BALANCE SHEETS December 31, 2002 and 2001 CONSOLIDATED DESCRIPTION

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1 BALANCE SHEETS (In millions of Rupiah) BANK CONSOLIDATED NO Dec, Dec, Dec, Dec, ASSETS 1. C a s h 2,135,280 1,711,812 2,164,651 1,735, Placements with Bank Indonesia a. Current Accounts with Bank Indonesia 9,553,963 9,871,164 9,607,119 9,895,331 b. Certificates of Bank Indonesia - 370, ,132 c. Others 9,528,396 22,308,236 9,797,396 22,504, Current Accounts with Other Banks a. Rupiah 1,576 2,370 2,746 5,095 b. Foreign currencies 303, , , , Placements with Other Banks a. Rupiah ,668 15, ,340 b. Foreign currencies 5,351,484 12,994,876 5,354,715 12,877,295 Allowance for possible losses on placements with other banks - / - (54,459) (136,923) (55,043) (136,924) 5. Securities Held a. Rupiah i. Trading 266, ,075 9,100 ii. Available for sale 286, , , ,749 iii. Held to maturity 1,402,448 1,272,254 1,422,781 1,282,293 b. Foreign currencies i. Trading 150, , , ,727 ii. Available for sale 480,398 62, , ,652 iii. Held to maturity 2,189,557 3,944,439 2,384,867 4,080,440 Allowance for possible losses on securities held - / - (1,893,674) (3,577,228) (1,893,986) (3,577,228) 6. Government Bonds a. Trading 9,294,094 8,015,300 9,294,094 8,015,300 b. Available for Sale 31,580,517 31,170,372 31,580,517 31,170,372 c. Held to maturity 107,971, ,307, ,971, ,307, Securities purchased with agreement to resell (reverse repo) a. Rupiah - 305, ,102 b. Foreign currencies Allowance for possible losses on securities purchased with agreement to resell (reverse repo) -/- - (3,051) - (3,051) 8. Derivatives receivables 362,486 4, ,948 6,582 Allowance for possible losses on derivatives receivables - / - (3,624) (48) (3,625) (48) 9. Loans a. Rupiah i Related parties 477, , , ,154 ii Third parties 37,918,180 26,625,574 39,033,366 27,278,708 b. Foreign currencies i Related parties 421, , , ,679 ii Third parties 25,123,516 19,800,624 25,484,650 20,133,761 Allowance for possible loan losses - / - (9,016,841) (6,036,185) (9,070,829) (6,100,252) 10. Acceptances receivables 2,149,195 1,796,623 2,150,609 1,798,385 Allowance for possible losses on acceptances receivables - / - (127,538) (215,406) (127,538) (215,406) 11. Investments in shares of stock 1,462, , ,903 95,653 Allowance for possible losses on investments in shares of stock - / - (62,807) (26,377) (62,807) (26,377) 12. Accrued income 2,099,865 3,113,413 2,102,204 3,124, Prepaid expenses 134, , , , Prepaid taxes 363, , , , Deferred tax assets - net 2,594,379 4,781,863 2,594,688 4,817, Premises and equipment 3,247,233 2,704,247 3,510,602 2,947,859 Accumulated depreciation - / - (1,404,032) (1,086,516) (1,551,820) (1,220,381) 17. Leased assets Accumulated depreciation for leased assets - / Repossessed assets 72,045 70,699 77,163 75, Other assets 4,809,885 3,693,203 4,941,292 3,969,394 TOTAL ASSETS 249,169, ,300, ,394, ,290,995

