2016Q4 Analysts Meeting Long Form

PT Bank Mandiri (Persero) Tbk

FY 2016

Results Presentation

Share Information

∆ fro : IPO Dec 31, 2015

BMRI 1,643.22% 30.42%

JCI 909.50% 17.12%

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

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BMRI JCI

No. of Investor % No. of shares %

I DOMESTIC

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

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

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

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

No. Description By 31 December 2016

2

Table of Contents

Results Overview Page #



Corporate Strategy 3 –4



I do esia s E o o i Co ditio 5



Key Indicators + Financial Highlights 6 –7



SBU Performance Highlights 8



Ba k s Pe fo a e 9 –11



Loan Performance 12 –13



ROE, Forex Loan & NIM 14 –16



Fee-Based & CIR 17 –18



Wholesale Business 19 –21



Retail Business 22 –28



Non-Performing Loan & Restructured Loan 29 –32



Subsidiaries 33 –34



Corporate Guidance 35

Additional Information

Operating Performance Highlights

Corporate Plan

–

Realigning Our 2020 Initiatives

Accelerate in Growth

Segments

Integrate The Group

Deepen Client

Relationship

I do esia s

Top Financial Institution:

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

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

• Focus on micro fixed income earners

and asset-backed consumer lending

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

 Drive su sidiaries perfor a e by increasing synergies within the Mandiri Group.

 Increase distribution network productivity

 Strengthen presence in ASEAN countries

• Strengthen Ba k Ma di i s positio as

the No. 1 Corporate Bank

• Grow in-line with the market in the

Commercial Bankingsegment

• Offeringsector specific solutionand integrated product packages.

Current Achievements (FY 2016)

 Consumer Loans Rp84.8Tn (+17.3% YoY)

 Micro Loans Rp50.6Tn (+19.1% YoY)

 SME Loans Rp60.8Tn (+0.5% YoY)

Current Achievements (FY 2016)

Current Achievements (FY 2016)

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

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

 Total income from subsidiaries Rp2.3Tn (16.6% of EAT)

 Average CASA per branch grew by 4.2%

 Obtained Singapore Capital Market License

2016-2020 Bank Mandiri Corporate Plan

–

How We Plan To Get There

Focus on Core Business

▪

Grow corporate lending above the market growth rate and

deepen relationships with existing clients

▪

Increase fee based income & wholesale current accounts

Expanding into

Underpenerated Low-Risk

Segments

▪

Accelerate consumer lending growth: mortgages, auto loan

and salary based loans

▪

Push retail CASA growth through Bank@Work

▪

Defend market share in SME

Strengthen The Foundation

▪

Lower cost to income ratio through digitalization and

productivity enhancements

▪

Reduce NPL ratio by improving the loan underwriting process

▪

Increase utilization and sophistication of data analytics to

enhance insights and cross-selling.

Strategic Initiatives

Description

5

Inflation continues to decrease, GDP growth improving

Decreasing inflation gave room to

monetary policy easing

Current account balance in 4Q16

was quite stable

Source : CEIC, Bloomberg

4Q16 GDP Growth

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

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

7 Days RR

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

Capital and Financial Account

FY 2015

FY 2016



%

Loans

Rp 595.5Tn

Rp 662.0Tn

11.2%

Gross NPL Ratio

Net NPL Ratio

2.60%

0.90%

4.00%

1.53%

53.7%

69.3%

Low Cost Funds Ratio

[Low Cost Funds (Rp)]

65.6%

Rp 443.9 Tn

64.2%

Rp 489.4 Tn

(2.2%)

10.3%

NIM

6.08%

6.44%

6.0%

Efficiency Ratio

43.0%

42.4%

(1.4%)

PPOP

Rp 38,381 Bn

Rp 43,258 Bn

12.7%

Earnings After Tax

Rp 20,335 Bn

Rp 13,807 Bn

(32.1%)

7

Key Financial Highlights

8

Balanced Earnings from All Business Units

2,129

5,671 1,426

1,404

3,546

2,776

5,797 1,775

2,166 3,874

Micro & Business Banking

Consumer Commercial Corporate Treasury & Markets

FY '16 FY '15*

Net Interest Income Analysis FY 2016 (YTD)

(Rp Bn)

Fee Based Income FY 2016 (YTD)

(Rp Bn)

5

,7

8

3 4,661

4

,342

2

,698

FY'16 FY'15

3

,9

6

5

5

,772

1

,916

1

,272

FY'16 FY'15

3

,8

0

9

3

,835

12

,039

7

,825

FY'16 FY'15

6

,4

6

4

7

,333

6

,899 4

,590

FY'16 FY'15 10,125

7,359

5,881 7,044

15,846

11,660 13,363

11,923

Treasury & Markets

Corporate Banking

Commercial Banking

Consumer Banking

Micro & Business

Banking

4

,354 3

,2

4

4

22

380

FY'16 FY'15 3,624 4,376

Deposits by Product

–

Consolidated

(Rp Tn)

Loans by SBU + Subsidiaries

(Rp Tn)

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

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

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

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

FX Time Rp Time

FX Demand Rp Demand

FX Savings Rp Savings

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

185.2 205.0 211.4 230

.3

4.5 1.4 1.4

1.8

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

149.4 160.6 153.7

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

56.6 57.4 60.362.4

64.7 65.767.7 69.5 72.3 73.4 76.178.9 84.8 17.1 22.7 30.2 38.4

46.5 46.349.0 52.0

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

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

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

Small Cons

Comm Int'l

Corp + SAM

Maintaining Momentum for Growth

10

Strong and Liquid Balance Sheet

Assets

4Q 2016

4Q 2015

Liabilities

4Q 2016

4Q 2015

Cash

22,907

25,109 Current Account

187,052

172,166

Current Acc w/ BI & Other Banks

62,848

66,470 Savings

302,328

271,708

Placement w/ BI & Other Banks

73,700

37,388 Time Deposits

273,121

232,514

Advances (Other)

