rp65 billion in 9M’ 2010.

Treasury, FI & SAM Performance to Date: 9M 2010 Contribution Margin (after PPAP) Strategies for 2010 Rp bn Rp bn New strategy for remittance business in Middle East, South Korea and Taiwan. Develop FX online dealing & web-based FX quotation system in order to generate more FX volume from corporate clients. Expand clients’ coverage for foreign exchange, marketable securities and custody services business including foreign investors. Set program and strategy to become major player in banknotes business. Early restructuring and intense monitoring. Legal action on non- cooperative debtors. Enhance e-procurement system. Optimum utilization on e- auction. 3,309 1,280 196% 1,382 803 * 2010: Including Collection from SAM and excluding International branches (except Cayman Branch) In the 9M’2010, Treasury, FI & SAM generated a profit of Rp 3,309 bn, largely due to growth in both NII and Fees which contributed Rp 706 billion and Rp 1,838 billion respectively. However, the contribution margin of Treasury, FI & SAM in the 9M’ 2010 were Rp 3,309 billion, excluding overseas branches. In the future, we will look to: New strategy for remittance business in Middle East, South Korea and Taiwan Developing FX online dealing & web-based FX quotation system in order to generate more FX volume from corporate clients Expand clients’ coverage for foreign exchange, marketable securities and custody services business including foreign investors Setting program and strategy to become major player in banknotes business

Commercial Banking: Strong revenues from both Liabilities & Assets
Performance to Date: 9M (tent) 2010 Contribution Margin (after PPAP) Strategies for 2010 Rp bn Rp bn Supporting Bank Mandiri Wholesale Banking vision as an Integrated Wholesale Bank through sophisticated, customized and completed services to can increase revenue especially through potential business like Wholesale Banking Deposit and Fee Income. Increasing profit and market share through customer existing share of wallet, increasing revenue from new customer and NPL control. Provide best total business solution for customer by developing product and services including quality bundling product, quick services and competitive price. Effective Alliance in units based on customer base in Commercial and Small segment, especially in developing value chain business. 4,449 (1.96)% 3,289 3,026 2,114 The Commercial Banking SBU strives to be the primary commercial bank in our market, leveraging our dominant corporate position to provide services to medium and large commercial enterprises, both upstream and downstream in the value chain. Through 9M’ 2010, Commercial Banking contributed profit of Rp3,289 tn, largely due to growth in spreads on both assets and liabilities, which contribute Rp3,075 tn and Rp735 bn respectively. 2009 and 2010 figures include the contributions from Small Business which are excluded from earlier periods. Reason for decrease in CM Compared to Sept 2009, Operating Profit Commercial & Business Banking growth 12, driven by: Increased of Asset Spread for Rp. 655 bn, from Rp bn in Sept 2009, And the decreased in Contribution Margin driven by: the increasing of provision for 371 % or Rp. 490 bn compared to Sept 2009, as an impact of the implementation of PSAK 50&55, while NPLs decreased from 3% (or Rp bn) in Q to 2,67% (or Rp bn) in Q

Commercial Banking : Stronger Platform & Improved Distribution Capability Expanding Scope of Distribution, 2010 Solid & Stable Source of Low Cost Funds Rp Tn ** Sumatera Loans = Rp8.1 tn Funds = Rp4.3 tn Kalimantan Loans = Rp3.1 tn Funds = Rp2.1 tn Eastern Loans = Rp1.5 tn Funds = Rp0.7 tn Product Q3 ‘09 Q3 ‘10 Growth Demand Deposit 17.77 18.57 4.5% Rupiah 11.93 12.13 1.67% FX 5.85 6.44 10.08% Saving Deposit* 1.25 1.56 24.8% Total Low Cost Fund 19.02 20.13 5.83% Total Funding 30.94 29.72 -3.94% Java and Bali Loans = Rp44.7 tn Funds = Rp22.7 tn CBC = 20 Unit Floor = 22 Unit TSC = 12 Unit TSD = 14 Unit Low Cost Fund Ratio = % Funding from Java & Bali =76.22% of total funding * Business Savings Product ** excl. SBG As we can see on the right hand of this slide, Commercial Banking generates a strong and stable low cost funding base, with a CASA ratio of 67.74%. Total deposits generated from our Commercial Banking SBU decreased by 3.94% YoY, while low cost deposits grew at 5.83%. We have continued to improve the reach of our distribution capability, as we can see from this slide. Key growth areas outside of Jakarta include: Sumatera, with loans of Rp8.1 tn and funding of Rp4.3 tn Java and Bali, with loans of Rp44.7 tn and funding Rp22.7 tn Kalimantan, with loans of Rp3.1 tn and funding of Rp2.1 tn. Eastern Indonesia, with loans of Rp1.5 tn and funding of Rp0.7 tn. These diverse lending and funding activities were distributed through our dedicated 20 Commercial Banking Centers (CBCs), 22 Commercial Floors, 12 Trade Service Centers, and 14 Trade Service Desk.