2 BALANCE SHEETS (In millions of Rupiah) BANK CONSOLIDATED NO Dec, Dec, Dec, Dec, LIABILITIES AND SHAREHOLDER'S EQUITY 1 Demand deposits a. Rupiah 24,790,852 31,157,325 24,901,714 31,205,917 b. Foreign currencies 7,614,010 6,244,034 7,678,209 6,351,544 2 Other current liabilities 318, , , ,274 3 Saving deposits 29,589,743 22,118,081 29,926,190 22,304,803 4 Time deposits a. Rupiah i Related parties 1,756,425 1,721,279 1,316,562 1,720,899 ii Third parties 98,858, ,406,078 99,441, ,521,654 b. Foreign currencies i Related parties 28,434 32,219 16,128 32,219 ii Third parties 20,554,630 23,348,631 20,755,079 23,507,862 5 Certificates of deposit a. Rupiah 78, ,840 78, ,840 b. Foreign currencies Deposits from other banks 12,855,848 12,526,641 12,892,693 12,527,842 7 Securities sold with agreement to repurchase (repo) 735, ,000-8 Derivatives payable 5,417 10,837 7,434 11,976 9 Acceptances payable 2,149,195 1,802,946 2,150,609 1,804, Securities issued a. Rupiah 240, , , ,013 b. Foreign currencies 1,278,850 3,318,090 1,234,101 3,276, Fund borrowings a. Short-term funding facilities from Bank Indonesia b. Others i. Rupiah - Related parties Third parties 3,630,384 3,590,655 3,630,384 3,596,737 ii. Foreign currencies - Related parties Third parties 10,029,152 14,658,926 10,029,152 14,607, Estimated Losses on commitments and contingencies 1,211,086 5,284,345 1,211,211 5,284, Obligation under capital lease Accrued expenses 882,972 1,277, ,244 1,288, Taxes payable - - 4, Deferred tax liabilities Other liabilities 8,895,243 8,362,404 9,119,916 8,593, Subordinated loans a. Related parties b. Third parties 6,326,965 6,450,351 6,358,965 6,390, Loan capital a. Related parties b. Third parties 2,963,250 3,159,000 2,963,250 3,159, Minority interests - - 3,496 2, Shareholder's Equity a. Paid-Up capital 4,251,000 4,251,000 4,251,000 4,251,000 b. Additional paid-in capital 173,550, ,962, ,550, ,962,319 c. Agio (disagio) d. Donated capital e. Differences arising from translation of financial statements in foreign currencies 16,498 (8,052) 64,164 83,745 f. Revaluation increment in premises and equipment - - 9,788 9,788 g. Unrealized gain (losses) from securities and government bonds available for sale (2,139,573) (5,047,162) (2,138,186) (5,047,162) h. Other comprehensive income i. Differences in arising from restructuring of transactions among entities under common control - (129,685) - - j. Retained earnings (accumulated losses) (161,302,575) (163,482,905) (161,302,575) (163,482,905) TOTAL LIABILITIES & SHAREHOLDER'S EQUITY 249,169, ,300, ,394, ,290,995

3 STATEMENTS OF PROFIT AND LOSS For the period ended Desember 31, 2002 and 2001 (In millions of Rupiah) BANK CONSOLIDATED Dec, Dec, Dec, Dec, INCOME AND EXPENSES FROM OPERATIONS 1. Interest Income 1.1. Interest earned a. Rupiah 29,155,525 28,641,773 29,321,769 28,748,756 b. Foreign currencies 2,096,121 2,332,417 2,152,612 2,450, Fees and commissions a. Rupiah 289, , , ,367 b. Foreign currencies 66,859 60,340 92,707 87,629 TOTAL INTEREST INCOME 31,608,404 31,243,222 31,878,668 31,496,230 2 Interest Expenses 2.1. Interest expense a. Rupiah 23,202,988 21,180,925 23,276,288 21,214,973 b. Foreign currencies 1,719,532 3,106,756 1,740,291 3,172, Fees and commissions TOTAL INTEREST EXPENSE - / - 24,922,520 24,287,681 25,016,579 24,387,008 NET INTEREST INCOME 6,685,884 6,955,541 6,862,089 7,109, Other Operating Income 3.1. Commissions and fees income 791, , , , Foreign exchange gain-net - 258, , Gain from increase in value and sale of securities and government bonds 2,020,750-2,020, Other income 706, , , ,409 TOTAL OTHER OPERATING INCOME 3,519,034 1,425,726 3,632,625 1,455, Provision for possible losses on earning assets 4,597,879 6,702,736 4,590,643 6,703, Provision (reversal of allowance) for possible losses on commitments and contingencies (3,364,433) (1,913,412) (3,364,433) (1,913,412) 6. Provision (reversal of allowance) for possible losses on other assets (288,940) (2,342,721) (288,940) (2,342,721) 7. Other Operating Expenses 7.1. General and administrative expenses 1,947,671 1,672,355 2,060,142 1,746, Personnel expenses 1,473,385 1,594,802 1,565,951 1,670, Losses from decline in value and sale of securities and government bonds - 312, , Losses on foreign exchange transactions 23,652-24, Other expenses 1,302, ,012 1,334, ,831 TOTAL OTHER OPERATING EXPENSES - / - 4,746,970 4,272,307 4,985,023 4,471,694 NET OPERATING INCOME / EXPENSES 4,513,442 1,662,357 4,572,421 1,645, Non-operating income 1,448,892 3,279,604 1,448,892 3,301, Non-operating expenses 189,261 1,091, ,343 1,096,208 NET NON OPERATING INCOME 1,259,631 2,187,875 1,237,549 2,204, Extraordinary income / expenses PROFIT BEFORE INCOME TAX 5,773,073 3,850,232 5,809,970 3,850, Estimated income tax expense - / - - Current income tax Deferred income tax 2,187,484 1,104,475 2,222,929 1,104, PROFIT FOR CURRENT YEAR BEFORE MINORITY INTEREST 3,585,589 2,745,757 3,586,217 2,745, Minority interest - / Accumulated losses beginning of the year 163,482, ,206, ,482, ,206, Dividend - / - 1,372,878 1,011,219 1,372,878 1,011,219 Others - / - 32,381 11,081 32,381 11, Accumulated losses end of year 161,302, ,482, ,302, ,482, EARNINGS PER SHARE