30,713

26,244

Marketable Securities

56,791

43,951

Total Deposits

762,501

676,387

Government Bonds

98,933

103,869

Loans (Gross)

662,013

595,458 Securities Issued

9,026

2,398

Provisions of Loans

(32,945)

(22,558) Deposits from other banks

9,675

12,954

Net Loans

629,068

572,899 Subordinated Debt

215

3,738

Reverse Repo

5,054

677 Borrowings

35,883

33,765

Other Provisions

(2,333)

(2,224) Other Int. Bearing Liabilities

18,142

16,194

Deferred Tax Assets

5,990

4,835 Non Int. Bearing Liabilities

49,894

45,135

Other Assets

55,034

30,846 Equity incl. Minority Interest

153,370

119,492

11

Revenue Growth Driven by Strong Fee Income

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

(%) 4Q 2015

4Q Y-o-Y

(%) FY 2016 FY 2015

FY Y-o-Y (%)

Interest Income 19,825 20,518 -3.4% 18,933 4.7% 76,710 71,570 7.2% Interest Expense 6,656 6,104 9.0% 6,022 10.5% 24,885 26,207 -5.0%

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

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

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

Other Non Interest Income

* Other Fees and Commissions 3,202 2,755 16.2% 2,443 31.1% 11,440 10,015 14.2% * Foreign Exchange Gains - Net 631 618 2.0% 844 -25.3% 2,265 2,238 1.2% * Gain fr. sale & Incr. in Val & Sale of Bonds 90 263 -65.9% 178 -49.5% 762 257 196.1% * Others 1,899 1,399 35.8% 2,015 -5.7% 5,581 6,126 -8.9%

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

Total Operating Income 19,347 20,200 -4.2% 19,086 1.4% 74,526 67,136 11.0% Provisions, Net (8,734) (6,023) 45.0% (3,552) 145.9% (24,645) (12,043) 104.6% Personnel Expenses (3,435) (3,290) 4.4% (3,444) -0.3% (13,619) (12,377) 10.0% G&A Expenses (3,517) (3,497) 0.6% (3,730) -5.7% (13,958) (12,800) 9.0% Loss from decr. in value of Sec & Gov Bonds - - - -Other Expenses (1,011) (889) 13.7% (906) 11.6% (3,691) (3,578) 3.2%

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

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

Non Operating Income (17) (15) 15.4% 23 -173.2% (40) 30 -230.5% Net Income Before Tax 2,634 6,486 -59.4% 7,478 -64.8% 18,573 26,369 -29.6

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

12

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

.7 ₇₅.3 81.1 82 .9 ₉₀.1 93

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

.5 160

.7 153 .7 158 .6 1 6 2 .6 165 .2 24.5 25.927.7 30.330.9 33.235.1 38.538.5 42.544.1 46.546.349.052.0 56.155.357.957.9 60.5 56.1 60.059.8 60.8 7.7 8.5 9.5 11.813.1 15.116.8 19.020.7 23.9 24.927.028.2 31.0 32.734.5 37.239.740.0 42.5 44.2 46.046.7 50.6 3 2 .4 34 .3 36 .3 39 .0 ₄₀.7 4

3

.3 ₄₄.5 47

.7

49

.3

52

.4 55 .2 56

.6

57

.4 60.3

6 2 .4 64 .7 6 5

.7 67.7 69

.5 72 .3 73 .4 7 6

.1 78.9

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

Corporate Commercial Small Micro Consumer

Quarterly Loan Segment Details

(Bank Only)

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

As of December 2016; Non-consolidated numbers

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

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

84.4% 84.1%

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

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

Loans (Rp Tn) LDR (%)

2.3% 9.9% 7.5% 5.7% 4.1% 7.1% 4.2% 6.5% 0.7% 9.5% 5.1% 4.8% -0.4% 3.3% 4.2% 4.6% 0.5% 3.7% 1.4% 6.2% 0.0% 6.3% 2.3% 5.9% 24.7% 26.9% 28.3% 27.7% 30.0% 26.6% 22.8% 23.7% 19.7%

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

QoQ Growth (%) YoY Growth (%)

13

Rp 117.99 Tn in Loans Disbursed in 4Q 2016

560.32

117.99

37.58

34.56 10.40

2.26

5.36

592.67

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

Impact

Write-Offs

4Q '16

Loan Movement–

4Q 2016 Bank-Only

Rp Tn

Loan Disbursement by Segment –

4Q 2016 Bank-Only

Rp Tn

70.04

18.84

9.38

10.44

9.29

117.99

14

Post Asset Revaluation CAR 21.4%; ROE 9.7%

115

.9

112

.2

13

4.0

172

.9

195

.8

242.4

352

.5

400

.2

491

.3

514

.9

577

.3

643

.4

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

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

RWA (Rp Tn) Total Capital (Rp Tn)

