Income-expenses report

MOLDINDCONBANK S.A. STATEMENTS OF OPERATIONS For the years ended December 31, 2003
(all amounts are expressed in thousands of Moldovan lei, unless otherwise specified)

Interest income	113.026
Interest expense	(37.928)
-
NET INTEREST INCOME	75.098
-
Commission income	33.155
Commission expense	(1.503)
-
NET COMMISSION INCOME	31.652
-
Other operating income	24.545
-
TOTAL INCOME	131.295
-
Other operating expenses	(63.713)
Net charge for provisions for doubtful debts	(23.070)
-
TOTAL EXPENSES	(86.783)
-
PROFIT BEFORE TAX AND EXTRAORDINARY EXPENSES	44.512
-
Extraordinary expenses
-
PROFIT BEFORE TAX	44.512
-
Profit tax	(4.901)
-
PROFIT AFTER TAX	39.611

These financial statements have been approved and authorized for issue by the bank’s management on March 23, 2004.