4 STATEMENTS OF COMMITMENTS AND CONTINGENCIES (In millions of Rupiah) BANK CONSOLIDATED NO Dec, Dec, Dec, Dec, COMMITMENTS COMMITMENT RECEIVABLES 1. Unused fund borrowings facilities a. Rupiah b. Foreign currencies Others 40,483 1,559,314 40,483 1,559,314 TOTAL COMMITMENT RECEIVABLES 40,483 1,559,316 40,483 1,560,148 COMMITMENT PAYABLES 1. Unused loan facilities granted a. Rupiah 6,240,280 4,390,128 6,249,990 4,391,503 b. Foreign currencies 4,152,474 2,170,215 4,153,190 2,171, Outstanding irrevocable letters of credit 6,249,162 5,390,341 6,371,228 5,544, Others 43,119 2,818,673 43,119 2,818,673 TOTAL COMMITMENT PAYABLES 16,685,035 14,769,357 16,817,527 14,925,295 COMMITMENTS - NET (16,644,552) (13,210,041) (16,777,044) (13,365,147) CONTINGENCIES CONTINGENT RECEIVABLES 1. Guarantees received a. Rupiah 109,104 73, ,104 73,092 b. Foreign currencies 1,115,380 1,189,568 1,190,112 1,189, Unrecognized interest income a. Rupiah 1,534,386 2,364,176 1,534,386 2,364,176 b. Foreign currencies 1,105,674 1,283,085 1,105,674 1,283, Others 13, ,090 13, ,090 TOTAL CONTINGENT RECEIVABLES 3,877,736 5,063,011 3,952,468 5,063,011 CONTINGENT PAYABLES 1. Guarantees issued a. Bank guarentees a. Rupiah 2,257,633 1,720,569 2,257,633 1,723,760 b. Foreign currencies 5,858,285 6,653,738 5,863,971 6,683,286 b. Others Outstanding revocable letters of credit Others - 186, , TOTAL CONTINGENT PAYABLES 8,115,918 8,561,174 8,121,604 8,594,821 CONTINGENCIES - NET (4,238,182) (3,498,163) (4,169,136) (3,531,810)

5 MANAGEMENT OF THE BANK as of DECEMBER 31, 2002 SHAREHOLDER Jakarta, March 25, 2003 Board of Commissioners - President Commissioner : Binhadi Republic of Indonesia : 100% S. E & O - Commissioner : Soedarjono Board of Directors - Commissioner : Markus Parmadi PT Bank Mandiri (Persero) - Commissioner : Sabana Kartasasmita Board of Directors - President Director : E.C.W. Neloe - Director : I Wayan Pugeg E.C.W. Neloe I Wayan Pugeg - Director : Wayan Agus Mertayasa President Director Director Notes : a. KAP Hanadi Sarwoko & Sandjaja, Ersnt & Young, (Partner Incharge : Drs. Iman Sarwoko), a Registered Public Accountants, have audited the financial statements as of December 31, 2002 and for the period then ended with "unqualified opinion". The financial statements as of December 31, 2001 and for the six month period then ended have been restated from those previously published based on the results of a review performed there on by KAP Hanadi Sarwoko & Sandjaja, Ernst & Young. b. The financial satements have been prepared for the purpose of complying with Bank Indonesia's Circular Letter No.3/22/PBI dated December 13, 2001 regarding The Transparency of Bank's Financial Condition and the additional requirements of Bank Indonesia's Circular Letter SE-BI No.3/30/DPNP dated December 14, 2001 regarding The Presentation of Quarterly and Monthly Published Financial Statements for Banks and other reports submitted to Bank Indonesia. c. The exchange rate to 1 US Dollar as of was Rp. 8,950 and Rp 10,400, respectively d. For comparative purposes, some accounts in the Consolidated Financial Statement as of December 31, 2001 have been reclassified to conform with the presentation of Consolidated Financial Statement as of December 31, 2002.