Strong growth from Bank Syariah Mandiri
Financial Performance (Rp bn) Net Interest Margin & Cost of Funds FY ’06 FY ‘07 FY ’08 FY ’09 9M ’10 Financing 7,415 10,305 13,278 16,063 21,438 Deposits 8,219 11,106 14,899 19,338 24,839 Assets 9,555 12,888 17,066 22,037 28,054 EAT 65.48 114.64 196.42 290.94 320,05 Ratios: ROA 1.10% 1.54% 1.83% 2.23% 2.30% ROE 10.23% 15.94% 21.34% 21.40% 25.91% Net NPF 4.64% 3.43% 2.37% 1.34% 1.45% YoA Syariah Financing (Rp tn) CoF NIM BSM has shown sustainable growth in syariah financing, which has increased to Rp21,438 trillion in 9M’ 2010 from Rp trillion in FY 2009, up by 33.46%. This has resulted in a financing to deposit ratio of 86.3% at 9M’ 2010. BSM’s financing spread and net margin were maintained at 5.0% and 6.4% respectively. Earnings after tax reached Rp 320,05tn, with an ROE of 25.91% for the period..

Micro & Retail Banking: Rapidly growing our high margin business
Performance to Date: 9M 2010 Contribution Margin (after PPAP) Strategies for 2010 Rp bn Rp bn Leverage our strength in Corporate and large Commercial customers to quickly build high margin business Continue to improve our payment infrastructure Expand our distribution with a focus on high margin business Improve our sales culture and productivity of existing network Cross sell to grow our fee based income business 3,995 3,152 (8.6%) 2,221 2,204 * Includes Deposit Insurance In the 9M 2010, Micro & Retail Banking contributed profit of Rp 2,221 bn, mostly derived from liabilities revenue of Rp 3,204 bn and fee based income of Rp 2,172 bn. Both 9M’ 2009 and 9M’ 2010 figures exclude the contributions from Small Business, which was transferred to the Commercial Banking Directorate in early 2009. Our retail banking strategies consists of five areas, as follow : Leverage our strength in Corporate and large Commercial customers to quickly build high margin business Continue to improve our payment infrastructure Expand our distribution with a focus on high margin business Improve our sales culture and productivity of existing network Cross sell to grow our fee based income business ‘alasan penurunan contribution margin micro & retail banking directorate : Penurunan CM lebih disebabkan oleh 1). Peningkatan beban operasional dibandingkan tahun sebelumnya growth yoy 17.3%, hal ini merupakan konsekuensi dengan banyaknya inisiatif strategis yang dijalankan oleh Direktorat MRB di tahun 2010 (a.l pembukaan unit mikro; penambahan ATM & EDC; serta pembukaan cabang baru). Selain itu juga karena 2). Penurunan dari sisi liab. spread yang paralel dengan tingkat penurunan rata-rata suku bunga SBI dari Sept09 yang sebesar 6.75% menurun menjadi 6.5% di Sept10. 3). Peningkatan beban CKPN sebesar 120% di Sept10 jika dibandingkan 9Month 2009 juga berkontribusi, kondisi akibat penerapan aturan provisi yang baru berdasarkan PSAK50/55.

Consumer Finance: Significant growth in spread and fee income
Performance to Date, 9M 2010 Contribution Margin (after PPAP) Rp bn Rp bn 1554 1,509 52% 831 639 412 For the 9M’ 2010, the Consumer Finance SBU delivered a significant improvement in financial performance. Consumer Finance booked Rp 1,554 bn in Contribution Margin, up by 52% from Rp 1,020 bn in the previous year.

Supporting Materials

Key Quarterly Balance Sheet Items & Financial Ratios
IDR billion / % Q3 ‘09 FY ‘09 Q3 ‘10 Y-o-Y  (%) Gross Loans 188,322 198,547 23.2% Government Bonds 88,363 89,133 82,181 (7.00%) Total Assets 365,743 394,617 408,286 11.6% Customer Deposits 295,497 319,550 321,199 8.7% Total Equity 33,168 35,109 39,027 17,7% RoA - before tax (p.a.) 2.74% 2.96% 2.89% RoE – after tax (p.a.) 19,66% 22.07% 23.11% Cost to Income(1) 39,74% 40.18% 39.36% NIM (p.a.) 5.11% 5.22% 5.28% LDR 62.78% 61.36% 71.76% Gross NPL / Total Loans 3.80% 2.79% 2.67% Provisions / NPLs 164.45% 200.45% 186.13% Tier 1 CAR(2) 12,81% 12.50% 11.28% Total CAR(2) 14.21% 15.55% 13.28% Total CAR incl. Market Risk 14.14% 15.43% 13.25% EPS (Rp) 223.83 341.72 304.60 36.1% Book Value/Share (Rp) 1,585 1,677 1,860 17.4% (1) (G&A and employee expenses) / (Net Interest Income + Other Operating Income), excluding bond gains (2) Bank only – Not including Market Risk Our gross loans, at Rp231.8 trillion, have grown by 23.1% in the past 12 months Gross NPLs was 2.60% in Q Our provisioning policy remains slightly more conservative than BI requirements, and reflects a cash provisioning coverage ratio of %. Q3 NIM was 5.5%, after a reported 5.21% in Q3 2009 Overhead spending have dropped, with our Cost to Income ratio 38.47%. The Bank remains exceptionally well capitalized, with a CAR of 14.56%, or 13.26% when market risk is included.

