PT Bank Mandiri (Persero) Tbk BMRILast Close 08 Apr 2016 Quantitative Fair Value Est 08 Apr 2016 Market Cap 08 Apr 2016 Sector Industry Country of Domicile

9,850.00 11,414.87 229,833.3 Bil y Financial Services Banks - Regional - Asia IDN Indonesia

PT Bank Mandiri (Persero) Tbk is engaged in bankingactivities. The Company provides consumer banking,commercial banking, corporate banking and other financialservices in Indonesia.

Quantitative Scores Scores

All Rel Sector Rel Country

Quantitative Moat Wide 100 99 100Valuation Undervalued 73 60 77Quantitative Uncertainty High 92 92 94Financial Health Moderate 63 34 62

Source: Morningstar Equity Research

y IDN

BMRI

Undervalued Fairly Valued Overvalued

ValuationCurrent 5-Yr Avg

SectorMedian

CountryMedian

Price/Quant Fair Value 0.86 0.94 0.88 0.95Price/Earnings 11.3 13.2 12.5 15.4Forward P/E 8.3 — 9.7 13.9Price/Cash Flow 22.5 13.1 8.2 8.5Price/Free Cash Flow 27.1 18.4 8.9 11.2Trailing Dividend Yield % 2.65 2.02 3.60 2.20Price/Book 2.0 2.7 1.0 1.2Price/Sales 4.1 4.7 2.5 1.3

ProfitabilityCurrent 5-Yr Avg

SectorMedian

CountryMedian

Return on Equity % 18.5 21.7 9.7 12.0Return on Assets % 2.3 2.5 1.2 4.3Revenue/Employee (Bil) 1.5 1.4 0.0 0.9

Quantitative Moat Score100

0

20

40

60

80

100

2009 2010 2011 2012 2013 2014 2015 2016

Financial HealthCurrent 5-Yr Avg

SectorMedian

CountryMedian

Distance to Default 0.6 0.6 0.7 0.6Solvency Score — — 503.8 546.5Assets/Equity 7.8 8.4 3.9 2.1Long-Term Debt/Equity — — 0.4 0.3

Price Versus Quantitative Fair Value

3,462

6,924

10,386

13,848

17,310

2012 2013 2014 2015 2016 2017

Quantitative Fair Value Estimate

Total Return

Sales/ShareForecast RangeForcasted PriceDividendSplit

Momentum: —Standard Deviation: 26.53Liquidity: High

7,150.00 52-Wk 12,150.00

5,100.00 5-Yr 12,550.00

17.1 3.2 40.2 -12.2 9.3 Total Return %-2.0 -17.2 43.5 -11.6 9.8 +/– Market (Morningstar World

Index)1.30 2.54 2.17 2.30 — Trailing Dividend Yield %

— — — — 2.65 Forward Dividend Yield %13.2 10.7 12.7 10.8 11.3 Price/Earnings

4.6 3.9 5.1 4.0 4.1 Price/RevenueMorningstar RatingQ

QQQQQQQQQQQQQQQ

2011 2012 2013 2014 2015 TTM Financials (Fiscal Year in Bil)35,761 41,591 45,053 51,352 55,471 55,471 Revenue

23.8 16.3 8.3 14.0 8.0 0.0 % Change

16,349 19,625 23,552 25,978 26,339 26,339 Operating Income19.0 20.0 20.0 10.3 1.4 0.0 % Change

12,246 15,504 18,204 19,872 20,335 20,335 Net Income

20,441 8,799 12,734 21,092 10,201 10,201 Operating Cash Flow-1,541 -1,921 -2,024 -2,956 -1,709 -1,709 Capital Spending18,900 6,878 10,709 18,135 8,493 8,493 Free Cash Flow

52.8 16.5 23.8 35.3 15.3 15.3 % Sales

529.33 664.46 780.16 851.66 871.50 871.50 EPS20.5 25.5 17.4 9.2 2.3 0.0 % Change

1,956.93 1,017.55 1,145.04 1,121.86 1,686.31 363.97 Free Cash Flow/Share

120.60 104.97 199.34 234.05 212.91 212.91 Dividends/Share1,780.41 3,012.13 3,588.95 4,159.08 4,754.27 5,017.30 Book Value/Share

23,333 23,333 23,333 23,333 — 23,333 Shares Outstanding (Mil)

Profitability23.7 22.7 22.5 20.9 18.5 18.5 Return on Equity %

2.5 2.6 2.7 2.5 2.3 2.3 Return on Assets %34.2 37.3 40.4 38.7 36.7 36.7 Net Margin %0.07 0.07 0.07 0.06 0.06 0.06 Asset Turnover

8.9 8.5 8.4 8.3 7.8 7.8 Financial Leverage

— — — — — — Gross Margin %45.7 47.2 52.3 50.6 47.5 47.5 Operating Margin %

— — — — — — Long-Term Debt

61,793 74,580 87,419 102,658 117,070 117,070 Total Equity5.9 6.1 6.2 6.2 5.9 5.9 Fixed Asset Turns

Growth Per Share1-Year 3-Year 5-Year 10-Year

Revenue % 8.4 12.9 13.9 16.0Operating Income % 1.4 10.3 13.9 36.3Earnings % 2.3 9.5 14.7 40.2Dividends % -9.0 26.6 15.6 —Book Value % 14.0 16.2 20.9 —Stock Total Return % -16.3 2.5 9.4 20.5