6 EARNING ASSETS QUALITY AND OTHER INFORMATION (in millions of Rupiah) B A N K December 31, 2002 December 31, 2001 No ACCOUNT CURRENT SPECIAL SUB SPECIAL SUB DOUBTFUL LOSS TOTAL CURRENT MENTION STANDARD MENTION STANDARD DOUBTFUL LOSS TOTAL A Related Parties 1 Placement with other banks 267, ,489 11, ,570 2 Securities Held *) 149,349, ,349, ,493, ,493,218 3 Loan to related parties 439, ,274-56, , , ,979 4, ,833 a. Small scale business credit (KUK) b. Property Loans 32, ,221 2,598 37,100 4, ,423 i. Restructured 27, ,600-37, ,100 ii. Unrestructured 4, ,621 2,598-4, ,323 c. Other restructured loans 134, ,274-56, , , , ,628 d. Others 273, , ,646 58, ,782 4 Investment in shares of stock of related parties 1,312, ,106 1,320, , ,666 a. In bank financial institutions 886, , , ,408 b. In non bank financial institutions 311, , ,367 28, ,656 c. Due to loan restructuring d. Others 114, ,758 97, ,602 5 Other receivables from related parties Commitments and contingencies to related parties B Third Parties 1 Placement with other banks 14,917, ,917,637 35,974, ,974,659 2 Securities Held (issued by Bank Indonesia and third parties) 2,446, ,826,244 4,272,785 2,959, ,453,007 6,412,695 3 Loan to third parties 42,661,650 15,710,250 1,517, ,320 2,188,986 63,041,696 29,602,897 12,142,726 2,550, ,580 1,169,841 46,426,198 a. Small scale business credit (KUK) 2,504, ,778 85,140 32, ,665 3,295,892 2,398, ,345 91,483 33, ,353 2,954,893 b. Property Loans 1,886, , ,084 80,011 13,568 3,027, ,900 56,776 21,680 4,754 15, ,787 i. Restructured 295, ,091 63,949 70,032 1,180 1,051,023-46, ,769 ii. Unrestructured 1,590, ,728 52,135 9,979 12,388 1,976, ,900 10,007 21,680 4,754 15, ,018 c. Other restructured loans 12,937,976 11,221, , ,440 1,598,997 27,160,590 10,528,176 10,683,151 2,432, , ,066 24,532,191 d. Others 25,332,143 3,110, , , ,756 29,558,035 16,313,213 1,099,454 4, , ,745 18,477,327 4 Investment in shares of stock of third parties 87, , ,365 69, ,702 94,770 a. In bank financial institutions ,400 50, b. In non bank financial institutions c. Due to loan restructuring 82, ,450 54, ,912 78,466 d. Others 5, ,226 8,515 14, ,790 16,304 5 Other receivables from third parties 2,391, ,920 19,609-15,772 2,892, , ,500-58,581-1,801,431 6 Commitments and contingencies to third parties 13,543, ,360 1,064 10,000 30,000 14,365,079 11,732, ,851 1,168,710-2,975,491 16,673,429 JUMLAH 227,418,055 17,358,804 1,538,163 1,030,032 4,122, ,467, ,960,454 14,260,056 3,723,589 1,019,161 7,624, ,587,469 7 Required allowance for losses on erarning assets **) 1,445, , , ,144 3,999,773 6,912,896 2,977, , , ,547 6,782,021 11,529,382 8 Established allowance for losses on earning assets 2,570,965 4,152, , ,022 3,999,773 12,370,029 3,551,237 2,278,368 1,657,847 1,010,092 6,782,021 15,279,564 9 Value of bank's assets pledge as collateral : a. To Bank Indonesia b. To other banks 10 Percentage of small scale business credit to total loans 5.15% 6.26% 11 Percentage of small scale business credit debtors to total debtors 44.15% 88.98% *) Include Government Bond (recapitalization program) **) The calculation of allowance of earning assets should be provided after deducted by collaterals, certificates of Bank Indonesia, Bank Indonesia intervention and Government Bonds.