Total Assets grew 11.7% Y-o-Y to Rp409.4 tn
Total Assets (Rp tn) Consolidated Total Assets rose by 15.0% to Rp tn Total loans account for 51.4% of total assets while government bonds 24.1% Interest income from loans increase by 446 bp from Q or 68.04% of total interest income. Interest income from government bonds account for 22.35% of total interest income.

Additional Factors Written-off Loans Aggregate of Rp tn (US$ bn) in written-off loans as of end-September 2010, with significant recoveries on-going: 2001: Rp2.0 tn 2002: Rp1.1 tn 2003: Rp1.2 tn 2004: Rp1.08 tn 2005: Rp0.818 tn (US$ 83.2 mn) 2006: Rp3.408 tn (US$ mn)* 2007: Rp1.531 tn (US$ mn) 2008: Rp2.309 tn (US$ mn) 9Mo ’09: Rp1.489 tn (US$ mn) Q4 ‘09: Rp0.775 tn (US$ 82.5 mn) Q1 ‘10: Rp0.287 tn (US$ 31.6 mn) Q2 ‘10: Rp0.662 tn (US$ 73.0 mn) Q3 ‘10: Rp0.363 tn (US$ 40.7 mn)**) * including the write-back of RGM loans totaling Rp2.336 tn ** Including the write back of Kharisma Arya Paksi loans totaling Rp tn and Gde Kadek Rp0.59tn.

Summary Quarterly Balance Sheet: Q3 ‘09 –‘10
Y-o-Y Rp (tn) US$ (bn)# %  Total Assets 366.49 394.62 399.24 402.08 408.29 45.75 11.4% Cash 9.39 8.87 6.63 6.45 8.60 0.96 (8.4%) Placement with BI 13.42 16.06 17.92 25.71 19.23 2.15 43.3% Placement with other banks 25.59 26.57 27.20 25.33 23.85 2.67 (6.8%) Securities 9.75 3.73 35.48 25.75 13.49 1.51 38.4% Government Bonds 88.36 89.13 86.82 83.54 82.18 9.21 (7.0%) Trading 0.25 0.43 0.27 0.15 0.49 0.05 98.4% AFS 26.12 25.92 63.13 59.96 58.26 6.53 123.1% HTM 62.00 62.79 23.42 23.43 2.63 (62.2%) Loans 188.28 198.55 201.94 217.99 231.92 25.99 23.2% Performing Loans 180.37 192.34 196.57 213.12 226.55 25.38 25.6% Non-Performing Loans 7.92 6.21 5.36 4.88 5.37 0.60 (32.2%) Allowances (12.29) (12.45) (11.50) (11.55) (11.73) (1.31) (4.5%) Loans – Net 176.00 186.10 190.43 206.45 220.19 24.67 25.1% Total Deposits – Non-Bank 295.55 319.55 312.91 326.58 321.19 35.99 8.7% Demand Deposits 66.79 72.70 69.80 73.34 62.68 7.02 (6.2%) Savings Deposits 102.39 113.80 106.98 113.75 111.93 12.54 9.3% Certificate & Time Deposits 126.37 133.06 136.13 139.49 125.28 14.04 (0.9%) Sharia Banking 14.27 - 21.30 2.4 49.3% Shareholders’ Equity 33.10 35.11 36.78 36.51 39.02 4.37 17.9% # USD1 = Rp8,925

Summary Quarterly P&L – Q3 2010
Pak WAM Summary P&L Q3 2009 Q2 2010 Q3 2010 Q-o-Q Y-o-Y Rp (Billions) % of Av.Assets* % of Av.Assets  (%) Interest Income 7,756 8.6% 8,188 8.2% 8,871 8.8% 8.3% 14.4% Interest Expense (3,668) (4.0%) (3,452) (3.4%) (3,877) (3.8%) 12.3% 5.7% Net Interest Income 4,088 4.5% 4,735 4.7% 4,995 4.9% 5.5% 22.2% Other Operating Income 1,335 1.5% 2,225 2.2% 2,153 2.1% (3.2%) 61.3% Gain from Increase in Value & Sale of Bonds 58 0.1% 21 0.0% 11 (47.6%) (81%) Provisions, Net (442) (0.5%) (1,162) (1.2%) (1,344) (1.3%) 15.7% 204.1% Personnel Expenses (1,019) (1.1%) (1,374) (1.4%) (1,510) (1.5%) 9.9% 48.2% G & A Expenses (1,109) (1,265) (1,470) 16.2% 32.6% Other Operating Expenses** (499) (0.6%) (394) (0.4%) 107 (0.1%) (127.2%) (121.4%) Profit from Operations 2,412 2.7% 2,786 2.8% 3,136 3.1% 12.6% 30.0% Non Operating Income 209 0.2% (35) (0.0%) 63 (280.0%) (69.9%) Net Income Before Tax 2,621 2.9% 2,750 3.7% 3,199 3.2% (14.7%) 22.1% Net Income After Tax 1,693 1.9% 2,031 2.0% 2,355 2.3% 16.0% 39.1% * % of Average Assets on an annualized basis ** primarily premiums paid under the blanket guarantee scheme