Rp Bn

Bank Only - Capital & RWA Movement

Profit After Tax & ROE

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

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

1.1Tn from GIAA Recovery

23.2% 24.6% 20.8%

15.7% 15.4%

13.4% 15.3%

15.5%

14.9%

16.6%18.6% 21.4%

CAR

519 1,168 1,549 1,744 519

2,003 1,027

1,390 4,303

4,925 2,681 3,817

1,099

97 305

1,113 1,221 1,526

2,031

2,543 3,744 3,991

4,660 4,786

3,263

967 1,017

1,528

1,408 610 2,352

1,040 1,345

4,509

4,869 4,658

4,933

-623 1,234

1,166 1,390

2,536 2,833

3,073 4,385

5,401 5,418

5,753

1,794

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

Q4 PAT Q3 PAT Q2 PAT Q1 PAT

2.5% 10.0%

15.8% 18.1%

22.1%

24.2%

22.0% 22.6%

22.2% 21.0%

18.3%

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

Loan FX

LDR FX

Prudent Management of FX Balance Sheet

USD Bn

Rp Tn

Breakdown of FX lending (Bank-Only)

4

Q

16 (Total USD 6.52 Bn)

0.04 0.13 0.19 0.20 0.32 0.62 0.64 0.72 0.77 1.08 1.80

Constr

Utilities

Bus Serv

Soc Serv

Trans

Oth

Agri

Trading

Mining

Oil & Gas

Mfg

% (YoY)

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

FX Loans & LDR (Bank-Only)

16

Q4 NIM of 6.03%

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

2.7% 2.7%2.8% 2.6%

2.8%

3.1% 3.3% 3.5%

3.9%

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

3.2%3.3%3.1% 3.0%

Yield on Assets Cost of Funds

6.4% 7.2%

5.3%

4.9% 5.1%

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

0.8%0.7% 0.7% 1.0% 1.0%

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

11.3%11.8% 11.8%

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

11.3% 11.3% 11.3%

6.7% 6.5%

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

5.7%6.0%

6.4% 6.4% 6.7% 6.9% 7.0%

6.6% 6.7% 6.8%

4.7% 4.2%

3.9%

3.0% 3.7%

3.9% 4.1%4.6% 4.4% 4.5% 4.3% 4.3% _3.8% 3.7% 3.6%_{3.5% 3.4%}

0% 5% 10% 15% Q4 '09 Q 4 '10 Q 4 '11 Q 4 '12 Q 4 '13 Q 1 '14 Q 2 '14 Q3' 14 Q 4 '14 Q 1 '15 Q 2 '15 Q 3 '15 Q 4 '15 Q 1 '16 Q2' 16 Q 3 '16 Q4' 16

Avg Loan Yield Avg Bond Yield Avg COF

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

17

Greater Detail On Fee-Based Income

*Some numbers have been reclassified to some fee categories

Non-Loan Related Fees & Commissions

4Q

2016

3Q

2016

QoQ

4Q

2015

4Q YoY

FY

2016

FY

2015

FY YoY

Δ

%

Δ

%

Δ

%

Administration Fees

875

878

(0.3%)

844

3.7%

3,487

3,115

12.0%

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

336

297

13.1%

293

14.9%

1,259

1,280

(1.6%)

Subsidiaries

416

388

7.4%

(9)

N/A

1,475

1,031

43.0%

Transfer, Retail Transaction

722

565

27.8%

599

20.6%

2,409

1,992

20.9%

Credit Cards

496

497

0.0%

517

(4.1%)

1,994

2,103

(5.2%)

Mutual Fund, ORI & Bancassurance

125

100

24.0%

128

(2.9%)

426

417

2.2%

Syndications

240

77 211.4%

80

199.9%

560

214

161.8%

Payroll Package

19

18

7.4%

20

(2.9%)

75

77

(1.8%)

Others *

(28)

(65) (55.9%)

(30)

(4.7%)

(245)

(214)

14.6%

Total

3,202

2,755

16.2% 2,443

31.1% 11,440

10,015

14.2%

Foreign Exchange Gains

631

618

2.0%

844 (25.3%)

2,265

2,238

1.2%

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

90

263 (65.9%)

178 (49.5%)

762

257

196.1%

Cash Recoveries

1,192

810

47.2% 1,161

2.7%

3,193

3,041

5.0%

Other Income

707

589

20.0%

854 (17.2%)

2,388

3,085

(22.6%)

Total Fee Based Income (As Reported)

5,822

5,036

15.6% 5,479

6.2% 20,048

18,636

7.6%

18

4Q Cost to Income Ratio of 41.3%

1,524 1

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

1

,547 1,631

1

,671

1

,903

1

,865

1

,939 1,869

2

,372

2,042

2

,336 2,679

2

,374

2

,626

2

,662

2

,752

2,807

2

,920

3,109 2_,903

3

,444

3

,406

3

,488 3 ,290 3,435

1Q'

11

2

Q'

11

3

Q'

11

4

Q'

11

1

Q'

12

2

Q'

12

3

Q'

12

4Q'

12

1

Q'

13

2Q'

13

3

Q'

13

4

Q'

13

1

Q'

14

2

Q'

14

3

Q'

14

4

Q'

14

1Q'

15

2

Q'

15

3

Q'

15

4

Q'

15

1

Q'

16

2

Q'

16

3

Q'

16

4Q'

16

G&A Expenses Personnel Expenses

Breakdown of 4Q 2016 Operating Expenses

Quarterly Consolidated Operating Expenses & CIR

(Rp Bn) (Rp Bn)

32.4% 37.3% 39.0%

41.6%

44.0%_43.2% 42.7%

51.3%

41.1% 43.1%

42.5% 48.4%

41.8% 43.2%

46.6% 44.4%

44.4% 45.2%

40.1% 42.7%44.5%

46.0%

38.5%

41.3%

CIR (%)