7 NO FOREIGN EXCHANGE TRANSACTIONS AND DERIVATIVES December 31, 2002 (in millions of Rupiah) BANK Contract Market Derivative Receivable & TRANSACTION Value Payable Hedging Others Receivable Payable Contract Value with Netting Agreement A. Exchange Rate Related 1 Spot - 67, Forward - 4,472 3,227 3,080-3 Option a. Purchased b. Written Future Swap - 639, ,970 2, Other B Interest Rate Related 1 Forward Option a. Purchased b. Written Future Swap , Other C Other TOTAL 362,486 5,417

8 NO CALCULATION OF CAR (in millions of Rupiah) Bank Dec 31, 2002 Dec 31, 2001 I. COMPONENTS A. Core Capital 11,016,295 8,849, Paid-Up Capital 4,251,000 4,251, Disclosed Reserves a. Agio b. Disagio (-/-) c. Donated Capital / Additional Paid-In Capital 173,550, ,962,319 d. General and Appropriated Reserves 1,499, ,140 e. Previous Years Profit After Tax - - f. Previous Years Losses (-/-) (171,205,419) (172,309,895) g. Current Year Profit After Tax (50%) - - h. Current Year Losses (-/-) 2,904,259 1,925,116 i. Differences Arising from Translation of Financial Statements - - in Foreign Currencies - - 1) Positive Adjustment - - 2) Negative Adjustment (-/-) 16,498 - j. Funds for Paid-Up Capital - (8,052) k. Decline in Value of Equity Participation in Available for Sale Portfolio (-/-) - - l. Differences Arising from Restructuring of Transaction among Entities - - under Common Control - (129,685) m. Unrealized Gain (Losses) from Securities and Government Bonds - - Available for Sale Goodwill (-/-) - - B. Supplemental Capital (Max 100% of core capital) 7,321,435 7,256, Reserve for Premises and Equipment Revaluation General Reserves of Allowance for Losses on Earning Assets - - (max 1.25% of risk weighted assets) 906, , Loan Capital 1,936,238 2,106, Subordinated Loans (max 50% of core capital) 4,478,790 4,424, Increase in Value of Equity Participation in Available for Sale Portfolio (45%) - - II. Total Core Capital and Supplemental Capital (A+B) 18,337,730 16,106,909 III. Investments in Shares of Stock (-/-) (1,379,567) (753,216) IV. Total Capital (II-III) 16,958,163 15,353,693 V. Risk-Weighted Assets 72,512,586 58,079,575 VI. Established Capital Adequacy Ratio (IV : V) 23.39% 26.44% VII. Required Minimum Capital Adequacy Ratio 8% 8%

9 NO FINANCIAL RATIOS KEYS RATIOS Bank Dec 31, 2002 Dec 31, 2001 I. Capital 1. CAR 23.39% 26.44% 2. Premises and Equipment to Capital *) 10.87% 10.54% II. Earning Assets 1. Non-Performing Earning Assets 2.66% 4.71% 2. NPL : - Gross NPL 7.39% 9.89% - Net NPL 1.88% 3.14% 3. Allowance for Losses on Earning Assets 4.92% 5.82% 4. Compliance for Allowance for Losses on Earning Assets % % III. Rentability 1. ROA 2.27% 1.55% 2. ROE 31.30% 22.32% 3. NIM 3.04% 2.90% 4. Operating Expenses to Operating Income 87.15% 94.91% IV. Liquidity LDR 34.74% 24.66% V. Compliance 1. a. Percentage Violation of Legal Lending Limit a.1. Related Parties - - a.2. Third Parties - - b. Percentage of Lending in Excess of the Legal Lending Limit a.1. Related Parties - - a.2. Third Parties Reserve Requirement (Rupiah) 5.10% 5.12% 3 Net Open Position 5.64% 19.38% *) Premises and equipment are computed after deducted by accumulated depreciation.

10 NO LOAN PURCHASED FROM IBRA January 01, December 31, 2002 (In millions of Rupiah) Amount 1 Loan principal / outstanding balance as of December 31, ,147,747 2 Amount of loan purchased from January 1, December 31, ,262,729 3 Total provision / deferred income 453,081 4 Allowance for possible loan losses as of December 31, ,048 5 Interest income from January 1, December 31, ,510