Limited Impact on Government Recap Bonds
Pak Pahala Recap Bond Portfolio by Type and Maturity (Rp82,181 bn) Bonds by Rate Type & Portfolio as of Sep 2010 (Rp bn) Maturity/ Rp bn Trading Portfolio Available for Sale Held to Maturity Nominal MTM Fixed Rate Bonds < 1 year 19 20 - 61 1 - 5 year 251 269 30 944 year 51 57 559 > 10 year 126 154 120 Sub Total 447 499 1,683 Variable Rate Bonds 290 289 6,450 6,406 1,505 52,091 51,529 20,239 58,831 58,224 21,745 T o t a l 58,861 58,254 23,428 * Mark to Market impacts Profit # Mark to Market impacts Equity ^ Nominal value Q3 ‘10 Recap Bond Gains/(Losses) (Rp bn) Q1 ‘10 Q2 ‘10 Q3 ’10 Realized Gains/Losses on Bonds 61.81 0.93 (17.08) Unrealized Gains/Losses (3.00 ) 3.98 2.07 Total 58.81 4.91 (15.01) Even though, the majority of our recap bonds have long term maturity, the recent price volatility of the government bonds have had only limited impact on our profitability. Through the 3rd quarter of 2009, we only had Rp247 bn in our trading portfolio and about Rp26.12 tn available for sale, with the largest portion remaining in the held to maturity portfolio of about Rp62.0 tn. Nevertheless we booked about Rp2.91 bn in gains related to these government bonds, a decreased from the2 nd quarter’09 of about Rp17.8 billion, through Rp2.55 bn in realized gains and unrealized gains of Rp0.37 bn. The total amount of fixed rate bonds in our trading portfolio in3 rd quarter about Rp247 billion.

Ex-Recap Bond Portfolio, 30 Sep ‘10 – Bank Only
(Stated in Rp Millions)

Bank Mandiri Credit Ratings
S&P Moody’s Fitch Pefindo Bank Mandiri Ratings Long Term Foreign Currency Outlook Stable Foreign Long Term Bank Deposits Ba3 Long Term Foreign Currency Debt BB WR BB+ Short Term Outlook Short Term Foreign Currency Debt B NP Subordinated Debt idAA+ Individual Rating C/D idAAA Support Rating 3 Bank Financial Strength D Long Term Local Currency Outlook Positive Long Term Local Currency Debt BB- idAA Local Long Term Bank Deposits Baa3 Short Term Local Currency Debt P-3 National Rating idnAA+

Corporate Actions Dividend Payment
Net Profit for the financial year of 2009 of Rp7,155,463,216,743.00 was distributed as follows: 35%, or Rp2,504,412,132,860.05, for the annual dividend Total Dividend Payment of Rp per share Interim dividend of Rp19.26 paid on 22 December 2009 Schedule : a. Cum Date: Regular and Negotiated Market: June 9, 2010 Cash Market: June 14, 2010 b. Ex Date: Regular and Negotiated Market: June 10, 2010 Cash Market: June 15, 2010 c. Payment Date: June Net Profit for the financial year of 2008 of Rp5,312,821,488,698.00 35%, or Rp1,859,487,521,044.30, for the annual dividend Total Dividend Payment of Rp88.55 per share As of June 12, the Bank made a dividend payment of Rp88.55 per share.

Q3 2010 Movement in Category 1 and 2 Loans
Category 1 Loan Movements (Rp bn) – Bank Only Category 2 Loan Movements (Rp bn) – Bank Only Rp 3.54 tn in loans were downgraded from Category 1 to 2 in Q3-2009, this amount was offset by the upgrading of Rp1.67 tn from Cat. 2 to 1. As a result of significant downgrades and collections during the quarter, Category 2 loans increase from Rp15.89 tn to Rp18.15 tn.