*) Reclassification from Occupancy Related to Employee Related

Q4 2016

Q4 2015

FY 2016

FY 2015

Growth QoQ 4QYoY YoY Personnel Expenses

Base Salary 882 786 3,533 3,137 (1.0%) 12.2% 12.6% Other Allowances 1,542 1,485 6,302 5,806 6.2% 3.9% 8.5% Post Empl. Benefits 54 191 351 475 (44.6%) (72.0%) (26.1%) Training 177 287 531 485 28.7% (38.2%) 9.4% Subsidiaries 780 694 2,902 2,473 9.5% 12.3% 17.3% Total Personnel Expenses 3,435 3,444 13,619 12,377 4.4% (0.3%) 10.0% G&A Expenses

19

Top 10 Industries in Corporate Lending Expansion

4Q 15

–

4Q 16 (Total Rp31.18 Tn)

Rp Bn

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

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

%

388.6%

106.1%

53.9%

117.4%

56.6%

17.5%

132.0%

42.7%

69.3%

28.8%

Rp Bn

Top 10 Industries in Commercial Lending Expansion

4Q

5

–

4Q

6 (Total Rp4.48 Tn)

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

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

%

19.3%

23.6%

31.7%

64.7%

183.9%

31.3%

382.2%

17.6%

23.0%

7.9%

21

Strong Pickup in Forex, As Trade Transactions Remain Slow

Forex

34 42 63 61 56 41 46

281,153

310,512

322,795

399,500 _379,730

348,436

433,929

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

-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0

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

Value (USD Bn) # of Trx

Wholesale Remittance

70 94 121 135 146 126 90

435,866

448,219

599,909

651,241

739,046 730,011

399,585

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

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0

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

Value (USD Mn) # of Trx

*) _{Excluding Mandiri Transaction System}

Mandiri Cash Management*

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

2,503 7,668

13,676

24,543

44,184

61,599 82,075

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

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

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

Value (Rp Tn) # of Trx (000)

Trade Transactions : Export, Import, Domestic

85 110 125 133 137 127 107

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

468,870

406,669

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

-20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

22

Retail Deposits Increased by 11.7% Year on Year

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

12.712.8 13.0 13.7

14.715.6 18.4

20.7

21.0 22.0 21.8 24.0

22.2 23.224.3 23.1

21.1

21.7 23.1 26.0

14.615.4 16.1 18.6

17.016.7 28.6

33.0

29.7 33.634.4 40.2

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

12.111.9 13.1 13.0

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

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

Rp Savings Deposits FX Savings Deposits Rp Demand Deposits

FX Demand Deposits Rp Time Deposits FX Time Deposits

Retail Deposit Analysis

–

Bank Only

2.2%

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

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

7.4% 7.5% 7.2%

6.9% 6.7% 6.6% _6.4%

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

Average Quarterly Deposit Costs (%)

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

0.2% 0.3%

0.6% 0.7% 0.8% 0.8%

0.6% 0.8%

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

FX DD FX TD

66.5% 69.6%

70.1% 72.5%

71.6%

73.0% 73.7% 71.9%

69.9% 68.8%

68.4%

66.2%67.7% 67.6% 69.8%

67.7% 69.1%

68.8% 70.0%

23

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

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

Retail to Total Loans

Building our High Yield Business in Retail Lending

Retail to Total Loans

Micro Credit Business Banking Consumer

Finance

(Rp Bn) Business Banking

60,454 60,784

330

4Q2015 Growth 4Q2016

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

4Q2015 Growth 4Q2016

YoY 19.1%

(Rp Bn)

72,250 84,763

12,513

4Q2015 Growth 4Q2016

YoY 17.3%

Strong M

icrof

inan

ce Growth

24

200 300 502 687 898 994 1,084

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

10 152 480 710 760 751 706 653 612

6

10

2008 2009 2010 2011 2012 2013 2014 2015 2016

Bra

n

ch

Unit

Ki

o

sk

C

a

sh

O

u

tl

e

t

Cus

tome

rs (

000

)

Ne

tw

or

k

# Of Ne

w

Cus

tome

rs

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

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

271

430

562

694

815

889

1

,0

0

9

1

,112

1

,208

25

…as

el

l as Cosue

26

Transaction Capabilities Growth Driven By Mobile Banking

Transaction Volume

Quarterly Transaction Value (Rp Tn)

Quarterly Users (Mn)

95.5 122.2 147.7 153.8 170.0 179.3

191.2 192.6 208.1 210.0

241.5 245.0 236.8 252.7 238.0 248.3

2.1 3.5 4.1 5.0 6.6

8.3 10.5 17.6 28.3

35.7 38.9 53.0 55.3

68.9 67.8 84.0

7.1 14.0 18.1

23.5 26.8

29.4 33.3 33.3 34.5

46.7

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

12.4 12.6 12.6

13.6 13.8 14.1

3.2 4.7 4.9

5.3 5.6 5.8 6.1 6.3

6.5 6.7 6.8 6.9 7.0

7.1 7.2 7.3

1.2

1.0 1.1 1.2 1.3

1.4 1.5 1.6 1.7 1.8

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

Quarterly Transaction Volume (Mn)

142 157 184 189 212 218 233 235 246 249 268

293 295 287

309

291 306

39

36 44

41 43 41 39 44

51 53

47 48 50

46 49

45 48

12 18

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

295 17 42 55 78 85 67

27

Retail Payment System Gaining Traction

Fee Income from e-channel Tx (Rp Bn)

52.1 89.4 126.2 200.3 258.2

315.2 347.6 414.7

604.3 711.7 65.5 98.5

166.6 196.5

285.7 318.6 382.0

490.3 663.4

765.2

81.9110.5

194.5 249.3

313.9 361.8

437.5 489.2

683.3 742.7

89.0117.8

223.7 268.5

312.8 464.4

512.9 664.8

771.0 862.6

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q4 Q3 Q2 Q1

13,2% YoY Growth

Numbers of EDC

23,690

27,611 33,732 47,127

92,903 180,532

230,352 270,352

286,861

236,711

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Volume Mandiri Business

Saving Account (Rp Tn)

