PRESS RELEASE

October 8, 2004

American University of Armenia Corporation
300 Lakeside Drive, 4th Floor
Oakland, CA 94612
Telephone: (510) 987-9452
Fax: (510) 208-3576

Contact: Gohar Momjian
E-mail: gohar@auac.net

AUA GRADUATION: A NEW BEGINNING FOR A NEW GENERATION

A New Beginning for a New Generation was the fitting theme as the American
University of Armenia (AUA) celebrated its 11th graduation and commencement
ceremonies during the first week of October. One hundred and thirty three
motivated and ambitious men and women walked down the aisle to receive their
Master’s Degrees. They reminisced about the challenges they faced as
graduate students and pondered their future accomplishments. These new
graduates join AUA’s 1,136 alumni who now occupy important leadership
positions, such as the Deputy Minister of Privatization, Deputy Minister of
Health, Directors, Program Officers, Chief Business Officers and Country
Directors in private and international organizations. That same week, AUA
honored founding members, the late Dr. Stepan Karamardian and Dr. Mihran
Agbabian, with ribbon cutting ceremonies for the Stepan Karamardian
Conference Hall in the AUA Business and Conference Center and the newly
furnished Mihran and Elizabeth Agbabian Hall in the AUA Baghramian building.

Festivities began on Friday, October 1st with the traditional annual alumni
dinner, whereby AUA alumni and faculty congratulated the Class of 2004.
With a sense of great camaraderie and University pride, the AUA Alumni
Association bestowed hoods and diplomas naming AUA President Haroutune
Armenian, Mr. Edward Avedisian, and Dr. Krikor Soghikian `Honorary Alumni.’
The following day, AUA held its Baccalaureate Service for the AUA graduates,
families, faculty, and staff to reflect upon their accomplishments in a
spiritual setting. Mr. Edvard Avedisian, Trustee of the AUAC Board,
addressed those present. This year, the St. Gayane Church Choir of
Echmiadzin and the `Speghani’ Children’s Choir performed several inspiring
sharakans and other spiritual music.

On Sunday, October 3, AUA held its annual Commencement exercises. Parents
and spouses of the graduates, many distinguished guests from the government,
foreign embassies, local and international organizations and more then 350
guests from the AGBU, who were in Armenia to attend the AGBU General
Assembly, were present. After Bishop Navasard Kjoyan`s invocation, AUA
President Haroutune Armenian and Dr. Marianne Celce-Murcia, Dean of AUA’s
Department of English Programs, welcomed the graduating class, followed by
greetings from Mr. Sam Simonian, AUAC Trustee and EPYGI Technologies
Chairman, and Mr. Ruben Vardanian, President and CEO of Troika Dialog.

In his address, President Haroutune Armenian noted the generosity of many
AUA supporters and the number of new named scholarships and contributions to
AUA’s student loan program. He announced two new awards established by Mr.
Arthur Baghdasaryan, Speaker of Armenia’s National Assembly. The first of
these awards, established for several other universities as well, carries a
cash prize of $250 from the Speaker of the National Assembly, and is granted
to two graduating students in recognition of their academic excellence and
potential to support Armenia’s development. The second award granted two
outstanding first-year students with stipends of 25,000 Armenian Drams per
month during their second year of study. The graduates concluded the
exercises by throwing their caps in the air. Warm words of congratulations
were exchanged during an open reception.

During graduation week, AUA dedicated the Stepan Karamardian Conference Hall
and the Mihran and Elizabeth Agbabian Hall. The late Dr. Stepan
Karamardian, along with Dr. Mihran Agbabian and Dr. Armen Der Kiureghian are
AUA’s founding members. The events provided opportunity for the deans,
staff, faculty and students to remember the obstacles which were overcome to
establish AUA, and the determined vision of AUA’s founders.

At the Stepan Karamardian Conference Hall dedication, AUA President and Dean
of the College of Health Sciences, Dr. Haroutune Armenian, welcomed guests
and noted, `Being a true academic, Stepan Karamardian was the ultimate
entrepreneur of knowledge – a person who could plan, manage and deliver
knowledge.’ President Emeritus, Dr. Mihran Agbabian, said, `Nothing comes
such a long way, unless it has a strong foundation. We gave our best to
ensure that together with Stepan.’ Mrs. Seta Karamardian expressed her
gratefulness to the faculty, staff and students, as well as to the
administration of AUA for naming a room after her husband. `For decades it
was a dream of ours to create the American University of Armenia. He was
blessed to see it become a reality,’ she said. On this occasion, Mrs.
Karamardian announced that the Karamardian family would establish an annual
scholarship in Dr. Stepan Karamardian’s name to assist a deserving student
in AUA’s School of Business and Administration.

At the Mihran and Elizabeth Agbabian Hall dedication, the AUA community
expressed their appreciation for Dr. and Mrs. Mihran Agbabian’s many
contributions. The remodeled hall, funded by Dr. and Mrs. Mihran Agbabian,
has changed the open entry hall of the AUA into a place of welcome and will
enable students and faculty, visitors to the library and guests, the
opportunity to meet in an informal way, conduct group discussions, rest
during breaks and spend social time together. Dr. Yuri Sargisyan, former
President of the Yerevan State Engineering University, and member of the AUA
Fund, noted, `Mihran and Elizabeth Agbabian helped create AUA when Armenia
was facing a period of re-establishment in the early 1990s. Today we are
witness that they both will do their best to maintain and develop what they
created a decade ago.’ Babken Ararktsyan, former Speaker of Armenia’s
National Assembly, and AUA Founding Board Member, underscored the importance
of launching AUA when Armenia was at the beginning of developing the
principles of an independent state.

****

The American University of Armenia is registered as a non-profit educational
organization in both Armenia and the United States and is affiliated with
the Regents of the University of California. Receiving major support from
the AGBU, AUA offers instruction leading to the Masters Degree in eight
graduate programs. For more information about AUA, visit

Pictures:
#1 – AUA President Haroutune Armenian and President Emeritus Mihran Agbabian
lead ceremonial procession.
#2 – Over 1,000 guests attend AUA Graduation.
#3 – Congratulations are exchanged in the newly dedicated Mihran & Elizabeth
Agbabian Hall.
#4 – Speghani Children’s Choir performs during Baccalaureate Services.
#5 – President Haroutune Armenian, Mr. Edward Avedisian, and Dr. Krikor
Soghikian named Honorary AUA Alumni. Mrs. Caline Soghikian accepts on Dr.
Soghikian’s behalf.
#6 – Dr. and Mrs. Mihran and Elizabeth Agbabian in ribbon cutting ceremony
of the hall named after them.
#7 – Mrs. Elizabeth Agbabian greets those present.
#8 – AUA Founding Members Dr. Armen Der Kiureghian and Dr. Mihran Agbabian
with his wife, Elizabeth, Mrs. Seta Karamardian, President Haroutune
Armenian with his wife, Sona, dedicate AUA Founding Member Stepan
Karamardian Conference Hall.
#9 – Dr. Stepan Karamardian plaque reads, `This room is dedicated to the
memory of Stepan Karamardian, Ph.d., 1933-1994, Co-Founder of the American
University of Armenia, An educator, a visionary and a proud Armenian, The
creation of the American University of Armenia was the culmination of a
lifetime devoted to creating opportunities for others through education.
Dedicated 2004.’