Q3 2010 Loan Detail: Collectibility by Segment
Loan Profile: Q3 Collectibility (%) by Segment Bank Only Loan Profile: Q3 Collectibility (Rp bn) by Segment Bank Only

NPL Loan Detail*: Quarterly by Days Past Due
Quarterly D/G to NPL & Interest DPD - Bank Only Quarterly NPL Stock & Interest DPD - Bank Only Rp tn * Excluding Micro & Consumer Loans Only

Rp354 bn in loans were restructured or repaid in Q3 ‘10
Restructured Loan Movement Loans by Restructuring Type in Q3 2010 IDR bn (Rp billions) ‘06 ‘07 ‘08 ‘09 Q1 ’10 Q2 ’10 Q3 ’10 Loans Restructured 5,573 2,445 677 5,660 33 149 253 NPL Collections 2,398 2,567 1,147 2,058 141 96 101 *Other Restructuring includes reduction of interest rates, rescheduling of unpaid interest & extension of repayment period for unpaid interest #Others includes partial payments, FX impacts, and fluctuation in Working Capital facilities

Loan Portfolio Sector Analysis, Q3 2010
Non-consolidated numbers * Each sector < 4% * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Downgrades to NPL
Loan Profile: Q3 NPL Downgrades Only (Rp454 bn) Bank Only Corporate, Commercial & Small Business loans downgraded to NPL in Q3 totaled Rp454 billion. Of these loans: 15.0% were current on interest payments 36.1% were Commercial borrowers and 45.4% came from our Small Business portfolio Largest downgrades by sector: Retail Trading Construction 99.9% were IDR loans 67.8% were Working Capital loans 75.0% were more than 90 days overdue in interest payments * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Non-Performing Loans.
Loan Profile: Q3 Non-Performing Loans Only (Rp4,166 bn) Bank Only Corporate, Commercial & Small Business NPLs totaled Rp4,166billion in Q3. Of these NPLs in Q3: 25.3% remain current on interest payments and an additional 8.5% are less than 90 days overdue 44% are Loans to Commercial customers 78.6% are Working Capital loans and 20.7% are Investment loans Primary sectors are: Retail Trading Construction Metal Manufacturing 59.8% are Rp loans 12.3% are Cat. 3 & 9.9% are Cat. 4 1.4% were upgraded in Q2, while 65.1% saw no change in collectibility * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Downgrades to Cat. 2
Loan Profile: Q3 Downgrades to Cat 2 Only (Rp2,141bn) Bank Only Rp2,141 billion in Corporate, Commercial & Small Business loans were downgraded to Category 2 in Q3. Of the Special Mention Loans downgraded: 41.5% are for Commercial & 34.7% are to Small Business customers 59.6% are current & 0.7% are 1 day overdue in interest payments Primary sectors downgraded are: Chemical Manufacturing Mass Transportation Retail Trading 82.5% are Rupiah loans 63.8% are Working Capital loans * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Category 2 Loans.
Loan Profile: Q3 Category 2 Loans Only (Rp13,360 bn) Bank Only Rp13,360 billion in Corporate, Commercial & Small Business loans were in Category 2 in Q3. Of these Special Mention loans: 65.5% are to Corporate customers 76.3% are current or 1 day overdue, with an additional 8.7% less than 30 days overdue Primary sectors in Category 2 are: Pulp & Paper Manufacturing Textile Manufacturing Chemical Manufacturing Trading 55.4% are IDR loans 59.7% are Working Capital loans 80.6% were Category 2 in Q2 ‘10 * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Upgrades to PL
Loan Profile: Q3 Upgrades to PL (Rp116.2 bn) Bank Only Corporate, Commercial & Small Business loans upgraded to PL in Q3 totaled Rp116.2 billion. Of these loans: 52.9% were to Commercial borrowers 35.6% originated in 2005 or later Largest upgrades by sector: Wood Manufacturing Professional s 100% were IDR loans 88.7% were Working Capital loans 83.1% of upgrades to PL were NPLs moving to Category 2 * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Performing Loans.
Loan Profile: Q3 Performing Loans Only (Rp168,172bn) Bank Only Rp168,172 billion in Corporate, Commercial & Small Business loans were performing in Q3. Of these performing loans: 54.3% are to Corporate customers & 33.8% are to Commercial customers 84.0% originated since 2005 Primary sectors are: Plantation Food & Beverage Manufacturing Business Services Chemical Manufacturing 79.8% are Rupiah loans 56.8% are Working Capital loans 88.2% saw no change in collectibility 0.1% were upgraded from NPL * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Restructured Loans
Loan Profile: Q3 Restructured Loans Only (Rp15,165 bn) Bank Only Of the remaining Rp15,165 billion in restructured Corporate, Commercial & Small Business loans in Q3 : 93.2% are performing 82.4% of Restructured Loans are current in interest payments Primary sectors are: Manufacturing Textiles Pulp & Paper Chemicals Trading Non Metal Mfg 59.9% are Rupiah loans 62.6% are Working Capital loans 73.9% are to Corporate customers 3.2% deteriorated in collectibility 5.3% showed improved collectibility * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Restructured Loans.
Loan Profile: Q3 Restructured Loans Only (Rp15,165 bn) Bank Only Of the remaining Rp15,165 billion in restructured Corporate, Commercial & Small Business loans in Q3 : 93.2% are performing 82.4% of Restructured Loans are current in interest payments Primary sectors are: Manufacturing Textiles Pulp & Paper Chemicals Trading Non Metal Mfg 59.9% are Rupiah loans 62.6% are Working Capital loans 73.9% are to Corporate customers 3.2% deteriorated in collectibility 5.3% showed improved collectibility * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail: Corporate Loans.
Loan Profile: Q3 Corporate Loans Only (Rp92,828 bn) Bank Only Rp92,828 billion in loans were in the Corporate portfolio in Q3. Of the Corporate Loans in Q3: 98.3% are performing loans, with 9.4% in Category 2 81.4% of Category 2 loans are current in interest payments 52.6% of NPLs are current in interest payments Primary sectors in Corporate are: Food & Beverage Mfg Plantation Oil-Gas 68.8% are Rupiah loans 50.8% are Working Capital loans