3.5 4.8 8.0 17.7

34.7 59.4

85.8 102.3

108.5 120.6

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

28

Making Inroads into SME and Retail Payments

Fiesta Point Program

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

Mandiri Belanja Untung Program

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

Belanja Hoki/ Dagang Hoki Program

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

# MTB Transaction & Volume

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

306,831 349,868 299,417 322

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

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

# of Volume # of Transactions (000)

# MIB Transaction Value & Users

# SME Business w/ Mandiri Acc

543,972

643,334

789,300 845,073

851,069

2012 2013 2014 2015 2016

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

15,971 17,802 18,216

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

34,251 37,059

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

29

Gr

oss

NPL

s

4.

00

%,

Coverage

at 12

4.

5%,

Cat

egory 2 at

3.

9%

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

% ₃.9%

30

Non-Performing Loans by Segment

Movement by Customer Segment (Rp Bn)

Non-Performing Loan Movements (Rp Tn)

–

Bank-Only

* Excluding loans to other banks

Q4 2016 Total NPLs of Rp 23.44 Tn

20.66

0.54

8.49

0.39

5.36

0.58

23.44

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

-723

2,304

221

6,503

1,205

161

540

960

63

489

458

91

236

436

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

UG to PL DG to NPL W/O

Corp Comm Small Micro Cons

NPLs

4Q



NPLs

(Rp tn)

(Rp tn)

(%)

Corporate

2.33

(1.36)

1.01%

Commercial

15.40

5.08

9.32%

Small

2.47

(0.69)

4.07%

Micro

1.77

(0.19)

3.50%

Consumer

1.47

(0.07)

1.73%

31

Total Loans originated since 2005

Net

Upgrades(%)

/Downgrades(%)

#

4Q 2016 Details

Loan

Background

Q

Balance

(Rp Bn)

4Q

2014

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

2Q

2016

3Q

2016

4Q

2016

DG to

NPL

%

UG to

PL

%

Corporate

226,088

0.06

-

0.11

0.38

0.24

0.13

0.24

-

0.32

0.32

-Commercial

160,436

0.37

0.13

0.95

0.83

0.77

1.97

3.02

0.16

3.87

4.01

0.14

Small

58,330

0.31

1.29

1.17

1.24

0.54

1.31

1.50

1.36

0.63

0.90

0.26

Micro

50,627

0.83

1.25

1.37

1.50

1.08

1.37

1.45

1.35

0.84

0.97

0.12

Consumer

84,610

0.09

0.28

0.23

0.25

0.17

0.32

0.21

0.30

0.17

0.28

0.11

Total

580,091

0.25

0.33

0.60

0.68

0.31

0.94

1.28

0.35

1.36

1.45

0.09

4Q16 Net Downgrades of 1.36% On Loans Originated since

2005

32

Restructured Loans

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

13.5 14

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

12.0 12.5 12

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

28.9 28

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

Restructured Loans at Rp 47.2 Trillion

Downgrade to Non-Performing After being Restructured

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

1Q15 2_Q

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

3Q16 4_Q

16

33

Enhancing Synergies & Value from Subsidiaries

Total Assets Rp78.8Tn

Bond Trading Volume Rp82.8 tn

Total Assets Rp25.2Tn

Total Loans Rp4.9Tn

Total Financing Rp18.6Tn Total Financing

Rp55.6Tn

Equity & FI Underwriting Rp25.2 tn

Annual FYP Rp3.1Tn

Net Interest Margin 7.8%

Net Interest Margin 3.2%

Total Deposits Rp70.0Tn

Equity Trading Volume Rp145.5 tn

ROA 5.3%

ROA 1.6%

ROA 4.3% ROE

5.8%

ROE 9.5%

ROE 66.8%

ROE 7.4%

ROE 25.5%

•Remains the leader in syariah financing

•Capital injection program over 3 years

•Cross-selling syariah products to Mandiri customers

•Expansion of business to fully utilize current capital base

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

•Refocus business toward higher fee income

•Providing end-to-end bank assurance business

•Continue to build cross-sell opportunities in various segments

•Bancassurance products to complete our suite of consumer offerings

•Enhancing operating model

•Improving risk

management systems and IT

•Improving productivity

• Pe et ate Ba k Ma di i s

network and customer base to develop the

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

Investment Banking

35

Ba k Ma di i s

2017 Corporate Guidance

2016 Target

2016 Realization

2017 Target

Gross Loan Growth (YoY)

10.0% - 12.0%

11.2%

11.0% - 13.0%

Low Cost Deposits

Rp 480.0 Tn

Rp 489.4 Tn

Rp 537.0 Tn

Net Interest Margins

5.8% - 6.0%

6.4%

5.7% - 5.8%

Efficiency Ratio

<45.0%

42.4%

43.0%

Gross NPLs

3.5% - 4.0%

4.0%

3.5% - 4.0%

Cost of Credit

2.8% - 3.2%

4.0%

2.5% - 2.7%

# of New ATMs

567

73

197

# of New EDCs

5,000

-50,150

10,000

# of New Micro Network

398

344

34

36

37

Corporate Banking:

Generating Strong Asset Spread

Performance to Date: FY2016 (Rp Bn)

Strategies for 2016

1. Focusing on Anchor Clients and

penetrating through using of

Transaction Banking

2. Account Plan implementation for top

76 Corporate Banking Customers.

3.

