Income-expenses report

MOLDINDCONBANK S.A. STATEMENTS OF OPERATIONS For the years ended December 31, 2004

(all amounts are expressed in thousands of Moldovan lei, unless otherwise specified)

Interest income	136.109
Interest expense	(67.664)
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NET INTEREST INCOME	68.445
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Commission income	25.584
Commission expense	(3.283)
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NET COMMISSION INCOME	22.301
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Other operating income	27.166
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TOTAL INCOME	117.912
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Other operating expenses	(60.000)
Net charge for provisions for doubtful debts	(10.415)
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TOTAL EXPENSES	(70.415)
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PROFIT BEFORE TAX AND EXTRAORDINARY EXPENSES	47.497
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Extraordinary expenses
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PROFIT BEFORE TAX	47.497
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Profit tax	(6.863)
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PROFIT AFTER TAX	40.634

These financial statements have been approved and authorized for issue by the bank’s management on March 15, 2005.