Quarterly Revenue & EPSRevenue (Bil) Mar Jun Sep Dec Total2015 13,274.8 13,918.6 12,619.0 15,658.9 55,471.22014 12,934.3 14,224.7 9,803.1 14,390.2 51,352.52013 11,293.0 12,258.4 12,395.4 9,105.9 45,052.72012 9,474.3 8,423.9 4,356.5 19,336.9 41,591.5Earnings Per Share ()2015 220.22 205.11 199.64 246.53 871.502014 211.05 199.76 208.63 232.22 851.662013 184.43 171.03 193.26 231.44 780.162012 145.83 160.47 170.25 187.91 664.46

Revenue Growth Year On Year %

-52.9

14.5 16.0

-20.9

58.0

2.6-2.2

28.7

8.8

2013 2014 2015

Quantitative Equity Report | Release: 10 Apr 2016, 12:41, GMT-05:00 | Reporting Currency: IDR | Trading Currency: IDR

© Morningstar 2016. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; andare subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data,analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

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Quantitative Equity RatingsMorningstar’s quantitative equity ratings consist of: (i) Morningstar Rating (Q),Quantitative (ii) Quantitative Fair Value Estimate, (iii) Quantitative Valuation, (iv)Quantitative Uncertainty, (v) Quantitative Economic Moat, and (vi) QuantitativeFinancial Health (collectively the “Quantitative Ratings).

The Quantitative Ratings are forward-looking and are generated by a statisticalmodel that is based on analyst-driven ratings, including Morningstar’s FairValue Estimate, Morningstar® Economic Moat™ Rating, and Uncertainty Ratingas well as financial data points such as earnings yield, average daily volume,and total return volatility, among others.

The Quantitative Ratings are calculated daily and derived from the analyst-driven ratings of a company’s peers as determined by statistical algorithms.Morningstar calculates Quantitative Ratings for companies whether or not italready provides analyst ratings and qualitative coverage. In some cases, theQuantitative Ratings may differ from the analyst ratings because a company’sanalyst-driven ratings can significantly differ from other companies in its peergroup.

i. Morningstar Rating (Q): Intended to represent the ratio of a stock’sQuantitative Fair Value Estimate to its most recent close price.The rating iscalculated daily based on the discount or premium in the last closeprice of the stock compared to the Quantitative Fair Value Estimate. It isexpressed as one through five stars, denoted with a superscript ‘Q’, with 5 starsrepresenting a stock trading at the most significant discount to the QuantitativeFair Value Estimate and 1 star representing a stock trading at the biggestpremium to the Quantitative Fair Value Estimate.

ii. Quantitative Fair Value Estimate: Intended to represent Morningstar’sestimate of the per share dollar amount that a company’s equity is worth today.Morningstar calculates the Quantitative Fair Value Estimate using a statisticalmodel derived from the Fair Value Estimate Morningstar’s equity analystsassign to companies.

iii. Quantitative Economic Moat: Intended to describe the strength of a

Quantitative Equity Report | Release: 10 Apr 2016, 12:41, GMT-05:00 | Reporting Currency: IDR | Trading Currency: IDR

© Morningstar 2016. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; andare subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data,analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

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firm’s competitive position. It is calculated using an algorithm designed topredict the Economic Moat rating a Morningstar analyst would assign to thestock. The rating is expressed as None, Narrow, and Wide.

iv. Quantitative Valuation: Intended to represent the ratio of a stock’sQuantitative Fair Value Estimate to its most recent close price and is similar tothe analyst-driven Fair Value Estimate to last market close price ratio. The ratingis expressed as Overvalued, Fairly Valued, and Undervalued.

v. Quantitative Uncertainty: Intended to represent Morningstar’s level ofuncertainty about the accuracy of the Quantitative Fair Value Estimate.Generally, the lower the Quantitative Uncertainty, the narrower the potentialrange of outcomes for that particular company. The rating is expressed as Low,Medium, High, Very High, and Extreme.

vi. Quantitative Financial Health: Intended to reflect the probability that afirm will face financial distress in the near future. The calculation uses apredictive model designed to anticipate when a company may default on itsfinancial obligations. The rating is expressed as Weak, Moderate, and Strong.

The Quantitative Ratings are not statements of fact. Morningstar does notguarantee the completeness or accuracy of the assumptions or models used indetermining the Quantitative Ratings. In addition, there is the risk that the pricetarget will not be met due to such things as unforeseen changes in demand forthe company’s products, changes in management, technology, economicdevelopment, interest rate development, operating and/or material costs,competitive pressure, supervisory law, exchange rate, and tax rate. Forinvestments in foreign markets there are further risks, generally based onexchange rate changes or changes in political and social conditions. A change inthe fundamental factors underlying the Quantitative Ratings can mean that thevaluation is subsequently no longer accurate.

Prices noted with the Report are the closing prices on the last stock-markettrading day before the publication date stated, unless another point in time isexplicitly stated.

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Quantitative Equity Report | Release: 10 Apr 2016, 12:41, GMT-05:00 | Reporting Currency: IDR | Trading Currency: IDR

© Morningstar 2016. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; andare subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data,analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

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