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

usto e s t a sa tio s a d eate

new business process to accelerate

the execution of Account Plan

including effective and responsive

Complaint Handling.

4. Strengthen business alliance with

Mandiri InHealth & Mandiri DPLK to

ease corporate customers to manage

their needs in health insurance &

pension fund / severance

5,783

4,342

2,166 623

11,669

1,700

38

InHealth

–

Opportunity to Increase Fee Income and

Contribute to the Insurance Portfolio

Leveraging our institutional, corporate, &

commercial customers

Providing solutions through our banking

products to InHealth healthcare provider

Cross-selling Mandiri products to InHealth

members

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

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

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

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

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

692

,831

1

,023

,228

1

,175

,240

1

,118

,206

1,1

41

,89

6

1

,087

,313

940

,696

1

,247

,334

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

7,072 7,018

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

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

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

36 78 47 107 120 203 155 163

203

811

1,073 1,203

1,410 _1,400 1,432

1,620

0 50 100 150 200 250

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

39

1. Implement client segmentation

strategy for Treasury anchor and

non-anchor clients.

2.

Increase retail coverage of fixed

income and structured products.

3. Develop new FI client coverage model

and implement segmentation strategy.

4.

‘e italize o e seas offi es fu tio as

a distribution channel, and introduce

new business models.

5. Enhance retail brokerage program in

Mandiri Sekuritas.

6. Upgrade business license status of

Mandiri Sekuritas Singapore Office.

Treasury & Market

Performance to Date: FY 2016 (Rp Bn)

Strategies for 2016

4,376

3,874 495

Mandiri Sekuritas

fi a ial pe fo

a e

(Rp Bn)

40

Q4 2016

Q4 2015

Y-o-Y



(%)

Revenues

724

589

23%

•

Investment Banking

130

143

-9%

•

Capital Market

323

269

20%

•

Proprietary

56

3

1,650%

•

Investment Mgt

216

175

23%

)

Operating Expenses

518

508

2%

Earnings After Tax

123

13

835%

Equity Transactions

–

bn

134,365

116,543

15%

SUN Transactions

–

bn

82,838

55,570

49%

Equity & Bonds Underwriting

–

bn

25,231

13,711

84%

ROA

8.0%

1.0%

7.0%

Commercial Banking:

Strong revenues from Assets

41

1.Support Bank

Ma di i s

Wholesale

Banking vision as an Integrated

Wholesale Bank through

sophisticated, customized and complete

services leading to increased revenue

through Wholesale Deposit generation

and Fee Income.

2.Increasing profit and market share

th ough i

easi g e isti g usto e s

share of wallet, increasing revenue from

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

3.Provide the best total business solutions

for commercial customers by developing

products and services including quality

bundling of products, quick service and

competitive pricing.

4.Effective Alliance in units based on

customer base in Commercial

segment, especially in developing value

chain business.

Performance to Date: FY2016 (Rp Bn)

Strategies for 2016

3,965

1,916

1,775 229

7,426

8,396

42

Commercial Banking :

Stronger Platform & Improved Distribution Capability

* Business Savings Product

Expanding Scope of Distribution, 4Q 2016

Solid & Stable Source of

Low Cost Funds

Product 4Q

2016 4Q

2015 Growth

Demand

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

FX 14.05 17.25 - 18.55%

Saving

Deposit* 8.14 8.56 -4.91% Total CASA 48.58 46.68 4.07%

Total Funding 66.35 63.63 4,27%

CASA Ratio = 73.21%

Funding from Java & Bali = 74% of total funding

Sumatera Loans = Rp 27.1 tn Funds = Rp 10.6 tn

Kalimantan Loans = Rp 7.9 tn Funds = Rp 4.2 tn

Eastern Loans = Rp 5.1 tn Funds = Rp 2.5 tn

Java and Bali Loans = Rp 125.0 tn

Funds = Rp 49.1 tn

43

1.

Continue to develop retail payment

solutions for top retail industry value

chains and business clusters in order

to increase low cost deposit and

fee-based income

2.

Develop customer education to

further increase usage of new retail

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

e-channel transactions in order to

i

ease usto e s lo alt a d

balances.

Micro & Business Banking:

Rapidly growing our high margin business

Performance to Date: FY2016 (Rp Bn)

Strategies for 2016

6,464

6,899

2,776

3,291

12,849

4,736

44

Business Banking :

* Numbers are restated after Resegmentation in Jul 2015 Medan

Makassar Banjarmas

in Surabaya Semarang

Denpasar Bandung

Pekanbaru

Palembang

B.Lampung

Pontianak

Samarinda

Manado

Palu _Jayapura

Balikpapan Batam

Jambi Pematang siantar

Padang

Bekasi Jakarta

Solo Tangerang

Bogor

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

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

Expanding Scope of Distribution, 4Q 2016

Solid & Stable Source of

Low Cost Funds*

Product 4Q

2015

4Q 2016

Growth YTD

Demand

Deposit 36.4 42.5 16.5%

Saving

Deposit 74.3 77.9 4.8%

Total CASA 110.7 120.3 8.7%

Total

Funding 133.2 139.8 5.0%

Rp Tn

CASA Ratio = 86.10%

Funding from Java & Bali = 76.2% of total funding

Sumatera Loans = Rp 14.1tn Funds = Rp 17.7 tn

Kalimantan Loans = Rp 9.2 tn Funds = Rp 6.2 tn

Eastern Loans = Rp 7.9 tn Funds = Rp 9.4 tn

45

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

BSM

Add

ress

ing As

se

t Qu

al

ity

Issues

Sy

ari

a

h

Fi

n

an

ci

ng

(

Rp

tn

)

Fi

n

an

ci

a

l P

er

for

mance

(Rp

bn

)

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

Ne

t

In

ter

es

t M

ar

gi

n

&

Cos

t of

Fund

s

Yo A

CoF _NIM

46

Consumer Banking:

Significant growth in spread and fee income

1.