Q3 2010 Loan Detail: Commercial Loans.
Loan Profile: Q3 Commercial Loans (Rp58,618bn) Bank Only Rp58,618 billion in loans were in the Commercial portfolio in Q3. Of the Commercial Loans in Q3: 96.9% are performing loans, with 5.3% in Category 2 84.6% of Category 2 loans are current in interest payments 4.6% of NPLs are current in interest payments Primary sectors in Commercial are: Business Services Distribution Plantations Chemical Manufacturing 88.8% are Rupiah loans 61.9% are Working Capital loans

Q3 2010 Loan Detail: Small Business Loans
Loan Profile: Q3 Small Business Loans Only (Rp20,711bn) Bank Only Rp20,711 billion in loans were in the Small Business portfolio in Q3. Of the Small Business Loans in Q3: 96.4% are performing loans, with7.3% in Category 2 20.6% of Category 2 loans are current in interest payments 13.7% of NPLs are current in interest payments Primary sectors in Small Business are: Retail Trading Distribution Plantations Business Services 99.3% are Rupiah loans 73.9% are Working Capital loans * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: Rupiah Loans.
Loan Profile: Q3 Rupiah Loans (Rp136,474 bn) Bank Only Rp136,474 billion in loans were Rupiah denominated in Q3. Of the Rupiah Loans in Q3: 98.3% are performing loans, with5.4% in Category 2 62% of Category 2 loans are current in interest payments 6.0% of NPLs are current in interest payments Primary sectors in Rupiah loans are: Plantations Food & Beverage Mfg Business Services Chemicals Manufacturing 46.8% are Corporate loans 58.5% are Working Capital loans * Excluding Micro & Consumer Loans Only

Q3 2010 Loan Detail*: FX Loans.
Loan Profile: Q3 FX Loans (Rp35,684bn) Bank Only Rp35,684 billion in loans were FX denominated in Q3. Of the FX Loans in Q3: 95.3% are performing loans, with 16.7% in Category 2 91.8 of Category 2 loans are current in interest payments 49.7% of NPLs are current in interest payments Primary sectors in FX loans are: Oil & Gas Food & Beverage Mfg Trading Textile Manufacturing Pulp & Paper Mfg 81.2% are Corporate loans 53.0% are Working Capital loans * Excluding Micro & Consumer Loans Only

Credit Card portfolio showed modest deterioration in Q3 ‘10
Mandiri Credit Card Delinquency Rates (%) Quarterly Charge-offs, NPLs & Recoveries (Rp Bn)

Bank Syariah Mandiri Branch Network & Customer Growth
Summary Balance Sheet (Rp Billions) Rp Bn 2006 2007 2008 2009 Q3 ‘10 Total Assets 9,612 12,888 17,064 22,037 28,053 Cash & placement w/ BI 1,377 1,583 2,436 3,788 3,567 Current Accounts & Placements w/Other Banks 326 299 332 486 524 Securities - Net 497 778 1,261 964 988 Total Financing 7,401 10,305 13,278 16,063 21,438 Allowances (262) (331) (573) (807) (1,047) Total Financing - Net 7,138 9,974 12,705 15,257 20,392 Third Party Funds 8,219 11,106 14,899 19,338 24,839 Demand Deposits 2,059 1,858 1,851 2,686 3,470 Savings Deposits 2,662 3,860 5,246 7,068 8,551 Time Deposits 3,498 5,388 7,802 9,584 12,817 Shareholders Equity 694 810 1,208 1,600 1,920

Bank Syariah Mandiri 2005 2006 2007 2008 2009 9-Mo ’10
Summary P&L (Rp billions) 2005 2006 2007 2008 2009 9-Mo ’10 Total Operating Income 865.5 935.2 1,197.9 1,736.4 2,071.0 1,932.5 3rd Party Share on Returns 386.4 455.5 511.9 793.0 927.1 843.6 Bank's Share in Operating Income 479.1 479.7 686.0 943.3 1,144.0 1,088.9 Other Operating income 93.6 142.4 109.2 301.0 347.0 377.5 Operating Expenses 435.6 383.0 475.9 630.0 818.2 751.6 Income from Operations 137.2 102.1 268.1 279.9 395.2 432.5 Net Income before tax 136.7 95.5 169.7 284.1 362.0 435.7 Net Income after tax 83.8 62.6 114.6 194.7 410.4 320.0 LDR 75.6% 90.21% 92.79% 89.12% 83.07% 86.31% CAR 11.9% 12.56% 12.44% 12.66% 12.39% 11.47% ROA 1.8% 1.10% 1.54% 1.83% 2.23% 2.30% ROE 14.6% 10.23% 15.94% 21.34% 21.40% 25.91% Selected Financial Ratios