#1 in Auto with new product and 2W

subsidiary build up

2.

#1 position

in Credit

Card

with

innovation and portfolio optimization

3.

#1 in mortgage via new segments and

mandiri synergies

4.

Drive growth in personal loans via new

products and distritbution.

5.

#1 bank for

I do esia s

Gen-Y

6.

Recognized

innovator

in

banking-unbanked.

7.

Extend #1 position in wealthy and

affluent.

Performance to Date: FY2016 (Rp Bn)

Strategies for 2016

15,847

5,796

2,237

19,406

1,863

Mand

iri

Tunas

Fi

nance:

Total

F

inan

ci

ng

YTD of Rp

18

.6

Tn

47

Tot

al

Di

sb

u

rsem

en

t

an

d

th

e B

reak

d

ow

n

for

Joi

n

t

Fi

n

an

ci

ng

an

d

N

on

JF

B

reak

d

ow

n

of

Fi

n

an

ci

ng

FY

2016

P

erf

or

man

ce

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

JF No

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

56 41

48

49

2016-2020 Bank Mandiri Corporate Plan

–

Accelerate In

The Growth Segments

Loan Growth

Engine

Mortgage

Auto Loan

1

2

Funding

Engine

Dominate payroll segment

using Bank@Work for corporate and commercial customers

Improve transaction banking offering to

tap ash a age e t for a hor lie ts value hai

1

2

Product Focus

1.

Improve processing speed

2.

Tapping higher ticket size

3.

Target developer relationships

Key initiatives

1.

Streamline segment split between MTF and MUF

2.

Utilize existing Mandiri branch network for growth

Personal Loan & Micro KSM

3

1.

Combine consumer personal loans and micro

salary-based loans

2.

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

50

Our Portfolio Mix Would Be More Retail-Focused

39%

36%

28%

24%

10%

10%

9%

10%

14%

20%

FY 2016

2020

Consumer

Micro

Business Banking

Assets Composition Mix

1)

Commercial

Corporate

65%

70%

35%

30%

9M 2016

2020

Time Deposits

Liabilities Composition Mix

CASA

Cash Management

•

17,592 Customers

•

22.7 Mn Trx in

2016

(2)

51

Bank Mandiri Remains on Track to B

e o e I do esia s Most

Admired Financial Institution

Retail Loans

(1)

•

Rp 196.2 Tn

•

33.1% of Loans

•

High yield loan

amounting Rp 135.4 Tn

Subsidiary Income

•

Total Rp 2.29 Tn

•

Sum of income from

11 subsidiaries

(16.6% of EAT)

Alliances

•

Bank Guarantee: Rp 22.8 Tn

•

ForEx: USD 19.1 Bn

•

Trade: USD 3.9 Bn

e-Channel Tx

•

2,775 Mn Trx YTD

•

24.1% YoY Growth

# of Cards Issued

•

Credit

4.36 Mn

•

Debit 14.10 Mn

•

Prepaid 8.82 Mn

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

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

# of Accounts

•

Deposit 18.45 Mn

•

Loan 1.72 Mn

including mortgage

accounts of 155,124

# of new Accounts (YTD)

•

Deposit 4.32 Mn

•

Loan 664,162

# of Outlets

2,599 Branches

3,424 Micro Outlets

(3)

We are Preparing For Our Next Transformation

2009

2005

Market Cap: IDR 60 Tn Revenue Market Share: 8% Net Profit: IDR 2.41 Tn ROE: 10%

Gross NPL: 16.3%

Market Cap: IDR 136.9 Tn Revenue Market Share: 13.4% Net Profit: IDR 9.22 Tn

ROE: 24.24% Gross NPL: 2.42%

2020

Top Bank In ASEAN

Market Cap: IDR 251.4 Tn Revenue Market Share: 12.8% ROE: 21.0%

Gross NPL: 2.15%

52

2014

• Building a winning organization

• Delivering tailored proposition for priority segments

• Building alliances

• Strengthening risk management

•Wholesale transaction banking

•Retail payment & deposits

•Retail financing

•Business transformation

•Developing integrated Human Capital & IT

•Focusing on non-organic growth

1

st

Transformation

2

nd

Transformation

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

•

Revenue YTD (Whole Group):

Rp66.0Tn (15% YoY)

•

Profit from Subsidiaries:

Rp2.29Tn (16.6% of EAT)

•

FY Revenue Wholesale vs

Retail : Rp 28.2Tn vs Rp 37.8Tn

Our Deal size has continued

to move higher

•

BSHB



Rp 40bn (2008)

•

MTF



Rp250 bn (2009)

•

Inhealth



Rp 1.3 tn (2013)

Bank

& Group

Finding Business

Partners

M & A

•

JV with AXA (AMFS). Gross Written

Premiums Rp1.5tn. +27% YoY

•

JV with Tunas Ridean (MTF). Total

Financing Rp4.1tn. 15% YoY

•

InHealth



partner BPJS

54

54,478

20,048

31,268

43,259

Net Interest Income Fee-Based Income Overhead Expenses & Others

Pre-provision Operating Profit

FY 2016 Operating Profit Increased By 12.7% from FY 2015 on

Higher NII

FY 2016

Notes :

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

FY 2015

Higher 12.7%

48,500

18,636

28,755

38,381

Net Interest Income Fee-Based Income Overhead Expenses & Others

Pre-provision Operating Profit

Committed to Improving Shareholder Value

Reduce Cost of Funds

Improve Assets Yield

Diversify into Fee Income

Reduce Provision/Loan

Improve Cost Efficiency



Leverage on cash generator

(wholesale) to accelerate growth



Diversity into fee income

Competitive.

sustainable

returns. with

above-average

rates of growth

Business Strategy

Strategic

Alliances

Support Strategy

…a d Offe I o ati e Pa

e t “olutio s

56

 E-Moneyis the re-branding of prepaid Mandiri cards launched in October 2012.  Can be used for Toll-road Transactions

(Jabodatabek). Parking (ISS Parking). Bus (Trans Solo & Trans Jogja). Fuel

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

Excelso. Es Teller 77).

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

Pre-Paid Card Volume (000s)

775 1,748 4,015 5,282 5,275 7,891 9,578 13,662 16,802 18,012 24,163 27,455 36,018 11,680 20,211 21,752 22,741 21,156 20,679 19,460 20,502 22,079 23,864 24,644 27,260 30,058 30,698 33,826 39,691

214 209161 136 131 415321 484 456

455 ₄₄₇₄₂₆ 19 272

1,502 2,231

6,421 8,332 14,874 20,981 22,777 24,508 27,205 30,466 36,704 44,169 1 Q '12 2 Q '12 3 Q '12 4 Q '12 1Q '13 2 Q '13 3Q '13 4 Q '13 1 Q '14 2 Q '14 3 Q '14 4Q '14 1 Q '15 2 Q '15 3 Q '15 4 Q '15 1 Q '16 2 Q '16 3 Q '16 4 Q '16 Indomaret e-Toll Gaz e-Money

Pre-Paid Transaction Volume (000s)*

*volume for quarter

846 981 1,093 1,412 1,564 1,663 1,752 1,829 1,976 2,112 2,249 2,478 2,693 2,892 3,080 3,255 3,428 3,650 693 1,098 1,226 1,312 1,4091,533 1,5641,633 1,960 2,012 2,1102,202 2,338 2,489 2,634 2,776 49

50 58 59 59 64 64 84 84 84

Strong Microfinance Growth

57

Outstanding

–

Rp Tn

*based on OJK publication market data (micro small medium business/ UMKM)

2 ,195 4 ,208 5 ,764 5 ,136 7 ,057 5 ,187 6,8 77 5 ,689 8 ,527 7 ,039 7 ,732 5,9 74 5 ,945 4,0 05 6 ,337 6 ,153 6 ,379 8 ,497 12 ,534 4 Q '10 4 Q '11 4 Q '12 1 Q '1 3 2 Q '13 3 Q '13 4 Q '13 1 Q '14 2 Q '1 4 3 Q '14 4 Q '1 4 1 Q '15 2 Q '15 3 Q '15 4 Q '15 1 Q '16 2 Q '16 3 Q '16 4 Q '16 Booking

Booking Volume

–

Rp Bn

16.9% 21.0% 18.7% 14.4%14.3%14.0%14.2% 13.2%13.2%13.2%13.2% 11.0%11.3%10.8%10.6% 9.9% 9.0% 8.5%9.2% Asset Spreads(%)

4.4 5.4 7.3

11.8 19.0 27.1 36.0 42.5 50.6

2.02% 2.29% 2.76% 3.91% 6.25% 9.77% 11.00% 11.95% _11.94% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

2008 2009 2010 2011 2012 2013 2014 2015 2016

2005

2009

CAGR

2005-2009

2010

2014

CAGR

2010-2014

2015

2016

YoY

Growth

Assets

263,383

394,617

10.6%

449,775

855,040

17.4%

910,063

1,038,706

14.1%

Loans

106,853

198,547

16.8%

246,201

529,973

21.1%

595,458

662,013

11.2%

Deposits

206,290

319,550

11.6%

362,212

636,382

15.1%

676,387

762,501

12.7%

Revenues

10,835

22,261

19.7%

28,504

56,501

18.7%

66,879

73,764

10.3%

ROE

2.52%

22.06%

72.0%

24.24%

20.95%

(3.6%)

18.33%

9.66%

-47.3%

Gross NPL Ratio

25.20%

2.79%

(5.60%)

2.42%

2.15%

(2.9%)

2.60%

4.00%

53.8%

Net NPL Ratio

15.34%

0.42%

(3.73%)

0.62%

0.81%

6.9%

0.90%

1.53%

70.0%

LDR

51.72%

61.36%

2.41%

67.58%

82.86%

5.2%

87.68%

86.54%

-1.3%

EAT

603

7,155

85.6%

9,218

19,872

21.2%

20,335

13,807

-32.1%

Subsidiary EAT

N/A

434

22.2%

*)

994

1,086

2.2%

2,085

2,288

9.7%

Rp Billion

Our Growth Remains On Track

*)_{CAGR based on EAT 2006 Rp. 238.28 bn}

Buildi g a “t o g “a i gs Deposit F a hise…

Savings Deposit Growth

Transaction channel growth

121 .5 139 .2 14 7.6 163 .8 163 .9 173 .4 180 .2 202 .2 195 .7 206 .6 217 .7 23 6.6 224 .0 22 6.2 230 .2 229 .5 208 .3 214 .1 22 4.0 246 .3 214 .3 248 .6 247 .8 273 .8 37.3% 38.4% 39.2% 38.8% 40.6% 41.5% 41.8%_41.9% 41.9% 41.1% 42.3% 42.5%42.1% 40.7% 39.0% 39.8% 36.6% 36.0% 37.7% 40.2% 36.3% 39.8% 39.9% 39.8% 17.3%