Mandiri Sekuritas Summary Balance Sheet Summary P&L Rp Bn 2006 2007
2008 2009 Q3 ’10 Total Assets 2,367.4 2,757.2 2,391.7 1,485.0 2,016.7 Cash & Equivalent 80.1 57.4 248.7 316.0 377.4 Time deposit - Marketable Securities 480.1 396.9 632.9 345.0 232.9 Receivables 1,267.0 1,036.0 710.1 467.3 1,036.6 Property & Equipment-net 10.9 12.9 10.4 7.7 14.2 Total Liabilities 1,619.7 1,936.3 1,728.3 763.5 1,265.7 Payable to Clearing & Guarantee body 546.2 240.6 59.7 86.7 303.9 Payable to customers 664.7 557.8 483.9 430.1 695.6 Repo 269.4 407.5 226.3 Bank Loans 75.0 620.0 810.0 145.0 135.0 Shareholders Equity 747.6 820.8 663.3 721.4 750.9 Rp Bn 2006 2007 2008 2009 9-Mo ‘10 Operating Revenue 221.6 423.7 426.7 409.2 321.6 Brokerage Commissions 20.2 80.8 64.0 79.8 92.7 Investment Mgmt Fees 16.0 28.9 70.1 102.9 103.7 Advisory fees 3.4 21.0 9.3 27.4 5.9 Underwriting & Selling Fees 5.8 19.0 44.2 32.4 28.8 Gain on Trading of Marketable Securities 51.8 69.8 (960) 50.8 29.9 Interest & Dividends 124.2 202.8 238.5 115.6 59.9 Operating Expenses 122.4 198.1 255.5 273.8 247.9 G & A expenses 18.3 29.3 33.3 34.0 34.2 Salaries and allowances 62.2 104.1 104.2 116.8 105.9 Commissions 15.8 28.6 68.8 68.9 78.3 Profit from operations 99.2 224.6 171.2 135.4 73.63 Other income (charges) - net (29.4) (63.8) (154.7) (72.6) (16.6) Income before tax 160.8 16.5 62.8 90.2 Net Income after tax 42.6 108.4 1.0 46.2 65.2 Mark-to-market requirements for bond mutual funds was issued in August 2004, but Mandiri Sekuritas implemented starting in January 2005

Our Strategy and Intent
Bank Sinar Harapan Bali Pak Abdul R Our Strategy and Intent Business Plan, Our main focus will be to strengthen Bank Sinar’s capability and infrastructure by assisting the implementation of appropriate Risk Management Tools, an IT Platform, as well as Human Capital Development We intend to maintain Bank Sinar’s positioning as the premiere Micro & SME lending institution in Bali, through the introduction of new products aimed specifically toward this particular segment Bank Mandiri will also utilize Bank Sinar as a vehicle to further develop and penetrate the Micro & SME segment in Indonesia, which is an integral part of Bank Mandiri’s strategy to develop high-margin segment BSHB has been showing positive momentum despite recent macroeconomic trends. By the end of Q2’10, BSHB grew total loans to Rp549.6 bn, with plans to achieve Rp1,0 tn bn by the end of 2010. From the risk perspective, BSHB has been able to preserve its low level of NPLs at 0.83% Q2’10. Going forward, BSHB is confident to be able to maintain gross NPLs below 1.0% through 2010. At the end of Q2’10, BSHB profit before tax reached Rp8.9 bn. For the year ended 2010, BSHB is targeting Rp14.8 bn in profit before tax, in line with projected asset growth. As a result of these positive trends, by 2010, BSHB should achieve Rp1,24 tn in total asset. In 2008, we have acquired Bank Sinar Harapan Bali or Bank Sinar. We believe the bank is a good fit to our strategy to grow in the niche market, in this case micro and SME lending in Bali. As can be seen, the bank has been growing with a strong balance sheet as indicated by its low NPL of below 1% and high net interest margin of 11.5%, indicating its focus on micro banking. Bank Mandiri intends to utilize Bank Sinar to penetrate the Micro and SME segment in Indonesia. This is an integral part of our strategy to develop a high-margin business that is non-branch based; as you know, until recently all of our micro outlets have been co-located at the branch and the urban and sub-urban area. Bank Sinar provides us with the opportunity to grow non-branch outlets in the rural areas.

Staffing and Distribution Network Growth
Employees ATM Network Domestic Branch Network ATM-Link Network

Ratio of Provisions to NPL
Loan growth, quality & provisioning relative to peers Bank Only, As of September 2010 Total Loans (Rp bn) Loan Growth (YTD) (%) Loan to Deposit Ratio (%) NPL Ratio (Gross) (%) NPL Ratio (Net) (%) Ratio of Provisions to NPL (%) Average

Loans to Total Earning Assets
Asset and liability mix relative to peers Bank Only, As of September 2010 Total Assets (Rp bn) Loans to Total Earning Assets (%) Yield on Assets (p.a.) (%) Total Deposits (Rp tn) Low Cost Deposit Ratio (%) Cost of Funds (p.a.) (%) Average

Efficiency measures relative to peers Bank Only, As of September 2010
Loans/ Employee (Rp Mn) Profit/ Employee (Rp Mn) Cost/Assets (%)* Deposits/ Employee (Rp Mn) Pre Tax Income/Employee (Rp Mn) Cost/ Income (%) Average *Annualized

Measures of scale and returns relative to peers Bank Only, As of September 2010
Employees Branches ATMs Net Interest Margins (%) Return on Assets (Before Tax) (%) Return on Equity (After Tax) (%) Average

Supported by a new Organization Structure
Pak Zulkifli Board of Commissioners President Director ZULKIFLI ZAINI Deputy President Director RISWINANDI Institutional Banking Corporate Banking*) Commercial & Business Banking Micro & Retail Banking Technology & Operations Treasury, FI & Special Asset Mgmt Compliance & HC Finance & Strategy Risk Management Consumer Finance Change Mgmt. Office Internal Audit ABDUL RACHMAN FRANSISCA N. MOK SUNARSO BUDI G. SADIKIN KRESNO SEDIARSI THOMAS ARIFIN OGI PRASTOMIYONO PAHALA N. MANSURY SENTOT A. SENTAUSA MANSYUR S. NASUTION HARYANTO BUDIMAN RIYANI T. BONDAN Mandiri Sekuritas (Inv. Banking) Bank Syariah Mandiri AXA Mandiri Mandiri Tunas Finance BMEL Bank Sinar Harapan Bali Mandiri International Remittance Risk and Capital Committee Information & Technology Committee Human Capital Policy Committee Wholesale Executive Committee Retail & Support Executive Committee Credit Committee Commissioner Directors Committees under The Directors EVP Coordinator Ladies and Gentlemen, I would like to thank all of you for joining us this evening for this discussion of our Q financial results. Although most of you may know me already, I would like to reintroduce myself; My name is Zulkifli Zaini, and as a result of the July 5th Extraordinary Shareholder Meeting I was appointed as the CEO of the bank. I would also like to introduce some new members of the board or those that are reassigned, including Pak Riswinandi who is now our Deputy CEO, pak Sunarso as Commercial Banking Director, ibu Fransisca as Corporate Banking Director, pak Kresno Sediarsi as Techonolgy & Operations Director, and Pahala who is confirmed by the EGM to be our Finance Director. I would also like to re-emphasize our commitment for continuing transformation to be Indonesia most admired & progressive Financial Institution by 2014 and become probably the only bank from Indonesia in the Top 5 amongst ASEAN banks Bank Mandiri that employees more than 23,000 people is managed by a solid Management Team with total 14 Directors and EVP Coordinates. The organization structure is categorized by the SBU supervision, which directly under Deputy President Director, Pak Riswinandi and all the supporting units under my supervision. Now we begin our presentation starting with our Financial Highlights

Share Information from: IPO BMRI +605.88%. +21.83% JCI +444.65%
Jan 1, 2010 BMRI %. +21.83% JCI % +13.13%

Equity Research Contact Details
BROKERAGE ANALYST TELEPHONE ABN AMRO Asia Securities Indonesia Trevor Kalcic BAHANA SECURITIES Teguh Hartanto BANK OF AMERICA MERRILL LYNCH Kar Weng Loo BNP PARIBAS PEREGRINE Tjandra Lienandjaja CAZENOVE Tan See Ping CIMB-GK SECURITIES Indonesia Mulya Chandra CITI INVESTMENT RESEARCH Salman Ali CLSA LIMITED Bret Ginesky CREDIT SUISSE Teddy Oetomo DANAREKSA SEKURITAS Bonny Budi Setiawan DBS VICKERS SECURITIES Agus Pramono DEUTSCHE VERDHANA SECURITIES Raymond Kosasih eTRADING SECURITIES A.G. Pahlevi GOLDMAN SACHS (Asia) Vincent Chang J.P. MORGAN ASIA Aditya Srinath KIM ENG SECURITIES Rahmi Marina MACQUARIE CAPITAL SECURITIES Indonesia Ferry Wong MANDIRI SEKURITAS Ari Pitoyo MORGAN STANLEY Edward Goh NOMURA Anand Pathmakanthan UBS Joshua Tanja The analysts listed above actively follow Bank Mandiri, but not all have issued research reports or formally initiated coverage.

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